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Toronto, Ontario – October 12, 2022 – Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to announce that assay results from one of the final holes of its 2022 drill program at the Martiniere Gold Project (“Martiniere” or the “Project”) continue to demonstrate excellent resource growth potential.
Martiniere is located 30 kilometres and within trucking distance of the Company’s flagship Fenelon gold project (“Fenelon”) and 45 kilometres east of the Detour Lake gold mine on the highly prospective Detour-Fenelon Gold Trend in Northern Abitibi, Quebec. The 2021-2022 drilling program was primarily designed to establish connections between the Martiniere West and Bug Lake Trends (see Figure 1) and also included several exploration holes, drilling larger-spaced step-outs on the gold-bearing trends and zones. The results announced today come from such an exploration hole, MR-22-036, testing the eastern extent of the gold system. Assay results from the last two exploration drill holes of the 2022 program are pending.
Attila Péntek, Wallbridge’s Vice President, Exploration, commented:
“The results reported today reveal the presence of gold mineralization several hundred metres east of the current mineral resource footprint. This is important because it opens up a new direction for future exploration and resource expansion at Martiniere.”
These new mineralized zones are associated with porphyritic intrusive rocks, similar to the Bug Lake Porphyry, one of the main controls on gold mineralization at Martiniere.”
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/martiniere/.
The 2021-2022 Drill Program at Martiniere
Following an initial drill program of 9,380 metres in 2021, the Company has completed 21,400 metres of additional drilling at Martiniere this year. The results from this program, which now includes more than 30,000 metres of drilling by the Company, will provide significant new data for an updated mineral resource estimate (“MRE”) at Martiniere scheduled for the first quarter of 2023.
Highlights of the 2021 drill program, as reported in the Company’s press releases dated October 26, 2021 and February 2, 2022, include 3.68 g/t Au over 22.50 metres in MDE-21-326 (Bug Lake North), 2.21 g/t Au over 36.60 metres in MDE-21-328 (Bug Lake South) and 46.76 g/t Au over 2.40 metres in MDE-21-338 (Martiniere Central).
Highlights of the 2022 drill program were reported in the Company’s press release dated August 30, 2022 and include 12.27 g/t Au over 5.60 metres in hole MR-22-026, extending the Martiniere West zone along strike by over 400 metres to the southwest; 4.75 g/t Au over 5.50 metres in hole MR-22-020, expanding the Martiniere West zone down-plunge by over 300 metres; and 2.50 g/t Au over 17.35 metres, near-surface in hole MR-22-029 in the area between the Martiniere West and Central zones.
About the Martiniere Gold Property
Martiniere currently contains 544,000 ounces of indicated gold resources and 256,000 ounces of inferred gold resources within a large, mineralized footprint of four-square kilometres. The deposit has only been meaningfully drilled to a maximum vertical depth of 400 metres and mineralized shoots remain open down-plunge.
In August, the Company signed a landmark Pre-Development Agreement with its Cree Nation Partners, who have agreed to support and cooperate on Wallbridge’s activities on the Detour-Fenelon Gold Trend.
Figure 1. Detour Fenelon Gold Trend
Figure 2. Martiniere Gold, Plan View
|Table 1. Regional Gold Property, Recent Drill Assay Highlights (1)|
|Drill Hole||From||To||Length||Au||Au Cut (2)||VG (3)||Zone/Corridor|
(1) Table includes only assay results received since the latest press release dated August 30, 2022.
(2) Au cut at : 35 g/t Au.
(3) Intervals containing visible gold (“VG”).
(4) Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 0.40 g/t Au within the 2021 MRE open pit shell and 2.4 g/t Au for outside open pit shell.
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 Martiniere 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 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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