Wallbridge Mining Company Limited (TSX: WM, OTCQX:
WLBMF) (
“Wallbridge” or the
“Company”) today announced that it has extended
gold mineralization at the Company’s 100%-owned Martiniere Gold
project (“
Martiniere”) 300 metres east of the
existing Mineral Resource Estimate (“
MRE”)
footprint. The results build upon step-out hole (MR-22-036)
completed in late 2022, which identified the presence of
significant gold mineralization east of the main deposit (see press
release dated Oct. 12, 2022 and Fig. 1).
Attila Péntek, Wallbridge’s Vice President,
Exploration, commented:
“We are excited to report that all of our
follow-up holes in the M1 Target area to date have encountered gold
mineralization, validating the potential to significantly expand
the footprint of the Martiniere deposit to the east. Since
commencing our exploration work at Martiniere in 2021, we have
doubled the MRE at the project, and these results continue to
reinforce the large size potential of the Martiniere gold system.
In addition, a recently completed high-resolution airborne magnetic
survey is providing valuable information to further improve the
success of our property-wide targeting as we continue to follow up
on these strong results.”
Highlights
- MR-23-041 (a
300-metre undercut of MR-22-036) intersected 5.15 g/t Au
over 4.00 metres, including 9.28 g/t Au over 1.55
metres.
- MR-23-042,
collared 250 metres to the east of MR-22-036, intersected
1.63 g/t Au over 19.35 metres, including
6.96 g/t Au over 2.30 metres.
- New drill holes
confirm increased presence of porphyritic intrusive rocks towards
the east, similar to the Bug Lake Porphyry, one of the main
controls on gold mineralization at Martiniere.
Martiniere Exploration Program
Underway
Prior to the temporary suspension of operations
due to forest fires the Company had three drill rigs operating on
its Detour-Fenelon Gold Trend property: two at its Martiniere gold
project and one that was in the process of moving from Fenelon to
Grasset East to test favorable target areas on this eastern,
unexplored part of the land package. At Martiniere, additional
holes are planned to continue testing the M1 Target following the
results announced today.
So far, Wallbridge has completed over 10,000
meters of drilling at Martiniere as part of its 2023
exploration program. Assays results are being released today for
three drill holes from the 2023 Martiniere drill program and two
holes completed at the end of 2022. Assay results for 14 drill
holes testing other exploration targets at Martiniere are currently
pending (Fig. 2).
In addition to the drilling campaign, a
high-resolution airborne magnetic survey was completed over
Martiniere (Fig. 2), which is providing valuable information for
drill targeting through the identification of potential host rocks
and gold-bearing structures property wide.
Assay QA/QC and Qualified
Persons
Drill core samples from the ongoing drill
program at Martiniere are cut and bagged either on-site or by
contractors and transported to SGS Canada Inc. for analysis.
Samples, including standards and blanks for quality assurance and
quality control, were prepared and analyzed at the laboratories.
Samples are crushed to 90% less than 2mm. A 1kg riffle split is
pulverized to 85% passing 75 microns. 50g samples are analyzed by
fire assay and AAS or ICP. Samples >10g/t Au are automatically
analyzed by fire assay with gravimetric finish or screen metallic
analysis. To test for coarse free gold and additional quality
assurance and quality control, Wallbridge requests screen metallic
analysis for samples containing visible gold. These and future
assay results may vary from time to time due to re-analysis for
quality assurance and quality control.
The Qualified Person responsible for the
technical content of this press release is Christopher Kelly,
M.Sc., P.Geo., Senior Geologist of Wallbridge.
Figure 1.
Martiniere Gold Property, Plan
View
Figure 2.
Martiniere Gold Project, Total Magnetic
Survey (TMI)
Table 1. Martiniere Gold Property, Recent Drill Assay
Highlights (1,4) |
Drill Hole |
From |
To |
Length |
Au |
Au Cut(2) |
VG(3) |
Zone/Corridor |
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
|
|
South of Bug Lake South Zone |
|
|
|
|
MR-22-039 |
181.00 |
182.50 |
1.50 |
0.78 |
0.78 |
|
New Zones |
MR-22-039 |
204.00 |
205.50 |
1.50 |
0.81 |
0.81 |
|
New Zones |
Target 1- Eastern Extension |
|
|
|
|
|
MR-22-038 |
362.00 |
363.10 |
1.10 |
1.61 |
1.61 |
|
New Zones |
MR-22-038 |
485.10 |
486.40 |
1.30 |
1.84 |
1.84 |
|
New Zones |
MR-23-040 |
384.00 |
385.50 |
1.50 |
2.69 |
2.69 |
|
New Zones |
MR-23-040 |
450.00 |
451.50 |
1.50 |
1.45 |
1.45 |
|
New Zones |
MR-23-040 |
485.50 |
488.50 |
3.00 |
0.72 |
0.72 |
|
New Zones |
MR-23-041 |
231.00 |
231.50 |
0.50 |
2.52 |
2.52 |
VG |
New Zones |
MR-23-041 |
234.00 |
235.50 |
1.50 |
1.20 |
1.20 |
|
New Zones |
MR-23-041 |
253.50 |
255.00 |
1.50 |
0.73 |
0.73 |
|
New Zones |
MR-23-041 |
298.80 |
299.55 |
0.75 |
1.27 |
1.27 |
|
New Zones |
MR-23-041 |
302.00 |
303.00 |
1.00 |
1.99 |
1.99 |
|
New Zones |
MR-23-041 |
390.80 |
392.70 |
1.90 |
1.66 |
1.66 |
|
New Zones |
MR-23-041 |
444.75 |
445.60 |
0.85 |
1.71 |
1.71 |
|
New Zones |
MR-23-041 |
465.00 |
466.50 |
1.50 |
0.69 |
0.69 |
|
New Zones |
MR-23-041 |
554.15 |
559.00 |
4.85 |
0.83 |
0.83 |
|
New Zones |
MR-23-041 |
560.60 |
564.60 |
4.00 |
5.15 |
5.15 |
VG |
New Zones |
Including… |
560.60 |
562.15 |
1.55 |
9.28 |
9.28 |
VG |
New Zones |
MR-23-042 |
136.00 |
137.50 |
1.50 |
0.82 |
0.82 |
|
New Zones |
MR-23-042 |
154.00 |
155.00 |
1.00 |
4.08 |
4.08 |
|
New Zones |
MR-23-042 |
254.65 |
274.00 |
19.35 |
1.63 |
1.63 |
|
New Zones |
Including |
266.60 |
268.90 |
2.30 |
6.96 |
6.96 |
|
New Zones |
Note: There is currently insufficient information available from
these new zones to estimate the true widths of intersections.
(1) Table includes only assay
results received since the latest press release dated October 12,
2022(2) Au cut (high-grade capping) at: 25 g/t
Au(3) Intervals containing visible gold (“VG”)(4) Metal
factor of at least 0.95 g/t*m
All figures and a table with drill hole
information of recently completed holes are posted on the Company’s
website under “Current Program” at
https://wallbridgemining.com/our-projects/martiniere/.
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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/af66973e-937e-4c98-9918-0e77c3fbb2b1https://www.globenewswire.com/NewsRoom/AttachmentNg/172b897e-a77e-4660-925e-bb28bc729245
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