TORONTO, July 13, 2020 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM) (Wallbridge” or the “Company) is pleased to report today the first assay results received since the resumption of activities after the suspension of work due to COVID-19, and provide an update of the ongoing, fully-funded 80,000-100,000 metre 2020 drill program at its 100%-owned Fenelon Gold Property (“Fenelon” or the “Property”).

Highlights

Main Gabbro in-fill drilling continues to define high-grade shoots near existing mine workings (see Fig. 1)
 
 20-1100-011:4.88 g/t Au over 18.95 metres, including 96.90 g/t Au over 0.70 metre in the Serrano Zone
   
 20-1100-010:5.84 g/t Au over 6.80 metres, including 37.70 g/t Au over 1.00 metre in the Serrano Zone
   
Tabasco-Cayenne step-out drilling extends mineralization over 100 metres down-plunge (see Fig. 2)
 
 FA-20-134:4.06 g/t Au over 51.70 metres. This intercept includes 8.41 g/t Au over 19.15 metres (which further includes 41.01 g/t Au over 3.65 metres) as announced in Wallbridge’s press release dated May 20, 2020, and new assay results including 4.44 g/t Au over 9.75 metres received since the resumption of activities after the COVID-19 suspension
   
Area 51 in-fill drilling continues to demonstrate near surface, potentially open pittable zones (see Figs. 3 and 4)
 
 FA-20-125:15.73 g/t Au over 3.00 metres in the Andromeda Zone
   
 FA-20-136:1.17 g/t Au over 38.50 metres, including 47.40 g/t Au over 0.50 metre in the Titan Zone
   
 FA-20-135:1.38 g/t Au over 16.70 metres, including 2.85 g/t Au over 4.70 metres in the Andromeda and Interstellar Zones
   
 FA-20-131:1.16 g/t Au over 16.50 metres, including 7.50 g/t Au over 1.50 metres in the Andromeda Zone

“We are excited to have ramped up the drilling program to six drill rigs again and thank all the employees, service providers and local communities for working together to safely execute our exploration activities in these challenging times amidst the COVID-19 pandemic,” stated Attila Péntek, Vice President Exploration of Wallbridge. “In addition to continuing our expansion and in-fill drilling in the Tabasco-Cayenne-Area 51 gold system, we are very pleased with the first results of our near surface in-fill drill program testing the Titan and Andromeda zones in Area 51. With several potentially bulk mineable zones showing good continuities near surface, as seen in figures 3 and 4 of this release, an open pit component to a future resource is starting to become more and more tangible. With approximately 15,000 metres of drilling completed since the resumption of drilling activities, the assay labs are again processing a pipeline of our samples and we are looking forward to a steady flow of assay results.”

2020 Drilling Program Update

As announced previously, exploration activities at Fenelon were temporarily suspended from March 23 to Mid-May, 2020 due to COVID-19. The program has been gradually restarted in close consultation with the local communities ensuring the safety of all stakeholders.

Currently, four of six drill rigs are focusing on expanding the Tabasco-Cayenne-Area 51 mineralization on the original Fenelon Gold Property, doing a combination of 50-100-metre step-outs and tighter-spaced in-fill drilling. The Company estimates approximately 80,000 metres of drilling will be completed as part of this program by year-end, with 35,000 metres completed to date.

The other two drill rigs are active on the newly-acquired portion of the Fenelon Gold Property to follow-up on the Reaper and Ripley gold discoveries made in 2019 and 2020 by the Balmoral Resources Ltd. (“Balmoral”) exploration team and to test the extensions of the Tabasco-Cayenne-Area 51 gold system onto this adjacent ground. Wallbridge is planning to complete approximately 20,000 metres of drilling in 2020 on the new ground acquired from Balmoral, with over 3,000 metres completed to date.

Assay results of 11 surface holes as well as 13 underground holes of the 2020 exploration drill program are reported in the Tables and Figures below. All figures and a table with drill hole information of recently completed holes can be found at https://www.wallbridgemining.com/s/fenelon.asp.

Figure 1. Fenelon Gold, Main Gabbro Longitudinal Section

https://www.globenewswire.com/NewsRoom/AttachmentNg/fe2a2041-3df5-4c96-8d05-6cb83cf6e41d

Figure 2. Fenelon Gold, Tabasco Shear System Longitudinal Section

https://www.globenewswire.com/NewsRoom/AttachmentNg/b22f3abc-6209-4d86-9af2-7f07763dcd62

Figure 3. Fenelon Gold, Cross Section 9975_E

https://www.globenewswire.com/NewsRoom/AttachmentNg/743f0c81-cca9-43ed-96b0-c6b32c413525

Figure 4. Fenelon Gold, Cross Section 10050_E

https://www.globenewswire.com/NewsRoom/AttachmentNg/f7d0e8f8-49bf-4d24-818a-ffd5017b9a61

 

Table 1. Wallbridge Fenelon Gold Property, Main Gabbro Zone, 2020 Drill Assay Highlights [1]
Drill HoleFromToLengthAuAu Cut(2)VG(3)Zone/CorridorSection
 (m)(m)(m)(g/t)(g/t)   
20-1080-003No Significant Mineralization(4)
20-1080-004No Significant Mineralization(4)
20-1080-0052.3021.5019.201.011.01 Serrano10575
Including…2.304.352.053.773.77 Serrano10575
And…20.0021.501.505.715.71 Serrano10575
20-1100-00447.4065.108.451.761.76 Serrano10650
Including…62.5565.102.554.194.19 Serrano10650
20-1100-005No Significant Mineralization(4)
20-1100-006No Significant Mineralization(4)
20-1100-007No Significant Mineralization(4)
20-1100-008No Significant Mineralization(4)
20-1100-009No Significant Mineralization(4)
20-1100-01058.365.16.805.845.84 Serrano10650
Including…58.359.31.0037.7037.70 Serrano10650
20-1100-01147.7566.718.954.884.88VGSerrano10650
Including…47.7548.450.7096.9096.90VGSerrano10650
And…5866.78.702.722.72 Serrano10650
20-1105-003No Significant Mineralization(4)

(1) Table includes only highlight assay results received since the latest press release on Main Gabbro Zone results dated May 19, 2020.

(2) Au assays cut at 140 g/t following InnovExplo’s 2016 Mineral Resource Estimate.

(3) Intervals containing visible gold (“VG”).

(4) 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

Table 2. Wallbridge Fenelon Gold Property, Tabasco-Cayenne 2020 Drill Assay Highlights [1]
Drill HoleFromToLengthAuAu Cut(2)VG(3)Zone/CorridorSection
 (m)(m)(m)(g/t)(g/t)   
FA-20-133966.00985.0019.001.601.60VGTabasco10125
Including…966.00968.004.005.565.56VGTabasco10125
And…983.00985.002.003.493.49VGTabasco10125
FA-20-1331013.451018.004.553.483.48 Cayenne10125
Including…1013.451014.551.109.949.94 Cayenne10125
FA-20-1341001.451053.1551.704.064.06VGTabasco9975
Including…(4)1001.451020.6019.158.418.41VGTabasco9975
Which Includes…(4)1001.451005.103.6541.0141.01VGTabasco9975
And…1043.401091.909.754.444.44VGCayenne9975

(1) Table includes only highlight assay results received since the latest press release on Tabasco-Cayenne Zone results dated May 20, 2020.

(2) Au assays cut at 140 g/t following InnovExplo’s 2016 Mineral Resource Estimate.

(3) Intervals containing visible gold (“VG”).

(4) Interval from 1001.45 to 1020.60m previously reported in Wallbridge Press Release dated May 20, 2020 “Wallbridge Expands Tabasco Cayenne Shear Zone Gold Mineralization at Fenelon”.

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

Table 3. Wallbridge Fenelon Gold Property 2019 & 2020 Drill Assay Highlights [1]
Drill HoleFromToLengthAuAu Cut(2)VG(3)Zone/CorridorSection
 (m)(m)(m)(g/t)(g/t)   
19-0970-008298.15301.73.551.601.60 Area 51- New Zone10425
FA-20-120A1557.301565.508.201.421.42 Area 51- Titan Zone 19900
Including…1557.301559.852.553.173.17 Area 51- Titan Zone 19900
FA-20-12569.0072.003.0015.7315.73 Area 51- Andromeda Zone 39975
Including…69.0070.501.5030.5030.50 Area 51- Andromeda Zone 39975
FA-20-125143.70150.006.301.411.41VGArea 51- Andromeda Zone 19975
Including…143.70144.300.607.257.25VGArea 51- Andromeda Zone 19975
Table 3. Wallbridge Fenelon Gold Property 2019 & 2020 Drill Assay Highlights [1]
Drill HoleFromToLengthAuAu Cut(2)VG(3)Zone/CorridorSection
 (m)(m)(m)(g/t)(g/t)   
FA-20-125175.00180.005.002.752.75 Area 51- Interstellar Zone 39975
Including…175.00176.001.0010.1010.10 Area 51- Interstellar Zone 39975
FA-20-130No Significant Mineralization(4)
FA-20-131114.95120.455.501.131.13VGArea 51- Andromeda Zone 29975
FA-20-131225241.516.501.161.16 Area 51- Interstellar Zone 29975
Including…225226.51.504.664.66 Area 51- Interstellar Zone 29975
And…240241.51.507.507.50 Area 51- Interstellar Zone 29975
FA-20-133924.00930.006.002.282.28VGArea 51- Milky Way Zone 310050
Including…924.00925.001.0011.7711.77VGArea 51- Milky Way Zone 310050
FA-20-135144.00160.7016.701.381.38VGArea 51- Andromeda Zone 1 and Interstellar Zone 310050
Including…156.00160.704.702.852.85VGArea 51- Andromeda Zone 1 and Interstellar Zone 310050
FA-20-13684.0085.501.506.446.44 Area 51- Titan Zone 410050
FA-20-136113.50152.0038.501.171.17VGArea 51- Titan Zone 3 & 410050
Including…113.50114.000.5010.2010.20VGArea 51- Titan Zone 3 & 410050
And…151.50152.000.5047.4047.40VGArea 51- Titan Zone 3 & 410050
FA-20-136188.30188.800.5011.6011.60VGArea 51- Titan Zone 110050
FA-20-136222.00223.501.504.604.60 Area 51- Laika Zone 310050
FA-20-14064.0065.501.503.993.99 Area 51- New Zone10275
FA-20-140114.00115.001.007.597.59 Area 51- New Zone10275
FA-20-141No Significant Mineralization(4)

(1) Table includes only highlight assay results received since the latest press release on Area 51 results dated May 20, 2020.

(2) Au assays cut at 140 g/t following InnovExplo’s 2016 Mineral Resource Estimate.

(3) Intervals containing visible gold (“VG”).

(4) 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

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 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 with an ongoing, fully funded 80,000 to 100,000-metre exploration drill program in 2020.

As announced on May 22, 2020, Wallbridge has completed the Plan of Arrangement whereby the Company acquired 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 Québec along the Detour-Fenelon Gold Trend (from 10.5 km2 to 739.0 km2), improving the Company’s potential for further discoveries in this under-explored belt.

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 17.8% shareholder in, Loncan Canada Inc., a privately-held company with a large portfolio of nickel, copper, and PGM projects in Ontario’s Sudbury Basin.

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
Tel: (289) 242-3599
Email: vvargas@wallbridgemining.com

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.