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Toronto, Ontario – August 30, 2022 – Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to announce that positive assay results continue to validate the resource growth potential of the Martiniere Gold Property (“Martiniere” or the “Property”). Martiniere islocated 30 kilometres and within trucking distance of the Company’s flagship Fenelon Gold Project (“Fenelon”) on the highly prospective Detour-Fenelon Gold Trend in Northern Abitibi, Quebec (Figure 1).
New results announced today 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, extending 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.
Attila Péntek, Wallbridge’s Vice President, Exploration, commented:
“Our 2021-2022 exploration program at Martiniere has provided essential geologic information on the orientation of the gold zones and their host rocks and has demonstrated resource expansion potential in multiple directions. We see excellent opportunities to add to the existing resource, including at shallow depths, as in hole MR-22-029, and the deposit remains largely untested below 400 metres from the surface. We will use the remainder of the year to incorporate this new data, along with pending assays from three more exploration holes, into our geology models, in preparation for an updated Mineral Resource Estimate and planning for our 2023 exploration program at the property.”
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 vertical depth of 400 metres and mineralized shoots remain open down-plunge.
The Company’s 2021-2022 drilling program was primarily aimed at establishing connections between the Martiniere West and Bug Lake Trends, where significant gaps in previous drilling existed, in order to establish a continuous deposit.
Highlight Drill Results
Highlights of the drilling results released today include the following:
Martiniere West Zone
|MR-22-026||12.27 g/t Au over 5.60 metres, including
42.55 g/t Au over 1.50 metres;
|MR-22-020||4.75 g/t Au over 5.50 metres, including
8.70 g/t Au over 3.00 metres;
|MR-22-013||10.46 g/t Au over 1.80 metres;|
Martiniere Central Zone
|MR-22-029||2.50 g/t Au over 17.35 metres, including
8.34 g/t Au over 3.80 metres;
|MDE-21-338||0.80 g/t Au over 21.50 metres, including
7.48 g/t Au over 1.10 metres;
These intersections are in addition to an interval of 46.75 g/t Au over 2.40 metres announced previously in the Wallbridge press release dated February 2, 2022.
|MR-22-033||20.48 g/t Au over 1.50 metres;|
|MR-22-035||0.92 g/t Au over 25.50 metres, including
4.95 g/t Au over 3.00 metres;
1.12 g/t Au over 13.50 metres;
1.65 g/t Au over 13.25 metres;
|MR-22-012||2.64 g/t Au over 9.05 metres, including
9.68 g/t Au over 1.70 metres;
Bug Lake North
|MR-22-027||1.19 g/t Au over 15.70 metres;|
|MR-22-034||15.74 g/t Au over 1.50 metres;|
|MDE-21-339||5.47 g/t Au over 3.00 metres;|
Assay results from 40 drill holes of the 2021-2022 Martiniere drill program are reported in the Table and Figures below. Further assays results are pending for three drill holes of the 2022 program. 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, will provide significant new data for an updated resource estimate at Martiniere.
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 46.75 g/t Au over 2.40 metres in MDE-21-338 (Martiniere Central).
The three drill rigs operating at Martiniere were redeployed to Fenelon in June where they are providing additional resources for an updated mineral resource estimate focused on defining an underground bulk mineable resource at Fenelon.
Figure 1. Detour Fenelon Gold Trend
Figure 2. Martiniere Gold, Plan View
Figure 3. Martiniere Gold, Martiniere West Trend Long Section
|Table 1. Regional Gold Property, Recent Drill Assay Highlights (1)|
|MDE-21-332||267.50||276.00||8.50||0.68||0.68||Bug Lake North|
|MDE-21-332||457.00||464.15||7.15||1.89||1.89||Bug Lake North|
|Including…||458.00||459.00||1.00||7.80||7.80||Bug Lake North|
|MDE-21-339||389.00||392.00||3.00||5.47||5.47||Bug Lake North|
|Including…||390.00||391.00||1.00||14.54||14.54||Bug Lake North|
|MR-22-001||No Significant Mineralization (4)|
|MR-22-002||No Significant Mineralization (4)|
|MR-22-004||43.50||44.70||1.20||4.32||4.32||Martiniere West- Extension|
|MR-22-005||158.85||177.70||18.85||0.63||0.63||Martiniere West- Extension|
|Including…||172.80||177.70||4.90||1.09||1.09||Martiniere West- Extension|
|MR-22-007||No Significant Mineralization (4)|
|MR-22-011||475.00||476.00||1.00||12.10||12.10||Martiniere West- Extension|
|MR-22-013||178.50||180.30||1.80||10.46||10.46||Martiniere West- Extension|
|MR-22-015||112.25||119.75||7.50||1.52||1.52||Martiniere West- Extension|
|MR-22-015||295.00||307.00||12.00||0.50||0.50||Martiniere West- Extension|
|MR-22-017||464.00||467.00||3.00||1.72||1.72||Martiniere West- Extension|
|MR-22-018||403.90||407.00||3.10||3.67||3.67||Martiniere West- Extension|
|Including…||406.00||407.00||1.00||10.39||10.39||Martiniere West- Extension|
|MR-22-019||No Significant Mineralization (4)|
|MR-22-023A||No Significant Mineralization (4)|
|MR-22-026||357.90||363.50||5.60||12.27||10.25||Martiniere West- Extension|
|Including…||360.50||362.00||1.50||42.55||35.00||Martiniere West- Extension|
|MR-22-027||473.00||478.90||5.90||1.77||1.77||Bug Lake North|
|MR-22-027||504.50||520.20||15.70||1.19||1.19||Bug Lake North|
|Including…||519.00||520.20||1.20||8.92||8.92||Bug Lake North|
|MR-22-028||No Significant Mineralization (4)|
|MR-22-030||428.50||430.00||1.50||9.00||9.00||Bug Lake South|
|MR-22-031||No Significant Mineralization (4)|
|MR-22-032||No Significant Mineralization (4)|
|MR-22-034||124.50||126.00||1.50||15.74||15.74||Bug Lake North|
|MR-22-034||199.00||200.00||1.00||5.60||5.60||Bug Lake North|
|MR-22-037||No Significant Mineralization (4)|
|(1) Table includes only assay results received since the latest press release dated February 02, 2022.|
|(2) Au cut at: 0.35 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 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 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., 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., 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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