Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today reported a new round of positive
drill results from the Company's regional exploration program on
the Detour-Fenelon Gold Trend, which is targeting the discovery of
satellite deposits and new mineralized zones near the Company’s
Fenelon Gold and Martiniere projects (“
Fenelon”
and “
Martiniere”) in Northwestern Quebec.
Highlights:
- New gold
mineralization, including 42.63 g/t Au over 0.50 metre and 9.98 g/t
Au over 0.60 metre, was intercepted on the Grasset Property
(“Grasset”), less than 10 kilometres east of the
Fenelon deposit.
- A new gold
system was identified in the northeastern portion of the Casault
Gold Property (“Casault”), adjacent to
Martiniere.
“Wallbridge’s district-scale property on the
Detour-Fenelon Gold Trend covers an area roughly the same distance
as Rouyn-Noranda to Val d’Or, yet it is comparatively
underexplored. We continue to see excellent potential for
additional gold discoveries, with the opportunity to add to our
existing resource base at Fenelon and Martiniere,” said Attila
Péntek, Wallbridge’s Vice President, Exploration. “Approximately
10% of our 2022 exploration budget is dedicated to grassroots
exploration on our properties in this district. Initial programs at
Casault and Grasset have already delivered some very positive
results and we are confident that we can continue to build on this
success over the course of the year.”
Grasset Exploration
Drilling
Between November 2021 and February 2022,
Wallbridge carried out exploration drilling 10 kilometres
south-east of the Fenelon deposit, to follow-up on the Grasset Gold
showing, where historic intersections include 1.66 g/t Au over 33
metres, with higher grade sub-intervals, such as 6.15 g/t Au over
4.04 metres.
One of the first drill holes of the program,
GR-21-109 intersected sulfide-bearing quartz-carbonate veining
containing visible gold, assaying 42.63 g/t Au over 0.50
metre. Gold mineralization in this area is hosted by
gabbroic intrusive host rocks adjacent to the Sunday Lake
Deformation Zone (“SLDZ”), which has an associated
unit of thick polymictic conglomerates and is represented by strong
brittle-ductile deformation zones. Another drill hole, FA-21-328,
testing interpreted structures adjacent to the SLDZ, discovered new
gold mineralization with assay results up to 9.98 g/t Au
over 0.60 metre.
The geology and orientation of the deformation
zones in these holes is similar to the Fenelon gold deposit, and
analogous to other well-known gold deposits in the southern
Abitibi. Given this very favorable environment for hosting gold
mineralization, the Company will continue to explore for new gold
zones that may have synergies with a future operation at
Fenelon.
Casault Exploration
Drilling
As reported in a Wallbridge news release dated
October 21, 2021, the Company completed a 13-hole drill program
totaling 5,300 metres to test grassroots targets on the unexplored
northern part of Casault. This area, one to two kilometres north of
the SLDZ, includes the same assemblage of rocks that hosts the
Company’s Martiniere gold deposit.
In addition to 6.85 g/t Au over 2.00 metres in
CAS-21-123 previously reported, the drill program successfully
identified gold mineralization near the eastern border of the
property, toward Martiniere. Drill holes CAS-21-126 to CAS-21-130
all intersected anomalous gold mineralization (see Table 1)
associated with a volcanic assemblage, a newly discovered
ultramafic intrusive complex and the same northwest-southeast
structure that is interpreted to control the mineralization
intersected in hole CAS-21-123. Structures of this orientation are
known to be important conduits for gold at Fenelon, Martiniere, and
as reported here, at Grasset and Casault.
A follow-up drill program further testing this
newly identified gold mineralized environment will be completed in
the second quarter of 2022.
Wallbridge has an option to acquire up to a 65%
interest in the 177-square-kilometre Casault Property from Midland
Exploration (“Midland”) (see Wallbridge news
release dated June 18, 2020). Casault covers a number of grassroots
exploration targets four to 12 kilometres west of Martiniere and 34
to 41 kilometres west of Fenelon (see Figs. 1 and 3). The property
encompasses more than 20 kilometres of the SLDZ, which hosts the
Company’s Martiniere and Fenelon gold deposits and the world-class
Detour Lake mine.
Detour-Fenelon Gold Trend Grassroots
Exploration
An unmanned aerial vehicle
(“UAV”) geophysical magnetic survey was completed
in the first quarter of 2022 over the Harri Property, which covers
20 kilometres of the SLDZ between the Fenelon and Martiniere
projects and the eastern portion of Casault. The purpose of the
survey was to provide high resolution magnetic data to help in
geologic and structural interpretation and target generation. Such
magnetic data has been invaluable at Fenelon in guiding exploration
to recognize gold-bearing and other structures.
Further grassroots exploration programs
completed in the first quarter of 2022 or planned for later in the
year include: biogeochemical (tree bark) sampling, till sampling,
outcrop mapping and prospecting, as well as additional UAV
magnetics, all with the aim of providing additional geologic
information to better define drill targets and improve discovery
success.
Figure 1. Overview Map of Wallbridge's
Detour-Fenelon land package
Figure 2. Compilation map of the
Fenelon-Grasset area
Figure 3. Geology Map of the northern
part of the Casault Gold Property and the Martiniere gold
deposit
Table 1. Detour-Fenelon Gold Trend Property, Regional
Exploration Recent Drill Assay
Highlights (1) |
Drill Hole |
From |
To |
Length |
Au |
Au Cut(2) |
VG(3) |
Zone/Corridor |
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
|
|
Casault Property |
CAS-21-124 |
No Significant Mineralization (4) |
CAS-21-125 |
No Significant Mineralization (4) |
CAS-21-128 |
131.00 |
132.50 |
1.50 |
0.87 |
0.87 |
|
New Zone |
CAS-21-128 |
197.35 |
199.40 |
2.05 |
1.04 |
1.04 |
|
New Zone |
CAS-21-128 |
295.80 |
301.00 |
5.20 |
0.44 |
0.44 |
|
New Zone |
Including… |
298.90 |
301.00 |
2.10 |
0.83 |
0.83 |
|
New Zone |
CAS-21-129 |
351.00 |
354.00 |
3.00 |
0.46 |
0.46 |
|
New Zone |
CAS-21-130 |
242.00 |
245.65 |
3.65 |
1.69 |
1.69 |
|
New Zone |
Including… |
242.00 |
244.00 |
2.00 |
2.42 |
2.42 |
|
New Zone |
CAS-21-130 |
380.25 |
380.90 |
0.65 |
1.85 |
1.85 |
|
New Zone |
CAS-21-131 |
No Significant Mineralization (4) |
CAS-21-132 |
No Significant Mineralization (4) |
CAS-21-133 |
No Significant Mineralization (4) |
CAS-21-134 |
No Significant Mineralization (4) |
CAS-21-135 |
No Significant Mineralization (4) |
Fenelon-Grasset Area |
FA-21-328 |
189.65 |
190.25 |
0.60 |
9.98 |
9.98 |
|
New Zone |
GR-21-108 |
No Significant Mineralization (4) |
GR-21-109 |
300.9 |
301.4 |
0.5 |
42.63 |
42.63 |
VG |
New Zone |
(1) Table includes only assay results reported
since the latest press release dated March 24th, 2022 |
(2) Au cut at: 100 g/t Au. |
(3) Intervals containing visible gold ("VG"). |
(4) Metal factor of at least 1 g/t*m and minimum
weighted average composite grade of 0.3 g/t Au. |
Assay Q
A/QC and Qualified Persons
Drill core samples from the drill programs are
cut and bagged either on site or by contractors and transported to
SGS Canada Inc., AGAT Laboratories Ltd. or Bureau Veritas
Commodities Canada Ltd. for analysis. Samples, along with standards
and blanks that are included for quality assurance and quality
control, were prepared and analyzed at the laboratories. Casault
samples were crushed to 90% less than 2mm. A 250g riffle split is
pulverized to 85% passing 75 microns. Samples from Fenelon and
Grasset are crushed to 75% less than 2 mm. A 1 kg riffle split is
pulverized to 85% passing 75 microns. 50g samples are analyzed by
fire assay and AAS. At SGS, AGAT and Bureau Veritas 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 Peter Lauder, P.Geo,
Exploration Manager of Wallbridge.
About Wallbridge Mining
Wallbridge is focused on creating value through
the discovery, acquisition, development, and production of gold
from a portfolio of exploration and development stage assets
located in established mining jurisdictions within Canada.
Wallbridge’s flagship project, Fenelon Gold, is located on the
highly prospective Detour-Fenelon Gold Trend in Northern Abitibi,
Quebec. A Mineral Resource Estimate completed in 2021 validated the
multi-million-ounce potential of Fenelon as well as Wallbridge’s
nearby Martiniere Property, incorporating a combined 2.67 million
ounces of indicated gold resources and 1.72 million ounces of
inferred gold resources. Fenelon and Martiniere, located within a
910-square-kilometre exploration land package controlled by
Wallbridge, have the potential to be developed into mines, and are
close to existing power and transportation infrastructure.
Wallbridge also has interests in several copper, nickel and
platinum group metal properties, including a 17.8% interest in
Lonmin Canada Inc.
Further information about Wallbridge can be
found in the Company’s regulatory filings available on SEDAR at
www.sedar.com and on the Company’s website
at www.wallbridgemining.com.
This news release has been authorized by the
undersigned on behalf of Wallbridge Mining Company Limited.
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
This press release of Wallbridge Mining Company
Limited ("Wallbridge" or the "Company") contains 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 press release.
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 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 herein includes, but is not limited to:
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 mineral resource estimates (each an
“MRE”) at the Fenelon Gold and Martiniere 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 press release 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 herein to reflect new
events or circumstances, except as may be required by law. Unless
otherwise noted, this press release has been prepared based on
information available as of the date of this press release.
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 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; the ability of the
Company to obtain required approvals; the results of exploration
activities; the evolution of the global economic climate; metal
prices; environmental expectations; community and non-governmental
actions; and any impacts of COVID-19 on the Deposits, the Company’s
financial position, the Company’s ability to secure required
funding, or operations. Risks and uncertainties about Wallbridge's
business are more fully discussed in the disclosure materials filed
with the securities regulatory authorities in Canada, which are
available at www.sedar.com.
Covid‒19 ‒ Given the rapidly evolving nature of
the Coronavirus (COVID‒19) pandemic, Wallbridge is actively
monitoring the situation in order to continue to maintain as best
as possible the activities while striving to protect the health of
its personnel. Wallbridge' activities will continue to align with
the guidance provided by local, provincial and federal authorities
in Canada. The Company has established measures to continue normal
activities while protecting the health of its employees and
stakeholders. Depending on the evolution of the virus, measures may
affect the regular operations of Wallbridge and the participation
of staff members in events inside or outside Canada.
Information Concerning Estimates of Mineral
Resources
The disclosure in this press release and
referred to herein was prepared in accordance with NI 43-101 which
differs significantly from the requirements of the U.S. Securities
and Exchange Commission (the "SEC"). The terms "measured mineral
resource", "indicated mineral resource" and "inferred mineral
resource" used in this press release are in reference to the mining
terms defined in the Canadian Institute of Mining, Metallurgy and
Petroleum Standards (the "CIM Definition Standards"), which
definitions have been adopted by NI 43-101. Accordingly,
information contained in this press release providing descriptions
of our mineral deposits in accordance with NI 43-101 may not be
comparable to similar information made public by other U.S.
companies subject to the United States federal securities laws and
the rules and regulations thereunder.
Investors are cautioned not to assume that any
part or all of mineral resources will ever be converted into
reserves. Pursuant to CIM Definition Standards, "inferred mineral
resources" are that part of a mineral resource for which quantity
and grade or quality are estimated on the basis of limited
geological evidence and sampling. Such geological evidence is
sufficient to imply but not verify geological and grade or quality
continuity. An inferred mineral resource has a lower level of
confidence than that applying to an indicated mineral resource and
must not be converted to a mineral reserve. However, it is
reasonably expected that the majority of inferred mineral resources
could be upgraded to indicated mineral resources with continued
exploration. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. Investors are cautioned not to
assume that all or any part of an inferred mineral resource is
economically or legally mineable. Disclosure of "contained ounces"
in a resource is permitted disclosure under Canadian regulations;
however, the SEC normally only permits issuers to report
mineralization that does not constitute "reserves" by SEC standards
as in place tonnage and grade without reference to unit
measures.
Canadian standards, including the CIM Definition
Standards and NI 43-101, differ significantly from standards in the
SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted
new mining disclosure rules under subpart 1300 of Regulation S-K of
the United States Securities Act of 1933, as amended (the "SEC
Modernization Rules"), with compliance required for the first
fiscal year beginning on or after January 1, 2021. The SEC
Modernization Rules replace the historical property disclosure
requirements included in SEC Industry Guide 7. As a result of the
adoption of the SEC Modernization Rules, the SEC now recognizes
estimates of "measured mineral resources", "indicated mineral
resources" and "inferred mineral resources". Information regarding
mineral resources contained or referenced in this press release may
not be comparable to similar information made public by companies
that report according to U.S. standards. While the SEC
Modernization Rules are purported to be "substantially similar" to
the CIM Definition Standards, readers are cautioned that there are
differences between the SEC Modernization Rules and the CIM
Definitions Standards. Accordingly, there is no assurance any
mineral resources that the Company may report as "measured mineral
resources", "indicated mineral resources" and "inferred mineral
resources" under NI 43-101 would be the same had the Company
prepared the resource estimates under the standards adopted under
the SEC Modernization Rules.
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