Wallbridge Drilling at Fenelon Tabasco Zone Intersects Additional High-Grade Gold Mineralization
Wallbridge Drilling at Fenelon Tabasco Zone Intersects
Additional High-Grade Gold Mineralization
Toronto, Ontario – December 16, 2024 – Wallbridge Mining Company Limited ( TSX: WM ,
OTCQB:WLBMF) (“Wallbridge” or the “ Company”) today announced that it has received the final
assay results from its 1,303 metre Phase 2 drilling program completed in September 2024 at its 100%
owned Fenelon Gold Project (“Fenelon”).
The Phase 2 program comprised four targeted infill holes drilled within an approximate 150 metre by
250 metre area to provide greater definition of gold resources within the upper levels of the high-grade
Tabasco zone. Significant highlights include:
• 5.68 g/t Au over 1.5 metres in drill hole FA-24-581
• 3.93 g/t Au over 2.5 metres, 14.66 g/t Au over 1.5 metres in drill hole FA-24-582
• 7.03 g/t Au over 0.5 metres, 2.70 g/t Au over 3.0 metres in drill hole FA-24-583
• 5.92 g/t Au over 2.7 metres in drill hole FA-24-584
“We’re pleased to announce our final drill results for 2024. The grades returned from these latest four
holes provide further confirmation of the position and extent of the principal structures that extend
upward from the high-grade core of the Fenelon gold resource ,” commented Brian W. Penny,
Wallbridge Chief Executive Officer. “We look forward to releasing the results of an updated Preliminary
Economic Assessment at Fenelon in the first quarter of 2025 and will continue to provide regular
updates to the market on our corporate activities,” concluded Mr. Penny.
Earlier this year and during 2023, Wallbridge released a series of results from delineation and infill
drilling completed at Fenelon subsequent to the announcement of the 2023 mineral resource estimate
(see Wallbridge news releases dated May 22, 2024, February 7, 2024, June 6, 2023, March 6, 2023,
January 17, 2023 , and Amended and Re -stated: NI 43 -101 Technical Report dated December 29,
2023).
Links to a drill hole location map and cross -sections for the drill holes reported in this news release
are provided here: Fenelon Gold Project: Q2 2024 Plan View Map & Cross-Sections
Additional details from the recently completed drilling are provided in the summary table below:
Wallbridge Fenelon Gold Project: 2024 Phase 2 Drill Assay Highlights
Drill Hole
From
(m)
To
(m)
Length
(m)
Au
(g/t) Zone/Corridor
FA-24-581 235.5 237.0 1.5 5.68 Tabasco
FA-24-582 143.5 146.0 2.5 3.93 Tabasco
Including 143.5 144.5 1.0 8.46
144.5 145.0 0.5 0.10
145.0 146.0 1.0 1.17
* 248.0 249.5 1.5 14.66 Tabasco
Including 248.0 248.5 0.5 4.84
* 248.5 249.5 1.0 19.57
301.0 309.0 8.0 2.91 Tabasco
Including 301.0 302.5 1.5 4.96
302.5 304.0 1.5 0.05
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Wallbridge Fenelon Gold Project: 2024 Phase 2 Drill Assay Highlights
Drill Hole
From
(m)
To
(m)
Length
(m)
Au
(g/t) Zone/Corridor
FA-24-582 (cont’d) 304.0 305.0 1.0 11.95
305.0 305.5 0.5 0.09
305.5 307.0 1.5 1.69
307.0 308.0 1.0 0.02
308.0 309.0 1.0 1.20
FA-24-583 121.5 122.0 0.5 7.03 Tabasco
266.5 269.5 3.0 2.70 Tabasco
FA-24-584 219.0 221.7 2.7 5.92 Tabasco
Including 219.0 220.0 1.0 0.52
220.0 221.0 1.0 14.91
221.0 221.7 0.7 0.50
Notes
1 Highlighted assay composites have been selected based on a Metal Factor >5 gm*mtrs
and/or includes a result >5 g/t (MF = Au g/t * Interval length).
2 Asterisk * denotes visible gold (VG) observed in drill core.
3 True widths are estimated to be 60-90% of the reported core length intervals.
Links to tables with complete summary assay results and drillhole location information are provided
here: Fenelon Gold Project: Drill Assay Summary and Location Information Dec 2024.
Quality Assurance / Quality Control
Wallbridge maintains a Quality Assurance/Quality Control (" QA/QC") program for all its exploration
projects using industry best practices. Key elements of the QA/QC program include verifiable chain of
custody for samples, regular insertion of blanks and certified reference materials, and completion of
secondary check analyses performed at a separate independent accredited laboratory. Drill core is
halved and shipped in sealed bags to SGS Canada Inc. in Val d’Or, Quebec where they are re -
distributed to other SGS laboratory facilities according to the analytical method being requested by
Wallbridge. Gold analyses are routinely performed via fire assay with ICP -OES finish methods. For
greater precision and accuracy, samples assaying 10 g/t Au or greater are re -assayed via metallic
screen fire assay method or fire assay/gravimetric finish, depending on the amount of sample material
remaining available. Samples containing visible gold are submitted directly for analysis by metallic
screen fire assay method.
SGS Natural Resources analytical laboratories operate under a Quality Management System that
conforms to the requirements of ISO/IEC 17025. All of SGS’ Canadian analytical sites are accredited
by the Standards Council of Canada (SCC) for specific mineral t ests listed on the scope of
accreditation to the ISO/IEC 17025 standard. ISO/IEC 17025 addresses both the quality management
system and the technical aspects of operating a testing laboratory. Physical sample preparation
involving accredited test methods as listed on the scope of accreditation may be performed at other
sites listed on the SGS Canada Inc – Natural Resources – Minerals group accreditation or at offsite
sample preparation laboratories that are monitored regularly for quality control and quality assurance
practices, including SGS Canada Inc, Garson, SGS Canada Inc, Val d’Or and SGS Canada Inc, Grand
Falls-Windsor.
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Qualified Person
The Qualified Person responsible for the technical content of this news release is Mr. Mark A. Petersen,
M.Sc., P.Geo. (OGQ AS-10796; PGO 3069), Senior Exploration Consultant for 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 in Québec’s Northern Abitibi region while respecting
the environment and communities where it operates.
Wallbridge’s most advanced projects, Fenelon Gold (“ Fenelon”) and Martiniere Gold (“ Martiniere”)
incorporate 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 in the Northern Abitibi region of Quebec.
Wallbridge has reported a positive Preliminary Economic Assessment (“ PEA”) at Fenelon that
estimates average annual gold production of 212,000 ounces over 12 years.
For further information please visit the Company’s website at https://wallbridgemining.com/ or contact:
Wallbridge Mining Company Limited
Brian Penny, CPA, CMA
CEO
Tel: (416) 716-8346
Email: [email protected]
M: +1 416 716 8346
Tania Barreto, CPIR
Director, Investor Relations
Email: [email protected]
M: +1 289 819 3012
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 su ch 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 tha t 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 PEA; the
potential future performance of the Common Shares; future drill results; the Company’s ability to
convert inferred resources into measured and indicat ed resources; environmental matters;
stakeholder engagement and relationships; parameters and methods used to estimate the MRE’s at
Fenelon and Martiniere (collectively the “ Deposits”); the prospects, if any, of the Deposits; future
drilling at the Deposits; and the significance of historic exploration activities and results.
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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, performanc e 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 conta ined 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 regulatory 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 and estimates of mineral reserves and mineral resources and economic studies used
herein a re defined in accordance with NI 43 -101 under the guidelines set out in CIM Definition
Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining,
Metallurgy and Petroleum Council on May 19, 2014, as amended. NI 43-101 differs significantly from
the disclosure requirements of the SEC generally applicable to US companies. As such, the information
presented herein concerning mineral properties, mineralization and estimates of mineral reserves and
mineral resour ces may not be comparable to similar information made public by U.S. companies
subject to the reporting and disclosure requirements under the U.S. federal securities laws and the
rules and regulations thereunder.