TORONTO, March 04, 2020 /CNW/ - Wallbridge Mining
Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the
"Company") is pleased to announce further high-grade
intersections in the Lower Tabasco and Cayenne zones on its
100%-owned Fenelon Gold Property ("Fenelon" or the
"Property"), expanding the high-grade portion of the Tabasco
Zone to 500 metres strike length and 500 metres down dip extent
with intersections such as 4.31 g/t Au over 32.50 metres in
hole FA-19-096 and 3.37 g/t Au over 43.70 metres, including
5.71 g/t Au over 19.45 metres in hole FA-20-110.
Drilling in 2020 has significantly expanded the known extents of
the Tabasco and Cayenne Zones along strike and depth. Holes
FA-20-118, -119, and -126 all intersected strong mineralization in
the West, while holes FA-20-116 and -123 are pushing mineralization
to the East, onto section 10350 E, where the Tabasco Zone had not
yet been identified (see Fig. 1). Assays are currently pending for
these holes.
The Cayenne Zone is also showing areas of strong gold
mineralization at depth, as shown by the intersection of 4.61
g/t Au over 15.60 metres, including 19.06 g/t Au over 2.70
metres in FA-19-094, located 75 metres down-dip of 17.58 g/t
Au over 11.04 metres in FA-19-059 announced in Wallbridge Press
Release dated July 09, 2019.
Additionally, definition drilling in the Main Gabbro zone has
expanded known high-grade shoots with intersections such as
40.66 g/t over 5.96 metres in hole 19-0985-013.
"The high-grade portion of the Tabasco zone is shaping up very
nicely. Tabasco remains open at depth and along strike, and has now
been extended by an additional 100 metres along strike since our
last press release," stated Marz
Kord, President & CEO of Wallbridge. "Four of the six
drill rigs are currently dedicated to further testing the Tabasco
structure along strike and to depth. We are also very pleased with
the results of our definition drilling campaign in the Main Gabbro
zone, which is expanding the known zones with high-grade
intersections."
Lower Tabasco Zone
Assay Highlights (Exploration Drilling)
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FA-19-096:
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Further gold-bearing
assay results have been received surrounding the intervals
announced in Wallbridge Press Release dated January 06, 2020. The
complete Tabasco Zone intersection is now updated as follows (see
Figs. 1 and 5):
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4.31 g/t Au over
32.50 metres, including
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10.64 g/t Au over
6.68 metres and
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5.53 g/t Au over
11.17 metres
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FA-19-098:
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3.55 g/t Au over
16.81 metres, including 21.07 g/t Au over 1.58 metres
(see Figs. 1 and 4)
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FA-19-102:
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4.70 g/t Au over
14.55 metres, including 38.06 g/t Au over 1.03 metres
(see Figs. 1 and 2) in the Lower Tabasco South zone
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FA-19-104:
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1.46 g/t Au over
36.90 metres, including 2.18 g/t Au over 10.45 metres
(see Figs. 1 and 4)
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FA-20-110:
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3.66 g/t Au over
13.00 metres, including 9.90 g/t Au over 4.00 metres in
the Lower Tabasco South zone (see Figs. 1 and 4), and
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3.37 g/t Au over
43.70 metres, including 5.71 g/t Au over 19.45 metres in
the Lower Tabasco and Cayenne zones (see Figs. 1 and 3)
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Upper Tabasco Zone
Assay Highlights (Exploration Drilling)
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FA-19-085:
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44.15 g/t Au over
1.82 metres (see Fig. 1)
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Cayenne Zone Assay
Highlights (Exploration Drilling)
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FA-19-094:
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4.61 g/t Au over
15.60 metres, including 19.06 g/t Au over 2.70 metres
(see Figs. 1 and 6)
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Main Gabbro, Naga
Viper Zone Assay Highlights (Definition Drilling)
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19-0985-008:
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3.33 g/t Au over
15.15 metres, including 9.04 g/t Au over 2.00
metres
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19-0985-009:
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23.90 g/t Au over
3.48 metres and 25.14 g/t Au over 2.42 metres
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19-0985-012:
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8.01 g/t Au over
10.88 metres, including 20.53 g/t Au over 2.06
metres
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19-0985-013:
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40.66 g/t Au over
5.96 metres
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19-1000-018:
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28.25 g/t Au
(15.92 g/t Au cut) over 5.27 metres
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"We are now seeing several well mineralized splays of the
Tabasco and Cayenne shear systems at depth along the edge of the
Jeremie Pluton and in the sediments. In particular, a shear zone
right at the contact of the pluton, now referred to as Lower
Tabasco South, is showing excellent continuity from hole to hole,"
stated Attila Péntek, Vice President Exploration of Wallbridge. "As
is typical of other shear zone-hosted gold systems in the Abitibi,
the grade distribution in the Tabasco shear system varies. However,
the fact that each drill hole hits wide intervals of strong gold
mineralization gives us confidence that tighter spaced drilling in
the future along with our continued structural geology work will
define the controls on higher grade shoots within the
shears."
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 14 surface holes and 26 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
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From
|
To
|
From
|
To
|
Length
|
Au
|
Au
Cut(2)
|
VG(3)
|
Zone/Corridor
|
Section
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
|
|
|
FA-19-080*
|
721.45
|
725.35
|
|
|
3.90
|
3.08
|
3.08
|
VG
|
Cayenne
|
9900
|
FA-19-081
|
277.00
|
284.73
|
|
|
7.73
|
1.36
|
1.36
|
VG
|
Upper
Tabasco
|
10125
|
FA-19-081
|
301.42
|
307.17
|
|
|
5.75
|
1.61
|
1.61
|
|
Upper
Tabasco
|
10125
|
FA-19-084
|
468.52
|
478.40
|
|
|
9.88
|
1.22
|
1.22
|
|
Upper
Tabasco
|
10350
|
FA-19-085
|
350.56
|
352.38
|
|
|
1.82
|
44.15
|
44.15
|
|
Upper
Tabasco
|
9825
|
FA-19-094
|
784.50
|
800.10
|
|
|
15.60
|
4.61
|
4.61
|
VG
|
Cayenne
|
10200
|
FA-19-094
|
Including...
|
784.50
|
787.20
|
2.70
|
19.06
|
19.06
|
VG
|
Cayenne
|
10200
|
FA-19-094
|
And…
|
798.00
|
800.10
|
2.10
|
9.10
|
9.10
|
VG
|
Cayenne
|
10200
|
FA-19-094
|
839.35
|
841.55
|
|
|
2.20
|
14.11
|
14.11
|
VG
|
Cayenne
|
10200
|
FA-19-096
|
722.45
|
754.95
|
|
|
32.50
|
4.31
|
4.31
|
VG
|
Lower Tabasco
(4)
|
10125
|
FA-19-096
|
Including...
|
727.52
|
734.20
|
6.68
|
10.64
|
10.64
|
VG
|
Lower Tabasco
(4)
|
10125
|
FA-19-096
|
And…
|
743.78
|
754.95
|
11.17
|
5.53
|
5.53
|
VG
|
Lower Tabasco
(5)
|
10125
|
FA-19-097
|
483.28
|
500.35
|
|
|
17.07
|
1.75
|
1.75
|
|
Lower Tabasco
S
|
9825
|
FA-19-097
|
569.30
|
570.33
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|
|
1.03
|
30.14
|
30.14
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|
Lower
Tabasco
|
9825
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FA-19-098
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658.82
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675.63
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|
|
16.81
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3.55
|
3.55
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VG
|
Lower
Tabasco
|
10050
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FA-19-098
|
Including...
|
674.05
|
675.63
|
1.58
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21.07
|
21.07
|
VG
|
Lower
Tabasco
|
10050
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FA-19-099
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1244.50
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1246.00
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|
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1.50
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5.94
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5.94
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New Zone
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10200
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FA-19-100
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622.00
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637.65
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|
|
15.65
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5.89
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4.71
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|
Lower Tabasco
S
|
9825
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FA-19-100
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Including...
|
623.85
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624.35
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0.50
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177.00
|
140.00
|
VG
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Lower Tabasco
S
|
9825
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FA-19-101
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577.62
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580.91
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|
|
3.29
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2.33
|
2.33
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|
Upper
Tabasco
|
10350
|
FA-19-102
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529.29
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543.84
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|
|
14.55
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4.70
|
4.70
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VG
|
Lower Tabasco
S
|
9900
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FA-19-102
|
Which
includes...
|
529.29
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530.32
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1.03
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38.06
|
38.06
|
VG
|
Lower Tabasco
S
|
9900
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FA-19-102
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642.81
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644.88
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|
|
2.07
|
3.41
|
3.41
|
VG
|
Lower
Tabasco
|
9900
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FA-19-102
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672.85
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673.80
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|
|
0.95
|
8.80
|
8.80
|
|
Lower
Tabasco
|
9900
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FA-19-102
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721.50
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722.30
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|
|
0.80
|
6.30
|
6.30
|
|
Cayenne
|
9900
|
FA-19-104
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1044.70
|
1081.60
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|
|
36.90
|
1.46
|
1.46
|
VG
|
Lower
Tabasco
|
10050
|
FA-19-104
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Including...
|
1045.85
|
1056.30
|
10.45
|
2.18
|
2.18
|
VG
|
Lower
Tabasco
|
10050
|
FA-19-104
|
Which
includes...
|
1055.65
|
1056.30
|
0.65
|
12.75
|
12.75
|
VG
|
Lower
Tabasco
|
10050
|
FA-20-110
|
780.00
|
793.00
|
|
|
13.00
|
3.66
|
3.66
|
|
Lower Tabasco
S
|
10050
|
FA-20-110
|
Including...
|
784.00
|
788.00
|
4.00
|
9.90
|
9.90
|
VG
|
Lower Tabasco
S
|
10050
|
FA-20-110
|
857.20
|
900.90
|
|
|
43.70
|
3.37
|
3.37
|
|
Lower
Tabasco/Cayenne
|
9975
|
FA-20-110
|
Including...
|
881.45
|
900.90
|
19.45
|
5.71
|
5.71
|
VG
|
Lower
Tabasco/Cayenne
|
9975
|
FA-20-110
|
Which
includes...
|
881.45
|
882.00
|
0.55
|
96.13
|
96.13
|
VG
|
Lower
Tabasco/Cayenne
|
9975
|
19-0985-005
|
No significant assay
results*
|
19-0985-006
|
No significant assay
results*
|
19-0985-008
|
64.25
|
79.4
|
|
|
15.15
|
3.33
|
3.33
|
VG
|
Naga Viper
West
|
10500
|
19-0985-008
|
Including...
|
65.05
|
67.05
|
2.00
|
9.04
|
9.04
|
VG
|
Naga Viper
West
|
10500
|
19-0985-008
|
Including...
|
72.75
|
75.45
|
2.70
|
6.34
|
6.34
|
VG
|
Naga Viper
West
|
10500
|
19-0985-009
|
62.31
|
65.79
|
|
|
3.48
|
23.90
|
23.90
|
VG
|
Naga Viper
West
|
10500
|
19-0985-009
|
76.92
|
79.34
|
|
|
2.42
|
25.14
|
25.14
|
|
Naga Viper
West
|
10500
|
19-0985-010
|
No significant assay
results*
|
19-0985-011
|
75.86
|
78.43
|
|
|
2.57
|
6.53
|
6.53
|
|
Naga Viper
West
|
10500
|
19-0985-012
|
70.22
|
81.10
|
|
|
10.88
|
8.01
|
8.01
|
|
Naga Viper
West
|
10500
|
19-0985-012
|
Including...
|
70.22
|
71.48
|
1.26
|
30.00
|
30.00
|
VG
|
Naga Viper
West
|
10500
|
19-0985-012
|
Including...
|
74.14
|
76.20
|
2.06
|
20.53
|
20.53
|
|
Naga Viper
West
|
10500
|
19-0985-013
|
78.66
|
84.62
|
|
|
5.96
|
40.66
|
40.66
|
|
Naga Viper
West
|
10500
|
19-1000-013
|
No significant assay
results*
|
19-1000-014
|
No significant assay
results*
|
19-1000-015
|
No significant assay
results*
|
19-1000-016
|
No significant assay
results*
|
19-1000-017
|
No significant assay
results*
|
19-1000-018
|
4.30
|
5.40
|
|
|
1.10
|
7.90
|
7.90
|
|
Chipotle
|
10500
|
19-1000-018
|
20.00
|
25.27
|
|
|
5.27
|
28.25
|
15.92
|
VG
|
Naga Viper
West
|
10500
|
19-1000-019
|
2.70
|
5.15
|
|
|
2.45
|
9.95
|
9.95
|
|
Chipotle
|
10500
|
19-1000-020
|
No significant assay
results*
|
19-1000-021
|
4.85
|
7.65
|
|
|
2.80
|
6.39
|
6.39
|
VG
|
Chipotle
|
10500
|
19-1000-022
|
5.67
|
7.08
|
|
|
1.41
|
4.27
|
4.27
|
|
Chipotle
|
10500
|
19-1025-001
|
No significant assay
results*
|
19-1035-012
|
45.35
|
46.53
|
|
|
1.18
|
5.73
|
5.73
|
|
Cayenne
|
10500
|
19-1035-015
|
39.74
|
42.00
|
|
|
2.26
|
4.78
|
4.78
|
|
Cayenne
|
10500
|
19-1035-016
|
No significant assay
results*
|
19-1035-021
|
No significant assay
results*
|
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").
|
(4)
|
Interval changed from
that previously reported in Wallbridge Press Release dated January
06, 2020 due to receipt of further assays results
|
(5)
|
Interval previously
reported in Wallbridge Press Release dated January 06,
2020
|
*
|
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