WM.TO · 2019-01-15 12:00:00

Wallbridge Discovers New Visible Gold- bearing Zone at Depth and Reports on Drilling Results

Drill Results

Wallbridge Discovers New Visible Gold-

bearing Zone at Depth and Reports on Drilling

Results

TORONTO

Jan. 15, 2019

/CNW/ -

Wallbridge Mining Company Limited (TSX:WM, FWB: WC7)

("Wallbridge" or the "Company")

is pleased to announce continued positive results from its

underground as well as surface drill programs and to provide an update on the ongoing development

as part of the 35,000-tonne bulk sample and underground exploration program at its 100%-owned

Fenelon Gold property ("Fenelon").

Highlights

Since the last press release (see

Wallbridge Press Release dated December 13, 2018

), highlights of received assay results from the underground resource drill program

are as follows:

18-5175-002:

9.12 g/t gold over 6.95 metres

including

24.63 g/t gold over 2.47 metres

in the Naga Viper zone, and

25.24 g/t gold over 9.33 metres

including

125.44 g/t gold over 1.82 metres

in the Habanero zone

18-5175-005:

10.39 g/t gold over 4.51 metres

in the Chipotle zone

18-5175-021:

39.28 g/t gold over 1.71 metres

in the Naga Viper zone,

49.21 g/t gold over 2.20 metres

in the Paprika zone, and

144.77 g/t gold over 6.10 metres

in the Habanero zone

Highlights of received assay results from the surface exploration drill program are as follows:

FA-18-038:

4.70 g/t gold over 2.99 metres

in the Habanero zone, and

29.90 g/t gold over 1.00 metres

confirming the high-grade nature of this deep intersection of what is most likely the depth extension of the Tabasco zone

(see

Wallbridge Press Release dated November 20, 2018

)

Two surface drill holes (FA-018-050 and -051) following-up the deep intersection in FA-18-038 intersected several mineralized shear zones in the same environment. The

latter drill hole contained visible gold in a potentially new zone at a vertical 380 m depth, further extending high grade mineralization to depth.

Assay results from 12 underground drill holes and 15 surface drill holes are pending.

Production from the fifth stope (NV-03) is underway.

Approximately 23,000 tonnes of ore has been mined of which 20,000 tonnes have been shipped to the Camflo mill.

"We are extremely pleased with the success of the 2018 exploration program. We confirmed the

exceptional grades we can expect in the remaining stopes to be taken during this bulk sample

campaign and that of additional proximal ore that will be available for future production. Additionally,

the discovery of visible gold-bearing mineralization in FA-18-038, and -051, some of the deepest

holes ever drilled on the property, shows the potential for significant resource growth at

Fenelon," stated

Marz Kord

, President & CEO of Wallbridge.

"The intersections in FA-18-038 released today are very positive as they demonstrate the presence

of strong mineralized structures hundreds of metres away from the current mine workings in totally

underexplored parts of the property. The intersection in FA-18-051 of multiple wide intervals of

favorable host rocks with several mineralized shear zones, one of which had visible gold at vertical

depth of 380 metres, is again a milestone in the expansion of the mineralized system at Fenelon,"

stated Attila Péntek, Vice-President, Exploration of Wallbridge.

The 2018 underground and surface drill programs were completed before the holidays and drill rigs

were de-mobilized. The 2019 drill program (50,000-

75,000 m

planned) will commence in early

February with mobilization of at least one underground and one surface drill rig.

The 2019 underground resource drilling will initially be carried out from the recently established 5130

level (~125 m depth) and will target the main high-grade shoots down-plunge to

200 m

depth. The

development of an exploration drift is planned for H1 2019 to facilitate resource drilling to greater

depth and along strike, including also the Tabasco and Cayenne mineralized corridors.

The 2019 surface exploration drill program will follow known mineralized zones to 300-

400 m

depth

and test targets further away from the mine workings. Along with testing other high priority targets,

initially we will be following-up on the deep visible gold-bearing intersections with more closely

spaced drilling.

A surface IP survey is also planned for Q1 2019 to test

600 m

strike length of the gold-hosting

mineralized environment northwest of the main deposit.

The bulk sample program is designed to test a few stopes in several zones. Overall grade from

these planned stopes is estimated to average 18 to 25 g/t gold for total estimated production

of 19,000 to 26,000 ounces of gold.

A summary of the new drill hole results from the 2018 underground and surface drill programs are

reported in Tables 1 to 4 and also shown on the

Figures

below as well as on the

Company website

Table 1. Wallbridge Fenelon Gold Property 2018 Underground Drill Assay Highlights

Drill Hole

From

Length

True

Width

Capped*

VG**

Zone

Press Release

(m)

(g/t)

18-1110-003

52.55

53.67

1.12

0.99

4.89

Naga Viper

Current Release

18-5175-002

86.24

93.19

6.95

4.61

9.12

Naga Viper

Current Release

18-5175-002

Including...

86.24

88.71

2.47

1.63

24.63

Naga Viper

Current Release

18-5175-002

114.37

123.70

9.33

5.13

25.24

19.45

Habanero

Current Release

18-5175-002

Including...

114.4

116.19

1.82

1.13

125.44

95.74

Habanero

Current Release

18-5175-004

97.86

98.90

1.04

0.67

7.97

Habanero

Current Release

18-5175-005

52.92

57.43

4.51

2.41

10.39

Chipotle

Current Release

18-5175-021

78.29

80.00

1.71

1.50

39.28

Naga Viper

Current Release

18-5175-021

86.83

89.03

2.20

1.39

49.21

Paprika

Current Release

18-5175-021

104.45

110.55

6.10

4.18

144.77

90.43

Habanero

Current Release

†

Table includes only highlight assay results since the latest press release. Earlier highlight intersections of the 2018 program can be found on the Company website:

http://www.wallbridgemining.com/i/maps/fenelon/Fenelon-2018-UG-drilling-highlights.pdf

*Au capped at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.

**Intervals containing visible gold ("VG").

Table 2. Wallbridge Fenelon Gold Property 2018 Underground drill hole information*

Drill Hole ID

Local grid E

Local grid N

Elevation

Length

(Metres)

Azimuth

Dip

VG/CP**

Note

18-1120-004

10644

10954

5214

202

-17

Further Assays pending

18-5175-001

10580

10986

5177

210

239

-36

Further Assays pending

18-5175-006

10580

10986

5177

147

212

-37

Assays pending

18-5175-007

10580

10986

5177

205

228

-43

Assays pending

18-5175-008

10580

10986

5177

180

220

-41

Further Assays pending

18-5175-009

10580

10986

5177

207

210

-48

Assays pending

18-5175-010

10580

10986

5177

160

195

-42

Assays pending

18-5175-011

10580

10986

5177

200

191

-48

Assays pending

18-5175-021

10580

10986

5177

132

242

-19

Further Assays pending

18-5175-012

10580

10986

5177

243

204

-55

Assays pending

18-5175-013

10580

10986

5177

102

178

-51

Assays pending

* Table includes only underground holes for which assays are pending. For earlier holes please refer to tables in previous press releases.

**Intervals containing visible gold ("VG") or chalcopyrite-bearing mineralized shear zone ("CP").

Table 3. Wallbridge Fenelon Gold Property 2018 Surface Drill Assay Highlights

Drill Hole

From

Length

True Width

Au Capped*

VG**

Zone

Press Release

(m)

(g/t)

FA-18-037

176.52

188.93

12.41

n/a

†

1.18

Habanero

Current Release

FA-18-038

213.39

216.38

2.99

n/a

†

4.70

Habanero

Current Release

FA-18-038

440.46

441.46

1.00

n/a

†

29.90

Tabasco (?)

Current Release

FA-18-038

568.95

570.10

1.15

n/a

†

1.00

New Zone

Current Release

*Au capped at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.

**Intervals containing visible gold ("VG").

†

Currently not enough information available to estimate true width.

Table 4. Wallbridge Fenelon Gold Property 2018 Surface drill hole information*

Drill Hole ID

Local grid

Elevation

Length

(Metres)

Azimuth

Dip

VG/CP**

Note

FA-18-037

10458

11053

5260

201

234

-47

Further assays pending

FA-18-038

10458

11053

5260

586

240

-54

Further assays pending

FA-18-039

10752

10825

5257

263

-50

Further assays pending

FA-18-040

10459

11054

5261

528

246

-48

Further assays pending

FA-18-041

10752

10825

5262

201

-62

Assays pending

FA-18-042

10752

10825

5262

243

-72

Assays pending

FA-18-043

10752

10825

5262

222

-60

Assays pending

FA-18-044

10750

1130

5260

651

195

-51

Assays pending

FA-18-045

10242

10807

5257

204

-50

Assays pending

FA-18-046

10242

10807

5257

225

-57

Assays pending

FA-18-047

10634

11123

5260

620

210

-60

Assays pending

FA-18-048

10242

10807

5257

372

-70

Assays pending

FA-18-049

10242

10807

5257

185

-51

Assays pending

FA-18-050

10242

10783

5257

400

358

-70

Assays pending

FA-18-051

10432

11040

5260

670

220

-51

Assays pending

* Table includes only surface drill holes for which assays are pending. For earlier holes please refer to tables in previous press releases.

**Intervals containing visible gold ("VG") or chalcopyrite-bearing mineralized shear zone ("CP").

Wallbridge's Fenelon Gold property is located in northwestern

Quebec

proximal to the Sunday Lake

Deformation Zone ("SLDZ") which hosts the Detour Gold Mine in

Ontario

, and Balmoral Resources'

gold deposits at Martiniere. The Fenelon Gold property hosts the Discovery Zone gold deposit and

surrounding 4 km strike length of a gold-hosting secondary splay of the SLDZ.

Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate

and a positive pre-feasibility study on the existing resource (see

Wallbridge Press Release dated

February 02, 2017

). In addition, Wallbridge has completed surface

exploration drilling campaigns and is currently drilling from underground as part of its 35,000-tonne

bulk sample at Fenelon. Drilling to date has significantly extended existing zones and discovered

several new parallel zones.

Drill core samples from the ongoing drill program at Fenelon were cut and bagged on site and

transported to SGS Canada Inc. Samples, along with standards, blanks, and duplicates included for

quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. laboratories.

Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106

microns. 50g samples are analyzed by fire assay and AAS. Samples >10g/t Au are automatically

analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold

and for 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 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. 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

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/January2019/15/c8822.html

%SEDAR: 00010252E

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 07:55e 15-JAN-19

← Back to feed