Wallbridge Reports Strong Intercepts from the Area 51 Gold System at Fenelon
Wallbridge Reports Strong Intercepts from the
Area 51 Gold System at Fenelon
TORONTO
,
May 20, 2020
/CNW/ -
Wallbridge Mining Company Limited (TSX:WM)
("Wallbridge" or the "Company")
is pleased to announce that it continues to outline strong gold
mineralization over a 600 by 500 metre area within the Area 51 vein network, which occurs in the
hangingwall to the Tabasco-Cayenne shear system on its 100%-owned Fenelon Gold Property
("Fenelon" or the "Property") (see Fig.
1
).
The results announced today continue to show the grade characteristics typical of the Jérémie
Pluton-hosted Area 51 veins, allowing the future evaluation of various potential mining scenarios:
1. Potentially open pit bulk mineable intercepts in the 1-2 g/t range, including
1.70 g/t Au
over 58.50 metres
in FA-20-116,
1.01 g/t Au over 82.40 metres
in FA-20-113 and
2.06 g/t
Au over 38.50 metres
in FA-20-115;
2. Potentially underground bulk mineable intervals in the 2-10 g/t range, including
5.77 g/t Au
over 14.85 metres
in FA-20-116,
9.28 g/t Au over 6.50 metres
in FA-20-115, and
7.18 g/t
Au over 6.00 metres
in 19-915-020;
3. Potentially underground mineable intervals in the > 10 g/t range, including
19.55 g/t Au
over 4.10 metres
in FA-20-107,
307.74 g/t Au over 0.50 metre
in FA-20-118,
121.00 g/t
Au over 0.60 metre
in FA-20-128 and
78.21 g/t Au over 0.70 metre
in 19-0915-025;
"We continue to expand the Area 51 gold system, both east (now on section 10425) and West (now
on section 9825) with strong intersection both near surface and also at depth in close proximity to
the Tabasco zones. Geophysical information and initial drill results by
Balmoral
indicate that Area 51
mineralization may extend far into the surrounding
Balmoral
ground and we are looking forward to
discovering the extensions of this gold system on the soon-to-be consolidated land package with
drilling planned to start up there this summer," stated Attila Péntek, Vice President, Exploration of
Wallbridge. "The geologic interpretation and 3D modeling carried out by our geology team, working
remotely during this temporary suspension due to COVID-19, has provided us with a much-improved
understanding of the controls on gold mineralization in the Fenelon gold system. This will enable us
to better target these zones and evaluate potential mining scenarios."
Highlights
Andromeda Corridor
19-0915-020:
3.17 g/t Au over 9.00 metres
and
7.18 g/t Au over 6.00 metres
(see Fig.
8
);
19-0915-024:
2.18 g/t Au over 19.50 metres
, including
3.56 g/t Au over 7.50 metres
(see Fig.
9
);
19-0915-025:
78.21 g/t Au over 0.70 metre
(see Fig.
8
);
19-0915-026:
3.11 g/t Au over 10.15 metres
, including
23.26 g/t Au over 0.85 metres
(see Fig.
7
);
FA-20-108:
1.38 g/t Au over 29.25 metres
, including
4.30 g/t Au over 4.50 metres
(see Fig.
8
);
Enterprise & Interstellar Corridors
FA-19-097:
1.52 g/t Au over 42.12 metres
, including
2.39 g/t Au over 16.12 metres
(see Fig.
2
);
FA-20-115:
2.06 g/t Au over 38.50 metres
, including
9.28 g/t Au over 6.50 metres
(see Fig.
7
);
FA-20-116:
1.70 g/t Au over 58.50 metres
(together with Andromeda Zone 4) (see Fig.
9
), including
5.77 g/t Au over 14.85 metres
, which further includes
17.82 g/t Au over 4.50 metres
;
FA-20-118:
307.74 g/t Au over 0.50 metre
(see Fig.
3
);
Laika Corridor
FA-20-107:
19.55 g/t Au over 4.10 metres
(see Fig.
10
);
FA-20-129:
1.18 g/t Au over 28.55 metres
(see Fig.
7
);
MIB & Milky Way Corridors
FA-19-097:
1.18 g/t Au over 37.98 metres
, including
35.39 g/t Au over 0.70 metre
(see Fig.
2
);
FA-20-109:
1.53 g/t Au over 40.90 metres
, including
13.38 g/t Au over 2.25 metre
(see Fig.
3
);
FA-20-113:
1.01 g/t Au over 82.40 metres
, including
7.02 g/t Au over 2.40 metres
(see Fig.
4
);
FA-20-134:
1.07 g/t Au over 36.90 metres
, including
7.07 g/t Au over 2.10 metres
(see Fig.
4
);
Orion Corridor
FA-20-106:
2.22 g/t Au over 14.75 metres
(see Fig.
4
);
FA-20-107:
1.14 g/t Au over 22.05 metres
(see Fig.
10
);
FA-20-128:
1.71 g/t Au over 21.00 metres
and
121.00 g/t Au over 0.60 metre
(see Fig.
4
);
Titan Corridor
FA-20-110:
4.57 g/t Au over 5.40 metres
and
2.44 g/t Au over 13.50 metres
(see Fig.
5
);
FA-20-137:
1.18 g/t Au over 24.00 metres
, including
9.55 g/t Au over 1.50 metres
(see Fig.
5
);
19-970-007:
3.08 g/t Au over 9.40 metres
, including
5.17 g/t Au over 4.70 metres
(see Fig.
10
);
Area 51 Geologic Modelling
The Area 51 mineralization has now been modelled in detail based on available assay results and
other geologic observations collected (structural orientation of veins, vein density data, alteration
mapping, shear intensity), establishing 27 zones modelled and grouped into eight mineralized
corridors. These new models will enable Wallbridge to better target these zones and evaluate
potential mining scenarios. Geophysical information and initial drill results by
Balmoral
indicate that
the Area 51 mineralization may extend far into the
Balmoral
land package and will represent one of
the high priority targets for the 2020 drill program.
2019/2020 Drill Program
Prior to the
March 23, 2020
temporary suspension of drilling activities due to COVID-19, six drill rigs
were active on the Property: five were focusing on exploration drilling from surface with large-
spaced step-outs to define the footprint of the Fenelon Gold System, and one underground drill rig
was focused on more closely-spaced definition drilling of the Main Gabbro Zones near the existing
mine workings. A total of 75,000 metres were drilled in 2019, and a fully-funded 100,000 to 120,000
metres of drilling was originally planned for 2020. So far, up to the
March 23, 2020
temporary
suspension, a total of approximately 26,000 metres have been drilled this year. As previously
announced, exploration activity has resumed at Fenelon, initially with four surface drill rigs; the
Company now estimates completing between 70,000 and 80,000 metres of drilling in 2020.
Partial assay results of 23 surface holes and six underground holes of the 2019/2020 exploration drill
program are reported in Table 1 and
Figures
below. Further assays are pending for some of the drill
holes and intersections of the Tabasco-Cayenne shear system are reported in separate releases. All
figures and a table with drill hole information of recently completed holes can be found at
https://www.wallbridgemining.com/s/fenelon.asp
.
Table 1. Wallbridge Fenelon gold property 2019/2020 Drill Assay Highlights
(1)
Drill Hole
From
To
From
To
Length
Au
Au Cut
(2)
VG
(3)
Zone/Corridor
Section
(m)
(m)
(m)
(m)
(m)
(g/t)
(g/t)
19-0915-020
11.70
12.70
1.00
25.22
25.22
Area 51 - Interstellar Zone 2
10350
19-0915-020
345.20
354.20
9.00
3.17
3.17
Area 51 - Andromeda Zone 3
10350
19-0915-020
Including…
353.20
354.20
1.00
23.00
23.00
Area 51 - Andromeda Zone 3
10350
19-0915-020
389.80
396.59
6.79
1.51
1.51
Area 51 - Andromeda Zone 4
10350
19-0915-020
411.20
417.20
6.00
7.18
7.18
Area 51 - Andromeda Zone 4
10350
19-0915-024
230.25
231.55
1.30
5.30
5.30
Area 51 - Andromeda Zone 2
10350
19-0915-024
278.50
298.00
19.50
2.18
2.18
Area 51 - Andromeda Zone 2
10350
19-0915-024
Including…
278.50
281.55
3.05
3.78
3.78
Area 51 - Andromeda Zone 2
10350
19-0915-024
And…
285.00
292.50
7.50
3.56
3.56
Area 51 - Andromeda Zone 2
10350
19-0915-025
192.00
195.00
3.00
1.53
1.53
Area 51- Andromeda Zone 2
10350
19-0915-025
226.90
227.60
0.70
78.21
78.21
VG
Area 51- Andromeda Zone 3
10350
19-0915-026
339.80
347.90
8.10
1.39
1.39
Area 51 - Andromeda Zone 2
10350
19-0915-026
459.90
470.05
10.15
3.11
3.11
Area 51 - Andromeda Zone 2
10350
19-0915-026
Including…
466.15
467.00
0.85
23.26
23.26
Area 51 - Andromeda Zone 2
10350
19-0970-007
292.12
300.93
8.81
2.63
2.63
Area 51 - Laika Zone 1
10425
19-0970-007
Including…
292.12
295.80
3.68
5.93
5.93
Area 51 - Laika Zone 1
10425
19-0970-007
402.20
403.33
1.13
5.72
5.72
Area 51 - Laika Zone 3
10425
19-0970-007
499.30
508.70
9.40
3.08
3.08
VG
Area 51 - Titan Zone 1
10425
19-0970-007
Including…
499.30
504.00
4.70
5.17
5.17
VG
Area 51 - Titan Zone 1
10425
19-0970-009
440.70
442.20
1.50
7.64
7.64
Area 51 - Orion Zone 3
10425
FA-19-097*
54.40
55.03
0.63
8.61
8.61
Area 51 - Interstellar Zone 2
9825
FA-19-097*
100.30
142.42
42.12
1.52
1.52
Area 51 - Interstellar Zone 1 and Enterprise Zone 4
9825
FA-19-097*
Including…
100.30
110.30
10.00
2.41
2.41
Area 51 - Interstellar Zone 1
9825
FA-19-097*
And…
126.30
142.42
16.12
2.39
2.39
Area 51 - Enterprise Zone 4
9825
FA-19-097*
281.35
282.67
1.32
6.78
6.78
Area 51 -Milky Way Zone 3
9825
FA-19-097*
301.73
305.17
3.44
3.69
3.69
Area 51 - Milky Way Zone 2
9825
FA-19-097*
360.19
398.17
37.98
1.18
1.18
Area 51 - Milky Way Zone 1 and MIB Zone 3
9825
FA-19-097*
Including…
371.25
371.95
0.70
35.39
35.39
Area 51 - Milky Way Zone 1
9825
FA-19-097*
And…
396.80
398.17
1.37
11.48
11.48
Area 51 - MIB Zone 3
9825
FA-19-106
55.75
70.50
14.75
2.22
2.22
VG
Area 51 - Orion Zone 1
9975
FA-19-106
204.85
205.90
1.05
5.94
5.94
Area 51- Laika Zone 2
9975
FA-19-106
363.00
364.50
1.50
3.36
3.36
Area 51- Andromeda Zone 2
9975
FA-19-106
658.05
663.00
4.95
1.55
1.55
Area 51 - Milky Way Zone 2
9975
FA-20-107
135.20
137.20
2.00
4.26
4.26
Area 51 -New Zone
10425
FA-20-107
213.55
235.60
22.05
1.14
1.14
Area 51 - Orion Zone 3
10425
FA-20-107
Including…
235.00
235.60
0.60
16.23
16.23
Area 51 - Orion Zone 3
10425
FA-20-107
541.75
545.85
4.10
19.55
19.55
Area 51 - Laika Zone 1
10425
FA-20-107
584.30
589.10
4.80
1.41
1.41
Area 51 - Andromeda Zone 4
10425
FA-20-108
121.63
122.47
0.84
9.82
9.82
Area 51 - Orion Zone 4
10275
FA-20-108
550.85
580.10
29.25
1.38
1.38
VG
Area 51 - Andromeda Zone 4
10275
FA-20-108
Including…
561.35
564.45
3.10
3.42
3.42
Area 51 - Andromeda Zone 4
10275
FA-20-108
And…
575.60
580.10
4.50
4.30
4.30
VG
Area 51 - Andromeda Zone 4
10275
FA-20-108
602.15
611.75
9.60
1.02
1.02
Area 51 -Andromeda Zone 3
10275
FA-20-108
656.10
667.95
11.85
1.19
1.19
VG
Area 51 -Andromeda Zone 1
10275
FA-20-108
Including…
656.10
656.75
0.65
9.40
9.40
VG
Area 51 -Andromeda Zone 1
10275
FA-20-108
670.95
675.30
4.35
3.02
3.02
VG
Area 51 -Andromeda Zone 1
10275
FA-20-108
681.20
682.35
1.15
3.58
3.58
Area 51 -Andromeda Zone 1
10275
FA-20-108
691.35
698.60
7.25
2.08
2.08
Area 51 -Andromeda Zone 1
10275
FA-20-108
741.00
747.60
6.60
2.65
2.65
Area 51 -Interstellar Zone 2
10275
FA-20-108
Including…
746.45
747.60
1.15
10.55
10.55
Area 51 -Interstellar Zone 2
10275
FA-20-108
771.90
773.15
1.25
21.00
21.00
Area 51 -Interstellar Zone 2
10275
FA-20-108
797.80
799.25
1.45
3.47
3.47
Area 51 -Interstellar Zone 1
10275
FA-20-109
416.20
447.60
31.40
1.19
1.19
VG
Area 51 -Enterprise Zone 1
9900
FA-20-109
Including…
432.00
438.00
6.00
4.41
4.41
VG
Area 51 -Enterprise Zone 1
9900
FA-20-109
462.60
471.00
8.40
1.21
1.21
Area 51 -Milky Way Zone 3
9900
FA-20-109
549.65
589.90
40.25
1.54
1.54
VG
Area 51 -Milky Way Zone 1
9900
FA-20-109
Including…
560.15
563.00
2.85
4.83
4.83
VG
Area 51 -Milky Way Zone 1
9900
FA-20-109
And…
577.75
580.00
2.25
13.38
13.38
Area 51 -Milky Way Zone 1
9900
FA-20-109
612.25
617.70
5.45
3.81
3.81
VG
Area 51- MIB Zone 1
9900
FA-20-110*
192.00
197.40
5.40
4.57
4.57
Area 51 - Titan Zone 4
10050
FA-20-110*
265.50
279.00
13.50
2.44
2.44
VG
Area 51 - Titan Zone 1 and Laike Zone 3
10050
FA-20-110*
Including…
265.50
266.00
0.50
56.54
56.54
VG
Area 51 - Titan Zone 1
10050
FA-20-110*
601.00
607.00
6.00
3.21
3.21
Area 51 - Interstellar Zone 1
10050
FA-20-113
73.20
97.30
24.10
1.16
1.16
VG
Area 51 - Titan Zone 1 and Laika Zone 3
9975
FA-20-113
Including…
84.00
84.58
0.58
28.68
28.68
VG
Area 51 - Laika Zone 3
9975
FA-20-113
139.00
143.40
4.40
1.66
1.66
Area 51 - Laika Zone 2
9975
FA-20-113
150.00
151.05
1.05
6.85
6.85
Area 51 - Laika Zone 2
9975
FA-20-113
287.40
288.10
0.70
12.90
12.90
Area 51 - Andromeda Zone 2
9975
FA-20-113
454.20
459.60
5.40
2.17
2.17
Area 51 - Enterprise Zone 3
9975
FA-20-113
Including…
454.20
455.30
1.10
9.60
9.60
Area 51 - Enterprise Zone 3
9975
FA-20-113
480.05
495.79
15.74
0.97
0.97
Area 51 - Enterprise Zone 2
9975
FA-20-113
Including…
483.00
484.26
1.26
4.74
4.74
Area 51 - Enterprise Zone 2
9975
FA-20-113
585.10
667.50
82.40
1.01
1.01
Area 51 - Milky Way Zone 1&2 and 3
9975
FA-20-113
Including…
585.10
587.20
2.10
6.19
6.19
Area 51 - Milky Way Zone 3
9975
FA-20-113
And…
665.10
667.50
2.40
7.02
7.02
Area 51 - Milky Way Zone 1
9975
FA-20-113
795.00
796.90
1.90
3.00
3.00
Area 51 - MIB Zone 1
9975
FA-20-115
176.00
177.00
1.00
7.01
7.01
Area 51 - Titan Zone 1
10200
FA-20-115
426.80
439.00
12.20
1.59
1.59
VG
Area 51 - Andromeda Zone 1
10200
FA-20-115
Including…
438.00
439.00
1.00
13.40
13.40
Area 51 - Andromeda Zone 1
10200
FA-20-115
510.50
549.00
38.50
2.06
2.06
Area 51 - Interstellar Zone 2 & 1
10200
FA-20-115
Including…
510.50
517.00
6.50
9.28
9.28
Area 51 - Interstellar Zone 2
10200
FA-20-115
And…
548.00
549.00
1.00
10.25
10.25
Area 51 - Interstellar Zone 1
10200
FA-20-116
556.00
566.00
10.00
1.34
1.34
VG
Area 51 - Laika 3
10350
FA-20-116
617.50
676.00
58.50
1.70
1.70
VG
Area 51 -Andromeda Zone 1 and Interstellar Zone 3
10350
FA-20-116
Including…
661.15
676.00
14.85
5.77
5.77
VG
Area 51 - Interstellar Zone 3
10350
FA-20-116
Which Includes…
671.50
676.00
4.50
17.82
17.82
VG
Area 51 - Interstellar Zone 3
10350
FA-20-118
360.20
360.70
0.50
13.47
13.47
VG
Area 51 - Interstellar Zone 2
9900
FA-20-118
387.00
387.50
0.50
307.74
140.00
VG
Area 51 - Interstellar Zone 1
9900
FA-20-118
510.90
520.45
9.55
1.40
1.40
VG
Area 51 - Enterprise Zone 1
9900
FA-20-118
Including…
519.90
520.45
0.55
17.45
17.45
VG
Area 51 - Enterprise Zone 1
9900
FA-20-119
760.60
766.40
5.80
1.49
1.49
Area 51- Enterprise Zone 2
10125
FA-20-120
No significant assay results**
FA-20-121
67.00
68.50
1.50
5.54
5.54
Area 51- Andromeda Zone 2
9975
FA-20-123
160.90
163.30
2.40
6.93
6.93
Area 51- New Eastern Zone
10350
FA-20-123
Including…
162.30
163.30
1.00
16.50
16.50
Area 51- New Eastern Zone
10350
FA-20-123
612.20
614.40
2.20
8.28
8.28
VG
Area 51 - Titan Zone 1
10350
FA-20-123
Including…
613.80
614.40
0.60
14.59
14.59
VG
Area 51 - Titan Zone 1
10350
FA-20-123
724.15
728.00
3.85
2.31
2.31
VG
Area 51 - Laika Zone 1 and Andromeda Zone 4
10350
FA-20-123
774.00
789.70
15.70
1.00
1.00
Area 51 - Andromeda Zone 2
10350
FA-20-123
Including…
787.50
789.70
2.20
6.09
6.09
Area 51 - Andromeda Zone 2
10350
FA-20-124
121.00
141.00
20.00
1.12
1.12
VG
Area 51 - Andromeda Zone 2
9975
FA-20-124
Including…
137.00
141.00
4.00
3.93
3.93
VG
Area 51 - Andromeda Zone 2
9975
FA-20-124
Which includes…
137.00
137.50
0.50
21.00
21.00
VG
Area 51 - Andromeda Zone 2
9975
FA-20-124A
No significant assay results**
FA-20-127
360.15
365.00
4.85
1.13
1.13
VG
Area 51 -Titan Zone 2
10125
FA-20-127
457.65
460.40
2.75
2.56
2.56
Area 51 -Laika Zone 2
10125
FA-20-127
508.85
540.70
31.85
1.05
1.05
Area 51 -Andromeda Zone 4
10125
FA-20-127
691.85
693.00
1.15
8.84
8.84
Area 51 -Interstellar Zone 2
10125
FA-20-127
780.60
789.00
8.40
1.09
1.09
Area 51 -Enterprise Zone 4
10125
FA-20-128
94.50
115.50
21.00
1.71
1.71
Area 51- Orion Zone 2
9975
FA-20-128
Including…
100.50
103.50
3.00
5.72
5.72
Area 51- Orion Zone 2
9975
FA-20-128
166.60
167.20
0.60
121.00
121.00
VG
Area 51- Orion Zone 1
9975
FA-20-128
377.35
378.00
0.65
15.10
15.10
VG
Area 51- Laika Zone 2
9975
FA-20-128
393.00
393.60
0.60
17.92
17.92
VG
Area 51- Andromeda Zone 4
9975
FA-20-128
600.90
618.15
17.25
1.00
1.00
Area 51 - Interstellar Zone 1 and Enterprise Zone 4
9975
FA-20-128
697.00
697.95
0.95
5.61
5.61
Area 51- Enterprise Zone 4
9975
FA-20-128
747.10
748.35
1.25
4.90
4.90
Area 51 - Enterprise Zone 1
9975
FA-20-128
772.10
783.50
11.40
1.46
1.46
Area 51- Milky Way Zone 3
9975
FA-20-128
Including…
779.35
780.50
1.15
9.76
9.76
Area 51- Milky Way Zone 3
9975
FA-20-128
811.40
814.80
3.40
4.29
4.29
Area 51- Milky Way Zone 2
9975
FA-20-129
443.00
445.00
2.00
3.35
3.35
Area 51- Titan Zone 3
10200
FA-20-129
462.50
466.00
3.50
2.06
2.06
Area 51- Titan Zone 2
10200
FA-20-129
485.00
486.00
1.00
5.77
5.77
Area 51 - Titan Zone 1
10200
FA-20-129
571.00
599.55
28.55
1.18
1.18
VG
Area 51 - Laika Zone 1
10200
FA-20-129
Including…
588.50
599.55
11.05
2.52
2.52
VG
Area 51 - Laika Zone 1
10200
FA-20-132
161.50
172.20
10.70
1.26
1.26
VG
Area 51- Andromeda Zone 2
10050
FA-20-132
Including…
169.50
172.20
2.70
4.34
4.34
VG
Area 51- Andromeda Zone 2
10050
FA-20-133
567.00
570.00
3.00
8.00
8.00
Area 51 -Laika Zone 1
10125
FA-20-133
Including…
567.00
568.00
1.00
21.58
21.58
Area 51 -Laika Zone 1
10125
FA-20-134
86.10
89.00
2.90
2.10
2.10
Area 51-Orion Zone 4
9975
FA-20-134
173.35
179.30
5.95
1.93
1.93
Area 51- Orion Zone 2
9975
FA-20-134
Including…
178.70
179.30
0.60
10.40
10.40
Area 51- Orion Zone 2
9975
FA-20-134
210.60
211.30
0.70
8.30
8.30
Area 51- Orion Zone 1
9975
FA-20-134
921.20
930.50
9.3
1.43
1.43
VG
Area 51- Milky Way Zone 1
9975
FA-20-134
Including…
929
930.5
1.50
4.11
4.11
Area 51- Milky Way Zone 1
9975
FA-20-134
954.00
990.90
36.9
1.07
1.07
Area 51-MIB Zone 3
9975
FA-20-134
Including…
963.3
964.1
0.80
12.00
12.00
Area 51- MIB Zone 1
9975
FA-20-134
And…
977.25
979.35
2.10
7.07
7.07
Area 51- MIB Zone 1
9975
FA-20-137
102.00
126.00
24.00
1.18
1.18
VG
Area 51- Titan Zone 3
10050
FA-20-137
Including…
117.00
118.50
1.50
9.55
9.55
Area 51- Titan Zone 3
10050
(
1)
Table includes only assay results received since the latest press release on Area 51 results dated March 4, 2020.
(2)
Au cut at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.
(3)
Intervals containing visible gold ("VG").
* Results reported here are in addition to previously announced intervals from the same drill holes
** Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 1 g/t Au
Note: True widths are estimated to be 50-80% of the reported core length intervals.
About Fenelon
Fenelon is located along the Detour-Fenelon Gold Trend, an emerging gold belt in northwestern
Quebec
related to the Sunday Lake Deformation Zone. This major east-west structure in the
northern Abitibi greenstone belt hosts the Detour Lake mine and is very similar to other breaks
controlling world-class gold camps in the southern Abitibi, yet it remains underexplored due to thick
glacial cover.
At Fenelon, secondary splays of the Sunday Lake Deformation Zone have controlled the
emplacement of a significant gold system along and within the Jérémie Pluton. Historically,
exploration has focused on high-grade shear zones hosted in the Main Gabbro, where Wallbridge
completed a bulk sample of 33,500 tonnes grading 18.49 g/t gold.
In late 2018, exploration drilling discovered a new geologic setting with extensive vein- and shear-
hosted gold mineralization along and within the pluton, naming it Area 51. The 75,000-metre 2019
drill program has significantly expanded the footprint and depth extent of Area 51 as well as the
Tabasco and Cayenne shear zones, thereby demonstrating the large size potential of the Fenelon
gold system. The ongoing, fully funded 70,000 to 80,000-metre 2020 drill program (revised from
original 100,000 to 120,000-metre guidance due to COVID-19) is aiming to further define the size
potential of the deposit and complete in-fill drilling in support of a maiden 43-101 resource estimate.
Assay QA/QC and Qualified Persons
Drill core samples from the ongoing drill program at Fenelon are cut and bagged either on site or by
contractors and transported to either SGS Canada Inc. or ALS Canada Ltd. for analysis. 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% less 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 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 Person responsible for the technical content of this press release is
Evan Slater
,
P.Geo., M.Sc., Senior Project Geologist of Wallbridge.
About Wallbridge Mining
Wallbridge is establishing a pipeline of projects that will support sustainable 100,000 ounce-plus
annual gold production as well as organic growth through exploration and scalability.
The Company is currently developing its 100%-owned Fenelon gold property, which is located along
the Detour-Fenelon Gold Trend, an emerging gold belt in northwestern
Quebec
with an ongoing
70,000 to 80,000-metre exploration drill program in 2020 and a 33,500-tonne bulk sample and
75,000 metres of drilling completed in 2019. 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 16.5% shareholder in, Loncan Canada Inc., a privately-held company with a large
portfolio of nickel, copper, and PGM projects in
Ontario's
Sudbury
Basin.
As announced in Wallbridge press release dated
March 2, 2020
, Wallbridge and Balmoral
Resources Ltd.
("Balmoral")
have entered into a definitive agreement, whereby Wallbridge will,
among other things, acquire all of the issued and outstanding shares of Balmoral, in an all-stock
transaction. The
Balmoral
transaction secures for Wallbridge a buffer of several kilometres
surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future
mine development flexibility. The transaction also significantly expands Wallbridge's land holdings in
Quebec
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. As announced in Wallbridge
Press Release dated
May 8, 2020
, at a special meeting of
Balmoral
securityholders held on
May 7,
2020
,
Balmoral
securityholders voted overwhelmingly in favour of the resolution approving the
acquisition of
Balmoral
by Wallbridge by way of a plan of arrangement. On
May 13, 2020
,
Balmoral
announced that it has obtained the final order from the Supreme Court of
British Columbia
approving
the announced plan of arrangement with Wallbridge. It is currently anticipated that the
Balmoral
transaction will close on or about
May 22, 2020
, and that the
Balmoral
shares will be delisted from
trading on the Toronto Stock Exchange on or around
May 25, 2020
.
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, CPA, CMA, Chief
Financial Officer, Tel: (416) 716-8346, Email: [email protected]
CO: Wallbridge Mining Company Limited
CNW 07:30e 20-MAY-20