Wallbridge Expands Ripley Zone, Mobilizes Drill to Further Test Gold Potential along Sunday Lake Deformation Zone
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 Expands Ripley Zone,
Mobilizes Drill to Further Test Gold Potential along Sunday Lake
Deformation Zone
Toronto, Ontario – February 28, 2023 – Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to report additional results from its
2022 drilling program at the Company’s 100%-owned Fenelon gold project (“Fenelon”) that have
expanded the satellite Ripley Zone towards the southwest. In addition, new prospective targets have
been identified along the Sunday Lake Deformation Zone (“SLDZ”).
Following a two- month pause in drilling, two rigs were deployed in early February to commence
exploration drilling in the vicinity of the Fenelon gold deposit; a third drill has now been mobilized to
test newly identified gold targets along the SLDZ.
“Building on the multi -million-ounce resource we have already established at Fenelon and
Martiniere, our 2023 exploration program is targeting the discovery of new gold zones on the
Company’s highly prospective Detour -Fenelon Gold Trend land package,” said Attila Péntek,
Wallbridge’s Vice President, Exploration. “Positive drill results at Ripley, a satellite zone located
one kilometre south of the main Fenelon deposit, reinforce the potential for further discoveries
along the SLDZ, which remains largely untested towards the east and west. The upcoming drill
program will focus on testing extensions of the main host rocks and structures that control
known gold mineralized trends in this region using large-spaced drill step-outs.”
Results reported today (Table 1) successfully expanded the Ripley zone to the southwest and
support the potential for further gold mineralization along the SLDZ. These new drill results and
geological interpretation indicate potential folding of the host rocks immediately south of the Ripley
Zone, providing a high-priority drill target.
Ripley Zone Highlight Assay Results
FA-22-490 27.75 g/t Au over 1.50 metres,
FA-22-514 1.93 g/t Au over 12.50 metres, including
29.94 g/t Au over 0.50 metre;
FA-22-537 1.53 g/t Au over 16.50 metres, including
4.85 g/t Au over 3.00 metres;
FA-22-529 1.61 g/t Au over 12.20 metres, including
2.87 g/t Au over 3.20 metres;
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About the Ripley Zone
The Ripley Zone straddles the northern contact of the SLDZ, in contrast to the main Fenelon deposit,
which is located along the Jeremie Fault, a secondary splay of the S LDZ (see Figure 1). Agnico’s
Detour Lake Mine is also located along the northern edge of the SLDZ, emphasizing the importance
of this structural horizon.
Sporadic gold mineralization was first discovered at Ripley in the summer of 2019, following up on
the discovery of the Fenelon Area 51 and Tabasco/Cayenne Zones. The drilling program conducted
by Wallbridge in 2021-22 further delineated the mineralized footprint of the Ripley Zone. Systematic
drilling also revealed the continuity and pervasive nature of the gold mineralization.
The gold-bearing system at Ripley has now been traced for a lateral distance of over 750 metres,
and has only been tested down to a vertical depth of approximately 500 metres. Exploration potential
remains open in most directions, both laterally and at depth.
Important geological observations at Ripley also include the spatial proximity of gold mineralization
with Timiskaming-type sedimentary rocks. In the Southern Abitibi, such units are known to provide
excellent markers for structures that acted as mineralizing gold fluid pathways (e.g., Timmins and
Kirkland Lake gold camps) . This new information will be useful to define additional prospective
targets regionally.
2023 Drill Program
Very limited historic drill testing was conducted along the SLDZ outside a 1.5 kilometre strike length
corridor centered on the Ripley Zone (see Figure 2). Several targets were identified within a few
kilometres of the Ripley Zone that, based on geology and geophysics, are interpreted to be favorable
for the deposition of gold mineralization.
Wallbridge’s 2023 drilling strategy will aim to evaluate the extensions of known mineralized zones
using large -spaced step -outs. In addition, exploration drilling along the SLDZ will focus on
conceptual targets, including the potential folding of the Jeremie diorite intrusion immediately south
of the Ripley Zone.
The results reported in today’s press release are from 14 drill holes completed in 2022. All figures
and a table with drill hole information of recently completed holes are posted on the Company’s
website under “Current Program” at https://wallbridgemining.com/our-projects/fenelon-gold/.
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Figure 1. Detour-Fenelon Gold Trend
Figure 2. Fenelon Gold, Total Magnetic Intensity and Geology
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Figure 3. Fenelon Gold. A) Fenelon Plan View and B) Ripley Zone Plan View
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Figure 4. Ripley Zone West, Cross-Section, 150-metre corridor
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Table 1. Recent Drill Assay Highlights for Ripley Zone (1)
Drill Hole From To Length Au Au Cut(2) VG(3) Zone/Corridor
(m) (m) (m) (g/t) (g/t)
RIPLEY
FA-22-490 197.50 199.00 1.50 27.75 27.75 Ripley
FA-22-512 634.60 636.00 1.40 9.67 9.67 Ripley
FA-22-514 78.00 97.00 19.00 0.56 0.56 Ripley
FA-22-514 258.50 271.00 12.50 1.93 1.93 VG Ripley
Including… 261.20 261.70 0.50 29.94 29.94 VG Ripley
FA-22-516 No Significant Mineralization (4) Ripley
FA-22-519 108.70 110.90 2.20 3.92 3.92 Ripley
FA-22-522 No Significant Mineralization (4) Ripley
FA-22-525 817.50 819.00 1.50 6.23 6.23 Ripley
FA-22-527 430.00 434.50 4.50 1.56 1.56 Ripley
FA-22-527 479.50 481.00 1.50 7.32 7.32 Ripley
FA-22-528 319.50 324.00 4.50 1.49 1.49 Ripley
FA-22-529 376.00 388.20 12.20 1.61 1.61 Ripley
Including… 385.00 388.20 3.20 2.78 2.78 Ripley
FA-22-529 596.50 598.00 1.50 3.92 3.92 Ripley
FA-22-533 No Significant Mineralization (4) Ripley
FA-22-534 No Significant Mineralization (4) Ripley
FA-22-537 228.00 241.50 13.50 0.45 0.45 Ripley
FA-22-537 466.50 483.00 16.50 1.53 1.53 Ripley
Including… 475.50 478.50 3.00 4.85 4.85 Ripley
FA-22-537 532.70 533.55 0.85 7.35 7.35 Ripley
FA-22-538 No Significant Mineralization (4) Ripley
(1) Table includes only assay results received since the latest press release dated December 8 , 2022.
(2) Au cut at: 75 g/t Au for the Ripley Zone.
(3) Intervals containing visible gold ("VG").
(4) Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 0.45 g/t Au within the 2023
MRE open pit shell and 1.5 g/t Au for outside open pit shell.
Note: True widths are estimated to be 50-80% of the reported core length intervals.
Assay QA/QC and Qualified Persons
Drill core samples from the ongoing drill program at Fenelon are cut and bagged either on- site or
by contractors and transported to SGS Canada Inc. or Bureau Veritas Commodities Canada Ltd. for
analysis. Samples, standards and blanks are included 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
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ICP. At SGS and Bureau Veritas, 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 Lucas Briao Koth,
M.Sc., P.Geo., Senior Project Geologist of Wallbridge.
About Wallbridge Mining
Wallbridge is focused on creating value through the exploration and sustainable development of
gold projects along the Det our-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 Qué bec’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 properties, 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 approximate 830 km 2 exploration land package
controlled by Wallbridge. The Company believes that these two deposits have good potential for
economic developme nt, especially given their proximity to existing hydro- electric power and
transportation infrastructure. In addition, Wallbridge believes that the extensive land package is
extremely prospective for the discovery of additional gold deposits.
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.
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.
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]
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 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 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 herein includes, but is not limited to, statements regarding 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 mineral resource estimates (each an “ MRE”) at the Fenelon and Martiniere
properties (collectively 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 material ly 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 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 Compa ny 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 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 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.
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