Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today announced that it has
commissioned an update to the 2021 mineral resource estimate for
its flagship Fenelon Gold (“
Fenelon”) and
Martiniere (“
Martiniere”) project (the
“
2023 MRE”). In addition, the
Company has initiated a preliminary economic assessment
(“
PEA”) of Fenelon.
For Fenelon, the 2023 MRE will incorporate data
from an additional 100,000 metres of drilling completed since the
2021 MRE, and will focus on optimizing the resource for a
predominantly underground bulk mining operation, as opposed to the
less selective large open pit approach used in 2021. The 2023 MRE
will also include an updated resource for Martiniere, situated 30
km west of Fenelon, where the Company has completed an additional
30,000 metres of drilling since the 2021 MRE.
The 2023 MRE, expected to be completed in the
first quarter of 2023, will form the foundation for a PEA which
will assess the potential for a predominantly underground bulk
mining operation at Fenelon. The PEA is expected to be completed by
end of second quarter 2023.
Marz Kord, President and CEO of Wallbridge,
commented:
“The drilling and underground exploration work
we have completed at Fenelon since our initial 2021 MRE has
increased our confidence in the geometry of the mineralization. We
have identified mineralized zones that show continuity over several
metres in thickness and tens of metres in strike length, with
average grades above three grams per tonne. This has led us to
consider modelling most of the deposit as an underground bulk
mineable resource, analogous to other underground bulk mining
operations located on the Abitibi Greenstone Belt, rather than the
less selective open pit mining approach used in 2021, when drilling
density at the project was lower.”
Marz Kord continued: “The commencement of a
preliminary economic assessment and updated mineral resource
estimates represent a major stepping stone in bringing Fenelon
closer to production. Assets of this quality and location are
increasingly rare and we believe there will be significant
opportunities to create shareholder value as we continue to de-risk
and advance the projects.
A bulk underground mining operation at Fenelon
has a number of critical advantages over the less selective, deep
open-pit/underground approach contemplated in the 2021 MRE. These
benefits include lower upfront capital requirements, a smaller
surface footprint with significantly less environmental disturbance
- an approach which is more favorable to local communities, and a
potentially shorter permitting timeline.”
Fenelon is located 75 kilometres east of the
Detour Lake gold mine, at the centre of Wallbridge’s strategic land
package which covers roughly 910 square kilometres of the most
prospective ground on the Detour-Fenelon Gold Trend in Northern
Abitibi, Quebec. Martiniere is located 30 kilometres west of
Fenelon.
The quality of the gold resources at Fenelon and
Martiniere have the potential to improve further. Beyond these
known gold resources, the Company sees strong potential to make
additional discoveries on its large, prospective Detour-Fenelon
Gold Trend land package spanning 97 kilometres of strike length.
The Detour-Fenelon Gold Trend is a vast area that remains largely
unexplored compared with the southern portion of the Abitibi
Greenstone Belt where more than 100 million ounces of gold has been
produced over a similar strike distance.
About Wallbridge Mining
Wallbridge is focused on creating value through
the acquisition, exploration, discovery, development, and
production of gold from a portfolio of advanced exploration-stage
assets located in established mining jurisdictions within Canada.
In doing so, Wallbridge aims to be a partner in sustainable
development, supporting the prosperity of employees, First Nations,
and local communities while protecting the environment.
Wallbridge’s flagship project, Fenelon, is
located on the highly prospective Detour-Fenelon Gold Trend
Property in Northern Abitibi. A mineral resource estimate completed
in 2021 validated the multi-million-ounce potential of Fenelon and
Martiniere, 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 km2
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 a portfolio of
nickel assets. These include a 100% interest in the Grasset
Property in Quebec, and a 20.4% interest in Lonmin Canada Inc.,
which owns 100% of the Denison nickel, copper and PGM project
southwest of Sudbury, Ontario. In keeping with the Company’s focus
on gold and in line with its strategy to unlock the value of its
nickel assets, on July 13, 2022 Wallbridge announced that it has
entered into a definitive agreement with Archer Exploration Corp.
(“Archer”), pursuant to which Archer will acquire
all of Wallbridge’s property, assets, rights and obligations
related to its portfolio of nickel assets to create a focused and
well-funded publicly-traded nickel exploration and development
company.
Wallbridge will continue to focus on its core
Detour-Fenelon Gold Trend Property while enabling shareholders to
participate in the potential economic upside in Archer.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 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,
statements regarding the Agreement, Transaction, Distribution (as
previously defined) and the timing and terms of financing
activities to be carried out by Archer as previously announced (the
“Financing”), and the intentions of Wallbridge and
Archer upon completion of the transaction, 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 the Company and Archer to obtain
required approvals and satisfy the closing conditions under the
definitive agreement (including completion of the Financing by
Archer), 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; the
ability of the Company to obtain required approvals; the evolution
of the global economic climate; metal prices; environmental
expectations; community and non-governmental actions; any impacts
of COVID-19 on the Deposits; and, the Company’s ability to secure
required funding. 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.
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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