TORONTO, April 8, 2020 /CNW/ - Wallbridge Mining
Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the
"Company") announced today that, in response to latest
COVID-19 plans of the Governments of Ontario and Quebec, Wallbridge's exploration activities,
originally expected to be suspended until April 15, 2020 will remain suspended until at
least May 4, 2020 at its 100% owned
Fenelon gold project located in the Abitibi greenstone belt,
Québec, as well as its operations in Ontario. Limited care and maintenance
operations aimed at protecting the facilities and environment
continue. The Company is also withdrawing its full-year 2020
exploration drilling guidance of 100,000 to 120,000 metres to
assess COVID-19's impact. Our drill contractors remain prepared to
continue drilling with six surface drill rigs as soon as site
activities can be resumed.
To date, Wallbridge has had no suspected or confirmed cases of
COVID-19, and has had a COVID-19 protocol in place to protect its
workforce. Workers impacted by the suspension of activities
will receive their base wages until May 4,
2020. Wallbridge, in these difficult times, thanks its
workforce, partners and all stakeholders for their understanding
and support, and is looking forward to resuming exploration
activities when possible.
Wallbridge continues to maintain and advance its projects with
staff working from home on permitting, engineering studies,
geologic interpretation & modelling and exploration targeting.
The assay laboratories are experiencing some delays, but are
continuing to report assays which will be released as they become
available. All results of the ~ 26,000 metres of drilling completed
so far in 2020 should be received within the next 4-6
weeks.
About Wallbridge Mining
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