Wallbridge Discovers New Area of Gold Mineralization 15 kilometres East of Fenelon
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 Discovers New Area of Gold Mineralization 15 kilometres
East of Fenelon
Toronto, Ontario – November 13, 2023 – Wallbridge Mining Company Limited (TSX: WM,
OTCQX: WLBMF) (“Wallbridge” or the “Company”) today announced the discovery of a new area
of gold mineralization at the Grasset East Flexure target area on its 100% -owned Grasset Gold
property (“Grasset Gold”), located 15 kilometres east of the Company's flagship Fenelon Gold
Project (“Fenelon”) (see Figs. 1 & 2). Scattered, gold-bearing quartz veins were intersected in nine
of the 19 drill holes completed.
Highlights
• Widespread gold-bearing quartz veining intersected in nine drill holes, so far over an
approximately 1-kilometre strike length (Targets G1, G2 and G5);
• Small visible gold grains were observed in four drill holes with assay results up to 3.20 g/t
Au over 2.50 metres (included in a wider interval of 1.22 g/t Au over 8.50 metres). Assay
results are pending for the visible gold -bearing portions of two of these holes , which are
similar in appearance to the intervals that have returned assays;
• Drill program was increased from the originally intended 5,000 metres to approx. 10,500
metres in 20 drill holes, with the final hole still being completed . This release reports final
assay results from ten drill holes and results are pending for an additional ten holes, including
the final one still being drilled.
“Our initial drill program on the grassroots Grasset Gold property is a good start in this new,
unexplored area,” said Attila Péntek, Wallbridge’s Vice President, Exploration. “To find widespread
gold mineralization in our first drill program in this entirely overburden covered area on the eastern
end of our 97-kilometre-long property along the Detour-Fenelon Gold Trend speaks volumes to the
vast untested potential of this and other target areas on our over 830-square-kilometre land
package.”
Targets G1 & G2
The seven drill holes testing this target area have delineated widespread gold-bearing quartz veining
at a relatively shallow depth, hosted within Timiskaming-like sediments and mafic volcanics, over a
strike length of approximately 600 meters. The drilling has confirmed the presence of folded
stratigraphy with targets G1 and G2 located at the hinge of the fold, in good accordance with the
magnetic signature.
The first drill hole (GR -23-116) intersected a 70 -metre-wide zone of quartz veining and sericite
alteration at a vertical depth of only 100 to 150 metres, returning continuous elevated gold assays
up to 4.36 g/t Au over 0.95 metres (see Fig. 3).
Similar geology and mineralization were observed in the other five drill holes, most notably with nine
occurrences of visible gold specks in scattered quartz veins over a core length of 150 metres in
hole GR-23-130. Assay highlights for this hole include 3.20 g/t Au over 2.50 metres within a wider
interval of 1.22 g/t Au over 8.50 metres.
Two additional follow-up holes drilled at the end of the program intersected similar veins (GR -23-
132 and GR-23-133), with both holes containing several occurrences of visible gold.
Assays results are pending for GR-23-130 (additional results), GR-23-132 and GR-23-133.
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Target G5
Located 1 kilometre to the west of Target G1, drill hole GR-23-119 intersected sporadic gold
mineralization assaying up to 4.47 g/t Au over 1.00 metre. Two follow-up holes (GR-23-128 and GR-
23-131) testing the same structure 1.7 kilometres to the northwest, both intersected a 60- to 100-
metre-wide zone of intense shearing with elevated silicification and sulfide mineralization . Assays
are pending for both of these holes.
Grasset Gold Exploration Program
The Grasset Gold exploration program predominantly focused on the intersection of a large fold-
structure with a flexure in the Sunday Lake Deformation Zone (“SLDZ”), the main structure
controlling gold mineralization along the Detour-Fenelon Gold Trend.
The Grasset East Flexure target area consists of a large conglomerate-wacke basin (Timiskaming-
like) in contact with a thick sequence of mafic volcanic rocks. In the southern Abitibi, Timiskaming-
type sedimentary units are generally associated with regional -scale fault zones that acted as the
main ore-fluid pathways (Timmins and Kirkland Lake camps).
The 2023 drill program is designed to define the geological framework of the Grasset East Flexure
target area, and to test structures interpreted from recently collected high- resolution airborne
magnetic data. Two main types of environments are targeted:
- northern contact of Timiskaming-like sedimentary unit with mafic volcanic rocks in areas of
interpreted structural complexities (16 drill holes - targets G1, G2, G5, G6, G7 and G11); and,
- interpreted structures and lithological contacts within the northern mafic volcanic package (4
drill holes - targets G3, G8, G9 and G10).
The Grasset East Flexure target area was never drill tested in the past . Originally, the Company
intended to complete approximately 5,000 metres of diamond drilling on 11 targets over an area of
4.5 kilometres by 3.5 kilometres (see Wallbridge release dated August 24, 2023).
To further investigate this new mineralized area , the size of this inaugural drill program was
increased to approximately 10,500 metres. Thus far, a total of 19 drill holes totaling 10,000 metres
have been completed, testing 10 of the originally identified 11 targets. Today, the Company reports
final assay results for ten drill holes and partial assay results for two drill holes (see Table 1), with
results pending for ten holes, including the final hole still being drilled . The d rilling program is
expected to be completed later this week.
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Figure 1. Wallbridge’s Detour-Fenelon Gold Trend land package and 2023 priority exploration target areas
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Figure 2. Grasset Gold Property, 2023 Exploration Drill Program, Plan View
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Figure 3. Grasset Gold Property, Zoomed in Plan View
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Table 1. Grasset Gold Property, Recent Expansion Drill Assay Highlights (1)
Drill Hole From To Length Au Au Cut(2) VG(3) Zone/Corridor
(m) (m) (m) (g/t) (g/t)
Target G1 and G2
GR-23-116 156.60 157.55 0.95 4.36 4.36 VG New Zone
GR-23-116 170.00 174.00 4.00 0.67 0.67 New Zone
GR-23-116 517.00 518.50 1.50 0.87 0.87 New Zone
GR-23-123 573.80 575.00 1.20 1.49 1.49 New Zone
GR-23-125 220.00 225.50 5.50 0.69 0.69 New Zone
Including… 222.50 223.50 1.00 2.63 2.63 New Zone
GR-23-126 324.50 325.80 1.30 0.82 0.82 New Zone
GR-23-126 344.50 346.00 1.50 0.69 0.69 New Zone
Including… 222.50 223.50 1.00 2.63 2.63 New Zone
GR-23-127A 289.00 290.30 1.30 0.73 0.73 New Zone
GR-23-127A 379.00 380.50 1.50 3.16 3.16 New Zone
GR-23-130 195.50 204.00 8.50 1.22 1.22 VG New Zone
Including… 201.50 204.00 2.50 3.20 3.20 VG New Zone
GR-23-130 233.50 235.00 1.50 0.95 0.95 New Zone
GR-23-130 270.50 272.00 1.50 0.92 0.92 New Zone
GR-23-130 357.00 357.50 0.50 7.62 7.62 VG New Zone
Target G3
GR-23-118 No Significant Mineralization
Target G5
GR-23-119 207.50 208.50 1.00 4.47 4.47 New Zone
GR-23-119 322.00 323.00 1.00 1.15 1.15 New Zone
Target G6
GR-23-117 No Significant Mineralization
Target G7
GR-23-121 No Significant Mineralization
Target G8
GR-23-120 No Significant Mineralization
Target G10
GR-23-124 No Significant Mineralization
Note: There is currently insufficient information available from these new zones to estimate true widths of intersections.
(1) Metal factor of at least 0.95 g/t*m.
(2) Au cut: 25 g/t Au for New Zones.
(3) Intervals containing visible gold ("VG").
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Assay QA/QC and Qualified Persons
Drill core samples from the ongoing drill program on the Detour-Fenelon Gold Trend Property are
cut and bagged either on- site or by contractors and transported to SGS Canada Inc. for analysis.
Samples, including standards and blanks for quality assurance and quality control, were prepared
and analyzed at the laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is
pulverized to 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS or ICP.
Samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic
analysis. To test for coarse free gold and additional quality assurance and quality control, Wallbridge
requests screen metallic analysis for samples containing visible gold. These and future assay results
may vary from time to time due to re-analysis for quality assurance and quality control.
The Qualified Person responsible for the technical content of this press release is Evan Slater, M.Sc.,
P.Geo., Senior Geologist of Wallbridge.
About Wallbridge Mining
Wallbridge is focused on creating value through the exploration and sustainable development of
gold projects along the Detour- Fenelon Gold Trend while respecting the environment and
communities where it operates.
Wallbridge’s flagship project, Fenelon Gold (“ Fenelon”), is located on the highly prospective
Detour-Fenelon Gold Trend Property in Québec’s Northern Abitibi region. An updated mineral
resource estimate completed in January 2023 yielded significantly improved grades and additional
ounces at the 100%-owned Fenelon and Martiniere projects, incorporating a combined 3.05 million
ounces of indicated gold resources and 2.35 million ounces of inferred gold resources. Fenelon and
Martiniere are located within an 830 square kilometre exploration land package controlled by
Wallbridge. In addition, Wallbridge believes that the extensive land package is extremely
prospective for the discovery of additional gold deposits.
Wallbridge has reported a positive Preliminary Economic Assessment (“PEA”) on its 100%-owned
Fenelon gold Project with an estimated average annual gold production of 212,000 ounces over
12.3 years (see Wallbridge press release of June 26, 2023).
Wallbridge also holds a 19.9% interest in the common shares of Archer Exploration Corp. (“Archer”)
as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec in November
of 2022.
For further information please visit the Company’s website at https://wallbridgemining.com/ or contact:
Wallbridge Mining Company Limited
Attila Péntek, Ph.D., P.Geo.
Vice President, Exploration
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
The information in this document may contain 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 document.
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, but are not limited to, words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”,
“budget”, “scheduled”, “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 in this document may include, but is not limited to: statements regarding the results of the Fenelon
preliminary economic assessment; the potential future performance of Archer common shares; 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 MRE’s at the Fenelon Gold (defined below) and Martiniere (defined below) properties (collecti vely 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, performance or
achievements expressed or implied by such FLI. Although the FLI contained in this document is based upon
what management believes, or believed at the time, to be reasonable assumptions, the Company cannot
assure shareholders 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 Company 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 in this document to reflect new events or
circumstances. Unless otherwise noted, this document has been prepared based on information available as
of the date of this document. 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 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 and in the PEA; the ability of the Company
to obtain required approvals; geological, mining and exploration technical problems; failure of equipment or
processes to operate as anticipated; the evolution of the global economic climate; metal prices; foreign
exchange rates; environmental expectations; community and non-governmental actions; and, the Company’s
ability to secure required funding. Risks and uncertainties about Wallbridge's business are discussed in the
disclosure materials filed with the securities regulat ory authorities in Canada, which are available at
www.sedarplus.ca.
Cautionary Notes to United States Investors
Wallbridge prepares its disclosure in accordance with NI 43- 101 which differs from the requirements of the
U.S. Securities and Exchange Commission (the " SEC"). Terms relating to mineral properties, mineralization