TORONTO, Jan. 6, 2020 /CNW/ - Wallbridge Mining
Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the
"Company") is pleased to announce that hole FA-19-094 has
returned assays of 32.18 g/t Au (21.56 g/t Au cut) over 9.70
metres from the Lower Tabasco Zone on its 100%-owned Fenelon
Gold Property ("Fenelon" or the "Property").
This hole, together with previously reported intersections of
22.74 g/t Au (18.87 g/t Au cut) over 48.01 metres (in hole
FA-19-086 located 100 metres up-dip), 20.89 g/t Au (20.89 g/t Au
cut) over 8.54 metres (in hole FA-19-52 located 110 metres
up-dip to the southeast) as well as visually strong mineralization
with assays pending in FA-19-103, have defined a high-grade core of
the lower Tabasco Zone (see Fig. 2).
In addition, the first two deep holes on the Lower Tabasco Zone
both intersected the zone, confirming the continuation of the Lower
Tabasco Zone to a vertical depth of 850 metres. The two holes are
240 metres apart along strike, and over 200 metres below
intersections in holes -092 and -096. Hole FA-19-099, the visual
description of which was reported in Wallbridge Press Release dated
December 03, 2019, returned 5.06
g/t Au over 15.15 metres. Hole FA-19-104 returned a 26-metre
core length intersection with visible gold and sulfide
mineralization; assays are pending.
"These latest results confirm the presence of a high-grade core
to the Lower Tabasco Zone, which is currently defined by three
holes 80 to 100 metres apart, all with grades of greater than 20
grams per tonne gold", stated Marz
Kord, President & CEO of Wallbridge. "In addition, our
first two deep holes have greatly expanded the known limits of the
Lower Tabasco Zone. A major focus of our fully funded 2020 drill
program of 100,000 to 120,000 metres, will be to complete the
infill drilling necessary to bring the Lower Tabasco Zone to
resource stage by early 2021."
Lower Tabasco Zone Highlights
FA-19-094:
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32.18 g/t Au
(21.56 g/t Au cut) over 9.70 metres, including
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58.81 g/t Au
(38.21 g/t Au cut) over 5.00 metres
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This interval is an
approximate 100 metre undercut to the intersection of 22.73
g/t Au (18.87 g/t Au cut) over 48.01 metres in hole FA-19-086 (see
Figs.1, 2 and 4).
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FA-19-092:
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4.99 g/t Au over
10.32 metres, including 10.92 g/t Au over 4.06 metres
(see Figs. 2 and 5)
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Further assays around
this intersection are pending and may increase the mineralized
interval.
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FA-19-099:
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5.06 g/t Au over
15.15 metres, including 17.96 g/t Au over 1.60
metres
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This interval is an
approximate 230 metre undercut to the nearest intersection of the
Tabasco Zone in hole FA-19-092 and extends the known vertical
extent of the gold-bearing system at Fenelon by 100 metres, to a
vertical depth of 850 metres (see Figs. 1, 2 and 5). Further assays
around this intersection are pending and may increase the
mineralized interval.
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FA-19-096:
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5.53 g/t Au over
11.17 metres, and
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16.79 g/t Au over
2.75 metres (see Figs.1 and 2)
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Further assays around
this intersection are pending and may increase the mineralized
interval.
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FA-19-103:
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A 9-metre core
length intersection of the Tabasco Zone with abundant visible gold
and sulfide mineralization. This interval is an approximate 10
metre undercut to the intersection of 5.50 g/t Au over 10.96 g/t Au
in hole FA-19-065, over 40 metres from the intersection in
FA-19-094 and over 30 metres from the intersection in FA-19-096
(see Fig. 2).
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FA-19-104:
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A 26-metre core
length intersection of the Tabasco Zone with visible gold and
sulfide mineralization. This interval is approximately 260
metres from the nearest intersection of the Tabasco Zone in
FA-19-096 (see Figs. 1, 2 and 3).
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FA-19-106:
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A 3-metre core
length intersection of the Tabasco Zone with visible gold and
sulfide mineralization (see Figs. 1 and 2).
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"We are defining a very sizeable high-grade domain in the Lower
Tabasco Zone, which is surrounded by a continuously well
mineralized shear zone grading in the 5-10 g/t Au range," stated
Attila Péntek, Vice President Exploration of Wallbridge. "We are
confident that our 2020 in-fill program will establish a robust
high-grade underground resource in the Lower Tabasco Zone.
Notwithstanding this zone, the drill holes also intersected gold
mineralization in Area 51 and elsewhere for which assays are still
pending and we look forward to releasing those results in the near
future."
Area 51 - Andromeda Corridor
While mainly targeting the Lower Tabasco Zone, the Company is
continuing with its efficient drilling approach whereby all drill
holes cross, and therefore expand and infill, the Area 51 Andromeda
corridor before reaching the Lower Tabasco Zone. All the drill
holes completed in the known Fenelon gold system footprint since
the last press release (FA-19-102, -103, -104 and -106) have
intersected significant mineralization with visible gold in Area 51
as well. Of particular note is a near surface zone with visible
gold in FA-19-106 (see Fig. 1) which is an 80 m extension of the near surface zone
discovered in FA-19-098 (see Wallbridge Press Release dated
November 14, 2019).
2019/2020 Drill Program
Five drill rigs are currently active on the Property: four 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 will
be continuing in 2020 with the same drilling rate of approximately
9,000 metres per month for a total of 100,000 to 120,000
metres.
Assay results of Tabasco Zone intersections from five surface
holes (FA-19-090, -092, -094, -096 and -099) of the 2019
exploration drill program are reported in Table 1 and the Figures.
Assays, including further results of drill holes reported here, are
pending for 31 surface drill holes and 101 underground holes, for a
total of approximately 11,000 samples.
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)
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Drill
Hole
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From
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To
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From
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To
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Length
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True
Width
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Au
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Au
Cut(2)
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VG(3)
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Zone/Corridor
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(m)
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(m)
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(m)
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(m)
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(m)
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(m)
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(g/t)
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(g/t)
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FA-19-090
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659.00
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669.88
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10.88
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NA(4)
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1.73
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1.73
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Lower
Tabasco
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FA-19-090
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Including...
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663.23
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665.80
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2.57
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NA
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4.89
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4.89
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Lower
Tabasco
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FA-19-092
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723.00
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733.32
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10.32
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NA
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4.99
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4.99
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VG
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Lower
Tabasco
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FA-19-092
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Including...
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723.00
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727.06
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4.06
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NA
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10.92
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10.92
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VG
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Lower
Tabasco
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FA-19-094
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717.45
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727.15
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9.70
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NA
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32.18
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21.56
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VG
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Lower
Tabasco
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FA-19-094
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Including...
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719.10
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724.10
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5.00
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NA
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58.81
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38.21
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VG
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Lower
Tabasco
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FA-19-096
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731.45
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734.20
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2.75
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NA
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16.79
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16.79
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VG
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Lower
Tabasco
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FA-19-096
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743.78
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754.95
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11.17
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NA
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5.53
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5.53
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VG
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Lower
Tabasco
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FA-19-099
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1009.00
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1024.15
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15.15
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NA
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5.06
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5.06
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VG
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Lower
Tabasco
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FA-19-099
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Including...
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1009.00
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1010.60
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1.60
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NA
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17.96
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17.96
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VG
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Lower
Tabasco
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(1) Table includes
only highlight assay results received since the latest press
release.
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(2) Au cut at 140 g/t
following InnovExplo's 2016 Mineral Resource Estimate.
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(3) Intervals
containing visible gold ("VG").
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(4) Currently not
enough information available to estimate true width.
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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
gold mineralization within the pluton, naming it Area 51. The
75,000 m 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, an emerging gold belt in northwestern Quebec with ongoing 100,000 to 120,000 m exploration drill program in 2020 and a
33,500-tonne bulk sample and 75,000 m
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 20%
shareholder in, Loncan Canada Inc., a privately-held company with a
large portfolio of nickel, copper, and PGM projects in Ontario's Sudbury Basin.
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