Wallbridge Commences Resource Expansion Exploration Drilling at Fenelon
Wallbridge Commences Resource Expansion Exploration Drilling at Fenelon
TORONTO, March 20, 2017 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7 )
(the " Wallbridge ") is pleased to announce that it has commenced res ource expansion drilling at its
100%-owned Fenelon Gold Mine Property ("Fenelon") i n Quebec.
"Now that we have a positive pre-feasibility study, exploration to expand the existing resource in order
to extend the mine life is one of our top priorities," said Wallbridge's CEO Marz Kord. "Drilling, Pha se
2 of our exploration program, has commenced at Fen elon, while we continue to work on permitting
and a production decision in the second quarter of the year."
The exploration program at Fenelon is being carried out in three phases. Phase 1, which has been
completed, consisted of a complete review of the mine geology including relogging and additional
sampling of old drill holes, to better understand m ine scale controls on gold mineralization, define the
limits of ore grade mineralization and to allow optimization of the current Phase 2 drilling program.
Phase 1 exceeded expectations, resulting in the discovery of additional mineralized zones outside of
the current resource (19.7 g/t Au over 1.90 m, including 89.3 g/t Au over 0.35 m) and in-fill sampling
within the resource to better define the expected ore grade (8.37 g/t gold over 1.25 m, which together
with historic assays forms part of an intersection of 20.17 g/t gold over 6.21 metres). Please refer to
the press release dated December 5, 2016. Phase 1 a lso confirmed the presence of a number of
high-quality targets in the immediate vicinity of the mine workings and the prefeasibility study mining
project ( Figure 1 ).
The Phase 2 Program has commenced and consists of a pproximately 2,000 metres of surface drilling
designed to test targets in close proximity to the initial mining project. Proposed drill hole locations are
shown as blue stars on Figure 1 . The objective is to better define the targets for follow-up resource
definition drilling from surface and underground early in the mine life. The proceeds from the recent
FT Share financing will be used to complete Phase 2.
The Phase 3 Program will consist of both surface and underground drilling to further test these
targets and move some of them into resources. Prioritization of targets for detailed drilling is
somewhat contingent on results from Phase 2. A tota l of approximately 3,000 metres of surface
drilling is currently planned. Underground drilling is to commence during the underground bulk
sampling once dewatering of existing mine workings is completed. This program includes a planned
3,500 metre initial program.
Figure 1 :
Marz Kord, P. Eng. is the Qualified Person on behalf of Wallbridge and has approved the scientific
and technical disclosures in this press release.
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 preparing to develop its 100%-owned high-grade gold Fenelon Mine project in
Quebec with a production decision targeted for Q2 2017. Wallbridge is also in discussions regarding
several other advanced stage projects which could become the Company's next mines. 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.
Wallbridge is also continuing active partner-funded exploration on its large portfolio of nickel, copper,
and PGM projects in Sudbury, Ontario. Currently, Wa llbridge is completing a 20,000 metre fully
partner-funded drilling program on its high-grade P arkin nickel-copper-PGM project.
Wallbridge also has exposure to active exploration for copper and gold in Jamaica and British
Columbia through its 13% ownership of Carube Copper Corp. ("Carube Copper") (CUC:TSX-V,
formerly Miocene Resources Limited).
This press release may contain forward-looking stat ements (including "forward-looking
information" within the meaning of applicable Canad ian 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 operatio ns 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", "i s 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 b ased on information available and the
circumstances existing at this time. A number of ri sk factors may cause actual results, level of
activity, performance or outcomes of such explorati on and/or mine development to be
materially different from those expressed or implie d by such forward-looking statements
including, without limitation, whether such discove ries will result in commercially viable
quantities of such mineralized materials, the possi bility 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 contin ue exploration and development efforts,
changes in general economic, market and business co nditions, 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 impor tant 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. Consequen tly, 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
To view the original version on PR Newswire, visit:
http://www.newswire.ca/en/releases/archive/March201 7/20/c5553.html
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For further information: Please visit the Company's website at www.wallbridgemining.com, or
contact: Wallbridge Mining Company Limited, Joshua Bailey, M.Sc., P.Geo, Vice President
Exploration, Tel: (705) 682-9297 ext. 240, Email: [email protected]; Linda Zubal,
Vice President Corporate Communications, Tel: (705) 682-9297 ext. 263, Email:
CO: Wallbridge Mining Company Limited
CNW 09:25e 20-MAR-17