Wallbridge Repays Debt with Auramet and Provides Updated Production Results from Last Mill Run
Wallbridge Repays Debt with Auramet and
Provides Updated Production Results from
Last Mill Run
TORONTO
,
Feb. 25, 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 at its 100%-owned Fenelon
Gold Property ("Fenelon" or the "Property").
Highlights:
To date approximately 25,000 tonnes of ore with a reconciled average grade of 18.19 g/t gold
containing close to 14,700 ounces of gold has been processed at the Camflo Mill in four
separate mill runs.
More than 14,000 ounces of gold have been recovered and sold
Stope grades are meeting expectations, ranging from 11 to 38 g/t gold (See Table 1).
The loan with Auramet has now been completely re-paid.
"The last press release of
February 7, 2019
reported the estimated gold ounces for the 4
th
mill run.
We are pleased to have received the final reconciliation of mill run #4 and as a result, approximately
700 more ounces than previously estimated were produced. We are currently working on the
delivery of the last 10,000 tonnes to the mill for processing which should be completed in the first
quarter of 2019," stated
Marz Kord
, President & CEO of Wallbridge. "We are also pleased that the
US
$8M
loan received from Auramet for the bulk sample has now been fully re-paid and we have
now simplified our balance sheet."
Fenelon Bulk Sample Production Update
Production from five stopes as well as low grade ore from a 2004 bulk sample was processed at
the 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%.
Table 1. Fenelon Gold 2018/2019 Bulk Sample Summary Table to February 21, 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
16.12
2,392
2,375
99%
1, 2, 3, & 4
NV-01 Stope
4,852
10.55
1,646
1,636
99%
2 & 3
CH-02 Stope
1,368
18.34
807
802
99%
NV-02 Stope
2,736
18.24
1,605
1,596
99%
NV-03 Stope
(2)
4,453
37.84
5,418
5,390
99%
4
Total to February 21, 2019
(2)
25,124
18.19
14,693
14,061
96%
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
20-23
23,000-26,000
22,000-25,000
98%
(1)
Ore from surface and underground stockpile left behind from the 2004 bulk sample
(2)
Final reported numbers for Mill Run #4
(3)
Estimated. Production of last stopes currently underway
Fenelon Geology & Exploration
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 metres planned) commenced last week with the mobilization
of one underground drill rig with one surface drill rig to follow at the end of the month. 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
February 21, 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
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 completed successful
surface exploration drilling campaigns in 2017 and in 2018 has commenced an underground 35,000-
tonne bulk sample at Fenelon, which should be completed in Q1 2019. Drilling to date has
significantly extended existing zones and discovered several new parallel zones. A substantial 2019
exploration and resource expansion drill program is currently underway.
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]; Brian Penny, Chief Financial
Officer, Tel: (416) 716-8346, Email: [email protected]
CO: Wallbridge Mining Company Limited
CNW 08:27e 25-FEB-19