Wallbridge Mining Company Limited (TSX: WM, OTCQX:
WLBMF) (
“Wallbridge” or the
“Company”) today announced that drill testing on
11 new gold exploration targets at its 100%-owned Grasset Gold
property (“
Grasset Gold”) has
begun.
“The discovery of new gold zones on Wallbridge’s
large and highly prospective land package in Northern Abitibi,
Quebec is a key objective of the 2023 exploration plan we announced
in January. Located only 15 kilometres east of Wallbridge’s
flagship Fenelon Gold Project (“Fenelon”), Grasset
Gold is a prime example of the potential of our land position in
the underexplored Detour-Fenelon Gold Trend,” said Attila Péntek,
Wallbridge’s Vice President, Exploration.
“We are excited to start drilling at the Grasset
East Flexure Target, which has been intriguing our geology team
since the acquisition of the property from Balmoral Resources in
2020. After completing a high-resolution airborne magnetics survey
last year followed by geologic interpretation and targeting,
we have selected priority targets for our initial Phase 1 drill
program to test this underexplored target area favorable for gold
deposition.”
Grasset Gold Exploration
Program
The “Grasset East Flexure” target area covers
the central portion of a fold-structure identified from airborne
magnetic surveys and a strong flexure in the Sunday Lake
Deformation Zone, the primary structure controlling gold deposition
along the Detour-Fenelon Gold Trend (Fig. 1).
The Company is planning to complete
approximately 5,000 metres of diamond drilling on the 11 targets
over this large area of 4.5 km by 3.5 km that has yet to be drilled
(Fig. 2).
Such folds and flexures along major structures
are favorable sites for fluid circulation and are common host
environments for gold deposition in greenstone belts globally,
including at Fenelon. The targets outlined in today’s release are
designed to test key locations throughout the “Grasset East
Flexure” area that were identified based on geologic features and
secondary structures interpreted from the magnetic surveys.
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
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 Christopher Kelly,
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 km2 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.
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.
For further information please visit the Company’s website at
www.wallbridgemining.com or contact:
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 may include, but is not limited to,
statements regarding the results of the PEA, statements regarding
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 mineral resource estimates (the
“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
not, and cannot be, a guarantee of future results or events.
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
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;
potential changes in project parameters or economic assessments;
the legitimacy of title and property interests; 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 nongovernmental actions;
any impacts of COVID-19; 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.sedarplus.ca. 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.
Cautionary Note to United States
Investors
Wallbridge prepares its disclosure in accordance
with the requirements of securities laws in effect in Canada, which
differ from the requirements of U.S. securities laws. Terms
relating to mineral resources in this press release 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 ("CIM
Standards"). The U.S. Securities and Exchange Commission
(the "SEC") has adopted amendments effective
February 25, 2019 (the "SEC Modernization Rules")
to its disclosure rules to modernize the mineral property
disclosure requirements for issuers whose securities are registered
with the SEC under the U.S. Securities Exchange Act of 1934. As a
result of the adoption of the SEC Modernization Rules, the SEC will
now recognize estimates of "measured mineral resources", "indicated
mineral resources" and "inferred mineral resources", which are
defined in substantially similar terms to the corresponding CIM
Standards. In addition, the SEC has amended its definitions of
"proven mineral reserves" and "probable mineral reserves" to be
substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the
foregoing terms are "substantially similar" to corresponding
definitions under the CIM Standards, there are differences in the
definitions under the SEC Modernization Rules and the CIM
Standards. Accordingly, there is no assurance any mineral resources
that Wallbridge Mining may report as "measured mineral resources",
"indicated mineral resources" and "inferred mineral resources"
under NI 43-101 would be the same had Wallbridge Mining prepared
the resource estimates under the standards adopted under the SEC
Modernization Rules. In accordance with Canadian securities laws,
estimates of "inferred mineral resources" cannot form the basis of
feasibility or other economic studies, except in limited
circumstances were permitted under NI 43-101.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/dbd76321-50c1-467f-a61a-548f9660d7d9https://www.globenewswire.com/NewsRoom/AttachmentNg/913b93cd-dccc-4bd4-bec7-d8ec636777b4
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