Wallbridge Commences Initial Drilling Program at Beschefer
Wallbridge Commences Initial Drilling
Program at Beschefer
TORONTO
,
Nov. 27, 2018
/CNW/ -
Wallbridge Mining Company Limited (TSX:WM, FWB: WC7)
("Wallbridge" or the "Company")
is pleased to announce that it has commenced drilling at its
recently-optioned Beschefer property ("
Beschefer
" or "
Beschefer Project
").
Since entering into the option agreement to acquire 100 % of Beschefer (see
Wallbridge Press Release dated
October 17, 2018
), Wallbridge's exploration team has carried out a
systematic review of historic drill core and project data to better understand the controls on gold
deposition and, most importantly, the formation of high grade domains within the B-14 shear zone.
This work was in preparation for resource drilling and future maiden resource estimation.
Wallbridge's initial drill program, has commenced and will consist of approximately 1,500 metres of
surface drilling and is designed to test the continuity of two known high-grade shoots within the B-14
shear.
"The relatively wide-spaced drilling carried out by previous operators has already defined a
mineralized system, the continuous large-scale gold-bearing structure known as the B-14 Zone.
Several high-grade domains within this shear zone highlight the excellent grade potential that exists in
this system," stated
Marz Kord
, President & CEO of Wallbridge. "Following our strategy of building a
gold production pipeline in the emerging Sunday Lake-Selbaie Belt, our initial objective is to prove
the continuity of discrete high-grade shoots and to continue the same exploration success as at
Fenelon. If this initial program is successful, we will be planning for a more aggressive resource
expansion program and the completion of a maiden resource estimate."
About the Beschefer Project
The Beschefer Project covers 647 hectares and is located in the Northern Abitibi Greenstone Belt,
14 km east of the past-producing polymetallic Selbaie Mine, 45 km northeast of the Casa Berardi
Mine and 28 km from Wallbridge's Fenelon Gold Property. Historically, the area has mainly been
explored for volcanogenic massive sulfide deposits similar to the
Matagami
camp and the Selbaie
Mine.
Gold mineralization was discovered in the B-14 Zone in 1995 by Billiton Canada Inc. and the
property has seen very limited exploration before the involvement by Excellon in 2011, which
completed approximately 17,000 metres of drilling up to 2013. Excellon's programs produced very
positive results, extending the B-14 mineralization down to almost 600 metres vertical depth,
discovering the upper shear zone and intersecting the highest-grade intersections on the property,
including 55.63 g/t Au over 5.57 metres and 13.07 g/t gold over 8.75 metres. Excellon's primary
focus is on production and exploration at its Platosa Mine and Miguel Auza Property in
Mexico
.
There has been no exploration at Beschefer since 2013.
A summary of historic drill hole results is reported in Table 1 and
Figure 1
below.
Table 1. Beschefer Project Historic Assay Highlights
Drill Hole
From
To
Length
True
Width
Au
Zone
Year
Company
(m)
(m)
(m)
(m)
(g/t)
BE13-038
323.36
328.93
5.57
5.41
55.63
B-14
2013
Excellon
BE12-014
220.75
229.50
8.75
7.80
13.07
B-14
2012
Excellon
including...
228.00
229.50
1.50
1.34
58.50
B-14
2012
Excellon
B14-35
204.00
212.00
8.00
7.28
10.28
B-14
1997
Les Mines Selbaie
including...
204.40
205.00
0.60
0.55
86.74
B-14
1997
Les Mines Selbaie
BE11-003
179.42
183.20
3.78
3.69
12.40
B-14
2011
Excellon
B14-6
156.10
184.10
28.40
28.22
3.56
B-14
1996
Les Mines Selbaie
including...
178.60
184.10
5.50
5.47
7.42
B-14
1996
Les Mines Selbaie
BE13-042
454.93
463.65
8.72
8.00
5.16
B-14
2013
Excellon
including...
459.37
459.67
0.30
0.28
91.4
B-14
2013
Excellon
BE13-043
117.61
120.10
2.49
2.30
6.65
Upper
2013
Excellon
SBJ-06-01
201.80
211.80
10.00
9.03
4.46
B-14
2006
Seagreen
BE12-006
114.95
122.75
7.80
6.89
4.54
B-14
2012
Excellon
BE12-030
362.94
369.00
6.06
5.98
3.56
B-14
2012
Excellon
B14-43
187.30
187.80
0.50
0.50
29.71
Upper
1997
Les Mines Selbaie
B14-4
159.90
160.70
0.80
0.79
16.94
B-14
1996
Les Mines Selbaie
BE11-001
185.46
194.84
9.38
9.24
3.01
B-14
2011
Excellon
BE13-045
559.20
570.30
11.10
9.40
3.03
B-14
2013
Excellon
including...
564.30
570.30
6.00
5.08
4.25
B-14
2013
Excellon
Figure 1: Beschefer Inclined Long Section
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 bulk sample in 2018. Wallbridge is also pursuing other 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
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For further information:
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: [email protected]; David Ellis, Investor Relations,
Tel: (416) 704-0937, Email: [email protected]
CO: Wallbridge Mining Company Limited
CNW 10:15e 27-NOV-18