Wallbridge Mining Company Limited (TSX: WM,
OTCQB:WLBMF) (“
Wallbridge” or the
“
Company”) today announced that assay results from
the 9,000 metre Phase 1 drilling program at its 100% owned
Martiniere gold project (“
Martiniere”) confirm the
presence of high-grade gold mineralization in multiple sulfide vein
assemblages and further define the continuity of mineralization and
gold grades at the Bug Lake North, Bug Lake South and Martiniere
West zones.
Highlights
- Intersected
multiple zones of pyritic sulfide veining hosting high-grade gold
mineralization including:
- 44.63 g/t Au
over 1.1 metres, 8.52 g/t Au over 1.5 metres, and 27.48 g/t Au over
1.0 metre in hole MR-24-066 testing the Bug Lake North zone.
- 8.40 g/t Au over
1.5 metres in hole MR-24-070, as well as 9.47 g/t Au over 0.9
metres and 4.62 g/t Au over 2.4 metres in hole MR-24-071A testing
the Bug Lake South zone.
- 3.14 g/t Au over
3.4 metres in hole MR-24-086 testing the Martiniere West zone.
- Confirmed gold
distribution and grade continuity across broad widths in the Bug
Lake North, Bug Lake South, and Martiniere West zones:
- 24.3 metres
averaging 1.62 g/t Au in hole MR-24-068 including 1.6 metres
averaging 13.53 g/t Au at Bug Lake North.
- 21.1 metres
averaging 2.15 g/t Au in hole MR-24-085 at Bug Lake South.
- 6.5 metres
averaging 2.87 g/t Au in hole MR-24-074 at Martiniere West.
Wallbridge’s CEO Brian Penny remarked: "The
successful completion of our Martiniere Phase 1 drilling program
marks an important milestone in advancing the project. With
geotechnical characterization studies and metallurgical testing
well underway, our focus now shifts to exploring extensions along
the known gold-bearing trends toward newly identified satellite
targets, including the Dragonfly and Horsefly zones. These targets
present excellent potential for expanding the Martiniere resource
base. We are excited about the significant upside potential at
Martiniere and Fenelon and look forward to sharing later this year
the results of the ongoing metallurgical and geotechnical rock mass
characterization studies."
A 185-kilogram composite sample has been
collected from the Phase 1 drill program and sent to SGS Lakefield
Mineral Services for metallurgical tests, including gold
recoveries. In addition, approximately 4,550 metres of drilling was
surveyed using a downhole optical and acoustic televiewer probe for
a geotechnical rock mass characterization study being carried out
by WSP Consulting.
The Company is also commencing a 6,000 metre
Phase 2 Martiniere drilling program designed to test potential
extensions of the mineralized gold trends identified through
recently completed re-interpretation of deposit geology and
mineralization controls. The re-interpretation was completed by the
Company’s exploration team working in collaboration with
independent consultants specializing in structural geology, mineral
deposit modeling and resource estimation.
Additional highlights from the 2024 Martiniere
Phase 1 drilling program are provided in the table of summarized
assay highlights below. For more information, including a drill
hole location map and representative cross-sections, please refer
to the link provided here:
Martiniere Gold Project: 2024 Phase 1
Drill Hole Location Map and Cross-Sections
|
Martiniere Gold Project: 2024 Phase 1 Drill Assay
Highlights |
|
|
Drill Hole |
|
From |
To |
Length |
Au |
| |
|
(m) |
(m) |
(m) |
(g/t) |
|
BUG LAKE NORTH |
|
|
|
|
|
|
MDE-14-145_ext'n |
195.3 |
195.8 |
0.5 |
10.50 |
|
|
|
|
225.7 |
230.0 |
4.3 |
1.36 |
|
|
Including |
225.7 |
226.4 |
0.7 |
5.56 |
|
|
|
|
226.4 |
229.0 |
2.6 |
0.30 |
|
|
|
|
229.0 |
230.0 |
1.0 |
1.15 |
|
|
|
|
274.5 |
277.5 |
3.0 |
2.86 |
|
|
MR-24-066 |
|
111.0 |
116.1 |
5.1 |
2.45 |
| |
|
|
267.0 |
278.2 |
11.2 |
1.97 |
|
|
Including |
267.0 |
274.5 |
7.5 |
2.06 |
| |
|
|
274.5 |
277.3 |
2.8 |
0.08 |
| |
|
|
277.3 |
278.2 |
0.9 |
6.76 |
|
|
|
|
319.5 |
323.9 |
4.4 |
2.37 |
|
|
Including |
319.5 |
320.8 |
1.3 |
1.83 |
|
|
|
|
320.8 |
322.4 |
1.6 |
0.05 |
|
|
|
|
322.4 |
323.9 |
1.5 |
5.46 |
|
|
|
|
344.8 |
345.9 |
1.1 |
44.63 |
|
|
|
|
454.5 |
456.0 |
1.5 |
8.52 |
|
|
|
|
467.7 |
468.7 |
1.0 |
27.48 |
|
|
|
476.5 |
482.3 |
5.8 |
1.96 |
|
|
Including |
476.5 |
478.5 |
2.0 |
4.02 |
|
|
|
|
478.5 |
482.3 |
3.8 |
0.87 |
|
|
|
|
488.7 |
494.0 |
5.3 |
2.56 |
|
|
Including |
488.7 |
489.5 |
0.8 |
7.73 |
|
|
|
|
489.5 |
492.8 |
3.3 |
1.16 |
|
|
|
|
492.8 |
494.0 |
1.2 |
2.97 |
|
|
MR-24-068 |
|
162.5 |
167.4 |
4.9 |
1.32 |
|
|
|
|
193.0 |
196.0 |
3.0 |
2.05 |
|
|
|
|
219.7 |
244.0 |
24.3 |
1.62 |
|
|
Including |
219.7 |
220.2 |
0.5 |
5.96 |
|
|
|
|
220.2 |
227.0 |
6.8 |
0.21 |
|
|
|
|
227.0 |
228.0 |
1.0 |
1.20 |
|
|
|
|
228.0 |
232.0 |
4.0 |
0.30 |
|
|
|
|
232.0 |
233.4 |
1.4 |
1.12 |
|
|
|
|
233.4 |
233.9 |
0.5 |
5.53 |
|
|
|
|
233.9 |
236.9 |
3.0 |
0.41 |
|
|
|
|
236.9 |
240.8 |
3.9 |
1.18 |
|
|
|
|
240.8 |
242.4 |
1.6 |
0.10 |
|
|
|
|
242.4 |
244.0 |
1.6 |
13.53 |
|
|
|
|
360.0 |
369.0 |
9.0 |
3.88 |
|
Including |
360.0 |
361.1 |
1.1 |
23.34 |
|
|
|
|
361.1 |
366.5 |
5.4 |
0.43 |
|
|
|
|
366.5 |
369.0 |
2.5 |
2.77 |
|
|
|
|
411.0 |
412.5 |
1.5 |
3.33 |
|
|
|
|
529.6 |
530.1 |
0.5 |
9.90 |
| |
MR-24-073 |
* |
54.4 |
55.7 |
1.3 |
11.16 |
|
|
Including |
54.4 |
55.2 |
0.8 |
1.15 |
|
|
|
* |
55.2 |
55.7 |
0.5 |
24.81 |
|
|
|
|
64.0 |
72.0 |
8.0 |
5.32 |
|
|
Including |
64.0 |
68.0 |
4.0 |
2.58 |
|
|
|
|
68.0 |
69.0 |
1.0 |
11.32 |
|
|
|
|
69.0 |
71.0 |
2.0 |
1.32 |
|
|
|
|
71.0 |
72.0 |
1.0 |
18.33 |
| |
MR-24-075 |
|
82.0 |
84.5 |
2.5 |
4.45 |
|
|
Including |
82.0 |
83.5 |
1.5 |
6.24 |
|
|
|
|
83.5 |
84.5 |
1.0 |
1.77 |
|
|
|
|
137.0 |
139.3 |
2.3 |
3.16 |
|
|
Including |
137.0 |
138.5 |
1.5 |
0.54 |
|
|
|
|
138.5 |
139.3 |
0.8 |
8.09 |
|
|
|
|
166.0 |
169.0 |
3.0 |
5.23 |
|
|
Including |
166.0 |
168.0 |
2.0 |
0.68 |
|
|
|
|
168.0 |
169.0 |
1.0 |
14.33 |
| |
MR-24-079 |
|
103.5 |
104.2 |
0.7 |
19.40 |
|
|
|
|
146.5 |
147.3 |
0.8 |
20.10 |
| |
MR-24-088A |
|
217.2 |
229.0 |
11.8 |
1.66 |
|
Including |
217.2 |
220.0 |
2.8 |
2.25 |
| |
|
|
220.0 |
223.0 |
3.0 |
0.38 |
| |
|
|
223.0 |
224.2 |
1.2 |
2.06 |
| |
|
|
224.2 |
226.7 |
2.5 |
0.04 |
| |
|
|
226.7 |
229.0 |
2.3 |
4.08 |
| |
|
|
378.5 |
383.8 |
5.3 |
2.31 |
| |
|
|
420.3 |
428.9 |
8.6 |
2.86 |
|
|
Including |
420.3 |
426.0 |
5.7 |
1.17 |
|
|
|
|
426.0 |
428.9 |
2.9 |
6.25 |
|
BUG LAKE SOUTH |
|
|
|
MDE-17-286_ext'n |
|
No Significant Results |
|
|
MDE-21-331_ext'n |
|
No Significant Results |
|
|
MR-24-070 |
|
460.5 |
462.0 |
1.5 |
8.40 |
| |
MR-24-071A |
|
630.0 |
630.9 |
0.9 |
9.47 |
|
|
|
|
644.3 |
646.7 |
2.4 |
4.62 |
|
|
Including |
644.3 |
645.0 |
0.7 |
4.71 |
|
|
|
|
645.0 |
646.0 |
1.0 |
2.70 |
|
|
|
|
646.0 |
646.7 |
0.7 |
7.47 |
|
|
MR-24-072 |
|
532.0 |
533.0 |
1.0 |
6.37 |
|
|
MR-24-077 |
* |
354.3 |
354.9 |
0.6 |
18.73 |
|
|
MR-24-083 |
|
No Significant Results |
| |
MR-24-085 |
|
267.0 |
271.0 |
4.0 |
2.48 |
|
|
|
|
284.5 |
305.6 |
21.1 |
2.15 |
|
|
Including |
284.5 |
294.0 |
9.5 |
1.59 |
|
|
|
|
294.0 |
295.1 |
1.1 |
9.05 |
|
|
|
|
295.1 |
299.0 |
3.9 |
0.69 |
|
|
|
|
299.0 |
300.0 |
1.0 |
5.14 |
|
|
|
|
300.0 |
304.5 |
4.5 |
1.57 |
|
|
|
|
304.5 |
305.6 |
1.1 |
4.92 |
|
|
|
|
329.5 |
331.9 |
2.4 |
2.23 |
|
MARTINIERE CENTRAL & WEST |
|
|
|
|
|
MR-24-067 |
|
285.0 |
289.0 |
4.0 |
2.92 |
|
|
Including |
285.0 |
286.0 |
1.0 |
5.40 |
|
|
|
|
286.0 |
287.0 |
1.0 |
0.11 |
|
|
|
|
287.0 |
289.0 |
2.0 |
3.08 |
|
|
MR-24-069 |
|
No Significant Results |
| |
MR-24-074 |
|
75.0 |
81.5 |
6.5 |
2.87 |
|
|
Including |
75.0 |
75.5 |
0.5 |
14.30 |
|
|
|
|
75.5 |
76.5 |
1.0 |
4.60 |
|
|
|
|
76.5 |
77.0 |
0.5 |
0.60 |
|
|
|
|
77.0 |
78.0 |
1.0 |
0.16 |
|
|
|
|
78.0 |
79.5 |
1.5 |
2.19 |
|
|
|
|
79.5 |
80.5 |
1.0 |
0.82 |
|
|
|
|
80.5 |
81.5 |
1.0 |
2.35 |
| |
MR-24-076 |
|
69.6 |
74.4 |
4.8 |
3.36 |
|
|
Including |
69.6 |
70.5 |
0.9 |
8.11 |
|
|
|
70.5 |
72.5 |
2.0 |
1.09 |
|
|
|
|
72.5 |
74.4 |
1.9 |
3.50 |
|
|
MR-24-078 |
|
No Significant Results |
|
|
MR-24-080 |
|
No Significant Results |
|
|
MR-24-081A |
|
No Significant Results |
|
|
MR-24-082 |
|
No Significant Results |
|
|
MR-24-084 |
|
219.5 |
223.0 |
3.5 |
2.49 |
|
|
Including |
219.5 |
220.7 |
1.2 |
1.20 |
|
|
|
|
220.7 |
222.0 |
1.3 |
0.07 |
|
|
|
|
222.0 |
223.0 |
1.0 |
7.19 |
|
|
|
|
259.6 |
261.7 |
2.1 |
3.08 |
|
|
Including |
259.6 |
260.6 |
1.0 |
5.48 |
|
|
|
|
260.6 |
261.2 |
0.6 |
0.01 |
|
|
|
|
261.2 |
261.7 |
0.5 |
1.65 |
| |
MR-24-086 |
|
304.6 |
308.0 |
3.4 |
3.14 |
|
|
Including |
304.6 |
305.6 |
1.0 |
2.95 |
|
|
|
|
305.6 |
306.3 |
0.7 |
7.04 |
|
|
|
|
306.3 |
308.0 |
1.7 |
1.65 |
|
|
|
|
387.9 |
388.5 |
0.6 |
11.70 |
| |
MR-24-087 |
|
115.3 |
117.5 |
2.2 |
2.58 |
|
|
Including |
115.3 |
116.4 |
1.1 |
4.23 |
|
|
|
|
116.4 |
116.9 |
0.5 |
0.05 |
|
|
|
|
116.9 |
117.5 |
0.6 |
1.66 |
|
|
Notes: |
|
1. True
widths are estimated to be within 60% to 90% of reported core
intercept lengths |
| |
|
2. Highlighted
intervals are based on a Grade * Thickness Metal Factor > 5
gm*metres |
|
|
|
* Denotes visible gold (‘VG’) observed in drill
core |
Links to tables with complete summary assay
results and drillhole location information are provided
here: Martiniere Gold Project: Q1-Q2 2024
Drill Assay Summary and Location Information.
Martiniere is a key project on the Company’s 830
square kilometre Detour-Fenelon Trend property package located in
Northern Abitibi, Quebec, 30 kilometres west of the Company’s
flagship Fenelon gold project and 50 kilometres east of Canada’s
largest gold mine, Agnico Eagle’s Detour Lake gold mine.
Exploration and resource delineation drilling completed at
Martiniere has so far intercepted multiple zones of vein-hosted
gold mineralization over an approximate 1 kilometre by 500 metre
area along the northwest-southeast trending Bug Lake structural
corridor, and over an approximate 1.5 kilometre by 250 metre area
along the northeast-southwest trending Martiniere West and Central
corridor. Both the Bug Lake and Martiniere corridors remain open
laterally and at depth below the current 450 to 500 metre vertical
extent of drilling completed to date. The Company looks forward to
providing the results of its Phase 2 exploration drilling program
which it anticipates will be completed by the end of the third
quarter.
Wallbridge Mining Detour – Fenelon Gold
Trend Properties
Quality Assurance / Quality
Control
Wallbridge maintains a Quality Assurance/Quality
Control ("QA/QC") program for all its exploration
projects using industry best practices. Key elements of the QA/QC
program include verifiable chain of custody for samples, regular
insertion of blanks and certified reference materials, and
completion of secondary check analyses performed at a separate
independent accredited laboratory. Drill core is halved and shipped
in sealed bags to SGS in Val d’Or, Quebec where they are
re-distributed to other SGS laboratory facilities according to the
analytical method being requested by Walbridge. Gold analyses are
routinely performed via fire assay with ICP-OES finish methods. For
greater precision and accuracy, samples assaying 10 g/t Au or
greater are re-assayed via metallic screen fire assay method or
fire assay/gravimetric finish, depending on the amount of sample
material remaining available. Samples containing visible gold are
submitted directly for analysis by metallic screen fire assay
method.
SGS Natural Resources analytical laboratories
operate under a Quality Management System that conforms to the
requirements of ISO/IEC 17025. All of SGS’ Canadian analytical
sites are accredited by the Standards Council of Canada (SCC) for
specific mineral tests listed on the scope of accreditation to the
ISO/IEC 17025 standard. ISO/IEC 17025 addresses both the quality
management system and the technical aspects of operating a testing
laboratory. Physical sample preparation involving accredited test
methods as listed on the scope of accreditation may be performed at
other sites listed on the SGS Canada Inc – Natural Resources –
Minerals group accreditation or at offsite sample preparation
laboratories that are monitored regularly for quality control and
quality assurance practices, including SGS Canada Inc, Garson, SGS
Canada Inc, Val d’Or and SGS Canada Inc, Grand Falls-Windsor.
Qualified Person
The Qualified Person responsible for the
technical content of this news release is Mr. Christopher Kelly,
M.Sc., P.Geo., Senior Geologist for 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 in Québec’s Northern Abitibi region
while respecting the environment and communities where it
operates.
Wallbridge’s most advanced projects, Fenelon
Gold (“Fenelon”) and Martiniere Gold
(“Martiniere”) incorporate 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.
Wallbridge has reported a positive Preliminary
Economic Assessment (“PEA”) at Fenelon that
estimates average annual gold production of 212,000 ounces over 12
years.
Wallbridge also holds a 15.8% interest in the
common shares of NorthX Nickel Corp. (formerly “Archer
Exploration Corp”) as a result of the sale of the
Company’s portfolio of nickel assets in Ontario and Québec. For
further information please visit the Company’s website at
https://wallbridgemining.com/ or contact:
Wallbridge Mining Company
Limited
| Brian Penny,
CPA, CMA |
Victoria
Vargas, B.Sc. (Hon.) Economics, MBA |
| Chief Executive Officer |
Capital Markets Advisor |
| Email: bpenny@wallbridgemining.com |
Email: vvargas@wallbridgemining.com |
| M: +1 416 716 8346 |
M: +1 289 242 3599 |
| |
|
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 PEA; the
potential future performance of the 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 Fenelon and Martiniere (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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/030bebac-9ad5-40ac-8810-b875124c6dff
Wallbridge Mining (TSX:WM)
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Wallbridge Mining (TSX:WM)
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