Wallbridge Completes Successful Initial Drill Program at Beschefer
Wallbridge Completes Successful Initial Drill
Program at Beschefer
TORONTO
,
Dec. 17, 2018
/CNW/ -
Wallbridge Mining Company Limited (TSX:WM, FWB:WC7)
("Wallbridge"
or the "Company"
)
is pleased to announce that it has completed a successful initial
drill program designed to test the continuity of two high-grade shoots within the B-14 shear zone at
its recently-optioned Beschefer property ("
Beschefer
" or "
Beschefer Project
").
Highlights
Five drill holes totaling approximately 1,600 metres were completed in less than three weeks.
All five drill holes intersected the mineralized B-14 shear zone where expected, proving excellent
geological continuity of this gold-bearing structure.
The mineralized intersection in the deepest drill hole of the program, BE18-052, represents a
40-metre down plunge step-out from the previous highlight intersection of 55.63 g/t gold over
5.57 metres in BE13-038.
A more substantial exploration program and delivery of a maiden resource estimate are planned
for 2019.
Mineralization typical of gold-bearing portions of the shear zone was intersected in all five holes at
the expected depths demonstrating the continuity of the mineralized system within the two high-
grade shoots. Previous wide-spaced drilling (75-
100 m
) was filled in by four holes (BE18-048 to -
051) resulting in 25-
45 m
spacing. The mineralized shear zone interval intersected in BE18-052,
approximately 40 metres down plunge from the last historic high-grade intersection in this eastern
shoot, indicates that gold mineralization remains open down-plunge. Assay results are pending and
will be released when available.
"Our initial drill program at Beschefer has successfully achieved all of its objectives and has proven
the exceptional potential of this project. The first four drill holes demonstrated the remarkable
continuity and predictability of the gold-bearing B-14 structure, whereas our last hole of the program
provided a further 40 metre down-plunge step-out indicating the potential to expand the high-grade
gold mineralization," stated Attila Péntek, Vice-President, Exploration of Wallbridge. "We are very
keen to accelerate resource drilling and exploration on this project with an aim to publish a maiden
resource estimate in 2019."
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 gold 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
. Up to
Wallbridge's current program there has been no exploration at Beschefer since 2013.
Wallbridge entered into an option agreement to acquire 100% of Beschefer as part of its strategy of
building a gold production pipeline in the emerging Sunday Lake-Selbaie Belt (see
Wallbridge Press Release dated
October 17, 2018
).
A summary of historic and 2018 drill hole results are reported in the Tables and
Figures
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
Table 2. Wallbridge Beschefer Property 2018 drill hole information
Drill Hole ID
UTM E
UTM N
Elevation
Length (m)
Azimuth
Dip
Note
BE18-048
660630
5516088
280
249
353
-58
Assays pending
BE18-049
660630
5516088
280
249
348
-51
Assays pending
BE18-050
660880
5516000
280
354
335
-51
Assays pending
BE18-051
660880
5516000
280
363
339
-59
Assays pending
BE18-052
660880
5516000
280
384
343
-71
Assays pending
*indicates intervals with containing visible gold ("VG")
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 07:30e 17-DEC-18