Wallbridge Expands the Mineralized Footprint and Intersects Significant Gold Mineralization in Newly Tested Portion of Area 51 at Fenelon
Wallbridge Expands the Mineralized Footprint
and Intersects Significant Gold Mineralization
in Newly Tested Portion of Area 51 at Fenelon
TORONTO
,
Sept. 9, 2019
/CNW/ -
Wallbridge Mining Company Limited (TSX:WM, FWB: WC7)
("Wallbridge" or the "Company")
is pleased to announce several important discoveries and the
achievement of milestones that further demonstrate the large size potential of the Fenelon gold
system ("Fenelon" or the "Property").
Drill results extend the Cayenne zone to a depth of 700 metres, the Tabasco zone an additional 150
metres to the east and all known zones an additional 80 metres to the west-northwest. Furthermore,
strong, visible gold-bearing mineralization was discovered in a previously untested portion of Area
51, over 300 metres from the nearest drill hole.
"With over
42,000 m
drilled so far in 2019, we are on track to complete 70,000-80,000 metres by
the end of the year allowing us to do an initial assessment of the size potential of the gold system
and develop a robust strategy for our 2020 exploration program, which should exceed 100,000
metres of drilling" stated
Marz Kord
, President & CEO of Wallbridge Mining. "Our permitting process
is progressing towards receiving approvals for the start-up of small-scale, 400-500 tpd production
from the already-developed areas of the Main Gabbro zones by the second half of 2020 while the
continued success of our exploration drill program will support a maiden resource estimate for the
combined Fenelon gold system in early 2021."
Highlights of Recently Received Assay Results:
Cayenne zone
(see Fig.
1
&
2
)
19-0925-012:
8.04 g/t gold over 1.97 metres
, including
22.14 g/t gold over 0.47 metres
19-0955-005:
29.58 g/t gold over 1.58 metres
, including
106.00 g/t gold over 0.43 metres
19-0955-006:
26.67 g/t gold over 1.83 metres
, including
63.07 g/t gold over 0.66 metres
Naga Viper zone
(see Fig.
1
&
2
)
19-0985-002:
8.52 g/t gold over 1.35 metres
19-1035-014:
8.55 g/t gold over 2.28 metres
Area 51 corridor
FA-19-067:
A broad envelope of stockwork-style gold mineralization within and along the Jeremie Pluton grading
0.42 g/t gold over 236.67 metres
, which includes (see
Fig.
5
):
•
1.27 g/t gold over 27.21 metres
, with the following higher-grade sub-intervals:
4.91 g/t gold over 3.63 metres (
including
18.25 g/t gold over 0.75 metres)
and,
8.12 g/t gold over 1.82 metres
•
0.80 g/t gold over 19.94 metres
including
23.17 g/t gold over 0.48 metres
•
16.33 g/t gold over 0.75 metres
, and
•
1.29 g/t gold over 11.46 metres;
this zone is developed in the sediments along the contact
19-0925-008:
Stockwork-style gold mineralization within the Jeremie Pluton over an approximately 90 metre core length with vein intersections including
7.91 g/t gold over
0.66 metres, 5.16 g/t gold over 0.61 metres
and
1.79 g/t gold over 1.96 metres.
Additional in-fill sampling is currently underway.
Summary of Significant Drill Results
(since last
Wallbridge Press Release dated
August 07, 2019
)
:
FA-19-077:
Several mineralized zones, one containing visible gold, in the Area 51, Tabasco and Cayenne corridors (see Fig.
6
). Assay results are pending.
FA-19-078:
Network of visible gold-bearing veins over an approximately 220 metre core length within Area 51 starting near surface (see Fig.
6
).
FA-19-079:
Several mineralized zones in the Tabasco and Cayenne corridors. Area 51-style mineralization was also intersected over an approximately 100 metre core-
length at depth in a newly discovered buried portion of the Jeremy Pluton (see Fig.
5
). Assay results are pending.
FA-19-080:
Network of visible gold-bearing veins over an approximately 300 metre core length within Area 51 starting near surface. Several mineralized zones, two with
visible gold in the Tabasco and Cayenne corridors. This hole, along with -082 extend all known zones 80 metres to the west-northwest (see Fig.
3
). Assay
results are pending.
FA-19-081:
Several mineralized zones, one containing visible gold, in the Area 51, Tabasco and Cayenne corridors (see Fig.
6
). Drilling is currently underway and assay
results are pending.
FA-19-082:
Network of mineralized veins, one with visible gold, in the Area 51 corridor (see Fig.
3
). Drilling is currently underway and assay results are pending.
FA-18-044ext:
Extension of a 2018 drill hole from 652 to 1,015 metres depth. Several mineralized zones, one with visible gold, in a so far entirely untested portion of Area 51,
over 300 metres from the nearest drill hole (see Fig.
2
&
8
). Assay results are pending.
FA-18-047ext:
Extension of a 2018 drill hole from 620 to 1,000 metres depth. Several mineralized zones in the Tabasco and Area 51 corridors (see Fig.
7
). Assay results are
pending.
19-0915-005:
Network of mineralized veins, two with visible gold, over an approximately 100 metre core length in the Area 51 corridor (see Fig.
6
). Assay results are
pending.
"We've seen good continuity of the Tabasco zone, Cayenne zone and several mineralized structures
in Area 51 giving us confidence in our ability to convert the widely spaced intersections into
resources when completing our 2020 in-fill drill program." stated Attila Péntek, Vice President
Exploration of Wallbridge. "The discovery of high-grade mineralization within an entirely untested
portion of Area 51 and the proven existence of buried portions of the Jeremie Pluton far in the north,
open up an entirely new environment to host gold mineralization".
Three rigs are active on exploration drilling from surface, doing large-spaced step-outs to define the
footprint of the Fenelon gold system and two underground drill rigs are continuing to test the Naga
Viper, Cayenne and Tabasco zones near the existing mine workings as well as follow up drilling in
Area 51.
Assay results are reported below for the 2019 exploration drill program. Assay results are pending
for 28 surface drill holes and 50 underground holes, for a total of approximately 6,500 samples. The
Company is making all possible efforts to accelerate the sampling and assaying process and has
been working with the laboratory to implement several measures to ensure a faster turn-around time
of assay results.
A summary of the new drill hole results from the ongoing 2019 exploration drill program are reported
in Table 1 and shown on the
Figures
below. All figures and a table with drill hole information of
recently completed holes can be found on the
Company website
.
Table 1. Wallbridge Fenelon Gold Property 2019 Drill Assay Highlights
(1)
Drill Hole
From
To
From
To
Length
True
Width
Au
Au
Capped
(2)
VG
(3)
Zone/Corridor
(m)
(m)
(m)
(m)
(m)
(m)
(g/t)
(g/t)
19-0925-006
357.25
358.20
0.95
1.87
Area 51
19-0925-008
295.30
295.75
0.45
3.00
Area 51
19-0925-008
311.37
312.74
1.37
1.87
Area 51
19-0925-008
323.34
324.00
0.66
7.91
Area 51
19-0925-008
353.34
355.30
1.96
1.79
Area 51
19-0925-008
383.34
383.95
0.61
5.16
Area 51
19-0925-012
22.03
24.00
1.97
8.04
VG
Cayenne
19-0925-012
Including…
23.53
24.00
0.47
22.14
VG
Cayenne
19-0955-005
45.00
46.58
1.58
29.58
Cayenne
19-0955-005
Including…
46.15
46.58
0.43
106.00
VG
Cayenne
19-0955-006
52.75
54.58
1.83
26.67
Cayenne
19-0955-006
Including…
52.75
53.71
0.96
49.87
VG
Cayenne
19-0970-002
43.50
44.00
0.50
8.39
VG
Cayenne
19-0985-001
13.50
14.50
1.00
1.06
Cayenne
19-0985-002
95.25
96.60
1.35
8.52
VG
Naga Viper
19-0985-003
107.35
111.00
3.65
2.70
VG
Naga Viper
19-0985-004
125.60
128.70
3.10
2.11
Naga Viper
19-1000-001
No assays greater than 1g/t Au.
19-1000-002
106.50
112.50
6.00
1.84
Naga Viper
19-1000-005
94.78
95.17
0.39
1.28
Naga Viper
19-1000-006
111.59
112.16
0.57
3.44
VG
Naga Viper
19-1000-006
115.10
116.10
1.00
1.27
Naga Viper
19-1000-006
123.00
123.93
0.93
1.54
Naga Viper
19-1000-006
125.70
126.46
0.76
1.70
Naga Viper
19-1035-007
136.90
146.52
9.62
2.10
Naga Viper
19-1035-007
Including…
136.90
140.41
3.51
3.27
Naga Viper
19-1035-007
141.40
141.80
0.40
2.44
Naga Viper
19-1035-007
143.15
143.56
0.41
5.38
Naga Viper
19-1035-007
146.05
146.52
0.47
7.82
Naga Viper
19-1035-014
147.70
148.38
0.68
1.47
Naga Viper
19-1035-014
150.18
152.46
2.28
8.55
Naga Viper
19-1035-014
Including…
150.18
150.48
0.30
26.28
VG
Naga Viper
FA-19-065
810.45
815.26
4.81
1.81
Cayenne
FA-19-065
Including…
814.68
815.26
0.58
9.44
Cayenne
FA-19-067
90.86
91.58
0.72
3.10
Area 51
FA-19-067
130.79
132.27
1.48
1.25
Area 51
FA-19-067
145.04
146.05
1.01
2.15
Area 51
FA-19-067
218.79
246.00
27.21
1.27
Area 51
FA-19-067
Including…
218.79
222.42
3.63
4.91
VG
Area 51
FA-19-067
244.18
246.00
1.82
8.12
VG
Area 51
FA-19-067
260.10
261.44
1.34
1.64
Area 51
FA-19-067
276.00
276.87
0.87
1.29
Area 51
FA-19-067
279.94
280.78
0.84
1.16
Area 51
FA-19-067
306.48
306.96
0.48
23.17
Area 51
FA-19-067
325.05
326.42
1.37
2.13
Area 51
FA-19-067
366.00
366.75
0.75
16.33
VG
Area 51
FA-19-067
382.66
383.26
0.60
1.64
Area 51
FA-19-067
401.43
402.10
0.67
1.28
Area 51
FA-19-067
444.00
455.46
11.46
1.29
Area 51
FA-19-067
Including…
444.00
445.07
1.07
4.69
Area 51
FA-19-067
448.14
449.48
1.34
3.31
Area 51
FA-19-067
454.20
455.46
1.26
3.06
VG
Area 51
FA-19-067
499.92
500.75
0.83
6.11
Area 51
FA-19-067
523.54
527.83
4.29
1.09
Area 51
FA-19-067
Including…
527.28
527.83
0.55
6.99
Area 51
FA-19-067
543.74
544.74
1.00
1.54
Area 51
FA-19-067
566.65
567.81
1.16
1.21
Area 51
FA-19-067
594.50
595.46
0.96
1.43
Area 51
FA-19-067
598.15
599.21
1.06
1.35
Tabasco
FA-19-067
644.08
645.41
1.33
2.21
Cayenne
FA-19-067
679.81
680.20
0.39
1.27
VG
Cayenne
(1)
Table includes only highlight assay results received since the latest press release.
(2)
Au capped at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.
(3)
Intervals containing visible gold ("VG").
(4)
Currently not enough information available to estimate true width.
Fenelon 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 Martinière.
Secondary splays of the SLDZ transect the Property over two to four-kilometre strike lengths and
have controlled the emplacement of a significant gold system along the Jeremie Pluton and within a
mafic-ultramafic sill referred to as the Main Gabbro.
Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate
and a positive pre-feasibility study on the resource that existed in the Main Gabbro prior to any
drilling by the Company. Wallbridge has undertaken successful surface exploration drilling campaigns
in 2017, 2018 and 2019, and has recently completed an underground 35,000-tonne bulk sample at
Fenelon. Drilling to date has significantly extended existing zones, located additional parallel zones,
and discovered a new gold system associated to the Jeremie Pluton referred to as Area 51.
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 recently-completed 35,000-tonne bulk sample. Wallbridge is also pursuing
additional advanced-stage projects which would add to the Company's near-term project pipeline.
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]; Brian Penny, Chief Financial
Officer, Tel: (416) 716-8346, Email: [email protected]
CO: Wallbridge Mining Company Limited
CNW 07:30e 09-SEP-19