Wallbridge Commissions Updated Detour-Fenelon Gold Trend Resource Estimate and Commences Work on Preliminary Economic Assessment
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 Commissions Updated Detour-Fenelon Gold Trend Resource
Estimate and Commences Work on Preliminary Economic Assessment
Toronto, Ontario – September 8, 2022 – Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (“Wallbridge” or the “Company”) today announced that it has commissioned
an update to the 2021 mineral resource estimate for its flagship Fenelon Gold (“ Fenelon”) and
Martiniere (“ Martiniere”) project (the “ 2023 MRE”). In addition, the Company has initiated a
preliminary economic assessment (“PEA”) of Fenelon.
For Fenelon, the 2023 MRE will incorporate data from an additional 100,000 metres of drilling
completed since the 2021 MRE, and will focus on optimizing the resource for a predominantly
underground bulk mining operation, as opposed to the less selective large open pit approach used
in 2021. The 2023 MRE will also include an updated resource for Martiniere , situated 30 km west
of Fenelon, where the Company has completed an additional 30,000 metres of drilling since the
2021 MRE.
The 2023 MRE, expected to be completed in the first quarter of 2023, will form the foundation for a
PEA which will assess the potential for a predominantly underground bulk mining operation at
Fenelon. The PEA is expected to be completed by end of second quarter 2023.
Marz Kord, President and CEO of Wallbridge commented:
“The drilling and underground exploration work we have completed at Fenelon since our initial 2021
MRE has increased our confidence in the geometry of the mineralization . We have identified
mineralized zones that show continuity over several metres in thickness and tens of metres in strike
length, with average grades above three grams per tonne . This has led us to consider modelling
most of the deposit as an underground bulk mineable resource , analogous to other underground
bulk mining operations located on the Abitibi Greenstone Belt , rather than the less selective open
pit mining approach used in 2021, when drilling density at the project was lower.”
Marz Kord continued: “The commencement of a preliminary economic assessment and updated
mineral resource estimate s represent a major stepping stone in bringing Fenelon closer to
production. Assets of this quality and location are increasingly rare and we believe there will be
significant opportunities to create shareholder value as we continue to de-risk and advance the
projects.
A bulk underground mining operation at Fenelon has a number of critical advantages over the less
selective, deep open -pit/underground approach contemplated in the 2021 MRE. These benefits
include lower upfront capital requirements, a smaller surface footprint with significantly less
environmental disturbance - an approach which is more favorable to local communities, and a
potentially shorter permitting timeline.”
Fenelon is located 75 kilometres east of the Detour Lake gold mine, at the centre of Wallbridge’s
strategic land package which covers roughly 910 square kilometres of the most prospective ground
on the Detour-Fenelon Gold Trend in Northern Abitibi, Quebec. Martiniere is located 30 kilometres
west of Fenelon.
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The quality of the gold resources at Fenelon and Martiniere have the potential to improve further.
Beyond these known gold resources, the Company sees strong potential to make additional
discoveries on its large, prospective Detour-Fenelon Gold Trend land package spanning 97
kilometres of strike length. The Detour -Fenelon Gold Trend is a vast area that remains largely
unexplored compared with the southern portion of the Abitibi Greenstone Belt where more than 100
million ounces of gold has been produced over a similar strike distance.
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 Can ada. 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 pr ospective 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 km 2 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. (“Archer”), 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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Cautionary Note Regarding Forward-Looking Information
This press release 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 fa ct, 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”, “sche duled”,
“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”, “will”,
“could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”
FLI herein includes, but is not limited to, statements regarding the Agreement, Transaction, Distribution (as
previously defined) and the timing and terms of financing activities to be carried out by Arch er as previously
announced (the “Financing”), and the intentions of Wallbridge and Archer upon completion of the transaction,
future drill results; 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 and Martiniere properties (collectively the
“Deposits”); the prospects, if any, of the Deposits; future dr illing 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, performance or
achievements expressed 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 shareholders and prospective purchaser s 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 Company nor any other person assumes responsibility for t he 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 t he Company and Archer to
obtain required approvals and satisfy the closing conditions under the definitive agreement (including
completion of the Financing by Archer), the results of exploration activities, the Company’s financial position
and general economic conditions, 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 evolution of
the global economic climate; metal prices; environmental expectations; community and non -governmental
actions; any impacts of COVID -19 on the Deposits; and, the Company’s ability to secure required funding.
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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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" ar e 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 upgr aded to indicated mineral resources with continued
exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of
feasibility 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 Gu ide 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 1933, as amended (the " SEC
Modernization Rules"), with compliance required for the first fiscal yea r 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 purported 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 assurance 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.