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Wallbridge Intersects 5.07 g/t Au over 100.6 metres, including 29.03 g/t Au over 7.30 metres in the Tabasco-Cayenne Zones

Wallbridge Mining Company Limited
·18 min read

Figure 1

Fenelon Gold, Tabasco Long Section
Fenelon Gold, Tabasco Long Section
Fenelon Gold, Tabasco Long Section

Figure 2

Fenelon Gold, Plan View
Fenelon Gold, Plan View
Fenelon Gold, Plan View

Figure 3

Fenelon Gold, Cross Section 10050_E
Fenelon Gold, Cross Section 10050_E
Fenelon Gold, Cross Section 10050_E

Figure 4

Fenelon Gold, Cross Section 10125_E
Fenelon Gold, Cross Section 10125_E
Fenelon Gold, Cross Section 10125_E

Figure 5

Fenelon Gold, Cross Section 10200_E
Fenelon Gold, Cross Section 10200_E
Fenelon Gold, Cross Section 10200_E

TORONTO, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) is pleased to announce that assay results from the ongoing 100,000-metre 2020 drilling program on its 100%-owned Fenelon Gold Property (“Fenelon” or the “Property”) continue to establish the high-grade core of the Tabasco-Cayenne shear system with good gold grades over widths consistently measured in the tens of metres. This high-grade core forms a central portion of the larger shear corridor which has so far been drilled over a strike length of 800 metres and a vertical depth of 1,000 metres.

Fenelon Gold System In-fill and Expansion Drilling

The results from drill hole FA-20-181 reported today, fill in a large drilling gap in the core of the Tabasco-Cayenne zones and provide a strong, wide intersection with a much higher “metal factor” (grade multiplied by width = 510-gram metres of gold) than the nearest drill holes 40 to 60 metres away (see Figs. 1, 2 and 3):

FA-20-181

5.07 g/t Au (4.20 g/t Au Cut) over 100.6 metres, including

6.32 g/t Au over 35.10 metres, which further includes 16.26 g/t Au over 7.65 metres in the Tabasco Zone; and

29.03 g/t Au (17.03 g/t Au Cut) over 7.30 metres in the Cayenne Zone

“This intersection lines up well with the interpreted plunge of the high-metal factor domain and along with similar previous intersections, such as 4.84 g/t Au over 56.00 metres in FA-20-128 and 4.06 g/t Au over 51.70 metres in FA-20-134. We are beginning to outline a large area of good gold grades over tens of metres of true thickness including several higher grade shear zones indicating good optionality for future underground production scenarios, stated Attila Péntek, Vice President Exploration of Wallbridge.

Before intercepting the Tabasco and Cayenne Zones the drill holes pass through the Area 51 vein network located immediately to the south of Tabasco-Cayenne. Highlight intersections from Area 51 veins in these holes are as follows:

FA-20-181

2.69 g/t Au over 9.00 metres in the Titan Zone

92.60 g/t Au over 1.00 metre in the Laika Zone, and

1.33 g/t Au over 52.80 metres, including 6.87 g/t Au over 3.30 metres in the Andromeda Zone (see Figs. 2 and 4);

FA-20-185

11.88 g/t Au over 3.00 metres in the Enterprise Zone (see Figs. 2 and 3);

In-fill and expansion drill results continue to define the Fenelon Gold System in preparation for a maiden resource estimate anticipated for the third quarter of 2021, whereas exploration results are demonstrating the connection of the Fenelon Gold System to the Sunday Lake Deformation Zone (Fig. 2).

Assay results of seven drill holes and wedge cuts of the Fenelon Gold System in-fill and expansion drilling are released today, representing a total of approximately 5,200 metres (Table 1).

Fenelon Exploration Drilling

Results of the initial exploration drill program testing the connection of the Fenelon Gold System to the Ripley-Reaper area and the Sunday Lake Deformation Zone are also released today, representing approximately 10,000 metres (Table 2).

Thus far, the initial 13 holes drilled, have demonstrated Area 51-style mineralization with visible gold-bearing quartz-sulfide veining hosted by the Jeremie Diorite and surrounding sedimentary rocks throughout the approximately 800 by 500 metre area tested and consist of wide, low-grade zones containing higher grade veins, such as 0.80 g/t Au over 22.90 metres (including 10.74 g/t Au over 0.75 metres and 16.74 g/t Au over 0.75 metres) in FA-20-183, 0.65 g/t Au over 25.50 metres and 2.64 g/t Au over 6.00 metres in FA-20-187 and 1.56 g/t Au over 8.65 metres in FA-20-172 (see Fig 2).

Further drilling, especially at greater depth and along strike is required to test for higher grade Area 51-style mineralization and the potential extension of Tabasco-Cayenne-style high-grade shear zones into this large area between the currently known footprint of the Fenelon Gold System and the Sunday Lake Deformation Zone.

2020-2021 Drilling Program Update

To October 31, 2020, approximately 85,500 metres of the planned 100,000-metre 2020 drilling program have been completed at Fenelon. Currently, five of seven drill rigs are targeting the Fenelon Gold System (Tabasco-Cayenne-Area 51 mineralization), carrying out a combination of 50-100-metre step-outs and tighter-spaced in-fill drilling. Two drill rigs are actively exploring the connection of the Fenelon Gold System to the Ripley-Reaper area and the Sunday Lake Deformation Zone, as well as the extensions of the Tabasco-Cayenne corridor to the west.

Consideration has been given to increasing the scope and size of the 2020 and 2021 drilling programs to be able to fully assess the ultimate size potential of this rapidly growing gold system (see Wallbridge Press Release dated Oct 13, 2020). In 2021, the Company is planning to complete an approximately 150,000-metre drill program and working toward a maiden resource estimate at Fenelon, anticipated for the third quarter of 2021. Approximately 10-15% of the drilling program will be devoted to regional exploration on the Company’s district-scale, underexplored land package on the Detour-Fenelon Gold Trend.

Final assay results of 16 surface drill holes (FA-20-163, -164, -166-W1, -170, -172, -173, -174, -178, -179, -180, -182, -183, -184, -187, -189, and -194) and partial assay results of four surface drill holes (FA-20-176, -181, -184-W1 and -185) of the 2020 exploration drill program are reported in the Tables and s below. All figures and a table with drill hole information of recently completed holes are posted on the Company’s website under “Current Program” at https://www.wallbridgemining.com/s/fenelon.asp.

Figure 1. Fenelon Gold, Tabasco Long Section
https://www.globenewswire.com/NewsRoom/AttachmentNg/86ffef42-f63d-4bd6-a6cb-f58362c71d68

Figure 2. Fenelon Gold, Plan View
https://www.globenewswire.com/NewsRoom/AttachmentNg/5867c589-a49d-4690-80d5-1d5f59ffbeff

Figure 3. Fenelon Gold, Cross Section 10050_E
https://www.globenewswire.com/NewsRoom/AttachmentNg/43d64ebf-ff7e-4e5d-9330-bd6b4501ae9d

Figure 4. Fenelon Gold, Cross Section 10125_E
https://www.globenewswire.com/NewsRoom/AttachmentNg/2d73597b-defd-4dbb-b9dd-42f1aba957cf

Figure 5. Fenelon Gold, Cross Section 10200_E
https://www.globenewswire.com/NewsRoom/AttachmentNg/78e3443d-10b5-4876-9f7f-4b3dcf93228f

Table 1. Wallbridge Fenelon Gold Property 2020 Drill Assay Highlights (1)

Drill Hole

From

To

Length

Au

Au Cut(2)

VG(3)

Zone/Corridor

Section

(m)

(m)

(m)

(g/t)

(g/t)

FA-20-164

425.00

428.00

3.00

2.55

2.55

Area 51- Orion Zone 2 and 3

10200

FA-20-164

678.00

684.00

6.00

1.36

1.36

VG

Area 51- Titan Zone 1

10200

Including…

682.00

684.00

2.00

2.67

2.67

VG

Area 51- Titan Zone 1

10200

FA-20-164

827.50

841.00

13.50

1.96

1.96

VG

Area 51- Andromeda Zone 3
and 4

10200

Including…

832.00

833.00

1.00

9.54

9.54

VG

Area 51- Andromeda Zone 4

10200

And…

840.00

841.00

1.00

11.80

11.80

VG

Area 51- Andromeda Zone 3

10200

FA-20-164

992.00

996.30

4.30

3.71

3.71

VG

Area 51- Enterprise Zone 3
and 4

10200

Including…

993.80

994.35

0.55

25.10

25.10

VG

Area 51- Enterprise Zone 3
and 4

10200

FA-20-164

1036.90

1046.20

9.30

1.03

1.03

Tabasco

10125

FA-20-164

1111.10

1114.00

2.90

5.20

5.20

Cayenne

10125

FA-20-166-W1

No Significant Mineralization*

FA-20-176

707.30

711.85

4.55

2.52

2.52

VG

Area 51- Titan Zone 1 and
Laika Zone 3

10200

FA-20-176

918.00

919.00

1.00

29.60

29.60

VG

Area 51- Andromeda Zone 1 and
Interstellar Zone 3

10200

FA-20-181

178.00

187.00

9.00

2.69

2.69

VG

Area 51- Titan Zone 1 and 2

10125

Including…

181.00

182.50

1.50

6.85

6.85

Area 51- Titan Zone 1 and 2

10125

FA-20-181

264.00

265.00

1.00

92.60

92.60

Area 51- Laika Zone 2

10125

FA-20-181

328.00

380.80

52.80

1.33

1.33

Area 51- Laika Zone 1 to
Andromeda Zone 3

10125

Including…

377.50

380.80

3.30

6.87

6.87

Area 51- Andromeda Zone 3

10125

FA-20-181

684.00

684.50

0.50

26.40

26.40

Tabasco

10050

FA-20-181

699.00

799.60

100.60

5.07

4.20

VG

Tabasco

10050

Including…

699.00

734.10

35.10

6.32

6.32

VG

Tabasco

10050

And…

713.50

721.15

7.65

16.26

16.26

VG

Tabasco

10050

And…

792.30

799.60

7.30

29.03

17.03

VG

Tabasco

10050

FA-20-181

816.15

819.70

3.55

1.93

1.93

Tabasco

10050

FA-20-184

470.50

472.00

1.50

3.60

3.60

Area 51- Andromeda Zone 1 and 2

10275

FA-20-184

550.90

556.50

5.60

1.87

1.87

Tabasco

10275

Table 1. Wallbridge Fenelon Gold Property 2020 Drill Assay Highlights (1)

Drill Hole

From

To

Length

Au

Au Cut(2)

VG(3)

Zone/Corridor

Section

(m)

(m)

(m)

(g/t)

(g/t)

FA-20-181

816.15

819.70

3.55

1.93

1.93

Tabasco

10050

FA-20-184

470.50

472.00

1.50

3.60

3.60

Area 51- Andromeda Zone 1
and 2

10275

FA-20-184

550.90

556.50

5.60

1.87

1.87

Tabasco

10275

Including…

554.05

556.50

2.45

2.85

2.85

Tabasco

10275

FA-20-184

598.10

599.90

1.80

4.31

4.31

Tabasco

10275

Including…

598.10

598.85

0.75

6.80

6.80

Tabasco

10275

FA-20-184

635.00

639.60

4.60

2.31

2.31

Tabasco

10275

Including…

635.00

636.10

1.10

8.63

8.63

Tabasco

10275

FA-20-184-W1

403.05

418.20

15.15

1.06

1.06

Area 51- Andromeda Zone 2
and 3

10275

FA-20-185

632.50

635.50

3.00

11.88

11.88

Area 51- Enterprise Zone 2

9975

Including…

632.50

634.00

1.50

19.42

19.42

Area 51- Enterprise Zone 2

9975

FA-20-185

698.00

704.00

6.00

2.04

2.04

Area 51- Enterprise Zone 1
and Milky Way Zone 3

9975

FA-20-185

728.00

732.00

4.00

2.41

2.41

Tabasco

9975

FA-20-185

742.80

748.50

5.70

1.39

1.39

Tabasco

9975

FA-20-185

755.50

760.05

4.55

1.60

1.60

Tabasco

9975

FA-20-185

783.30

793.10

9.80

1.66

1.66

Tabasco

9975

Including…

784.50

785.55

1.05

5.40

5.40

Tabasco

9975


Table 2. Wallbridge Fenelon Gold Property (Newly acquired portion) 2020 Drill Assay Highlights (1)

Drill Hole

From

To

Length

Au

Au Cut(2)

VG(3)

Zone/Corridor

Section

(m)

(m)

(m)

(g/t)

(g/t)

FA-20-163

431.45

432.80

1.35

4.24

4.24

Area 51 South Extension

10725

FA-20-170

438.60

441.00

2.40

2.22

2.22

Ripley Zone

10725

FA-20-170

676.00

684.50

8.50

0.79

0.79

VG

Ripley Zone

10725

FA-20-172

346.70

347.50

0.80

6.13

6.13

Area 51 South Extension

10900

FA-20-172

384.30

386.00

1.70

5.26

5.26

VG

Area 51 South Extension

10900

FA-20-172

438.00

446.65

8.65

1.56

1.56

VG

Area 51 South Extension

10900

Including…

438.00

440.90

2.90

3.72

3.72

Area 51 South Extension

10900

Table 2. Wallbridge Fenelon Gold Property (Newly acquired portion) 2020 Drill Assay Highlights (1)

Drill Hole

From

To

Length

Au

Au Cut(2)

VG(3)

Zone/Corridor

Section

(m)

(m)

(m)

(g/t)

(g/t)

FA-20-172

493.60

495.00

1.40

2.19

2.19

Area 51 South Extension

10900

FA-20-173

No Significant Mineralization*

FA-20-174

No Significant Mineralization*

FA-20-178

416.50

419.50

3.00

2.19

2.19

Area 51 South Extension

10900

FA-20-178

446.50

449.00

2.50

1.61

1.61

Area 51 South Extension

10900

FA-20-179

No Significant Mineralization*

FA-20-180

188.20

189.95

1.75

4.15

4.15

VG

Area 51 South Extension

9825

Including…

189.20

189.95

0.75

7.40

7.40

Area 51 South Extension

9825

FA-20-180

255.25

256.00

0.75

7.17

7.17

Area 51 South Extension

9825

FA-20-180

586.10

586.85

0.75

16.60

16.60

VG

Area 51 South Extension

9825

FA-20-180

659.00

660.25

1.25

6.86

6.86

Area 51 South Extension

9825

FA-20-182

209.10

216.70

7.60

0.67

0.67

Area 51 West Extension

Including…

209.10

211.05

1.95

1.52

1.52

Area 51 West Extension

FA-20-183

339.40

362.30

22.90

0.80

0.80

VG

Area 51 South Extension

9750

Including…

339.40

340.15

0.75

10.74

10.74

VG

Area 51 South Extension

9750

FA-20-183

772.90

773.60

0.70

16.23

16.23

VG

Area 51 South Extension

9750

FA-20-187

337.00

362.50

25.50

0.65

0.65

Area 51 South Extension

10425

Including…

337.00

338.50

1.50

2.92

2.92

Area 51 South Extension

10425

And…

346.00

349.00

3.00

1.51

1.51

Area 51 South Extension

10425

FA-20-187

400.00

406.00

6.00

2.64

2.64

Area 51 South Extension

10425

FA-20-187

530.50

532.00

1.50

4.82

4.82

Area 51 South Extension

10425

FA-20-187

622.00

623.50

1.50

7.56

7.56

Area 51 South Extension

10425

FA-20-187

731.20

731.70

0.50

16.30

16.30

VG

Area 51 South Extension

10425

FA-20-189

113.50

115.00

1.50

3.07

3.07

Area 51 South Extension

10425

FA-20-194

No Significant Mineralization

*Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 1 g/t Au.
(1) Table includes only assay results received since the latest press release on Area 51 results dated Aug 13, 2020.
(2) Au cut at 140 g/t.
(3) Intervals containing visible gold ("VG").

Note: True widths are estimated to be 50-80% of the reported core length intervals.

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 currently advancing the exploration and development of its 100%-owned Fenelon Gold property, which is located along the Detour-Fenelon Gold Trend, an emerging gold belt in northwestern Québec. The Company is currently completing its 100,000-metre exploration drill program in 2020 and has plans for a fully-funded +150,000-metre drill program, as well as the commencement of a 10,000-metre underground development program in 2021.

The recent acquisition of Balmoral Resources has secured for Wallbridge a buffer of several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future mine development flexibility. This acquisition has also significantly expanded Wallbridge's land holdings in Québec along the Detour-Fenelon Gold Trend (from 10.5 km2 to over 900.0 km2), improving Wallbridge's potential for further discoveries for over 90-kilometre strike in this under-explored belt.

Wallbridge is also the operator of, and a shareholder in, Lonmin Canada Inc., a privately-held company with a large portfolio of nickel, copper, and platinum-group metals (PGM) projects in Ontario's Sudbury Basin.

This news release has been authorized by the undersigned on behalf of Wallbridge Mining Company Limited.

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: mkord@wallbridgemining.com

Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: vvargas@wallbridgemining.com

This press release may contain certain “forward-looking statements” within the meaning of applicable Canadian securities legislation relating to, among other things, the operations of Wallbridge Mining Company Limited (“Wallbridge” or “Company”) and the environment within which it operates. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding future plans and objectives of Wallbridge, future opportunities and anticipated goals, the company’s portfolio, treasury, management team, timetable to mineral resource estimation, permitting and the prospective mineralization of the properties, are forward-looking statements that involve various risks, assumptions, estimates and uncertainties. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved”. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predicted outcomes could differ materially from those contained in such statements. These risks and uncertainties include, but are not limited to, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other required approval, the actual results of current exploration activities, fluctuations in prices of commodities, fluctuations in currency markets, actual results of additional exploration and development activities at the Company’s projects, capital expenditures, the availability of any additional capital required to advance projects, accidents, or pandemic interruptions.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. These statements reflect the current internal projections, expectations or beliefs of the Company and are based on information currently available to the Company.

The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. The Company believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon by investors as actual results may vary.

Risks and uncertainties about Wallbridge’s business are more fully discussed in the disclosure material filed with the securities regulatory authorities in Canada and available on SEDAR under the Company’s profile at www.sedar.com. Readers are urged to read these materials and should not place undue reliance on the forward-looking statements contained in this press release.

Covid-19 - Given the rapidly evolving nature of the Coronavirus (COVID-19) pandemic, Wallbridge is actively monitoring the situation in order to continue to maintain as best as possible the activities while striving to protect the health of its personnel. Wallbridge' activities will continue to align with the guidance provided by local, provincial and federal authorities in Canada. The company has established measures to continue normal activities while protecting the health of its employees and stakeholders. Depending on the evolution of the virus, measures may affect the regular operations of Wallbridge and the participation of staff members in events inside or outside Canada.