Wallbridge Produces Over 13,300 Ounces To Date From Fenelon Bulk Sample
Wallbridge Produces Over 13,300 Ounces To
Date From Fenelon Bulk Sample
TORONTO, Feb. 7, 2019 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB:WC7)
("Wallbridge" or the "Company") is pleased to announce continued positive results from ongoing
development and production as part of the 35,000-tonne bulk sample and underground exploration
program at its 100%-owned Fenelon Gold Property ("Fenelon" or "Property").
Highlights:
To date approximately 25,000 tonnes of ore with a reconciled average grade of 17.34 g/t gold
containing more than 14,000 ounces of gold has been processed at the Camflo Mill in four
separate mill runs.
More than 13,300 ounces of gold has been recovered and sold
Stope grades are meeting expectations, ranging from 10.55 to 33.32 g/t gold (See Table 1).
On target to achieve total bulk sample production of ~35,000 tonnes grading 19-22 grams per
tonne of gold for production of 21,000-24,000 ounces of gold.
Mill recoveries have reached 99%
The Loan with Auramet has now been reduced from US $8M to US $3M with the balance to be
paid by the end of February, 2019
"We are proud of our team for their excellent work in executing our bulk sample plans safely and
efficiently. The current bulk sample that started in the second quarter of 2018 will be completed this
quarter. We are planning for a very active 2019 program continuing after the completion of the
35,000-tonne bulk sample, which involves a total of 50,000 to 75,000 metres underground resource
expansion and surface exploration drilling while we advance our permitting activities," stated Marz
Kord, President & CEO of Wallbridge. "We are also pleased to have reduced our debt down to US
$3M. This loan will be paid by the end of February which will simplify our balance sheet."
Fenelon Bulk Sample Production Update
Following the dewatering of the pit and underground and rehabilitation of existing infrastructure, ramp
development began in mid-June which was quickly followed with first stope production in August.
Ramp development and the final level (5130 Level) were completed in January and the final stopes
are currently being mined.
Production from five stopes as well as low grade ore from 2004 bulk sample were processed at
Camflo mill from September 2018 to January 31, 2019. Wallbridge, in its original bulk sample plans,
included the historical low-grade ore as part of the first mill run while milling performance was
optimized. Lessons learned from the first mill run were applied to the next mill runs to achieve
remarkable recoveries of more than 98%.
The next mill run is scheduled for the second half of this month.
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"This bulk sample has provided Wallbridge with the opportunity to learn about mining methods,
productivities, costs, logistics and milling recoveries associated with the zones tested. The lessons
learned are being applied towards future plans and we are excited about moving this project forward
using our experience in de-risking the project. We are confident in our team and the achievements to
date and look forward to continued positive exploration results," stated
Frank Demers
, Vice-
President, Mining & Projects.
Table 1.
Fenelon Gold 2018/2019 Bulk Sample Summary Table to February 6,2019
Drift/Stope material
Mill Reconciled
Tonnes
Au g/t
Contained Au
Ounces
Recovered Au
Ounces
Recovery
Mill Run #
2004 Ore
(1)
2,277
4.23
310
248
80%
1
CH-01 Stope
4,823
16.23
2,516
2,013
80%
1 & 2
Development Ore
(2)
4,615
16.10
2,389
2,372
99%
1, 2, 3, & 4
NV-01 Stope
4,852
10.55
1,646
1,635
99%
2 & 3
CH-02 Stope
1,368
17.51
770
765
99%
NV-02 Stope
2,736
18.24
1,605
1,593
99%
NV-03 Stope
(2)
4,453
33.32
4,771
4,737
99%
4
Total to February 6, 2019
(2)
25,124
17.34
14,006
13,363
95%
NV-04/05 & Others
(3)
~10,000 t
25-35
8,000-11,300
7,800-11,000
98%
5
Total Estimated Bulk Sample
(3)
~35,000 t
19-22
22,000-25,000
21,000-24,000
98%
(1)
Ore from surface and underground stockpile left behind from the 2004 bulk sample
(2)
Estimated. Pending final reported numbers for Mill Run #4
(3)
Estimated. Production of last stopes currently underway
Fenelon Geology & Exploration
"The milling results for mill runs #2, #3 have reconciled extremely well with the grade estimates from
our grade control program at Fenelon, which is quite remarkable for this type of high-grade gold
mineralization. The preliminary results of mill run #4 were just received. In this mill run, we processed
our highest-grade stope so far and our mine grade call was slightly underestimating grade due to a
conservative high-grade capping approach. One of the most important outcomes of this bulk sample
is to refine our high-grade capping and block modeling approach based on the mill reconciled head
grades, thereby significantly improving future reserve grade estimates and de-risking future
production," stated Attila Péntek, Vice-President, Exploration of Wallbridge.
The 2018 underground and surface drill programs were completed before the holidays and drill rigs
were de-mobilized. Assay results of several drill holes are still pending and will be reported as they
are received in the next few weeks.
The 2019 drill program (50,000-
75,000 m
planned) will commence in Mid-February with the
mobilization of initially one underground and one surface drill rig. The 2019 underground resource
drilling will initially be carried out from the recently established 5130 level (~125 m depth) and will
target the main high-grade shoots down-plunge to
200 m
depth.
The development of an exploration drift is currently underway and will be completed by the end of
February. This drift will facilitate resource drilling to greater depth and along strike, including also the
Tabasco and Cayenne mineralized corridors, as well as the new deep mineralized system
discovered by the last drill hole of the 2018 program (FA-18-051, see
Wallbridge Press Release dated
January 15, 2019
).
The 2019 surface exploration drill program will follow known mineralized zones to 300-
400 m
depth
and test targets further away from the mine workings.
Figure 1: Fenelon Gold, 3D View
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 surface
exploration drilling campaigns and is currently drilling from underground as part of its 35,000-tonne
bulk sample at Fenelon. Drilling to date has significantly extended existing zones and discovered
several new parallel zones.
Drill core samples from the ongoing drill program at Fenelon were cut and bagged on site and
transported to SGS Canada Inc. Samples, along with standards, blanks, and duplicates included for
quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. laboratories.
Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106
microns. 50g samples are analyzed by fire assay and AAS. Samples >10g/t Au are automatically
analyzed by fire assay with gravimetric 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 vary from time to time due
to re-analysis for quality assurance and quality control.
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 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
. 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]; David Ellis, Investor Relations,
Tel: (416) 704-0937, Email: [email protected]
CO: Wallbridge Mining Company Limited
CNW 09:32e 07-FEB-19