Wallbridge Intersects 2.55 g/t Gold Over 20.01 Metres Confirming Continuity of Gold-Bearing Structure at Beschefer
Wallbridge Intersects 2.55 g/t Gold Over 20.01
Metres Confirming Continuity of Gold-Bearing
Structure at Beschefer
TORONTO
,
March 13, 2019
/CNW/ -
Wallbridge Mining Company Limited (TSX:WM,
FWB:WC7) ("Wallbridge" or the "Company")
is pleased to announce positive results from its initial
drill program at the recently-optioned Beschefer gold property ("
Beschefer
" or "
Beschefer
Project
") in
Quebec
.
Highlights
The majority of assays from the Company's first drill program at the Beschefer Project,
consisting of five drill holes for a total of approximately 1,600 metres, have now been received.
All holes intersected significant gold mineralization in the B-14 shear zone, proving excellent
geological continuity of this gold-bearing structure:
BE-18-048:
2.55 g/t gold over 20.01 metres
, including
3.47 g/t gold over 10.28 metres
and
5.90 g/t gold over 2.16 metres
BE-18-049:
0.93 g/t gold over 20.25 metres
, including
2.05 g/t gold over 5.17 metres
BE-18-050:
1.28 g/t gold over 8.15 metres
BE-18-051:
3.40 g/t gold over 2.29 metres
BE-18-052:
1.45 g/t gold over 6.42 metres
and
0.84 g/t gold over 10.20 metres
Drill hole BE-18-049 also intersected a narrow, high-grade shear zone above the B-14,
assaying
20.22 g/t Au over 0.50 metres
. Further sampling of secondary shear zones above
the B-14 is currently underway.
"We are pleased with the assay results of our initial drill program confirming the presence of a very
continuous, up to
20 m
wide, gold-bearing structure," stated Attila Péntek, Vice-President,
Exploration of Wallbridge. "Even though we did not intersect high-grade domains in this structure like
some of the historic drilling, we certainly achieved our goal of proving the continuity and predictability
of the B-14 structure. As a next step, we are working on an updated 3D geological model of the
project to better understand the controls on gold deposition and are planning a more substantial drill
program to outline the high-grade domains and establish an initial resource."
About the Beschefer Project
The Beschefer Project covers 647 hectares and is located in the Northern Abitibi Greenstone Belt,
14 km east of the past-producing polymetallic Selbaie Mine, 45 km northeast of the Casa Berardi
Mine and 28 km from Wallbridge's Fenelon Gold Property. Historically, the area has mainly been
explored for volcanogenic massive sulfide deposits similar to the
Matagami
camp and the Selbaie
Mine.
Gold mineralization was discovered in the B-14 Zone in 1995 by Billiton Canada Inc. but the property
saw very limited exploration before the involvement of Excellon between 2011 and 2013. Excellon
completed approximately 17,000 metres of drilling, extending the B-14 mineralization down to almost
600 metres vertical depth, discovering the upper shear zone and intersecting the highest-grade
intersections on the property, including 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over 8.75
metres. Excellon's primary focus is on production and exploration at its Platosa Mine and Miguel
Auza Property in
Mexico
. Up to Wallbridge's current program there has been no exploration at
Beschefer since 2013.
Wallbridge entered into an option agreement to acquire 100% of Beschefer as part of its strategy of
building a gold production pipeline in the emerging Sunday Lake-Selbaie Belt (see
Wallbridge press release dated
October 17, 2018
).
A summary of the 2018 drill hole results is reported in the tables and
figures
below.
Table 1. Wallbridge Beschefer Property 2018 Surface Drill Assay Highlights
Drill Hole
From
To
From
To
Length
True
Width
Au
Zone
(m)
(m)
(m)
(m)
(m)
(m)
(g/t)
BE18-048
203.62
223.63
20.01
19.57
2.55
B-14
Including...
203.62
213.9
10.28
10.05
3.47
B-14
Which includes...
204.86
205.97
1.11
1.09
14.33
B-14
And...
221.47
223.63
2.16
2.12
5.90
B-14
BE-18-049
170.39
170.89
0.50
0.49
20.22
New Zone
BE-18-049
202.88
223.13
20.25
19.97
0.93
B-14
Including...
202.88
208.05
5.17
5.10
2.05
B-14
BE-18-050
314.85
323.00
8.15
8.15
1.28
B-14
BE-18-051
319.88
322.17
2.29
2.27
3.40
B-14
BE-18-052
320.65
327.07
6.42
6.05
1.45
B-14
BE-18-052
340.29
350.49
10.20
9.61
0.84
B-14
Table 2. Wallbridge Beschefer Property 2018 drill hole information
Drill Hole ID
UTM E
UTM N
Elevation
Length
(m)
Azimuth
Dip
Note
BE18-048
660630
5516088
280
249
353
-58
BE18-049
660630
5516088
280
249
348
-51
Further assays pending
BE18-050
660880
5516000
280
354
335
-51
BE18-051
660880
5516000
280
363
339
-59
BE18-052
660880
5516000
280
384
343
-71
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 35,000-tonne bulk sample. Wallbridge is also pursuing 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
. As part of
this strategy, the Company recently optioned the Beschefer Project, an advanced gold property with
proven size and grade-potential near Fenelon Gold. 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 08:20e 13-MAR-19