Wallbridge Grassroots Exploration Drilling Adds to Grasset Gold Potential
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]
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Wallbridge Grassroots Exploration Drilling Adds to Grasset Gold
Potential
Toronto, Ontario – January 18, 2024 – Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to report final assay results of
the inaugural 2023 drill program at its 100% -owned Grasset Gold property (“ Grasset Gold”),
which expanded the known gold mineralization discovered in the first holes reported on November
13, 2023.
Highlights
• First drill program by Wallbridge on a prospective 20-kilometre strike length of the Sunday
Lake Deformation Zone (“ SLDZ”) at Grasset Gold, identified multiple grassroots gold
occurrences under glacial overburden cover.
• Drilling along the northern contact of the SLDZ intersected gold mineralization in 12 of 20
holes over a 5- kilometre strike length (Hinge Zone and Targets G5 & G11) in a similar
geologic setting to Agnico Eagle’s Detour Lake mine.
• New assays received from the 2023 drill program expanded upon the gold mineralization
previously reported within the Hinge Zone (Targets G1 & G2) with intervals including 12.11
g/t Au over 0.50 metre and 4.99 g/t Au over 1.20 metres.
“Grasset Gold covers approximately 20-kilometres of strike length with favorable geology along
the northern contact of the SLDZ, a similar setting to the Company’s Fenelon and Martiniere Gold
deposits and Agnico Eagle’s Detour Lake mine,” said Attila Péntek, Wallbridge’s Vice President,
Exploration.
“We are encouraged by the widespread nature of gold mineralization intersected in 60% of the
drill holes in our inaugural program on the property , especially given the 50 to 80 metres of
overburden coverage. Today’s results build upon those of the previous news release and together
highlight the contact of the Timiskaming-like conglomerate basin and the mafic volcanics, which
now has been intersected over 5 k ilometres on the property, as an important control for gold
mineralization. We are now continuing to evaluate structures which have the potential to host
economic mineralization within this prospective environment.”
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]
118414887 v4
Figure 1. Wallbridge’s Detour-Fenelon Gold Trend land package
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]
118414887 v4
Figure 2. Grasset Gold Property, 2023 Exploration Drill Program, Plan View
Hinge Zone (Targets G1 & G2)
Results from holes GR-23-132, GR-23-133 and additional results for GR-23-130 further delineate
the gold mineralization at the Hinge Zone, which was discovered by the first drill hole testing this
target area, as reported in the Company’s ne ws release dated November 13, 2023. The zone is
hosted within T imiskaming-like sediments and mafic volcanics over a strike length of
approximately 600 metres and at shallow depths starting at the bedrock surface. This
mineralization is characterized by a broad envelope (up to 200 metres core length) of anomalous
gold values with discrete higher grade intervals, like the 1.17 g/t Au over 7.10 metres, including
12.11 g/t Au over 0.50 m in GR -23-132, and 4.99 g/t Au over 1.20 metre in GR -23-133 reported
today, and the previously released 1.22 g/t Au over 8.50 metres, incl uding 3.20 g/t Au over 2.50
metres in GR-23-130.
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Target G5
Target G5 is located 1 to 2 kilometres to the west of the Hinge Zone and shows a strong break in
the magnetic fabrics and a change in the geometry of the break. This represents a geologically
favorable area for gold deposition, with the previously released hole GR -23-119 intersecting
multiple gold-bearing intervals assaying up to 4.47 g/t Au over 1.00 metre.
GR-23-134, testing 800 metres west of GR -23-119 and 1.5 kilometres west of the Hinge Zone,
intersected anomalous gold mineralization within the same Timiskaming -like conglomerate with
up to 2.04 g/t Au over 1.50 metres returned.
Drillholes GR-23-128 and GR-23-131, drilled another 900 metres to the north-west of GR-23-134,
intersected wide intervals of intense shearing with elevated silicification and sulfide mineralization,
albeit with no significant gold grades. This zone of shearing was present in mafic volcanics north
of the Timiskaming- like conglomerate, with the contact having been intercep ted earlie r than
anticipated in the holes, suggesting this favorable geology is further to the south and remains to
be tested in the future.
Target G11
Two holes, GR-23-129A and GR-23-135, were drilled 2-3 kilometres further west of G5 to continue
testing the Timiskaming-like conglomerate basin closer to the Fenelon property. The two holes
were nearly completely within the conglomerate unit and intersected sporadic gold mineralization
up to 3.61 g/t Au over 1.50, intercepted by GR-23-129A.
Grasset Gold Exploration Program
The Grasset Gold exploration program predominantly focused on the intersection of a large fold-
structure with a flexure in the SLDZ, the main structure controlling gold mineralization along the
Detour-Fenelon Gold Trend.
The Grasset East Flexure target area consists of a large conglomerate-wacke basin (Timiskaming-
like) in contact with a thick sequence of mafic volcanic rocks. In the southern Abitibi, Timiskaming-
type sedimentary units are generally associated with regional-scale fault zones that acted as the
main ore-fluid pathways (Timmins and Kirkland Lake camps).
The 2023 drill program was designed to define the geological framework of the Grasset East
Flexure target area, and to test structures interpreted from recently collected high- resolution
airborne magnetic data.
The Grasset East Flexure target area was never drill tested in the past. Originally, the Company
intended to complete approximately 5,000 metres of diamond drilling on 11 targets over an area
of 4.5 kilometres by 3.5 kilometres (see Wallbridge release dated August 24, 2023).
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To further investigate this new mineralized area, the size of this inaugural drill program was
increased to approximately 10,750 metres in 20 drill holes, testing 10 of the originally identified
11 targets. Today, the Company reports final assay results from this program.
Table 1. Grasset Gold Property, Recent Expansion Drill Assay Highlights (1)
Drill Hole From To Length Au Au Cut(2) Zone/Corridor
(m) (m) (m) (g/t) (g/t)
Hinge Zone (Target G1 and G2)
GR-23-130 324.25 324.80 0.55 2.04 2.04 New Zone
GR-23-132 184.45 185.40 0.95 1.16 1.16 New Zone
GR-23-132 276.40 283.50 7.10 1.17 1.17 New Zone
Including… 283.00 283.50 0.50 12.11 12.11 New Zone
GR-23-132 300.20 300.70 0.50 2.23 2.23 New Zone
GR-23-133 88.00 89.20 1.20 4.99 4.99 New Zone
GR-23-133 159.00 161.50 2.50 1.02 1.02 New Zone
Target G5
GR-23-128 No Significant Mineralization
GR-23-131 No Significant Mineralization
GR-23-134 176.50 178.00 1.50 2.04 2.04 New Zone
Target G9
GR-23-122 No Significant Mineralization
Target G11
GR-23-129A 179.45 180.90 1.45 1.34 1.34 New Zone
GR-23-129A 429.00 430.50 1.50 3.61 3.61 New Zone
GR-23-135 311.50 312.50 1.00 1.16 1.16 New Zone
GR-23-135 591.00 592.50 1.50 1.27 1.27 New Zone
Note: There is currently insufficient information available from these new zones to estimate true widths of
intersections.
* Highlights previously released on November 13th, 2023
(1) Metal factor of at least 1.00 g/t*m and 1.00 g/t Au grade.
(2) Au cut: 25 g/t Au for New Zones.
Assay QA/QC and Qualified Persons
Drill core samples from the ongoing drill program on the Detour-Fenelon Gold Trend Property are
cut and bagged either on-site or by contractors and transported to SGS Canada Inc. for analysis.
Samples, including standards and blanks for quality assurance and quality control, were prepared
and analyzed at the SGS 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 AA S
or ICP. Samples >10g/t Au are autom atically analyzed by fire assay with gravimetric finish or
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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 Christopher
Kelly, M.Sc., P.Geo., Senior Geologist of 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 controlled by Wallbridge.
Wallbridge has reported a positive Preliminary Economic Assessment (“ PEA”) at Fenelon that
estimates average annual gold production of 212,000 ounces over 12 years (see Wallbridge press
release of June 26, 2023).
Wallbridge also holds a 15.9% 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.
For further information please visit the Company’s website at https://wallbridgemining.com/ or
contact:
Wallbridge Mining Company Limited
Attila Péntek, Ph.D., P.Geo.
Vice President, Exploration
Email: [email protected]
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: [email protected]
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
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statements that include, but are not limited to, 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”, “s hould”
or “might”, “be taken”, “occur” or “be achieved.”
FLI in this document may include, but is not limited to: statements regarding the Shelf Prospectus,
the effectiveness and timing thereof and any future offerings; the Company’s exploration plans;
the future prospects of Wallbridge; statements regarding the results of the Fenelon preliminary
economic assessment; the potential future performance of Archer common shares; future drill
results; the Company’s ability to convert inferred resources into measured and indicated
resources; parameters and methods used to est imate the MRE’s 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 materially different
from any future results, performance 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 contained 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 pl ace 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 MR Es and in the PEA; the ability of the Company to obtain required approvals;
geological, mining and exploration technical problems; and failure of equipment or processes to
operate as anticipated. 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
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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 are 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 resources 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.