Wallbridge Mining Company Limited (TSX: WM, OTCQX:
WLBMF) (
“Wallbridge” or the
“Company”) today announced the discovery of a new
area of gold mineralization at the Grasset East Flexure target area
on its 100%-owned Grasset Gold property (“
Grasset
Gold”), located 15 kilometres east of the Company's
flagship Fenelon Gold Project (“
Fenelon”) (see
Figs. 1 & 2). Scattered, gold-bearing quartz veins were
intersected in nine of the 19 drill holes completed.
Highlights
-
Widespread gold-bearing quartz veining intersected
in nine drill holes, so far over an approximately
1-kilometre strike length (Targets G1, G2 and
G5);
- Small visible
gold grains were observed in four drill holes with assay results up
to 3.20 g/t Au over 2.50 metres (included in a
wider interval of 1.22 g/t Au over 8.50 metres).
Assay results are pending for the visible gold-bearing portions of
two of these holes, which are similar in appearance to the
intervals that have returned assays;
- Drill
program was increased from the originally intended 5,000
metres to approx. 10,500 metres in 20 drill holes,
with the final hole still being completed. This release reports
final assay results from ten drill holes and results are pending
for an additional ten holes, including the final one still being
drilled.
“Our initial drill program on the grassroots
Grasset Gold property is a good start in this new, unexplored
area,” said Attila Péntek, Wallbridge’s Vice President,
Exploration. “To find widespread gold mineralization in our first
drill program in this entirely overburden covered area on the
eastern end of our 97-kilometre-long property along the
Detour-Fenelon Gold Trend speaks volumes to the vast untested
potential of this and other target areas on our over
830-square-kilometre land package.”
Targets G1 & G2
The seven drill holes testing this target area
have delineated widespread gold-bearing quartz veining at a
relatively shallow depth, hosted within Timiskaming-like sediments
and mafic volcanics, over a strike length of approximately 600
meters. The drilling has confirmed the presence of folded
stratigraphy with targets G1 and G2 located at the hinge of the
fold, in good accordance with the magnetic signature.
The first drill hole (GR-23-116) intersected a
70-metre-wide zone of quartz veining and sericite alteration at a
vertical depth of only 100 to 150 metres, returning continuous
elevated gold assays up to 4.36 g/t Au over 0.95 metres (see Fig.
3).
Similar geology and mineralization were observed
in the other five drill holes, most notably with nine occurrences
of visible gold specks in scattered quartz veins over a core length
of 150 metres in hole GR-23-130. Assay highlights for this hole
include 3.20 g/t Au over 2.50 metres within a wider interval of
1.22 g/t Au over 8.50 metres.
Two additional follow-up holes drilled at the
end of the program intersected similar veins (GR-23-132 and
GR-23-133), with both holes containing several occurrences of
visible gold.
Assays results are pending for GR-23-130
(additional results), GR-23-132 and GR-23-133.
Target G5
Located 1 kilometre to the west of Target G1,
drill hole GR-23-119 intersected sporadic gold mineralization
assaying up to 4.47 g/t Au over 1.00 metre. Two follow-up holes
(GR-23-128 and GR-23-131) testing the same structure 1.7 kilometres
to the northwest, both intersected a 60- to 100-metre-wide zone of
intense shearing with elevated silicification and sulfide
mineralization. Assays are pending for both of these holes.
Grasset Gold Exploration Program
The Grasset Gold exploration program
predominantly focused on the intersection of a large fold-structure
with a flexure in the Sunday Lake Deformation Zone
(“SLDZ”), the main structure controlling gold
mineralization along the Detour-Fenelon Gold Trend.
The Grasset East Flexure target area consists of
a large conglomerate-wacke basin (Timiskaming-like) in contact with
a thick sequence of mafic volcanic rocks. In the southern Abitibi,
Timiskaming-type sedimentary units are generally associated with
regional-scale fault zones that acted as the main ore-fluid
pathways (Timmins and Kirkland Lake camps).
The 2023 drill program is designed to define the
geological framework of the Grasset East Flexure target area,
and to test structures interpreted from recently collected
high-resolution airborne magnetic data. Two main types of
environments are targeted:
- northern contact of Timiskaming-like
sedimentary unit with mafic volcanic rocks in areas of interpreted
structural complexities (16 drill holes - targets G1, G2, G5, G6,
G7 and G11); and,
- interpreted structures and
lithological contacts within the northern mafic volcanic package (4
drill holes - targets G3, G8, G9 and G10).
The Grasset East Flexure target area was never
drill tested in the past. Originally, the Company intended to
complete approximately 5,000 metres of diamond drilling on 11
targets over an area of 4.5 kilometres by 3.5 kilometres (see
Wallbridge release dated August 24, 2023).
To further investigate this new mineralized
area, the size of this inaugural drill program was increased to
approximately 10,500 metres. Thus far, a total of 19 drill holes
totaling 10,000 metres have been completed, testing 10 of the
originally identified 11 targets. Today, the Company reports final
assay results for ten drill holes and partial assay results for two
drill holes (see Table 1), with results pending for ten holes,
including the final hole still being drilled. The drilling program
is expected to be completed later this week.
Figure 1.
Wallbridge’s Detour-Fenelon Gold Trend land package and
2023 priority exploration target areas
Figure 2.
Grasset Gold Property, 2023 Exploration Drill Program, Plan
View
Figure 3.
Grasset Gold Property, Zoomed in Plan View
Table 1. Grasset Gold Property, Recent Expansion Drill
Assay Highlights (1) |
Drill Hole |
From |
To |
Length |
Au |
Au Cut(2) |
VG(3) |
Zone/Corridor |
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
|
|
Target G1 and G2 |
|
|
GR-23-116 |
156.60 |
157.55 |
0.95 |
4.36 |
4.36 |
VG |
New Zone |
GR-23-116 |
170.00 |
174.00 |
4.00 |
0.67 |
0.67 |
|
New Zone |
GR-23-116 |
517.00 |
518.50 |
1.50 |
0.87 |
0.87 |
|
New Zone |
GR-23-123 |
573.80 |
575.00 |
1.20 |
1.49 |
1.49 |
|
New Zone |
GR-23-125 |
220.00 |
225.50 |
5.50 |
0.69 |
0.69 |
|
New Zone |
Including… |
222.50 |
223.50 |
1.00 |
2.63 |
2.63 |
|
New Zone |
GR-23-126 |
324.50 |
325.80 |
1.30 |
0.82 |
0.82 |
|
New Zone |
GR-23-126 |
344.50 |
346.00 |
1.50 |
0.69 |
0.69 |
|
New Zone |
Including… |
222.50 |
223.50 |
1.00 |
2.63 |
2.63 |
|
New Zone |
GR-23-127A |
289.00 |
290.30 |
1.30 |
0.73 |
0.73 |
|
New Zone |
GR-23-127A |
379.00 |
380.50 |
1.50 |
3.16 |
3.16 |
|
New Zone |
GR-23-130 |
195.50 |
204.00 |
8.50 |
1.22 |
1.22 |
VG |
New Zone |
Including… |
201.50 |
204.00 |
2.50 |
3.20 |
3.20 |
VG |
New Zone |
GR-23-130 |
233.50 |
235.00 |
1.50 |
0.95 |
0.95 |
|
New Zone |
GR-23-130 |
270.50 |
272.00 |
1.50 |
0.92 |
0.92 |
|
New Zone |
GR-23-130 |
357.00 |
357.50 |
0.50 |
7.62 |
7.62 |
VG |
New Zone |
Target G3 |
|
|
|
|
|
|
|
GR-23-118 |
No Significant Mineralization |
Target G5 |
|
|
GR-23-119 |
207.50 |
208.50 |
1.00 |
4.47 |
4.47 |
|
New Zone |
GR-23-119 |
322.00 |
323.00 |
1.00 |
1.15 |
1.15 |
|
New Zone |
Target G6 |
|
|
GR-23-117 |
No Significant Mineralization |
Target G7 |
|
|
GR-23-121 |
No Significant Mineralization |
Target G8 |
|
|
GR-23-120 |
No Significant Mineralization |
Target G10 |
|
|
GR-23-124 |
No Significant Mineralization |
Note: There is
currently insufficient information available from these new zones
to estimate true widths of intersections. |
(1) Metal factor
of at least 0.95 g/t*m. |
(2) Au cut: 25 g/t
Au for New Zones. |
(3) Intervals
containing visible gold ("VG"). |
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 Evan Slater, 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 square kilometre 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.
For further information please visit the Company’s website at
https://wallbridgemining.com/ or contact:
Wallbridge Mining Company
Limited
Attila Péntek, Ph.D., P.Geo.Vice President,
ExplorationEmail: apentek@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.
Photos accompanying this announcement are available at
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https://www.globenewswire.com/NewsRoom/AttachmentNg/55011066-a5db-47d8-a5ff-a7c418f10ec5
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