Wallbridge Continues to Define and Expand Area 51 Mineralization in the Fenelon Gold System


TORONTO, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) is pleased to report continuing positive drill results from Area 51 on Wallbridge’s 100%-owned Fenelon Gold Property (“Fenelon” or the “Property”). Results of the 75-metre step-out drilling have further extended the Area 51 gold zones to the west and southeast, while in-fill drilling in Area 51 continues to define the distribution of gold mineralization consisting of numerous narrow, high grade veins within vein network zones tens of metres in width.

“Our systematic step-out drilling is now revealing strong Area 51-style mineralization continuing to the west on the new drill section 9750E,” said Attila Péntek, Vice President, Exploration of Wallbridge. “The mineralization is wide open to the west towards the intersection in FA-20-160 approximately 400 metres away. Similarly, the intersection of the newly discovered Hubble zone on section 10425E provides continuity in the southeast and a possible connection to the Area 51 mineralization recently discovered all the way to the Sunday Lake Deformation Zone.”

Highlight intersections from step-out drilling to the west on Section 9750E (see Figs. 1 and 2) include:

  • 2.62 g/t Au over 25.00 metres, including
         12.48 g/t Au over 4.80 metres in FA-20-167
  • 5.02 g/t Au over 7.45 metres, including
         9.73 g/t Au over 3.50 metres in FA-20-171
  • 1.81 g/t Au over 55.00 metres, including
         3.73 g/t Au over 7.60 metres and
         24.91 g/t Au over 2.00 metres also in FA-20-171

Additional assay results from FA-20-160, an exploration hole drilled 400 metres west of section 9750E (previously reported as 106 g/t Au over 0.60 metres in Wallbridge Press Release dated Sept 08, 2020), now confirm a total intersection of 13.03 g/t Au over 5.35 metres, including the 106 g/t Au over 0.60 metres reported previously (see Fig. 1).

Highlight intersections from step-out drilling to the east on Section 10425E (see Figs. 1 and 9) include:

  • 1.13 g/t Au over 43.50 metres, including
         
    27.08 g/t Au over 1.00 metres in FA-20-146
  • 2.45 g/t Au over 11.35 metres, including
         
    4.60 g/t Au over 4.55 metres in the newly discovered Area 51 Hubble Zone in FA-20-153

Highlight intersections from in-fill and expansion drilling on Sections 9900E to 10350E include:

  • 1.53 g/t Au over 120.50 metres, including
         
    3.49 g/t Au over 24.00 metres, which includes 9.35 g/t Au over 5.00 metres, and
         2.45 g/t Au over 21.50 metres in FA-20-159-W1 (see Figs. 1 and 6)
  • 1.43 g/t Au over 37.45 metres, including
         
    47.70 g/t Au over 0.60 metres in FA-20-140 (see Figs. 1 and 7)
  • 1.44 g/t Au over 27.30 metres, including
         
    8.13 g/t Au over 3.85 metres in FA-20-138 (see Figs. 1 and 5)
  • 4.40 g/t Au over 9.15 metres, including
         
    25.6 g/t Au over 0.65 metres in FA-20-154 (see Figs. 1 and 4)
  • 10.03 g/t Au over 3.00 metres, including
         
    16.6 g/t Au over 1.50 metres in FA-20-152 (see Figs. 1 and 3)

“Our infill drilling in Area 51 continues to show the characteristics of potentially bulk mineable mineralization over large widths with the optionality of selective mining of higher grades from some of the zones,” stated Marz Kord, President and CEO of Wallbridge. “Further infill drilling will increase our understanding of the high-grade domains within the larger mineralized intervals, as we work toward a maiden resource estimate for the Fenelon gold system.”

2020 Drilling Program Update

To September 30, 2020 approximately 75,000 metres of the planned fully-funded 100,000-metre 2020 drilling program have been completed.  Currently, five of six drill rigs are focusing on expanding the Tabasco-Cayenne-Area 51 mineralization on the original Fenelon Gold Property, carrying out a combination of 50-100-metre step-outs and tighter-spaced in-fill drilling. The sixth drill rig is active on exploring the connection of the Tabasco-Cayenne-Area 51 gold system to the Ripley-Reaper Area and the Sunday Lake Deformation Zone. Consideration has been given to increase the scope and size of the planned 2020 and 2021 drilling programs to be able to fully assess the ultimate size potential of what is a rapidly growing gold system (see Wallbridge Press Release dated Oct 13, 2020).

Partial assay results of 16 surface drill holes (FA-20-138, -140, -144, -146, -147, -152, -153, 154, -155, -159, -159-W1, -160, -161, -167, -168, and -171) 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 are posted on the Company’s website under “Current Program” at https://www.wallbridgemining.com/s/fenelon.asp.

Figure 1. Fenelon Gold, Plan View
https://www.globenewswire.com/NewsRoom/AttachmentNg/e91505a4-452d-40ab-8d8c-7fee56d4f9b7

Figure 2. Fenelon Gold, 9750_E Cross Section
https://www.globenewswire.com/NewsRoom/AttachmentNg/a3ca1960-4c41-4491-b520-c06390a950f4

Figure 3. Fenelon Gold, 9900 Cross Section
https://www.globenewswire.com/NewsRoom/AttachmentNg/155a585a-29cf-4b36-89a4-ac9920779936

Figure 4. Fenelon Gold, 9975 Cross Section
https://www.globenewswire.com/NewsRoom/AttachmentNg/d2423fb8-e8b5-4588-bc4d-0688dc989c2c

Figure 5. Fenelon Gold, 10050 Cross Section
https://www.globenewswire.com/NewsRoom/AttachmentNg/ccd52bec-ba43-41a6-a1be-0393873dbf57

Figure 6. Fenelon Gold, 10200 Cross Section
https://www.globenewswire.com/NewsRoom/AttachmentNg/9ae9191a-6e75-4e54-828d-af20fd53c950

Figure 7. Fenelon Gold, 10275 Cross Section
https://www.globenewswire.com/NewsRoom/AttachmentNg/c53d9fdc-8710-42cb-b5d6-5f2cd7a7e94e

Figure 8. Fenelon Gold, 10350 Cross Section
https://www.globenewswire.com/NewsRoom/AttachmentNg/af33c542-1d03-4b85-bd7e-3e443f1f48b0

Figure 9. Fenelon Gold, 10425 Cross Section
https://www.globenewswire.com/NewsRoom/AttachmentNg/6659d040-2a4e-48d0-8cb0-140ed90c55a5


Table 1. Wallbridge Fenelon Gold Property 2020 Drill Assay Highlights (1)
Drill HoleFromToLengthAuAu Cut (2)VG(3)Zone/CorridorSection
 (m)(m)(m)(g/t)(g/t)   
FA-20-13888.50115.8027.301.441.44VGArea 51- Titan Zone 310050
Including…96.55100.403.858.138.13VGArea 51- Titan Zone 310050
FA-20-138154.80160.906.101.401.40VGArea 51- Titan Zone 110050
Including…160.20160.900.708.808.80VGArea 51- Titan Zone 110050
FA-20-140622.75660.2037.451.431.43 Area 51- Laika Zone 1 & 210275
Including…643.80644.400.6047.7047.70 Area 51- Laika Zone 1 & 210275
And…646.30654.708.401.411.41 Area 51- Laika Zone 1 & 210275
FA-20-140751.00762.0011.006.806.80 Area 51- Andromeda Zone 210275
Including…751.00753.002.0035.8135.81 Area 51- Andromeda Zone 210275
FA-20-140794.60795.350.759.159.15VGArea 51- Andromeda Zone 110275
FA-20-140817.85822.905.051.861.86 Area 51- Interstellar Zone 310275
Including…821.90822.901.005.315.31 Area 51- Interstellar Zone 310275
FA-20-140840.80841.801.005.815.81 Area 51- Interstellar Zone 310275
FA-20-140860.55861.551.009.549.54 Area 51- Interstellar Zone 210275
FA-20-144345.85347.501.654.794.79 Area 51- Hubble Zone10350
FA-20-144491.50503.5012.001.121.12 Area 51- Orion Zone 310350
Including…502.00503.501.504.344.34 Area 51- Orion Zone 310350
FA-20-144820.00862.5042.501.091.09VGArea 51- Andromeda Zone 3 & 410275
Including…847.00849.002.009.139.13VGArea 51- Andromeda Zone 3 & 410275
And…862.00862.500.5017.8317.83VGArea 51- Andromeda Zone 3 & 410275
FA-20-146227.70235.507.801.331.33VGArea 51- Hubble Zone 10425
Table 1. Wallbridge Fenelon Gold Property 2020 Drill Assay Highlights (1)
Drill HoleFromToLengthAuAu Cut (2)VG(3)Zone/CorridorSection
 (m)(m)(m)(g/t)(g/t)   
FA-20-146686.50730.0043.501.131.13VGArea 51- Titan 1 & Laika Zone 310425
Including…713.50714.501.0027.0827.08VGArea 51- Titan 1 & Laika Zone 410425
FA-20-146830.50832.001.504.324.32 Area 51- Andromeda Zone 210425
FA-20-147No Significant Mineralization*
FA-20-15288.5091.503.0010.0310.03 Area 51- Orion Zone9900
Including…88.5090.001.5016.6016.60 Area 51- Orion Zone9900
FA-20-153246.80258.1511.352.452.45VGArea 51- Hubble Zone10425
Including…249.55254.104.554.604.60VGArea 51- Hubble Zone10425
FA-20-153278.50279.751.252.912.91 Area 51- Hubble Zone10425
FA-20-153569.10583.0013.901.461.46VGArea 51- Orion Zone 2 & 310425
Including…581.20583.001.806.466.46VGArea 51- Orion Zone 2 & 310425
FA-20-153708.00709.901.904.674.67 Area 51- Titan Zone 310425
FA-20-154996.201005.359.154.404.40 Area 51- Enterprise Zone 2 & 39975
Including…996.75999.502.757.007.00 Area 51- Enterprise Zone 2 & 39975
And…1004.701005.350.6525.6025.60 Area 51- Enterprise Zone 2 & 39975
FA-20-155467.50469.001.506.796.79 Area 51- Titan 1 & Laika Zone 310200
FA-20-155483.00490.007.000.970.97 Area 51- Laika Zone 210200
FA-20-155505.00507.002.002.292.29VGArea 51- Laika Zone 210200
FA-20-155535.00594.1559.151.061.06VGArea 51- Laika 1 & Andromeda 210200
Including…547.00559.0012.001.971.97 Area 51- Laika 1 & Andromeda 410200
And...572.50594.1521.651.451.45VGArea 51- Andromeda Zone 3 10200
FA-20-155649.00665.5016.501.061.06 Area 51- Andromeda Zone 110200
Table 1. Wallbridge Fenelon Gold Property 2020 Drill Assay Highlights (1)
Drill HoleFromToLengthAuAu Cut(2)VG(3)Zone/CorridorSection
 (m)(m)(m)(g/t)(g/t)   
         
Including…653.40655.001.608.538.53 Area 51- Andromeda Zone 110200
FA-20-159513.00520.507.502.362.36VGArea 51- Laika Zone 2 & 310200
Including…513.00517.004.004.014.01 Area 51- Laika Zone 2 & 410200
FA-20-159555.00556.001.005.105.10VGArea 51- Laika Zone 110200
FA-20-159-W1539.00659.50120.501.531.53VGArea 51- Laika Zone 2 to Andromeda Zone 210200
Including…558.50582.5024.003.493.49VGArea 51- Laika Zones 1 & 210200
Which includes…577.50582.505.009.359.35VGArea 51- Laika Zone 1 & Andromeda Zone 410200
And...638.00659.5021.502.452.45VGArea 51- Andromeda Zones 3 & 410200
FA-20-159-W1721.00743.5022.501.221.22VGArea 51- Andromeda 1 & Interstellar 310200
Including…721.00722.551.554.544.54VGArea 51- Andromeda 1 & Interstellar 310200
And…734.50736.001.504.814.81 Area 51- Andromeda 1 & Interstellar 310200
FA-20-160508.00513.355.3513.0313.03VGArea 51 West Extension9375
Including…512.75513.350.60106.00106.00VGArea 51 West Extension9375
FA-20-160606.00609.003.001.051.05 Area 51 West Extension9375
FA-20-161270.25272.201.955.905.90 Area 51- Orion Zone 29975
Including…271.35272.200.8510.2510.25 Area 51- Orion Zone 29975
FA-20-161602.85612.609.751.191.19VGArea 51- Andromeda Zone 49975
FA-20-166-W2716.20717.801.6012.9312.93VGArea 51- Laika Zone 1 & 210050
FA-20-167286.95287.750.806.416.41 Area 51- Andromeda Zone 3 & 49750
FA-20-167322.00323.501.509.609.60 Area 51- Andromeda Zone 2 & 39750
Table 1. Wallbridge Fenelon Gold Property 2020 Drill Assay Highlights (1)
Drill HoleFromToLengthAuAu Cut (2)VG(3)Zone/CorridorSection
 (m)(m)(m)(g/t)(g/t)   
FA-20-167357.80380.2522.451.021.02VGArea 51- Andromeda Zone 1 & 29750
Including…357.80362.754.952.882.88VGArea 51- Andromeda Zone 1 & 29750
Which includes…357.80358.450.6514.6014.60VGArea 51- Andromeda Zone 1 & 29750
And…379.00380.251.255.655.65 Area 51- Andromeda Zone 1 & 29750
FA-20-1671075.501100.5025.002.622.62 Area 51- New Zone9750
Including…1075.501080.304.8012.4812.48 Area 51- New Zone9750
FA-20-16889.0097.508.501.751.75 Area 51- Orion Zone 49900
Including…89.0091.502.502.822.82 Area 51- Orion Zone 49900
And…96.0097.501.504.804.80 Area 51- Orion Zone 49900
FA-20-168163.75166.702.957.667.66VGArea 51- Orion Zone 2 & 39900
FA-20-171418.65473.6555.001.811.81VGArea 51- Interstellar Zone 39750
Including…435.30442.907.603.733.73VGArea 51- Interstellar Zone 49750
And…460.00462.002.0024.9124.91VGArea 51- Interstellar Zone 59750
FA-20-171719.00726.457.455.025.02 Area 51- Milky Way Zone 1 & 29750
Including…720.00723.503.509.739.73 Area 51- Milky Way Zone 1 & 29750

*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 Christopher Kelly, P.Geo., B.Sc., 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 with an ongoing, fully-funded 100,000-metre exploration drill program in 2020.

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 believe 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. 


Fenelon Gold, Plan View Fenelon Gold, 9750_E Cross Section Fenelon Gold, 9900 Cross Section Fenelon Gold, 9975 Cross Section Fenelon Gold, 10050 Cross Section Fenelon Gold, 10200 Cross Section Fenelon Gold, 10275 Cross Section Fenelon Gold, 10350 Cross Section Fenelon Gold, 10425 Cross Section