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Wallbridge Mining Company Limited

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Wallbridge Assays 2.81 g/t Gold over 98.91 metres including 15.93 g/t Gold over 11.22 metres Confirming Significance of Area 51 Zone Discovery
Wallbridge Assays 2.81 g/t Gold over 98.91 metres including 15.93 g/t Gold over 11.22 metres Confirming Significance of Area 51 Zone Discovery

Canada NewsWire

TORONTO, April 23, 2019 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") today announced that hole FA-19-052 has assayed 2.81 g/t gold over 98.91 metres confirming the significance of the newly-discovered Area 51 Zone at its 100%-owned Fenelon Gold property ("Fenelon" or the "Property"). In addition, the Company announced intercepts from the Fenelon Main Zone including 22.54 g/t gold over 7.95 metres (5.58 metres true width).

Highlights

Area 51 Zone

  • 2.81 g/t gold over 98.91 metres in FA-19-052 within Area 51 Zone, within a broad mineralized interval of more than 200 metres.
  • Higher grade sub-intervals within the 98.9 metres include:
    • 15.93 g/t gold over 11.22 metres, including 34.59 g/t gold over 1.07 metres and 62.68 g/t gold over 2.25 metres
    • 8.71 g/t gold over 6.24 metres
    • 4.57 g/t gold over 2.60 metres
    • 5.63 g/t gold over 2.36 metres
  • Visible gold was observed to be present in all holes testing Area 51 Zone to date.
  • Approximately 400 metres of strike length within Area 51 has now been tested to greater than 500 metres vertical depth.
  • 2 more drills have now been added for a total of 2 surface and 2 underground drill rigs.

Fenelon Main Zone

Significant mineralization was also encountered within the main Gabbro (Fenelon Main Zone):

  • 22.54 g/t gold over 7.95 metres, including 42.29 g/t gold over 4.02 metres
  • 7.85 g/t gold over 4.65 metres

"These assays confirm that Area 51 Zone is a target that dramatically increases the potential of the gold system at Fenelon," said Marz Kord, President & CEO of Wallbridge. "We have now tested approximately 400 metres along the strike of this potential 2.5-kilometre structure and each of the holes drilled to date has intersected broad zones of mineralization with occasional visible gold. We have added two more drills and will continue to test the Area 51 Zone along strike, the Fenelon Main Zone to depth and other targets on the Fenelon Gold property."

The Area 51 Zone was discovered by the last hole of the 2018 program (FA-18-051), approximately 300 m west of the Fenelon Main Zone.

"Since completing our highly successful drill hole FA-19-052, which is the subject of this press release, we have extended two holes drilled last year and drilled two additional holes through Area 51", explained Attila Pentek, VP Exploration.  "All four holes intersected significant gold mineralization along 400 m strike length of Area 51. We continue to intersect broad gold mineralization hosted within various porphyritic and gabbroic rock types with visible gold-bearing shear zones. These characteristics confirm the significant size potential of this newly discovered mineralized corridor. These results warrant very aggressive step-out drilling up-dip, down-dip and along strike to test the size of this system."

A summary of the new drill hole results from the ongoing 2018/2019 underground and surface drill programs are reported in Tables 1 and 2 and also shown on the Figures below as well as on the Company website.

Table 1. Wallbridge Fenelon Gold Property 2018/2019 Drill Assay Highlights (1)

Drill Hole

From

To

From

To

From

To

Length

True Width

Au

Au Capped(2)

VG(3)

Zone


(m)

(m)

(m)

(m)

(m)

(m)

(m)

(m)

(g/t)

(g/t)



FA-18-035

35.22

36.26





1.04

0.66

1.08

1.08


Area 51

FA-18-041

171.00

171.73





0.73

NA

2.26

2.26


East

18-5175-011

49.73

50.40





0.67

0.36

2.13

2.13


Fresno

18-5175-011

91.35

96.00





4.65

2.56

7.85

7.85


Naga Viper

19-1035-003

110.15

110.68





0.53

0.48

1.04

1.04


Chipotle

19-5150-001

174.40

175.05





0.65

0.23

3.27

3.27


Unnamed

19-5150-002

66.00

68.60





2.60

1.36

2.03

2.03


Habanero

19-5150-004

38.73

46.68





7.95

5.58

22.54

22.54


Naga Viper

19-5150-004

Including...

38.73

42.75



4.02

2.81

42.29

42.29

VG

Naga Viper

19-5150-005

No assay results greater than 1 g/t Au

19-5150-006

81.30

83.58





2.28

0.68

1.28

1.28


Naga Viper

19-5150-006

231.30

232.32





1.02

0.36

1.06

1.06


Cayenne

19-5150-008

No assay results greater than 1 g/t Au

19-5150-009

48.47

49.08





0.61

0.34

3.52

3.52


Naga Viper

19-5150-009

58.21

59.60





1.39

0.78

2.34

2.34


Habanero

FA-18-051

633.00

634.44





1.44

NA

5.92

5.92


Area 51

FA-18-051

647.14

648.00





0.86

NA

5.22

5.22


Area 51

FA-19-052

118.30

123.60





5.30

NA

1.00

1.00


Area 51

FA-19-052

303.24

304.00





0.76

NA

1.23

1.23


Area 51

FA-19-052

334.08

335.00





0.92

NA

2.00

2.00


Area 51

FA-19-052

362.50

363.36





0.86

NA

1.06

1.06


Area 51

FA-19-052

368.20

368.95





0.75

NA

1.47

1.47


Area 51

FA-19-052

392.50

397.07





4.57

NA

5.14

5.14

VG

Area 51

FA-19-052

442.02

442.49





0.47

NA

5.32

5.32


Area 51

FA-19-052

450.31

451.18





0.87

NA

8.92

8.92


Area 51

FA-19-052

477.56

576.47





98.91

NA

2.81

2.81


Area 51

FA-19-052

Including...

477.56

479.00



1.44

NA

5.15

5.15


Area 51

FA-19-052

482.90

485.50



2.60

NA

4.57

4.57

VG

Area 51

FA-19-052

493.76

500.00



6.24

NA

8.71

8.71

VG

Area 51

FA-19-052

516.34

518.70



2.36

NA

5.63

5.63

VG

Area 51

FA-19-052

532.46

533.96



1.50

NA

1.50

1.50


Area 51

FA-19-052

565.25

576.47



11.22

NA

15.93

15.93


Area 51

FA-19-052

Including…

567.93

569.00

1.07

NA

34.59

34.59

VG

Area 51

FA-19-052

574.22

576.47

2.25

NA

62.68

62.68

VG

Area 51

FA-19-052

588.97

590.30





1.33

NA

2.64

2.64


Area 51

 Holes starting with FA represent surface exploration program

(1)

 Table includes only highlight assay results since the latest press release. Earlier highlight intersections of the 2018 program can be found on the Company website:  http://www.wallbridgemining.com/i/maps/fenelon/Fenelon-2018-UG-drilling-highlights.pdf

(2)

Au capped at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.

(3)

Intervals containing visible gold ("VG").

(4)

Currently not enough information available to estimate true width.

 

Table 2. Wallbridge Fenelon Gold Property 2018/2019 drill hole information (1)

Drill Hole ID

Local grid E

Local grid N

Elevation

Length (Metres)

Azimuth

Dip

VG/CP(2)

Note

FA-18-051

10432

11040

5260

670

220

-51

VG

Further assays pending

FA-19-052

10121

10605

5258

833

35

-62

VG

Further assays pending

18-5175-007

10580

10986

5177

205

228

-43

CP

Final Assays Received

18-5175-011

10580

10986

5177

200

191

-48

CP

Final Assays Received

19-5150-001

10595

10950

5147

181

230

-62

VG

Further assays pending

19-5150-002

10595

10950

5147

147

222

-48

VG

Final Assays Received

19-5150-003

10595

10950

5147

102

205

-32

VG

Assays pending

19-5150-004

10595

10950

5147

56

227

-26

VG

Final Assays Received

19-5150-005

10595

10950

5147

132

170

-50

CP

Final Assays Received

19-5150-006

10595

10950

5147

274

178

-63

CP

Final Assays Received

19-5150-007

10595

10950

5147

90

182

-20

CP

Final Assays Received

19-5150-008

10595

10950

5147

102

152

-15

CP

Final Assays Received

19-5150-009

10595

10950

5147

63

232

-39

CP

Final Assays Received

19-5150-010

10595

10950

5147

51

228

-10

CP

Assays pending

19-1035-001

10502

10851

5134

177

25

-57

CP

Assays Pending

19-1035-002

10502

10851

5134

150

25

-48

CP

Assays pending

19-1035-003

10502

10851

5134

138

23

-38

VG

Further assays pending

19-1035-004

10502

10851

5134

165

38

-46


Assays pending

19-1035-005

10502

10851

5134

138

49

-43

CP

Assays pending

19-1035-006

10502

10851

5134

168

30

-41


Assays pending

19-0925-001

10595

10950

5134

111

24

-56

CP

Assays pending

19-0925-002

10595

10950

5134

87

24

-38

CP

Assays pending

19-0925-003

10595

10950

5134

75

24

-17

CP

Assays pending

19-0925-004

10595

10950

5134

99

25

-10

CP

Assays pending

19-0925-005

10397

10902

5135

48

190

-55


Assays pending

19-0925-005a

10397

10902

5135

Underway

190

-55

VG

Assays pending

FA-18-038

10458

11053

5260

915

240

-54

VG

Extended hole - assays pending

FA-18-040

10459

11054

5261

797

246

-48

VG

Extended Hole- assays pending

FA-19-053

10432

11043

5259.9

Underway

262

-48

CP

Assays pending

FA-19-054

10195

10553

5258.1

Underway

360

-55

VG

Assays pending

(1)

Table includes only drill holes for which assays are pending. For earlier holes please refer to tables in previous press releases. 

(2)

Drill holes containing visible gold ("VG") or chalcopyrite-bearing mineralized shear zone ("CP").

 

Fenelon is located in northwestern Quebec proximal to the Sunday Lake Deformation Zone ("SLDZ") which hosts the Detour Gold Mine in Ontario, and Balmoral Resources' gold deposits at Martiniere. Fenelon hosts the Discovery Zone gold deposit and surrounding 4 km strike length of a gold-hosting secondary splay of the SLDZ.

Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive pre-feasibility study on the existing resource. Wallbridge has undertaken successful surface exploration drilling campaigns in 2017, 2018 and 2019, and has substantially completed an underground 35,000-tonne bulk sample at Fenelon. Drilling to date has significantly extended existing zones and discovered several new parallel zones.

Drill core samples from the ongoing drill program at Fenelon were cut and bagged on site and transported to SGS Canada Inc. Samples, along with standards, blanks, and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns. 50g samples are analyzed by fire assay and AAS. 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 Persons responsible for the technical content of this press release are Marz Kord, P. Eng., M. Sc., MBA, President & CEO and Attila Péntek, P.Geo., Ph.D., Vice President Exploration for Wallbridge Mining Company Limited.

About Wallbridge Mining

Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.

Wallbridge is currently developing its 100%-owned high-grade Fenelon Gold property in Quebec with ongoing exploration and a 35,000-tonne bulk sample. Wallbridge is also pursuing additional advanced-stage projects which would add to the Company's near-term project pipeline. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October 2015. As part of this strategy, the Company recently optioned the Beschefer Project, an advanced gold property with proven size and grade-potential near Fenelon Gold. Wallbridge is also continuing partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario, with a focus on its high-grade Parkin project.

Wallbridge also has exposure to exploration for copper and gold in Jamaica and British Columbia through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited, a Wallbridge spin-out of its BC assets).

This press release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.

Wallbridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.

SOURCE Wallbridge Mining Company Limited

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2019/23/c8177.html

please visit the Company's website at www.wallbridgemining.com or contact: Wallbridge Mining Company Limited, Marz Kord, P. Eng., M. Sc., MBA, President & CEO, Tel: (705) 682-9297 ext. 251, Email: mkord@wallbridgemining.com; Brian Penny, Chief Financial Officer, Tel: (416) 716-8346, Email: bpenny@wallbridgemining.comCopyright CNW Group 2019

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