Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today reported positive assay results
from the ongoing drill program at the Company's Fenelon Gold
project (“
Fenelon”), including significant gold
mineralization in the Ripley Zone, located one kilometre south of
the Fenelon mineral resource footprint. The results demonstrate the
potential for this zone to be included in an updated Fenelon
mineral resource estimate (
“MRE”) expected in
2023, as the Company continues to grow the existing resource base
at its Detour-Fenelon Gold Trend Property in Northwestern Quebec.
“Based on the results announced today, we
believe there is good potential to delineate an underground mineral
resource at the Ripley Zone, which could be incorporated into our
next Fenelon MRE update,” said Attila Péntek, Wallbridge’s Vice
President, Exploration. “In addition, the wide, pervasive
mineralization in some of the drill holes, over a strike length of
over 800 metres, suggests there could be an opportunity for an open
pit resource as well, and we are conducting additional near-surface
drilling to evaluate this scenario. We are also drilling in the
area between the existing Fenelon deposit and the Ripley Zone to
follow up on previous Area 51-style gold intersections as we work
to establish a continuous resource base within and along the
Jeremie Diorite, one of the primary host rocks of the Fenelon
deposit.”
Fenelon Resource Drilling
One of the objectives of the Company’s 2022
Fenelon drill program, as outlined in Wallbridge’s News Release
dated January 10, 2022, is to expand the existing resource
footprint laterally, in directions where the mineralization is
open, while seeking to discover new satellite zones in proximity of
the known deposit. Data from this drilling program will support
future economic studies in determining the optimal mining
configuration of the project.
The drilling conducted in the Ripley Zone, along
the Sunday Lake Deformation Zone (“SLDZ”),
approximately one kilometre south of the current Fenelon resource,
is part of this resource expansion program and recent highlight
intersections from this area include:
|
FA-22-386 |
3.79 g/t Au over 12.40 metres, which includes
25.59 g/t Au over 1.50 metres, and 10.32
g/t Au over 3.00 metres, included in a wider envelope of
pervasive, low-grade gold mineralization grading 1.01 g/t
over 222.85 metres in the Ripley zone; |
|
|
|
|
FA-22-390 |
0.91 g/t Au over 65.10 metres, which includes
3.18 g/t Au over 11.60 metres, and 1.02
g/t Au over 11.50 metres, included in a wider envelope of
pervasive, low-grade gold mineralization grading 0.70 g/t
over 106.60 metres in the Ripley zone.This intersection is
in addition to another mineralized zone of 0.51 g/t Au over
206.60 metres, including 1.15 g/t Au over 9.50
metres, 2.11 g/t Au over 6.80 metres, and
2.33 g/t Au over 5.40 metres previously announced
in Wallbridge’s News Release dated April 07, 2022 |
|
|
|
|
FA-22-392 |
0.82 g/t Au over 18.70 metres, which includes
6.77 g/t Au over 1.10 metres, and 1.66 g/t
Au over 13.00 metres, including 5.39 g/t Au over
2.30 metres, included in a wider, mineralized envelope of
0.54 g/t over 136.50 metres. |
Final assay results from six drill holes
and partial results of one hole of the 2021/2022 Fenelon drill
program are reported in the Table
and Figures below. All figures and the table with
drill hole information of recently completed holes are posted on
the Company’s website under “Current Program”
at https://www.wallbridgemining.com/s/fenelon.asp.
About the Ripley Zone
The Ripley Zone is located along the northern
edge of the SLDZ and is predominantly hosted by the Jeremie Diorite
that hosts the Area 51 gold mineralization at Fenelon.
Mineralization in this area was discovered in
the summer of 2019 by Balmoral Resources Ltd.
(“Balmoral”), following up on Walbridge’s
discovery of the Area 51 and Tabasco/Cayenne zones in early 2019.
Since the acquisition of Balmoral, the Company has completed
limited drilling in this area, and the density of drill hole
information was not sufficient to include this zone into the 2021
MRE.
Balmoral’s News Release dated April 30, 2020,
reported several drillhole intersections with strong gold
mineralization. As per Wallbridge Mining’s reporting standards and
procedures, the composites for those same intervals from the
Balmoral drillholes will use screen analysis values (where
available) instead of the original gravimetric values, which
results in a change from the reported Balmoral release.
The discovery drill hole for the Ripley Zone
intersected shallow gold mineralization assaying
2.83 g/t Au over 9.65 metres
(A52-19-03) near the eastern contact of the Jeremie Diorite.
Highlighted intersections from previous drilling include
7.72 g/t Au over 2.77 metres (A52-20-17),
0.38 g/t Au over 164.11 metres (A52-20-18),
0.91 g/t Au over 22.35 metres (FA-20-157), and
0.89 g/t Au over 73.90 metres (FA-20-162).
An intersection in the sediments near the
contact with the Jeremie Diorite assaying 157.21 g/t Au
over 2.97 metres (A52-20-18) was originally referred to as
the “Reaper Zone” but is now considered part of the larger Ripley
Zone.
Figure 1. Fenelon, Plan
Viewhttps://www.globenewswire.com/NewsRoom/AttachmentNg/8fbefbb8-3636-482f-96e0-f47b00afa284
Figure 2. Fenelon Ripley Zone, Vertical
Long
Sectionhttps://www.globenewswire.com/NewsRoom/AttachmentNg/af29f8f2-1156-4f8c-9220-7e1aae8333ca
Table 1. Wallbridge Fenelon Property, Recent Drill Assay Highlights
(1) |
Drill Hole |
From |
To |
Length(5) |
Au |
Au Cut(2) |
VG(3) |
Ore Zone |
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
|
|
FA-21-324 |
350.50 |
352.00 |
1.50 |
0.99 |
0.99 |
|
Ripley |
FA-21-378 |
91.00 |
92.50 |
1.50 |
1.15 |
1.15 |
|
Ripley |
FA-21-378 |
106.00 |
130.50 |
24.50 |
0.35 |
0.35 |
|
Ripley |
FA-21-378 |
165.50 |
180.50 |
15.00 |
0.57 |
0.57 |
|
Ripley |
FA-21-386 |
331.70 |
554.55 |
222.85 |
1.01 |
1.01 |
|
Ripley |
Including… |
399.10 |
411.50 |
12.40 |
3.79 |
3.79 |
|
Ripley |
Which Includes… |
399.10 |
400.60 |
1.50 |
25.59 |
25.59 |
|
Ripley |
And… |
503.00 |
506.00 |
3.00 |
10.32 |
10.32 |
|
Ripley |
FA-21-390 |
283.90 |
390.50 |
106.60 |
0.70 |
0.70 |
|
Ripley |
Including… |
283.90 |
349.00 |
65.10 |
0.91 |
0.91 |
|
Ripley |
Which Includes… |
310.00 |
321.60 |
11.60 |
3.18 |
3.18 |
|
Ripley |
And… |
379.00 |
390.50 |
11.50 |
1.02 |
1.02 |
|
Ripley |
FA-21-390 |
415.00 |
421.00 |
6.00 |
0.31 |
0.31 |
|
Ripley |
FA-22-392 |
302.50 |
439.00 |
136.50 |
0.54 |
0.54 |
|
Ripley |
Including… |
302.50 |
321.20 |
18.70 |
0.82 |
0.82 |
|
Ripley |
Which Includes… |
320.10 |
321.20 |
1.10 |
6.77 |
6.77 |
|
Ripley |
And… |
331.00 |
346.00 |
15.00 |
0.48 |
0.48 |
|
Ripley |
Including… |
355.00 |
368.00 |
13.00 |
1.66 |
1.66 |
|
Ripley |
Which Includes… |
355.00 |
357.30 |
2.30 |
5.39 |
5.39 |
|
Ripley |
And… |
402.00 |
439.00 |
37.00 |
0.64 |
0.64 |
|
Ripley |
FA-22-392 |
462.20 |
472.00 |
9.80 |
0.45 |
0.45 |
|
Ripley |
FA-22-392 |
482.00 |
485.00 |
3.00 |
0.57 |
0.57 |
|
Ripley |
FA-22-392 |
502.00 |
504.70 |
2.70 |
0.56 |
0.56 |
|
Ripley |
FA-22-392 |
518.50 |
520.00 |
1.50 |
2.01 |
2.01 |
|
Ripley |
FA-22-392 |
580.00 |
581.50 |
1.50 |
0.90 |
0.90 |
|
Ripley |
FA-22-395 |
494.50 |
497.50 |
3.00 |
0.73 |
0.73 |
|
Ripley |
FA-22-395 |
561.70 |
563.60 |
1.90 |
0.94 |
0.94 |
|
Ripley |
FA-22-395 |
606.50 |
608.00 |
1.50 |
1.12 |
1.12 |
|
Ripley |
FA-22-395 |
666.50 |
670.00 |
3.50 |
0.53 |
0.53 |
|
Ripley |
FA-22-395 |
792.00 |
793.10 |
1.10 |
0.90 |
0.90 |
|
Ripley |
FA-22-403 |
No Significant Mineralization (4) |
(1) |
Table includes
only assay results received since the latest press release dated
April 7th, 2022. |
(2) |
Au cut at: 110 g/t Au for the Tabasco/Contact /Cayenne zones;
75 g/t Au for the Area 51 and Ripley zones. |
(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 for exploration drillholes |
(5) |
True thickness is unknown at this time. |
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 SGS Canada Inc. 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. 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. At SGS 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, 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 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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