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September 28, 2022
Assay Highlights Include:
Tabasco Corridor at shallow depths of less than 200 metres from surface in areas where strong mineralization had not previously been identified
Area 51 west-northwest area at shallow depths of less than 200 metres from surface
Ripley Zone higher-grade subintervals within mineralized envelope of pervasive low-grade gold mineralization in Jeremie Diorite
Toronto, Ontario – September 28, 2022 – Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to report that assay results from resource drilling at its 100%-owned Fenelon Gold Project (“Fenelon” or the “Project”) have identified new gold mineralization closer to the surface and at higher grades, as compared to the Project’s 2021 maiden Mineral Resource Estimate (“MRE”). These results will be incorporated into the MRE update and Preliminary Economic Assessment (“PEA”).
Attila Péntek, Wallbridge’s Vice President, Exploration, commented:
“A large proportion of the ounces within the 2021 MRE were contained below 200 metres in depth, which we believed was in part due to the lack of drilling. Therefore, one of the core objectives of our 2022 exploration program was to test certain areas within the known MRE footprint to improve the quality of the deposit near surface. The delineation of new, strong gold zones, exemplified by the intercepts announced today from the Tabasco Corridor and Area 51, meet this objective and have the potential to provide early, high-quality ounces within the deposit.
“Overall, the results released today align well with our vision for Fenelon as a predominantly underground bulk mining deposit, potentially supplemented by smaller open pits primarily centred on Area 51.”
“Additionally, the Ripley Zone, located approximately 900 metres south of Fenelon’s 2021 MRE footprint along the northern edge of the Sunday Lake Deformation Zone, is also developing into a satellite zone, with good potential to add resources in the future.”
Fenelon is located 80 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 August, the Company announced a landmark Pre-Development Agreement with Cree Nation partners, reiterating their support for exploration and pre-development activities at Fenelon and all necessary environmental and social impact assessment studies relating to the project.
The Company expects to publish an updated MRE for Fenelon and the nearby Martiniere project in the first quarter of 2023, followed by the completion of a PEA for Fenelon by the end of the second quarter of 2023.
Highlight Drill Results
Area 51, Near Surface (<200 m Vertical Depth)
FA-22-465 4.35 g/t Au over 18.50 metres including
52.36 g/t Au over 0.50 metres and
8.53 g/t Au over 6.00 metres;
FA-22-429 14.67 g/t Au over 5.00 metres;
FA-22-442 2.75 g/t Au over 8.00 metres;
FAM-22-002 4.07 g/t Au over 4.60 metres;
FAM-22-011 1.09 g/t Au over 17.00 metres,
2.09 g/t Au over 8.00 metres, and
2.00 g/t Au over 10.00 metres;
FA-22-448 3.51 g/t Au over 5.50 metres;
Tabasco Corridor, Near Surface (<200 m Vertical Depth)
FA-22-456 5.69 g/t Au over 14.80 metres, including 13.51 g/t Au over 5.40 metres;
FA-22-431 2.01 g/t Au over 21.40 metres, including 2.89 g/t Au over 11.60 metres;
Area 51 (Below 200 m Vertical Depth)
FAM-22-009 3.93 g/t Au over 19.00 metres, including 12.15 g/t Au over 5.50 metres;
Tabasco Corridor (Below 200 m Vertical Depth)
FA-22-399 7.08 g/t Au over 3.50 metres, including 18.53 g/t Au over 1.00 metres in the Cayenne Zone;
FA-22-439 5.33 g/t Au over 6.40 metres
FA-22-447 3.48 g/t Au over 4.20 metres, included in a wider mineralized envelope within the Jeremie Diorite, grading0.88 g/t Au over 52.40 metres;
FAM-22-006 9.75 g/t Au over 5.50 metres, including 86.51 g/t Au over 0.50 metres;
Assay results from 21 exploration drill holes (FA-22 series) and 10 holes drilled for geomechanical purposes in support of economic studies (FAM- series) are reported in the Table and Figures below. All figures and a table with drill hole information of recently completed holes are posted on the Company’s website under “Current Program” at https://wallbridgemining.com/our-projects/fenelon-gold/.
Figure 1. Detour Fenelon Gold Trend
Figure 2. Fenelon Gold, Plan View
|Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights(1)|
|FA-22-422||No Significant Mineralization(4)|
|FA-22-438||No Significant Mineralization(4)|
|FA-22-441||No Significant Mineralization(4)|
|FA-22-443||No Significant Mineralization(4)|
|FA-22-458||No Significant Mineralization(4)|
|FA-22-464||No Significant Mineralization(4)|
|FAM-22-003||No Significant Mineralization(4)|
|FAM-22-004||No Significant Mineralization(4)|
|FAM-22-007||No Significant Mineralization(4)|
|(1) Table includes only assay results received since the latest press release dated August 04th, 2022.
(2) Au cut at: 110 g/t Au for the Tabasco/Contact /Cayenne zones; 75 g/t Au for the Area 51 zones.
(3) Intervals containing visible gold (“VG”).
(4) Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 0.35 g/t Au within the 2021 MRE open pit shell and 1.5 g/t Au for outside open pit shell.
(5) Metal factor of at least 1 g/t*m and minimum weighted average composite grade of 0.3 g/t Au for exploration drill holes.
Note: True widths are estimated to be 50-80% of the reported core length intervals.
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, standards and blanks 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 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 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 (“Detour-Fenelon Gold Trend Property”) in Northern Abitibi. A mineral resource estimate completed in 2021 validated the multi-million-ounce potential of the 100%-owned Fenelon and Martiniere properties, 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 holds a portfolio of nickel assets (“Nickel Assets”) in Ontario and Quebec. In line with its strategy to unlock the value of its Nickel Assets, Wallbridge announced on July 13, 2022, 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 Nickel Assets, including Grasset, 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.
Wallbridge Mining Company Limited
Marz Kord, P. Eng., M. Sc., MBA
President & CEO
Tel: (705) 682‒9297 ext. 251
Email: [email protected]
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: [email protected]
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