Wallbridge Announces 2022 Exploration Program at Flagship Properties on Detour-Fenelon Gold Trend
WALLBRIDGE MINING COMPANY LIMITED TSX: WM www.wallbridgemining.com
129 Fielding Road Lively ON P3Y 1L7 t: 705‐682‐9297 f: 1‐888‐316‐4156 e: [email protected]
Wallbridge Announces 2022 Exploration Program at Flagship Properties
on Detour-Fenelon Gold Trend
Toronto, Ontario – January 10, 2022 – Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (“Wallbridge” or the “Company”) today announced that it has approved a $70 million
exploration program for 2022 that will focus on growing the gold mineral resources at the Company’s flagship
Fenelon and Martiniere properties, located on the highly prospective Detour-Fenelon Gold Trend in Northern
Abitibi, Quebec.
“We see excellent potential to build on our track record of exploration success over the past years to further
grow mineral resources at both Fenelon and Martiniere in 2022, with most known mineralized gold trends
remaining open for expansion, and additional opportunities within th e existing resource footprints,” said
Marz Kord, President & CEO of Wallbridge. “After validating the multi-milli on-ounce potential of this
emerging gold camp with a significant mineral resource estimate in 2021, we plan to maintain a similar pace
of exploration work this year, with 8 to10 active drills. We expect this program to deliver a number of catalysts
for our shareholders over the course of 2022, as we update our mineral resource estimates for Fenelon and
Martiniere and will lay the groundwork for an economic study that will incorporate our properties across the
Detour-Fenelon Gold Trend.”
The Detour-Fenelon Gold Trend (see Figure 1) has a demonstrated potential to host world-class gold deposits
yet remains highly underexplored in comparison to other prolifi c gold belts in the southern portion of the
Abitibi, such as the Timmins-Porcupine, Kirkland Lake and Val d ’Or camps. Regional exploration on this
trend is expected to account for approximately 10% of the Company’s 2022 exploration budget.
“The goal of our regional exploratio n program in 2022 will be to add new discoveries to our growing
inventory of ‘drill bit successes’ on the Company’s largely underexplored yet highly prospective land package
of roughly 910 km 2, located just east of the 30+ million-ounce Detour Lake deposit,” said Attila Péntek,
Wallbridge’s Vice President, Exploration. “Our 2022 program makes Wallbridge one of the most active gold
explorers in Quebec and we intend to build on our tra ck record of delivering shareholder value through
exploration success once again this year.”
2022 Exploration Program
Wallbridge finished 2021 with approximately $40 million of cash on hand and expects to receive
approximately $10 million in 2020 refundable tax credits from t he province of Quebec. The balance of the
2022 exploration budget of $70 million is expected to be funded from other sources.
Approximately 60-65% of the Company’s planned drilling in 2022 will be targeted at Fenelon, 25-30% will
be targeted at Martiniere, and the remaining 10% will be allocated to regional exploration (see details in table
below). These results will be supplemented by approximately 60, 000+ metres of drilling completed in 2021
after the cut-off date for the Company’s November 2021 Mineral Resource Estimate. In addition, funding has
been allocated for preparation work for economic studies and underground maintenance.
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2022 Work Program Description Budget
Fenelon ‒ Resource drilling within the open pit shell defined
in 2021
35,000 metres $11.5M
Fenelon ‒ Resource expansion and exploration drilling 80,000 me tres $26.5M
Martiniere ‒ Resource expansion and exploration drilling 40,000 metres $13.5M
Regional exploration ‒ Exploration drilling, Geophysics etc. 1 2,000 metres $6.0M
Studies, capital expenditures & underground maintenance $12.5M
Total $70.0M
2022 Drill Program Highlights: Fenelon & Martiniere
In November 2021, less than three years from the discovery of t he Area 51 and Tabasco/Cayenne Zones,
Wallbridge announced a maiden Mine ral Resource Estimate for Fen elon Gold and an updated Mineral
Resource Estimate for the Martiniere Gold Property totalling 2.67 million ounces of indicated gold resources
and 1.72 million ounces of inferred gold resources (for details see Wallbridge press release dated November
9, 2021 and Technical Report filed December 23, 2021 on SEDAR).
The Fenelon deposit remains open laterally in most directions, and at depth below the current extent of drilling
at approximately 1,000 metres. Expansion drilling in 2022 will focus on adding resources within the 2021
resource open pit shell and within the known footprint of the g old system where drill spacing was not
sufficient to include mineralization in the 2021 Mineral Resour ce Estimate. Drilling will also aim to extend
known gold zones and test extensions of the main host rocks (Je remie Diorite, Main Gabbro), as well as
structures important in controlling gold mineralization (Sunday Lake Deformation Zone, Jeremie Fault, and
other secondary fault zones).
At Martiniere, the deposit is currently separated into multiple isolated zones with very little drilling in
between, resulting in several smaller open pits in the 2021 Min eral Resource Estimate. Drilling in 2022 will
focus on connecting these zones to form a more continuous orebody that can support a more optimal open pit
configuration. In addition, both the Martiniere West and the Bu g Lake Trends are open along strike and
drilling is limited below 400 metr es of vertical depth. Lateral and depth extensions of the known zones will
also be targeted in the 2022 drill program.
Regional Exploration
Wallbridge intends to allocate approximately 10% of the 2022 budget to pursue further grassroots discoveries
on its extensive land package. S panning 97 kilometres in an eas t-west direction along the Detour-Fenelon
Gold Trend, (roughly equivalent to the distance between Rouyn-N oranda and Val d’Or), Wallbridge’s 910
km2 Detour-Fenelon land package offers excellent potential for new gold discoveries.
As reported on October 21, 2021, the Company has completed an i nitial 5,300 metre drill program on the
Casault Gold Property, discoveri ng new gold mineralization in t he first drill hole. Full assay results are
pending, and the Company is reviewing plans to continue exploration on this property in 2022.
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At Grasset, within 10 kilometres of the Fenelon deposit, the Co mpany has been drilling since November to
follow-up on the Grasset Gold showings, where historic intersec tions include 1.66 grams per tonne (g/t) of
gold over 33 metres, and 6.15 g/t of gold over 4.04 metres.
Assay results of completed holes along with further details on planned regional exploration activities in 2022
will be reported when available.
Figure 1. Wallbridge’s Detour-Fenelon Gold Trend land package
About Wallbridge Mining
Wallbridge is currently advancing the exploration and developme nt of its 100%-owned Fenelon Gold and
Martiniere properties, located along the highly prospective Det our-Fenelon Gold Trend, an emerging gold
camp in northwestern Québec. Both properties are located on the Company’s 910 km2 land package, with
significant potential for further discoveries over a 97-kilomet re strike length of this underexplored belt.
Wallbridge is also the operator of, and a 17.8% shareholder in, Lonmin Canada Inc., a privately‒held company
with a portfolio of nickel, copper, and platinum‒group metals (PGM) projects in Ontario's Sudbury Basin.
This news release has been authorized by the undersigned on behalf of Wallbridge Mining Company Limited.
For further information please visit the Company's website at www.wallbridgemining.com or contact:
Wallbridge Mining Company Limited
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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]
Cautionary Note Regarding Forward-Looking Information
This press release of Wallbridge Mining Company Limited ("Wallbridge" or the "Company") 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”, “s cheduled”, “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”, “w ill”, “could”, “would”, “should” or “might”, “be taken”,
“occur” or “be achieved.”
FLI herein includes, but is not limited to: future drill resu lts; 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 the mineral resource estimates (each an “MRE”) at the Fenelon Gold 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 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, perfor mance or achievements expresse d 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 shar eholders 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 Co mpany 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.
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.
Assumptions upon which FLI is based, without limitation, include: the ability of exploration activities to accurately
predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration
activities; the legitimacy of title and property interests in the Deposits; the accuracy of key assumptions, parameters or
methods used to estimate the MREs; the ability of the Company to obtain required approvals; the results of exploration
activities; the evolution of the global economic climate; metal prices; environmental expectations; community and non-
governmental actions; and any impacts of COVID-19 on the Deposits, the Company’s financial position, the Company’s
ability to secure required funding, or operations. 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.sedar.com.
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Covid‒19 ‒ Given the rapidly evolving natu re of the Coronavirus (COVID ‒19) pandemic, Wallbridge is actively
monitoring the situation in order to continue to maintain as best as possible the activities while striving to protect the
health of its personnel. Wallbridge' activities will continue to align with the guidance provided by local, provincial and
federal authorities in Canada. The Company has established measures to continue normal activities while protecting
the health of its employees and stakeholders. Depending on th e evolution of the virus, measures may affect the regular
operations of Wallbridge and the participation of staff members in events inside or outside Canada.
Information Concerning Estimates of Mineral Resources
The disclosure in this press release and referred to herein was prepared in accordance with NI 43-101 which differs
significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). The terms "measured
mineral resource", "indicated mineral resource" and "inferred mineral resource" used in this press release are in
reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the
"CIM Definition Standards"), which definitions have been adopted by NI 43-101. Accordingly, information contained
in this press release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable
to similar information made public by other U.S. companies subject to the United States federal securities laws and the
rules and regulations thereunder.
Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves.
Pursuant to CIM Definition Standards, "inferred mineral resources" are that part of a mineral resource for which
quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological
evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource
has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a
mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded
to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feas ibility or pre-feasibility studies, except in rare cases. Investors are cautioned
not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of
"contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only
permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the
SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300
of Regulation S-K of the United States Securities Act of 1 933, as amended (the "SEC Modernization Rules"), with
compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules
replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption
of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral
resources" and "inferred mineral resources". Information regarding mineral resources contained or referenced in this
press release may not be comparable to similar information made public by companies that report according to U.S.
standards. While the SEC Modernization Rules are purport ed to be "substantially similar" to the CIM Definition
Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM
Definitions Standards. Accordingly, there is no assuranc e any mineral resources that the Company may report as
"measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would
be the same had the Company prepared the resource estimates under the standards adopted under the SEC
Modernization Rules.