Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today announced that it has temporarily
evacuated the camp at its 100% owned Fenelon Gold project
(“
Fenelon”) and suspended all exploration
activities on its Detour-Fenelon Gold Trend Property due to an
emergency order from the Quebec Ministère des Ressources naturelles
et des Forêts (Ministry of Natural Resources and Forests)
prohibiting access to lands in the province impacted by forest
fires.
“Safety is of paramount importance at
Wallbridge,” said Marz Kord, President and CEO. “All of our
employees and contractors’ staff have been safely evacuated and we
have taken appropriate measures to secure and mitigate risk to the
Fenelon camp site. Exploration activities at Fenelon and our other
projects will resume as soon as practicable.”
The news release from the Ministère des
Ressources naturelles et des Forêts (Ministry of Natural Resources
and Forests) announcing the prohibition can be found at
https://www.quebec.ca/nouvelles/actualites/details/incendies-de-foret-modification-du-territoire-touche-par-linterdiction-dacces-en-foret-sur-les-terres-du-domaine-de-letat-et-par-la-fermeture-de-chemins-48424
About Wallbridge Mining
Wallbridge is focused on creating value through
the exploration and sustainable development of gold projects along
the Detour-Fenelon Gold Trend while respecting the environment and
communities where it operates.
Wallbridge’s flagship project, Fenelon Gold
(“Fenelon”), is located on the highly prospective
Detour-Fenelon Gold Trend Property in Québec’s Northern Abitibi
region. An updated mineral resource estimate completed in January
2023 yielded significantly improved grades and additional ounces at
the 100%-owned Fenelon and Martiniere projects, incorporating a
combined 3.05 million ounces of indicated gold resources and 2.35
million ounces of inferred gold resources. Fenelon and Martiniere
are located within an 830 km2 exploration land package controlled
by Wallbridge. The Company believes that these two deposits have
good potential for economic development, especially given their
proximity to existing hydro-electric power and transportation
infrastructure. In addition, Wallbridge believes that the extensive
land package is extremely prospective for the discovery of
additional gold deposits.
Wallbridge also holds a 19.9% interest in the
common shares of Archer Exploration Corp.
(“Archer”) as a result of the sale of the
Company’s portfolio of nickel assets in Ontario and Québec in
November of 2022.
Wallbridge will continue to focus on its core
Detour-Fenelon Gold Trend Property while enabling shareholders to
participate in the potential economic upside in Archer.
For further information please visit the Company’s website at
www.wallbridgemining.com or contact:
Wallbridge Mining Company
Limited
Marz Kord, P. Eng., M. Sc., MBAPresident &
CEOTel: (705) 682‒9297 ext. 251Email:
mkord@wallbridgemining.com
Victoria Vargas, B.Sc. (Hon.) Economics,
MBAInvestor Relations AdvisorEmail:
vvargas@wallbridgemining.com
Cautionary Note Regarding Forward-Looking
Information
This press release contains forward-looking
statements or information (collectively, “FLI”)
within the meaning of applicable Canadian securities legislation.
FLI is based on expectations, estimates, projections, and
interpretations as at the date of this press release.
All statements, other than statements of
historical fact, included herein are FLI that involve various
risks, assumptions, estimates and uncertainties. Generally, FLI can
be identified by the use of statements that include words such as
“seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”,
“scheduled”, “estimates”, “expects”, “forecasts”, “intends”,
“projects”, “predicts”, “proposes”, "potential", “targets” and
variations of such words and phrases, or by statements that certain
actions, events or results “may”, “will”, “could”, “would”,
“should” or “might”, “be taken”, “occur” or “be achieved.”
FLI herein includes but is not limited to:
statements regarding the potential future performance of Archer
common shares; future drill results; the Company’s ability to
convert inferred resources into measured and indicated resources;
environmental matters; stakeholder engagement and relationships;
parameters and methods used to estimate the MRE’s at the Fenelon
Gold (defined below) and Martiniere (defined below) properties
(collectively the “Deposits”);
the prospects, if any, of the Deposits; future drilling at the
Deposits; and the significance of historic exploration activities
and results.
FLI is designed to help you understand
management’s current views of its near- and longer-term prospects,
and it may not be appropriate for other purposes. FLI by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance, or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such FLI. Although the FLI
contained in this press release is based upon what management
believes, or believed at the time, to be reasonable assumptions,
the Company cannot assure shareholders and prospective purchasers
of securities of the Company that actual results will be consistent
with such FLI, as there may be other factors that cause results not
to be as anticipated, estimated or intended, and neither the
Company nor any other person assumes responsibility for the
accuracy and completeness of any such FLI. Except as required
by law, the Company does not undertake, and assumes no obligation,
to update or revise any such FLI contained herein to reflect new
events or circumstances. Unless otherwise noted, this press release
has been prepared based on information available as of the date of
this press release. Accordingly, you should not place undue
reliance on the FLI, or information contained herein.
Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in FLI.
Assumptions upon which FLI is based, without
limitation, include: the results of exploration activities, the
Company’s financial position and general economic conditions, the
ability of exploration activities to accurately predict
mineralization; the accuracy of geological modelling; the ability
of the Company to complete further exploration activities; the
legitimacy of title and property interests in the Deposits; the
accuracy of key assumptions, parameters or methods used to estimate
the MREs; the ability of the Company to obtain required approvals;
the results of exploration activities; the evolution of the global
economic climate; metal prices; environmental expectations;
community and non-governmental actions; and any impacts of the
COVID-19 pandemic on the Deposits, the Company’s financial
position, the Company’s ability to secure required funding, or
operations. In addition to the MD&A, risks and uncertainties
about Wallbridge's business are discussed in the disclosure
materials filed with the securities regulatory authorities in
Canada, which are available at www.sedar.com.
Information Concerning Estimates of
Mineral Resources
The disclosure relating to the Deposits and
MRE’s in this press release and referred to herein was prepared in
accordance with NI 43-101 which differs from the requirements of
the U.S. Securities and Exchange Commission (the
"SEC"). The terms "measured mineral
resource", "indicated mineral resource" and "inferred mineral
resource" used in this press release are in reference to the mining
terms defined in the Canadian Institute of Mining, Metallurgy and
Petroleum Standards (the "CIM Definition
Standards"), which definitions have been adopted by NI
43-101. Accordingly, information contained in this press
release providing descriptions of our mineral deposits in
accordance with NI 43-101 may not be comparable to similar
information made public by other U.S. companies subject to the
United States federal securities laws and the rules and regulations
thereunder.
Investors are cautioned not to assume that any
part or all mineral resources will ever be converted into reserves.
Pursuant to CIM Definition Standards, "inferred mineral resources"
are that part of a mineral resource for which quantity and grade or
quality are estimated on the basis of limited geological evidence
and sampling. Such geological evidence is sufficient to imply
but not verify geological and grade or quality continuity. An
inferred mineral resource has a lower level of confidence than that
applying to an indicated mineral resource and must not be converted
to a mineral reserve. However, it is reasonably expected that the
majority of inferred mineral resources could be upgraded to
indicated mineral resources with continued exploration. Under
Canadian rules, estimates of inferred mineral resources may not
form the basis of feasibility or pre-feasibility studies, except in
rare cases. Investors are cautioned not to assume that all or
any part of an inferred mineral resource is economically or legally
mineable. Disclosure of "contained ounces" in a resource is
permitted disclosure under Canadian regulations; however, the SEC
normally only permits issuers to report mineralization that does
not constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
Investors are cautioned that while terms, are
substantially similar to CIM Definition Standards, there are
differences in the definitions and standards under subpart 1300 of
Regulation S-K of the United States Securities Act of 1933, as
amended (the "SEC Modernization Rules"), with
compliance required for the first fiscal year beginning on or after
January 1, 2021. The SEC Modernization Rules replace the
historical property disclosure requirements included in SEC
Industry Guide 7. As a result of the adoption of the SEC
Modernization Rules, the SEC now recognizes estimates of "measured
mineral resources," "indicated mineral resources" and "inferred
mineral resources". Information regarding mineral resources
contained or referenced in this press release may not be comparable
to similar information made public by companies that report
according to U.S. standards. While the SEC Modernization
Rules are purported to be "substantially similar" to the CIM
Definition Standards, readers are cautioned that there are
differences between the SEC Modernization Rules and the CIM
Definitions Standards. Accordingly, there is no assurance any
mineral resources that the Company may report as "measured mineral
resources", "indicated mineral resources" and "inferred mineral
resources" under NI 43-101 would be the same had the Company
prepared the resource estimates under the standards adopted under
the SEC Modernization Rules.
Wallbridge Mining (TSX:WM)
Historical Stock Chart
From Apr 2024 to May 2024
Wallbridge Mining (TSX:WM)
Historical Stock Chart
From May 2023 to May 2024