Wallbridge Provides Final Results of the Underground Bulk Sample at Fenelon Gold
Wallbridge Provides Final Results of the
Underground Bulk Sample at Fenelon
Gold
TORONTO, May 15, 2019 /CNW/ - Wallbridge Mining Company
Limited (TSX:WM, FWB:WC7) ("Wallbridge" or the "Company") is
pleased to announce final results from the bulk sample at its 100%-
owned Fenelon Gold Property ("Fenelon" or the "Property").
Highlights:
The bulk sample established the Fenelon Gold could be mined at
good grades using the relatively low cost bulk mining methods
Stope grades ranged from 10.94 to 38.33 g/t gold
33,233 tonnes of ore with a reconciled average grade of 18.49
g/t gold containing 19,755 ounces of gold were processed at the
Camflo Mill from the stopes in the bulk sample.
2,277 tonnes of low-grade ore left-over from previous operators
with a reconciled grade of 4.23 g/t gold were also processed.
All gold has been sold at average realized gold price of
CAD$1727.55 per ounce
The permitting process for a second bulk sample is underway.
Submissions to the Quebec government for full production
permits for the Fenelon Main Gabbro Zones will begin shortly.
"Completing the bulk sample provided valuable information while
generating positive cash flow to fund our 50,000 to 70,000 metre
exploration drill program at Fenelon," stated Marz Kord, President &
CEO of Wallbridge. "Overall, the bulk sample results met or exceeded
our initial projections in terms of grade and gold recovery. The last
stope experienced more dilution than anticipated because we tested a
larger stope by skipping a sub-level and increasing the stope height.
In addition, we applied the high-grade capping approach used in the
bonanza-grade NV-03 stope to this stope, which may have been too
aggressive for this specific part of the deposit. Together, these two
factors resulted in a lower than planned grade for this particular stope.
This learning is exactly the reason for doing a bulk sample; these
lessons provide valuable information for future mining practices.
Selective mining methods allowing narrower zones with less dilution
will be tested if a second bulk sample is granted."
"Our experience at Fenelon has given us the opportunity to
understand how best to approach developing the property," stated
Frank Demers, Vice President, Mining & Projects of Wallbridge. "As
we continue expanding our exploration efforts and ideally undertake a
second bulk sample, we will continue to broaden our understanding of
this deposit and maximize overall value. Some notable achievements
during this campaign include better than planned safety results, zero
environmental exceedances, underground development of nearly
2,100 meters and 25,000 meters of diamond drilling. We are proud of
our team and recognize the continued support of our stakeholders and
nearby communities as we implement our plans."
Fenelon Bulk Sample Production Update
Production from six stopes as well as low grade ore left-over from
previous operators were processed at the Camflo mill from September
2018 to April 19, 2019.
Table 1
Fenelon Gold 2018/2019 Bulk Sample Stopes Summary Table
Drift/Stope material
Mill Reconciled
Tonnes Au g/t Contained
Au Ounces
Recovered
Au Ounces Recovery Mill Run #
CH-01 Stope 4,823 16.82 2,608 2,120 81% 1 & 2
Development
Ore 4,615 16.03 2,378 2,362 99% 1, 2, 3, & 4
NV-01 Stope 4,852 10.94 1,706 1,696 99%
2 & 3 CH-02 Stope 1,368 18.34 806 802 99%
NV-02 Stope 2,736 17.99 1,582 1,572 99%
NV-03 Stope 4,453 38.33 5,488 5,450 99% 4
NV-04/05 Stope 10,386 15.53 5,186 5,035 97% 5
Total 33,233 18.49 19,755 19,037
Including the additional 2,277 tonnes of low-grade ore stockpile, the
reconciled grade of all material from the processing at Camflo facility
was 17.58 grams per tonne generating a total of 19,293 ounces of
gold produced.
Figure 1: Fenelon Gold, 3D View (CNW Group/Wallbridge Mining
Company Limited)
Figure 1: Fenelon Gold, 3D View
Fenelon Exploration
Fenelon 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. Fenelon
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. Wallbridge has undertaken successful surface
exploration drilling campaigns in 2017, 2018 and 2019, and has
substantially completed an underground 35,000-tonne bulk sample at
Fenelon. Drilling to date has significantly extended existing zones and
discovered several new parallel zones, including the Area 51
discovery.
The 2019 drill program (50,000-70,000 metres planned) is well
underway with four drill rigs. One underground drill rig is currently
active on tightly spaced resource drilling, completing 15-20 metre
step-outs on known mineralization within the main gabbro below the
2018/2019 bulk sample down to 250 metres vertical depth.
Additionally, One underground and two surface drill rigs are currently
active on exploration drilling, doing large-spaced step-outs to define
the footprint of the newly discovered Area 51 gold system which has
returned significant grades including 98.91 metres grading 2.81 g/t
gold (see Wallbridge Press Release dated April 23, 2019).
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
recently-completed 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]; Brian
Penny, Chief Financial Officer, Tel: (416) 716-8346, Email:
CO: Wallbridge Mining Company Limited
CNW 09:57e 15-MAY-19