Wallbridge Mining Company Limited (TSX: WM, OTCQX:
WLBMF) (“
Wallbridge” or the
“
Company”) today announced that its 2023
exploration drill program has successfully extended the mineralized
footprint of the gold system at its 100%-owned Martiniere Gold
project (“
Martiniere”) in multiple directions
beyond the boundaries of the 2023 Mineral Resource Estimate
(“
MRE”).
“The objectives of the 2023 Martiniere
exploration drilling program were all achieved – the mineralized
footprint was expanded to the southwest and to the east of the MRE,
while gold mineralization was also identified in a number of
grassroots exploration targets within a few kilometres of
Martiniere. These represent attractive future exploration targets
for potential resource growth,” said Attila Péntek, Wallbridge’s
Vice President, Exploration
Highlights
- Martiniere Southwest Extension
(Target M4):MR-23-052: 10.73 g/t Au over
3.00 metres,including 26.50 g/t
Au over 1.10 metres;MR-23-049:
9.09 g/t Au over 0.50
metres;
- Martiniere Dragonfly Zone (formerly
Eastern Extension, Target M1):MDE-17-289: 3.21 g/t
Au over 4.20 metres,including
8.23 g/t Au over 1.50
metres;MDE-17-289: 3.76 g/t Au over
2.30 metres;
- These
intersections, along with others released on June 8, 2023, expand
the known footprint of the Martiniere gold system by 250-300 m to
the southwest and east;
- Assay results
from exploration drilling confirmed gold mineralization in three
grassroots targets; results from four other grassroots targets are
still pending.
Martiniere 2023 Drill Program
The main objectives of the 2023 exploration
program at Martiniere were to expand the known footprint of the
Martiniere gold system through aggressive step-outs on known gold
zones, and to test grassroots targets within a few kilometres of
the deposit in search of new gold zones (see Figures 1 and 2).
Wallbridge has now completed its 2023 Martiniere exploration
drilling program with 29 drill holes totalling approximately 17,460
meters. The objectives of the drill program were achieved: the
program tested six expansion targets (M1, M2, M3, M4, M10, M11)
situated within 800 metres of the MRE footprint, as well as eight
grassroots targets (M5, M6, M7, M8, M9, M12, M13, M14) within a
4.5-kilometre radius of the deposit. Today, the Company is
reporting the results for 15 drill holes (see Tables 1 and 2), with
results for the last nine holes currently pending.
Expansion Drilling Results
Target M1 – Dragonfly Zone
Positive assay results received for hole
MDE-17-289 (extension), collared 200 metres south of hole MR-23-041
(which intersected 5.15 g/t Au over 4.00 metres,
see press release dated June 8, 2023), continued to expand the
mineralized footprint of the Dragonfly Zone (previously referred to
as Eastern Extension) to the east of the Martiniere deposit (Target
M1 area; Figure 3). Two subsequent drill holes in the same target
area also intersected large intervals of felsic intrusive rocks
similar to the Bug Lake Porphyry, one of the main host-rocks for
gold mineralization at Martiniere (assay results pending). Current
work aims to refine the geological interpretation and understanding
of the controls on gold mineralization at the Dragonfly Zone.
Target M4 – Martiniere Southwest
Extension
Drilling at Target M4 aimed to evaluate the
continuation of the Martiniere West zones to the southwest
(see Figure 3). Assay results received for holes MR-23-049 and
MR-23-052 (see Table 1), showed the presence of significant gold
mineralization several hundred metres from the existing MRE
footprint. Most importantly, these holes continued to intersect
favorable geology and alteration, thereby providing a key target
for future resource expansion drilling.
Target M3 – New Zone at
Depth
At Target M3, hole MR-23-043 was designed to
test the Horsefly Zone near surface and then continue to test the
Bug Lake North area at depth, undercutting the existing drilling by
over 300 m. The geology intersected in this hole was different than
the drilling above, however, the broad mineralization present
between 755.50 and 782.10 metres (grading 0.45 g/t Au over
26.60 metres) indicates the continuation of strong
gold-bearing fluid flow pathways at depth in this area.
Table 1. Recent expansion drilling assay
results |
|
Table 1. Martiniere Gold Property, Recent Expansion 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) |
|
|
Target M1- Dragonfly (formally Eastern
Extension) |
|
|
MDE-17-289 |
440.00 |
444.20 |
4.20 |
3.21 |
3.21 |
|
Dragonfly |
Including… |
440.00 |
441.50 |
1.50 |
8.23 |
8.23 |
|
Dragonfly |
MDE-17-289 |
458.50 |
460.00 |
1.50 |
1.58 |
1.58 |
|
Dragonfly |
MDE-17-289 |
617.50 |
621.50 |
4.00 |
1.15 |
1.15 |
|
Dragonfly |
Including… |
619.50 |
621.50 |
2.00 |
1.89 |
1.89 |
|
Dragonfly |
MDE-17-289 |
671.90 |
672.50 |
0.60 |
8.83 |
8.83 |
|
Dragonfly |
MDE-17-289 |
694.50 |
696.00 |
1.50 |
2.36 |
2.36 |
|
Dragonfly |
MDE-17-289 |
772.50 |
774.00 |
1.50 |
1.42 |
1.42 |
|
Dragonfly |
MDE-17-289 |
777.50 |
778.50 |
1.00 |
6.18 |
6.18 |
|
Dragonfly |
MDE-17-289 |
890.00 |
893.00 |
3.00 |
1.92 |
1.92 |
|
Dragonfly |
Including… |
891.00 |
892.00 |
1.00 |
4.14 |
4.14 |
|
Dragonfly |
MDE-17-289 |
908.70 |
911.00 |
2.30 |
3.76 |
3.76 |
|
Dragonfly |
Including… |
908.70 |
910.05 |
1.35 |
5.64 |
5.64 |
|
Dragonfly |
MDE-17-289 |
917.50 |
920.50 |
3.00 |
1.48 |
1.48 |
|
Dragonfly |
Target M2 & M3- Horsefly Zone & Bug Lake
Deep |
|
|
MR-23-043 |
299.50 |
301.00 |
1.50 |
1.04 |
1.04 |
|
Horsefly |
MR-23-043 |
554.50 |
556.00 |
1.50 |
2.88 |
2.88 |
|
New Zone |
MR-23-043 |
625.85 |
629.70 |
3.85 |
0.88 |
0.88 |
|
New Zone |
Including… |
625.85 |
628.00 |
2.15 |
1.03 |
1.03 |
|
New Zone |
MR-23-043 |
643.70 |
644.70 |
1.00 |
1.42 |
1.42 |
|
New Zone |
MR-23-043 |
755.50 |
782.10 |
26.60 |
0.45 |
0.45 |
|
New Zone |
MR-23-043 |
880.80 |
881.90 |
1.10 |
0.91 |
0.91 |
|
New Zone |
Target M4- Martiniere Southwest Extension |
|
|
MR-23-049 |
52.50 |
53.00 |
0.50 |
9.09 |
9.09 |
VG |
New Zone |
MR-23-049 |
268.00 |
271.50 |
3.50 |
1.09 |
1.09 |
|
Martiniere West Extension |
Including… |
268.00 |
269.00 |
1.00 |
2.95 |
2.95 |
|
Martiniere West Extension |
MR-23-049 |
471.50 |
472.50 |
1.00 |
1.03 |
1.03 |
|
Martiniere West Extension |
MR-23-052 |
413.25 |
416.25 |
3.00 |
10.73 |
10.73 |
|
Martiniere West Extension |
Including… |
413.25 |
414.35 |
1.10 |
26.50 |
26.50 |
|
Martiniere West Extension |
Target M10- Martiniere North and Central |
|
|
MR-23-056 |
193.00 |
194.40 |
1.40 |
1.25 |
1.25 |
|
New Zone |
MR-23-056 |
259.50 |
261.00 |
1.50 |
0.85 |
0.85 |
|
New Zone |
MR-23-056 |
292.25 |
293.60 |
1.35 |
1.17 |
1.17 |
|
New Zone |
Note:
There is currently insufficient information available from these
new zones to estimate true widths of intersections. |
(1) The table
includes only assay results received since the latest press release
dated June 8, 2023. |
(2) Au cut: 25 g/t
Au for New Zones, 40 g/t Au for Martiniere West Extension, and 45
g/t Au for Dragonfly. |
(3) Intervals
containing visible gold (“VG”). |
(4) Metal factor
of at least 1.0 g/t*m. |
|
Grassroots Exploration Drilling Results
So far, assay results have confirmed gold
mineralization in 3 of the grassroots targets. Grassroots drilling
also targeted other interpreted structures and potential host
rocks, and assays are currently pending from targets M6, M12, M13
and M14.
At Target M5, drilling intersected new gold
mineralization in Timiskaming-type conglomerate along the Sunday
Lake Deformation Zone, indicating that this rock type may be a
potential host rock in this belt, similar to other mining camps in
the Southern Abitibi.
At targets M7 and M9, gold mineralization was
intersected along the Lac Du Doigt deformation zone, which along
with other historic intersections (including 7.05 g/t Au
over 2.21 metres and 5.04 g/t Au over 1.43
metres), confirming that this fault zone extending several
kilometres acted as a gold-bearing fluid pathway.
At target M8, a previously unknown diorite body
was intersected in MR-23-050 over several hundred metres with
occasional anomalous gold mineralization. At Fenelon, the Jeremie
Diorite is an important unit for gold mineralization at the
deposit, and as such the intersection of this unit at Martiniere
represents a new geological target.
Table 2. Recent grassroots exploration drilling assay
results |
|
Table 2. Martiniere Gold Property, 2023 Greenfields 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) |
|
|
Target M5- Sunday Lake Deformation Zone |
|
|
MR-23-044 |
144.00 |
145.00 |
1.00 |
1.48 |
1.48 |
|
New Zone |
MR-23-045 |
79.00 |
80.50 |
1.50 |
1.60 |
1.60 |
|
New Zone |
MR-23-045 |
225.00 |
231.40 |
6.40 |
0.73 |
0.73 |
|
New Zone |
Including… |
225.00 |
227.70 |
2.70 |
1.07 |
1.07 |
|
New Zone |
Target M6- Upper Sunday Lake Deformation Zone
Splay |
|
|
MR-23-046 |
No Significant Mineralization |
Target M7- Lac Du Doigt West |
|
|
MR-23-047 |
No Significant Mineralization |
MR-23-048 |
254.00 |
257.85 |
3.85 |
1.48 |
1.48 |
|
New Zone |
Including… |
254.00 |
255.00 |
1.00 |
4.82 |
4.82 |
|
New Zone |
MR-23-053 |
No Significant Mineralization |
MR-23-054 |
No Significant Mineralization |
Target M8- Martiniere North Extension |
|
|
MR-23-050 |
No Significant Mineralization |
MR-23-051 |
No Significant Mineralization |
Target M9- Lac Du Doigt East |
|
|
MR-23-057 |
177.50 |
180.50 |
3.00 |
0.72 |
0.72 |
|
New Zone |
Including… |
179.00 |
180.50 |
1.50 |
0.96 |
0.96 |
|
New Zone |
Note:
There is currently insufficient information available from these
new zones to estimate true widths of intersections. |
(1) The table
includes only assay results received since the latest press release
dated June 8, 2023. |
(2) Au cut: 25 g/t
Au for New Zones. |
(3) Intervals
containing visible gold (“VG”). |
(4) Metal factor
of at least 1.0 g/t*m. |
|
https://www.globenewswire.com/NewsRoom/AttachmentNg/b0df0bb8-8e46-4d64-af94-71cfcbfa7f52
Figure 1.
Wallbridge’s Detour-Fenelon Gold Trend land package and
2023 priority exploration target areas.
https://www.globenewswire.com/NewsRoom/AttachmentNg/525b8401-e751-49e9-a55e-e59b0988fe3f
Figure 2.
Martiniere Gold Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/622708e1-6f02-42d7-a0ca-7d828e997e6f
Figure 3.
Martiniere Gold Project, Plan
View
Assay QA/QC and Qualified
Persons
Drill core samples from the ongoing drill
program on the Detour-Fenelon Gold Trend Property 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.
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. In addition, Wallbridge believes that the
extensive land package is extremely prospective for the discovery
of additional gold deposits.
Wallbridge has reported a positive Preliminary
Economic Assessment (“PEA”) on its 100%-owned
Fenelon gold Project with an estimated average annual gold
production of 212,000 ounces over 12.3 years (see Wallbridge press
release of June 26, 2023).
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
https://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
The information in this document may contain
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
document.
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, but are not
limited to, 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 in this document may include, but is not
limited to: statements regarding the results of the Fenelon
preliminary economic assessment; 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 document 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 in this document to reflect new
events or circumstances. Unless otherwise noted, this document has
been prepared based on information available as of the date of this
document. 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 and in the PEA; the ability of the Company to obtain
required approvals; geological, mining and exploration technical
problems; failure of equipment or processes to operate as
anticipated; the evolution of the global economic climate; metal
prices; foreign exchange rates; environmental expectations;
community and non-governmental actions; and, the Company’s ability
to secure required funding. 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.sedarplus.ca.
Cautionary Notes to United States Investors
Wallbridge prepares its disclosure in accordance
with NI 43-101 which differs from the requirements of the U.S.
Securities and Exchange Commission (the “SEC”).
Terms relating to mineral properties, mineralization and estimates
of mineral reserves and mineral resources and economic studies used
herein are defined in accordance with NI 43-101 under the
guidelines set out in CIM Definition Standards on Mineral Resources
and Mineral Reserves, adopted by the Canadian Institute of Mining,
Metallurgy and Petroleum Council on May 19, 2014, as amended. NI
43-101 differs significantly from the disclosure requirements of
the SEC generally applicable to US companies. As such, the
information presented herein concerning mineral properties,
mineralization and estimates of mineral reserves and mineral
resources may not be comparable to similar information made public
by U.S. companies subject to the reporting and disclosure
requirements under the U.S. federal securities laws and the rules
and regulations thereunder.
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