Wallbridge Exploration Activities Remain Suspended in response to COVID-19
Wallbridge Exploration Activities Remain
Suspended in response to COVID-19
TORONTO
,
April 8, 2020
/CNW/ -
Wallbridge Mining Company Limited (TSX:WM, FWB: WC7)
("Wallbridge" or the "Company")
announced today that, in response to latest COVID-19 plans of
the Governments of
Ontario
and
Quebec
, Wallbridge's exploration activities, originally expected to
be suspended until
April 15, 2020
will remain suspended until at least
May 4, 2020
at its 100%
owned Fenelon gold project located in the Abitibi greenstone belt, Québec, as well as its operations
in
Ontario
. Limited care and maintenance operations aimed at protecting the facilities and
environment continue. The Company is also withdrawing its full-year 2020 exploration drilling
guidance of 100,000 to 120,000 metres to assess COVID-19's impact. Our drill contractors remain
prepared to continue drilling with six surface drill rigs as soon as site activities can be resumed.
To date, Wallbridge has had no suspected or confirmed cases of COVID-19, and has had a COVID-
19 protocol in place to protect its workforce. Workers impacted by the suspension of activities will
receive their base wages until
May 4, 2020
. Wallbridge, in these difficult times, thanks its workforce,
partners and all stakeholders for their understanding and support, and is looking forward to resuming
exploration activities when possible.
Wallbridge continues to maintain and advance its projects with staff working from home on
permitting, engineering studies, geologic interpretation & modelling and exploration targeting. The
assay laboratories are experiencing some delays, but are continuing to report assays which will be
released as they become available. All results of the ~ 26,000 metres of drilling completed so far in
2020 should be received within the next 4-6 weeks.
About Wallbridge Mining
The Company is currently developing its 100%-owned Fenelon Gold Property, which is located
proximal to the Sunday Lake Deformation Zone, in an emerging gold belt in northwestern
Quebec
with ongoing 100,000 to 120,000 metre exploration drill program in 2020 and a 33,500-tonne bulk
sample and 75,000 metres of drilling completed in 2019. Wallbridge is also pursuing additional
advanced-stage projects which would add to the Company's near-term project pipeline. Wallbridge
is also the operator of, and a 16.5% shareholder in, Loncan Canada Inc., a privately-held company
with a large portfolio of nickel, copper, and PGM projects in
Ontario's
Sudbury
Basin.
As announced in Wallbridge Press Release dated
March 02, 2020
, Wallbridge and Balmoral
Resources have entered into a definitive agreement, whereby Wallbridge will, among other things,
acquire all of the issued and outstanding shares of Balmoral, in an all-stock transaction. The
Balmoral
transaction secures for Wallbridge a buffer of several kilometres surrounding its rapidly
expanding Fenelon discovery providing room for growth, as well as future mine development
flexibility. The transaction also significantly expands Wallbridge's land holdings in
Quebec
along the
Detour Gold Trend (from 10.5 km
2
to 739.0 km
2
), improving the Company's potential for further
discoveries in this under-explored belt.
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 09:32e 08-APR-20