Wallbridge Intersects 24.61 g/t Gold over 15.00 Metres in the Lower Cayenne Zone, Opening Up New High-Grade Growth 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]
Wallbridge Intersects 24.61 g/t Gold over 15.00 Metres in the Lower Cayenne Zone,
Opening Up New High-Grade Growth Potential
Toronto, Ontario – August 11, 2020 – Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the
“Company”) is pleased to announce an intersection of 24.61 g/t Au over 15.00 metres from the Lower Cayenne Zone,
expanding the high-grade domain of this zone by 260 metres down-dip to a vertical depth of 825 metres.
The Company today reports partial assay results of two surface drill holes (FA-20-143 and -148), which are part of the
Company’s ongoing, fully-funded 100,000-metre 2020 drill program at its 1 00%-owned Fenelon Gold Property
(“Fenelon” or the “ Property”). Further assay results from th ese drill holes from intervals transecting Area 51 gold
mineralization are pending and will be released separately.
Highlights
Lower Cayenne high-grade domain expanded and showing excellent potential for growth:
FA-20-148 24.61 g/t Au (22.55 g/t Au cut) over 15.00 metres, including 71.37 g/t Au (61.04 g/t Au cut) over 3.00
metres and 29.38 g/t Au over 5.00 metres
This intersection 260 metres vertically below the previously re leased 17.58 g/t Au over 11.04 metres in
hole FA-19-059 (see Figs. 1, 2 and 3).
“This impressive gold intersec tion in hole FA-20-148 demonstrat es that Tabasco-style wide, high-grade domains are also
present in the Lower Cayenne Shear Zone”, stated Attila Péntek, Vice President Exploration of Wallbridge. “Being 260
metres below another strong intersection of Lower Cayenne in ho le FA-19-059, it opens up anot her parallel structure at
depth for high-grade resource growth potential. At a vertical d epth of 825 metres, this is also the deepest intersection of
high-grade and high (>200) metal factor gold mineralization so far at Fenelon.”
Note: Metal factor refers to the gold grade multiplied by core length in metres (Au g/t*metres)
2020 Drilling Program Update
As announced previously, exploration activities at Fenelon were temporarily suspended from March 23 to mid-May, 2020
due to COVID-19 restrictions. The program has been gradually re started in close consultation with the local communities
ensuring the safety of all stakeholders.
Currently, four of six drill rigs are focusing on expanding the Tabasco-Cayenne-Area 51 mineralization on the original
Fenelon Gold Property, carrying out a combination of 50-100-met re step-outs and tighter-spaced in-fill drilling. The
Company estimates approximately 80,000 metres of drilling will be completed as part of this program by year-end, with
approximately 46,000 metres completed to date.
The other two drill rigs are active on the newly-acquired porti on of Fenelon to follow-up on the Reaper and Ripley gold
discoveries made in 2019 and 2020 by Balmoral Resources Ltd. ( “Balmoral”), and to test the extensions of the Tabasco-
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Cayenne-Area 51 gold system onto this adjacent ground. Wallbridge is planning to complete approximately 20,000 metres
of drilling in 2020 on the newly-acquired ground, with over 9,000 metres completed to date.
Partial assay results of the two surface holes of the 2020 expl oration drill program are re ported in the Tables and Figures
below. All figures and a table with drill hole information of r ecently completed holes are posted on the Company’s
website under “Current Program” at https://www.wallbridgemining.com/s/fenelon.asp.
Figure 1. Fenelon Gold, Plan View
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Figure 2. Fenelon Gold, Cross Section 10275_E
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Figure 3. Fenelon Gold, Cayenne Zone Longitudinal Section
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Table 1. Wallbridge Fenelon Gold Property, 2020 Drill Assay Highlights, Tabasco‐Cayenne Zones [1]
Drill Hole From To Length Au Au Cut(2) VG(3) Zone/Corridor Section
(m) (m) (m) (g/t) (g/t)
FA‐20‐143 878.70 885.95 7.25 4.35 4.35 VG Tabasco 9900
Including… 881.20 883.00 1.80 11.00 11.00 VG Tabasco 9900
FA‐20‐143 904.00 905.00 1.00 12.39 12.39 VG Tabasco 9900
FA‐20‐143 966.00 984.00 18.00 1.83 1.83 VG Tabasco 9900
Including… 975.65 981.40 5.75 4.26 4.26 VG Tabasco 9900
FA‐20‐143 994.15 1001.15 7.00 1.19 1.19 VG Cayenne 9900
FA‐20‐148 884.00 908.50 24.50 1.92 1.92 VG Tabasco 10275
Including… 884.00 889.00 5.00 5.49 5.49 VG Tabasco 10275
And… 905.50 908.50 3.00 5.06 5.06 Tabasco 10275
FA‐20‐148 946.00 947.50 1.50 5.62 5.62 Tabasco 10275
FA‐20‐148 993.00 1008.00 15.00 24.61 22.55 VG Cayenne 10275
Including… 993.00 996.00 3.00 71.37 61.04 VG Cayenne 10275
And… 1001.00 1006.00 5.00 29.38 29.38 VG Cayenne 10275
(1) Table includes only highlight assay results received since the latest press release on Tabasco-Cayenne Zone results dated July 13, 2020.
(2) Au assays cut at 140 g/t
(3) Intervals containing visible gold ("VG").
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 ar e cut and bagged either on site or by contractors and
transported to either SGS Canada Inc. or ALS Canada Ltd. for an alysis. Samples, along with standards, blanks and
duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. or ALS
Canada Ltd. laboratories. Samples are crushed to 90% or 95% les s than 2mm. A 1kg riffle split is pulverized to >95%
passing 106 microns or 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS. At SGS, samples
>10g/t Au are automatically analyzed by fire assay with gravime tric 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 var y from time to time due to re-analysis for quality assurance
and quality control.
The Qualified Person responsible for the technical content of t his press release is Evan Slater, P.Geo., M.Sc., Senior
Project Geologist of Wallbridge.
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About Wallbridge Mining
Wallbridge is establishing a pipeline of projects that will sup port sustainable 100,000 ounce-plus annual gold production
as well as organic growth through exploration and scalability.
The Company is currently advanci ng the exploration and developm ent of its 100%-owned Fenelon Gold Property, which
is located along the Detour-Fenelon Gold Trend, an emerging gol d belt in northwestern Québec with an ongoing, fully
funded 100,000-metre exploration drill program in 2020.
As announced on May 22, 2020, Wallbridge has completed the Plan of Arrangement whereby the Company acquired all
of the issued and outstanding shares of Balmoral, in an all-sto ck transaction. The Balmoral transaction secures for
Wallbridge a buffer of several kilometres surrounding its rapid ly expanding Fenelon discovery providing room for
growth, as well as future mine development flexibility. The tra nsaction also significantly expands Wallbridge's land
holdings in Québec along the Detour-Fenelon 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.
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 17.8% share holder in, Loncan Canada Inc., a privately-held company
with a large portfolio of nickel, copper, and platinum-group metals (PGM) projects in Ontario's Sudbury Basin.
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]
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 meanin g 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 actua l
results, level of activity, performance or outcomes of such explor ation 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 resu lt
in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans cont inue
to be refined, the ability to execute planned exploration and fu ture drilling programs, the need for additional funding to cont inue
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 Fact ors" 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 ca use actual actions, events or results to differ
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materially from those described in forwar d-looking statements, there may be other fa ctors 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 revi se any forward-looking statements, whether as a result of new
information, future events or otherwise, save and except as may be required by appli cable securities laws. The forward-looking
statements contained herein are expressly qualified by this disclaimer.