Wallbridge Fully Funded to Complete Fenelon Gold Bulk Sample
Wallbridge Fully Funded to Complete Fenelon Gold Bulk Sample
TORONTO, May 1, 2018 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7)
("Wallbridge" or the "Company") is pleased to announce work on the 35,000-tonne bulk sample at its
Fenelon Gold Property is ahead of schedule and that the following milestones have been achieved:
All financing necessary to complete the bulk sample is now in place;
A 79 person camp has been established;
The existing pit and underground workings have been dewatered;
The underground mining contractor has mobilized to site and is beginning work; "Due to the hard work of
the team at Fenelon Gold, dewatering of the pit and underground as well as camp and contractor
mobilization was completed safely and successfully, slightly ahead of schedule. We are on track with our
plans to begin ore production in the third quarter of 2018," said Marz Kord, President and CEO of
Wallbridge. "The rehabilitation of the existing ramp and levels is expected to be completed in
approximately four weeks, at which time diamond drilling from underground and ramp development to
lower levels will be conducted concurrently. Drilling from the existing exploration drift on the 5210 level
will in-fill the current resource, delineate stopes as well as test extensions of the resource up and down
plunge in the top 150 metres. Deeper drilling will be completed later in the year from the 5150 and 5135
levels once those are developed."
Wallbridge has received the first advance under the $8M USD bridge loan (the "Auramet Loan") from
Auramet International LLC ("Auramet") (as previously disclosed in a press release dated March 27,
2018), for an amount of $3,200,000 USD. As a condition to the Auramet Loan, part of this amount was
used to repay the CAD$2.5M loan to William Day Holdings Limited, previously advanced to the Company
to purchase the Fenelon Gold Property.
As another condition to the Auramet Loan, Wallbridge will close, on or about May 2, 2018, a non-brokered
private placement through the issuance of 28,518,657 common shares ("Shares") of the Company at a
price of C$0.07 per Share for gross proceeds of $1,996,306 (the "Offering"). No finder fees or
commissions are being paid in connection with the Offering. William Day Holdings Limited ("William
Day") will acquire 27,142,857 Shares for total consideration to the Company of $1,900,000 (the
"Acquisition").
Prior to the Acquisition, William Day owned 27,652,050 Shares of the Company representing
approximately 9.35% of the issued and outstanding Shares of the Company. In addition, William Day
currently owns 11,722,050 additional Share purchase warrants. Following the Acquisition, William Day
will own 54,794,907 Shares of the Company representing approximately 16.98% of the issued and
outstanding Shares on a non-diluted basis, and approximately 19.89% on a partially diluted basis.
The Company's plans include the extraction of 35,000 tonnes of mineralized material with a grade ranging
between 18 g/t and 25 g/t from planned stopes within the first 125 metres from surface. Approximately
8,000 metres of underground drilling is planned in conjunction with the bulk sample. The majority of this
drilling is designed to expand the resource along strike and to depth. An additional 10,000 metre surface
drilling program is scheduled to start in the latter part of this year to follow known mineralized zones and
expand resources at depth and further away from the mine workings.
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 33 drill holes totalling 6,348 metres in three surface
exploration drilling campaigns at Fenelon. Drilling significantly extended existing zones and discovered
several new parallel zones (see Wallbridge press release dated December 13, 2017). Highlight
intersections from these programs included 260.4 g/t Au over 7.02 metres, 141.2 g/t gold over 7.06
metres and 311.1 g/t gold over 3.06 metres.
The Qualified Person responsible for the technical content of this press release is Marz Kord, P. Eng., M.
Sc., MBA, President and CEO of Wallbridge.
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 in 2018. 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. 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 active exploration for copper and gold in Jamaica and British Columbia
through its 11.5% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources
Limited).
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 with multimedia:
http://www.newswire.ca/en/releases/archive/May2018/01/c7111.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 07:30e 01-MAY-18