TORONTO, March 4, 2020 /CNW/ - Wallbridge Mining
Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the
"Company") is pleased to announce that it continues to
extend intervals of gold mineralization characterized by wide
intersections of 1-2 grams per tonne gold with narrower zones of
high-grade material within the Area 51 vein network in the
immediate hangingwall to the Tabasco/Cayenne shear system on its
100%-owned Fenelon Gold Property ("Fenelon" or the
"Property").
Intervals such as 1.05 g/t Au over 58.92 metres, 3.34 g/t Au
over 16.15 metres and 1.54 g/t Au over 16.40 metres in
FA-19-094 are being intersected in the Jeremie Pluton in many of
the drill holes along the way to test the Tabasco/Cayenne shear
system at the edge of the pluton and in the sediments. These
extensive gold intercepts are combined with higher-grade intervals,
including 7.48 g/t over 11.70 metres and 5.89 g/t over
15.65 metres with grades up to 177.00 g/t over 0.5
metres.
"The fact that many of these drill holes intersect multiple
potentially mineable zones in Area 51 as well as the
Tabasco/Cayenne shear system makes our drill program very
efficient, allowing for low per-ounce discovery cost," stated
Marz Kord, President & CEO of
Wallbridge. "The wide mineralized zones, particularly near surface
such as the 1.17 g/t Au over 70.50 metres in hole FA-19-098,
could become part of a future potential open pit adding significant
amounts of gold ounces to a high-grade underground operation."
Area 51 Andromeda Corridor Highlights (Exploration
Drilling)
FA-19-094:
|
1.05 g/t Au over
58.92 metres in the Laika Zone, 3.34 g/t Au over 16.15
metres in the Interstellar Zone and 1.54 g/t Au over 16.40
metres (incl. 4.13 g/t Au over 4.50 metres) in the
Enterprise Zone (see Figs. 1 and 6)
|
FA-19-096:
|
1.49 g/t Au over
54.02 metres in the Titan Zone (incl. 2.96 g/t Au over 6.32
metres and
|
|
4.16 g/t Au over
6.60 metres), and 1.35 g/t Au over 25.74 metres in
the Laika Zone (see Figs. 1 and 5)
|
FA-19-100:
|
5.89 g/t Au (4.71
g/t Au cut) over 15.65 metres, including 177.00 g/t Au
(140.00 g/t Au cut) over 0.50 metre (see Figs. 1 and 2) in the
MIB zone
|
FA-19-102:
|
1.65 g/t Au over
31.88 metres in the Milky Way Zone (see Figs. 1 and
3)
|
FA-19-103:
|
1.54 g/t Au over
50.00 metres, 2.75 g/t Au over 7.00 metres and 6.70
g/t Au over 2.00 metres in the Laika Zone and 3.31 g/t Au
over 5.00 metres in the Interstellar Zone (see Figs. 1 and
5)
|
19-0915-019:
|
1.17 g/t Au over
100.30 metres in the Interstellar Zone, including
|
|
6.45 g/t Au over
4.20 metres, 84.57 g/t Au over 0.75 metres and 3.87 g/t
Au over 4.10 metres
|
|
1.11 g/t Au over
48.30 metres in the Laika Zone, incl. 3.71 g/t Au over 7.77
metres (see Figs. 1, 7 and 8)
|
19-0915-022:
|
7.48 g/t Au over
11.70 metres in the Interstellar Zone (see Figs. 1 and
8)
|
19-0970-006:
|
5.06 g/t Au over
7.34 metres in the Titan Zone (see Fig. 1)
|
Area 51 Orion Corridor Highlights (Exploration
Drilling)
FA-19-098:
|
1.17 g/t Au over
70.50 metres, including 6.29 g/t Au over 8.95 metres
(see Figs. 1 and 4)
|
"We are outlining a significant mineralized vein network in Area
51 in addition to our continuously expanding high-grade
Tabasco/Cayenne shear system," stated Attila Péntek, Vice President
Exploration of Wallbridge. "Many of the wide, low-grade intervals
also include high-grade subintervals, which may be amenable to
underground mining methods. Currently one drill rig is fully
dedicated to drilling short in-fill holes around and between near
surface intersections in Area 51 to better understand the geometry
and grade continuity of these zones."
2019/2020 Drill Program
Six drill rigs are currently active on the Property: five are
focusing on exploration drilling from surface, doing large-spaced
step-outs to define the footprint of the Fenelon gold system, and
one underground drill rig is doing more closely spaced definition
drilling of the Main Gabbro zones near the existing mine workings.
A total of 75,000 metres were drilled in 2019 and the program is
continuing in 2020 with the same drilling rate of approximately
9,000 metres per month for a projected total of 100,000 to 120,000
metres for the year. So far, a total of approximately 19,000 metres
have been drilled in 2020.
Assay results of 16 surface holes and 24 underground holes of
the 2019/2020 exploration drill program are reported in Table 1 and
the Figures. Assays are pending for 8 surface drill holes and 36
underground holes with the majority of the latter being short (<
50 m) definition drill holes in the
Main Gabbro Zone.
A summary of the new drill hole results from the ongoing
exploration drill program are reported in Table 1 and shown on the
Figures below. All figures and a table with drill hole information
of recently completed holes can be found on the Company
website.
Table 1. Wallbridge Fenelon Gold Property 2019 Drill Assay
Highlights (1)
Drill
Hole
|
From
|
To
|
From
|
To
|
Length
|
Au
|
Au
Cut(2)
|
VG(3)
|
Zone/Corridor
|
Section
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
|
|
|
FA-18-044-EXT*
|
964.13
|
965.60
|
|
|
1.47
|
11.93
|
11.93
|
|
Area 51,
Andromeda
|
10500
|
FA-18-047-EXT*
|
872.32
|
876.08
|
|
|
3.76
|
4.18
|
4.18
|
|
Area 51,
Andromeda
|
10275
|
FA-18-047-EXT*
|
987.31
|
988.40
|
|
|
1.09
|
5.65
|
5.65
|
|
Area 51,
Andromeda
|
10275
|
FA-19-076
|
101.50
|
103.00
|
|
|
1.50
|
3.43
|
3.43
|
|
Area 51,
Andromeda
|
9975
|
FA-19-077*
|
211.00
|
216.00
|
|
|
5.00
|
7.13
|
7.13
|
|
Area 51,
Andromeda
|
10125
|
FA-19-082
|
376.35
|
377.42
|
|
|
1.07
|
6.58
|
6.58
|
|
Area 51,
Andromeda
|
9900
|
FA-09-084
|
208.64
|
211.35
|
|
|
2.71
|
2.61
|
2.61
|
|
Area 51,
Andromeda
|
10350
|
FA-19-084
|
378.56
|
379.50
|
|
|
0.94
|
9.21
|
9.21
|
|
Area 51,
Andromeda
|
10350
|
FA-19-084
|
405.29
|
407.80
|
|
|
2.51
|
3.93
|
3.93
|
|
Area 51,
Andromeda
|
10350
|
FA-19-094
|
469.57
|
481.25
|
|
|
11.68
|
1.64
|
1.64
|
|
Area 51,
Andromeda
|
10200
|
FA-19-094
|
547.78
|
606.70
|
|
|
58.92
|
1.05
|
1.05
|
|
Area 51,
Andromeda
|
10200
|
FA-19-094
|
Including...
|
547.78
|
548.60
|
0.82
|
14.79
|
14.79
|
|
Area 51,
Andromeda
|
10200
|
FA-19-094
|
633.25
|
649.40
|
|
|
16.15
|
3.34
|
3.34
|
VG
|
Area 51,
Andromeda
|
10200
|
FA-19-094
|
Including...
|
633.25
|
635.36
|
2.11
|
18.18
|
18.18
|
VG
|
Area 51,
Andromeda
|
10200
|
FA-19-094
|
665.00
|
681.40
|
|
|
16.40
|
1.54
|
1.54
|
VG
|
Area 51,
Andromeda
|
10200
|
FA-19-094
|
Including...
|
663.00
|
667.50
|
4.50
|
4.13
|
4.13
|
VG
|
Area 51,
Andromeda
|
10200
|
FA-19-096*
|
246.33
|
300.35
|
|
|
54.02
|
1.49
|
1.49
|
VG
|
Area 51,
Andromeda
|
10125
|
FA-19-096
|
Including...
|
246.33
|
252.65
|
6.32
|
2.96
|
2.96
|
VG
|
Area 51,
Andromeda
|
10125
|
FA-19-096
|
And…
|
271.55
|
278.15
|
6.60
|
4.16
|
4.16
|
VG
|
Area 51,
Andromeda
|
10125
|
FA-19-096
|
442.80
|
468.54
|
|
|
25.74
|
1.35
|
1.35
|
VG
|
Area 51,
Andromeda
|
10125
|
FA-19-096
|
506.33
|
507.83
|
|
|
1.50
|
6.86
|
6.86
|
|
Area 51,
Andromeda
|
10125
|
FA-19-096
|
651.29
|
652.79
|
|
|
1.50
|
4.01
|
4.01
|
|
Area 51,
Andromeda
|
10125
|
FA-19-098
|
57.90
|
128.40
|
|
|
70.50
|
1.17
|
1.17
|
VG
|
Area 51,
Andromeda
|
10050
|
FA-19-098
|
Including...
|
104.65
|
113.60
|
8.95
|
6.29
|
6.29
|
VG
|
Area 51,
Andromeda
|
10050
|
FA-19-098
|
266.30
|
273.59
|
|
|
7.29
|
1.30
|
1.30
|
VG
|
Area 51,
Andromeda
|
10050
|
FA-19-098
|
423.00
|
428.22
|
|
|
5.22
|
1.69
|
1.69
|
|
Area 51,
Andromeda
|
10050
|
FA-19-100
|
118.75
|
119.75
|
|
|
1.00
|
6.05
|
6.05
|
|
Area 51,
Andromeda
|
9825
|
FA-19-100
|
317.45
|
319.17
|
|
|
1.72
|
2.93
|
2.93
|
|
Area 51,
Andromeda
|
9825
|
FA-19-100
|
407.30
|
407.95
|
|
|
0.65
|
15.41
|
15.41
|
|
Area 51,
Andromeda
|
9825
|
FA-19-101
|
496.00
|
512.10
|
|
|
16.10
|
2.21
|
2.21
|
VG
|
Area 51,
Andromeda
|
10350
|
FA-19-102
|
237.09
|
237.75
|
|
|
0.66
|
24.18
|
24.18
|
VG
|
Area 51,
Andromeda
|
9900
|
FA-19-102
|
328.00
|
341.49
|
|
|
13.49
|
1.61
|
1.61
|
VG
|
Area 51,
Andromeda
|
9900
|
FA-19-102
|
396.39
|
399.20
|
|
|
2.81
|
6.76
|
6.76
|
|
Area 51,
Andromeda
|
9900
|
FA-19-102
|
475.85
|
507.73
|
|
|
31.88
|
1.65
|
1.83
|
VG
|
Area 51,
Andromeda
|
9900
|
FA-19-102
|
Including...
|
475.85
|
477.60
|
1.75
|
10.67
|
10.67
|
|
Area 51,
Andromeda
|
9900
|
FA-19-102
|
And…
|
502.63
|
507.73
|
5.10
|
4.11
|
4.11
|
|
Area 51,
Andromeda
|
9900
|
FA-19-103*
|
512.00
|
562.00
|
|
|
50.00
|
1.54
|
1.54
|
VG
|
Area 51,
Andromeda
|
10200
|
FA-19-103
|
Including...
|
514.00
|
534.00
|
20.00
|
2.35
|
2.35
|
VG
|
Area 51,
Andromeda
|
10200
|
FA-19-103
|
And…
|
554.00
|
561.00
|
7.00
|
2.75
|
2.75
|
|
Area 51,
Andromeda
|
10200
|
FA-19-103
|
617.00
|
619.00
|
|
|
2.00
|
6.70
|
6.70
|
|
Area 51,
Andromeda
|
10200
|
FA-19-103
|
694.00
|
699.00
|
|
|
5.00
|
3.31
|
3.31
|
VG
|
Area 51,
Andromeda
|
10200
|
FA-19-103
|
754.00
|
764.00
|
|
|
10.00
|
1.77
|
1.77
|
|
Area 51,
Andromeda
|
10200
|
FA-19-104
|
451.30
|
452.00
|
|
|
0.70
|
7.34
|
7.34
|
VG
|
Area 51,
Andromeda
|
10050
|
FA-19-104
|
632.29
|
633.00
|
|
|
0.71
|
13.25
|
13.25
|
VG
|
Area 51,
Andromeda
|
10050
|
FA-19-105
|
No significant assay
results**
|
19-0915-004
|
No significant assay
results**
|
19-0915-005
|
332.46
|
342.51
|
|
|
10.05
|
1.88
|
1.88
|
VG
|
Area 51,
Andromeda
|
10200
|
19-0915-005
|
370.30
|
391.38
|
|
|
21.08
|
0.97
|
0.97
|
VG
|
Area 51,
Andromeda
|
10200
|
19-0915-005
|
422.84
|
424.25
|
|
|
1.41
|
6.14
|
6.14
|
|
Area 51,
Andromeda
|
10200
|
19-0915-006
|
No significant assay
results**
|
19-0915-009
|
No significant assay
results**
|
19-0915-010
|
No significant assay
results**
|
19-0915-012
|
No significant assay
results**
|
19-0915-013
|
No significant assay
results**
|
19-0915-014
|
No significant assay
results**
|
19-0915-015
|
No significant assay
results**
|
19-0915-017
|
56.90
|
57.40
|
|
|
0.50
|
10.90
|
10.90
|
|
Guntur
|
10350
|
19-0915-018
|
520.66
|
527.10
|
|
|
6.44
|
5.83
|
5.83
|
VG
|
Area 51,
Andromeda
|
10275
|
19-0915-018
|
Including...
|
520.66
|
521.36
|
0.70
|
43.60
|
43.60
|
VG
|
Area 51,
Andromeda
|
10275
|
19-0915-019
|
18.55
|
20.05
|
|
|
1.50
|
9.74
|
9.74
|
|
Guntur
|
10350
|
19-0915-019
|
246.50
|
346.80
|
|
|
100.30
|
1.17
|
1.17
|
VG
|
Area 51,
Andromeda
|
10350
|
19-0915-019
|
Including...
|
246.50
|
250.70
|
4.20
|
6.45
|
6.45
|
VG
|
Area 51,
Andromeda
|
10350
|
19-0915-019
|
And…
|
318.40
|
319.15
|
0.75
|
84.57
|
84.57
|
VG
|
Area 51,
Andromeda
|
10350
|
19-0915-019
|
And…
|
342.70
|
346.80
|
4.10
|
3.87
|
3.87
|
VG
|
Area 51,
Andromeda
|
10350
|
19-0915-019
|
369.73
|
374.00
|
|
|
4.27
|
1.88
|
1.88
|
|
Area 51,
Andromeda
|
10350
|
19-0915-019
|
425.70
|
474.00
|
|
|
48.30
|
1.11
|
1.11
|
VG
|
Area 51,
Andromeda
|
10350
|
19-0915-019
|
Including...
|
425.70
|
433.47
|
7.77
|
3.71
|
3.71
|
VG
|
Area 51,
Andromeda
|
10350
|
19-0915-019
|
531.60
|
534.48
|
|
|
2.88
|
5.46
|
5.46
|
|
Area 51,
Andromeda
|
10350
|
19-0915-019
|
558.70
|
560.38
|
|
|
1.68
|
4.43
|
4.43
|
VG
|
Area 51,
Andromeda
|
10350
|
19-0915-021
|
195.38
|
195.90
|
|
|
0.52
|
18.51
|
18.51
|
VG
|
Area 51,
Andromeda
|
10350
|
19-0915-021
|
254.90
|
255.90
|
|
|
1.00
|
6.76
|
6.76
|
|
Area 51,
Andromeda
|
10350
|
19-0915-022
|
287.00
|
298.70
|
|
|
11.70
|
7.48
|
7.48
|
VG
|
Area 51,
Andromeda
|
10350
|
19-0915-023
|
198.95
|
200.15
|
|
|
1.20
|
4.27
|
4.27
|
|
Area 51,
Andromeda
|
|
19-0925-009
|
284.88
|
285.96
|
|
|
1.08
|
5.16
|
5.16
|
|
Area 51,
Orion
|
10425
|
19-0925-010
|
No significant assay
results**
|
19-0925-017
|
No significant assay
results**
|
19-0970-004
|
319.20
|
321.50
|
|
|
2.3
|
3.59
|
3.59
|
|
Area 51,
Orion
|
10425
|
19-0970-004
|
340.90
|
341.60
|
|
|
0.7
|
16.29
|
16.29
|
|
Area 51,
Orion
|
10425
|
19-0970-005
|
326.75
|
327.70
|
|
|
0.95
|
5.51
|
5.51
|
|
Area 51,
Orion
|
10425
|
19-0970-006*
|
280.58
|
287.92
|
|
|
7.34
|
5.06
|
5.06
|
|
Area 51,
Andromeda
|
10425
|
19-0970-006
|
375.38
|
376.47
|
|
|
1.09
|
6.36
|
6.36
|
|
Area 51,
Orion
|
10425
|
19-5140-001
|
521.69
|
524.10
|
|
|
2.41
|
7.09
|
7.09
|
VG
|
Area 51,
Andromeda
|
10200
|
19-5140-003
|
No significant assay
results**
|
19-5140-004
|
No significant assay
results**
|
(1) Table includes
only highlight assay results received since the latest press
release.
|
|
(2) Au cut at 140 g/t
following InnovExplo's 2016 Mineral Resource Estimate.
|
|
(3) Intervals
containing visible gold ("VG").
|
|
* results reported
here are in addition to previously announced intervals from the
same drill holes
|
|
** metal factor of at
least 5 g/t*m and minimum weighted average composite grade of 1 g/t
Au
|
|
Note: True widths are
estimated to be 50-80% of the reported core length
intervals.
|
About the Fenelon Gold Property
The Fenelon Gold Property is located proximal to the Sunday Lake
Deformation Zone, an emerging gold belt in northwestern
Quebec. This major east-west
structure in the northern Abitibi greenstone belt hosts the Detour
Lake mine, and is very similar to other breaks controlling
world-class gold camps in the southern Abitibi, yet it remains
underexplored due to thick glacial cover.
At Fenelon, secondary splays of the Sunday Lake Deformation Zone
have controlled the emplacement of a significant gold system along
and within the Jeremie Pluton. Historically, exploration has
focused on high-grade shear zones hosted in the Main Gabbro, and
this is where Wallbridge completed a bulk sample of 33,500 tonnes
grading 18.49 g/t gold.
In late 2018, exploration drilling discovered a new geologic
setting with extensive vein- and shear-hosted gold mineralization
along and within the pluton, naming it Area 51. The 75,000 metre
2019 drill program has proven the connectivity of Area 51 through
the sediment-hosted Tabasco and Cayenne Zones to the Main Gabbro
and has significantly expanded the footprint and depth extent of
the Fenelon gold system. The ongoing, fully funded 100,000 to
120,000 metre 2020 drill program is aiming to further define the
size potential of the deposit and complete in-fill drilling in
support of a maiden 43-101 resource estimate.
Assay QA/QC and Qualified Persons
Drill core samples from the ongoing drill program at Fenelon are
cut and bagged either on site or by contractors and transported to
either SGS Canada Inc. or ALS Canada Ltd for analysis. Samples,
along with standards, blanks and duplicates included for quality
assurance and quality control, were prepared and analyzed at SGS
Canada Inc. or ALS Canada Ltd. laboratories. Samples are crushed to
90% or 95% less than 2mm. A 1kg riffle split is pulverized to
>95% passing 106 microns or 85% passing 75 microns. 50g samples
are analyzed by fire assay and AAS. At SGS, samples >10g/t Au
are automatically analyzed by fire assay with gravimetric finish or
screen metallic analysis. To test for coarse free gold and for
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 Evan Slater,
P.Geo., M.Sc., Senior Project Geologist of Wallbridge.
About Wallbridge Mining
Wallbridge is establishing a pipeline of projects that will
support sustainable 100,000 ounce-plus annual gold production as
well as organic growth through exploration and scalability.
The Company is currently developing its 100%-owned Fenelon Gold
Property, which is located proximal to the Sunday Lake Deformation
Zone, in an emerging gold belt in northwestern Quebec with ongoing 100,000 to 120,000 metre
exploration drill program in 2020 and a 33,500-tonne bulk sample
and 75,000 metres of drilling completed in 2019. Wallbridge is also
pursuing additional advanced-stage projects which would add to the
Company's near-term project pipeline. Wallbridge is also the
operator of, and a 16.5% shareholder in, Loncan Canada Inc., a
privately-held company with a large portfolio of nickel, copper,
and PGM projects in Ontario's
Sudbury Basin.
As announced in Wallbridge Press Release dated March 02, 2020, Wallbridge and Balmoral Resources
have entered into a definitive agreement, whereby Wallbridge will,
among other things, acquire all of the issued and outstanding
shares of Balmoral, in an all-stock transaction. The Balmoral transaction secures for Wallbridge a
buffer of several kilometres surrounding its rapidly expanding
Fenelon discovery providing room for growth, as well as future mine
development flexibility. The transaction also significantly expands
Wallbridge's land holdings in Quebec along the Detour Gold Trend (from 10.5
km2 to 739.0 km2), improving the Company's
potential for further discoveries in this under-explored belt.
This press release may contain forward-looking statements
(including "forward-looking information" within the meaning of
applicable Canadian securities legislation and "forward-looking
statements" within the meaning of the US Private Securities
Litigation Reform Act of 1995) relating to, among other things, the
operations of Wallbridge and the environment in which it operates.
Generally, forward-looking statements can be identified by the use
of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Wallbridge has relied on
a number of assumptions and estimates in making such
forward-looking statements, including, without limitation, the
costs associated with the development and operation of its
properties. Such assumptions and estimates are made in light of the
trends and conditions that are considered to be relevant and
reasonable based on information available and the circumstances
existing at this time. A number of risk factors may cause actual
results, level of activity, performance or outcomes of such
exploration and/or mine development to be materially different from
those expressed or implied by such forward-looking statements
including, without limitation, whether such discoveries will result
in commercially viable quantities of such mineralized materials,
the possibility of changes to project parameters as plans continue
to be refined, the ability to execute planned exploration and
future drilling programs, the need for additional funding to
continue exploration and development efforts, changes in general
economic, market and business conditions, and those other risks set
forth in Wallbridge's most recent annual information form under the
heading "Risk Factors" and in its other public filings.
Forward-looking statements are not guarantees of future performance
and such information is inherently subject to known and unknown
risks, uncertainties and other factors that are difficult to
predict and may be beyond the control of Wallbridge. Although
Wallbridge has attempted to identify important risks and factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors and risks that cause actions, events or
results not to be as anticipated, estimated or intended.
Consequently, undue reliance should not be placed on such
forward-looking statements. In addition, all forward-looking
statements in this press release are given as of the date
hereof.
Wallbridge disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, save and except as may
be required by applicable securities laws. The forward-looking
statements contained herein are expressly qualified by this
disclaimer.
SOURCE Wallbridge Mining Company Limited