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Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") is pleased to announce continued positive results from its underground drill program and to provide an update on the ongoing development as part of the 35,000-tonne bulk sample and underground exploration program at its 100%-owned Fenelon Gold Property ("Fenelon").
Highlights
-- To date, 50 drill holes have been completed totaling more than
4,800 metres.
-- Visible gold was observed to be present in 33 drill holes.
-- Since the last press release (see
Wallbridge Press Release dated August 14, 2018),
partial assay results of 6 additional holes have been received
with highlights as follows:
18-1035-005: 48.81 g/t gold over 6.13 metres in the Naga Viper
zone
18-1035-010: 30.47 g/t gold over 3.63 metres in the Chipotle
zone
18-1035-017: 49.06 g/t gold over 10.13 metres in the Chipotle
zone
-- Assay results from additional 38 drill holes are pending.
-- The 18,000-metre drilling program from underground and surface
is planned to continue until December 2018.
-- Blasting and mucking of the first stope (CH-01) is underway.
-- Production drilling of the second stope (NV-01) will begin next
week.
-- Ramp development is nearing the second level (5180 Level).
-- Over 2,000 tonnes of ore has been shipped and stockpiled at the
Camflo mill.
"The highlighted intersections released today further confirm the robust gold grades and thicknesses within parts of the Chipotle and Naga Viper zones that were selected for this bulk sample program. The drilling from the 0990-setup testing the West extension area has also produced excellent results so far. We are defining the western extent of the new high-grade shoot discovered in the Naga Viper zone last year and are intersecting similar quality mineralization in the Paprika and Habanero zones as well, which led us to add additional drill holes to follow the mineralization westward in these two zones. We are looking forward to releasing results from these drill holes as they become available," stated Attila Péntek, Vice-President, Exploration of Wallbridge.
The bulk sample is expected to produce 19,000 to 26,000 ounces of gold with close to 50% of gold priced at $1,720 per ounce. The expected cash flow upon completion of this bulk sample, net of all bulk sample costs and including the financing costs is expected to be sufficient to cover the budgeted working capital requirements.
"We are very pleased with the progress made in advancing underground development in preparation for the remaining bulk sample stopes. The project team, along with our contractors, have worked tirelessly to deliver a safe and successful project and we continue to build upon this as we evaluate all opportunities to deliver additional value through our ongoing efforts in health & safety, productivity and cost improvements," stated Frank Demers, Vice-President, Mining & Projects of Wallbridge.
The bulk sample program is designed to test a few stopes in several zones. Overall grade from these planned stopes is estimated to average 18 to 25 g/t gold. The geology team has developed an extensive sampling program to characterize the mineralized material during this bulk sample. Chip samples are collected from a sampling line across each development face and muck samples are also taken in a regular pattern on surface.
Drilling to date from the 5213 level has mainly targeted the Chipotle and Naga Viper zones in the upper 100 m, between levels 5150 and 5213. Stopes that have thus far been drilled-off to the planned 6 to 7 m nominal spacing have provided good confirmation of the geological model and continuity of the high-grade shoots. Drilling is now focusing on defining stopes and expanding resources in the West extension area of the Naga Viper and Habanero zones, including the high-grade shoot discovered last year with intersections that included 260.44 g/t gold over 7.02 metres, 141.16 g/t gold over 7.06 metres and 311.08 g/t gold over 3.06 metres (see Wallbridge Press Release dated December 13, 2017).
Deeper drilling to test the down-plunge of known high-grade shoots is planned for Q4 of 2018 once the lower levels are developed.
A 10,000 metre surface drilling program is also scheduled to start in September to follow known mineralized zones and expand resources at depth and further away from the mine workings.
A summary of the drill hole results from the underground drilling are reported in Tables 1 and 2 and also shown on Figures 1 to 7 below.
Table 1. Wallbridge Fenelon Gold Property 2018 Underground Drill Assay Highlights
---------------------------------------------------------------------------------
Drill Hole From To From To Length True Width Au Au Capped* VG** Zone Press Release
---------- ---- --- ---- --- ------ ---------- --- --------- --- ---- -------------
(m) (m) (m) (m) (m) (m) (g/t) (g/t)
--- --- --- --- --- --- ----- -----
18-1030-006 27.79 30.20 2.41 2.20 15.91 15.91 VG Chipotle July 25, 2018
----------- ----- ----- ---- ---- ----- ----- --- -------- -------------
18-1030-006 Including... 28.50 29.11 0.61 0.56 59.10 59.10 VG Chipotle July 25, 2018
----------- ------------ ----- ----- ---- ---- ----- ----- --- -------- -------------
18-1030-007 31.26 32.66 1.40 1.08 16.72 16.72 VG Chipotle July 25, 2018
----------- ----- ----- ---- ---- ----- ----- --- -------- -------------
18-1030-008 34.47 38.06 3.59 2.76 9.27 9.27 VG Chipotle July 25, 2018
----------- ----- ----- ---- ---- ---- ---- --- -------- -------------
18-1030-008 Including... 35.03 36.61 1.58 1.22 17.37 17.37 VG Chipotle July 25, 2018
----------- ------------ ----- ----- ---- ---- ----- ----- --- -------- -------------
18-1030-009 77.58 81.00 3.42 2.70 35.91 35.91 VG Paprika July 25, 2018
----------- ----- ----- ---- ---- ----- ----- --- ------- -------------
18-1030-009 Including... 78.90 80.60 1.70 1.34 63.33 63.33 VG Paprika July 25, 2018
----------- ------------ ----- ----- ---- ---- ----- ----- --- ------- -------------
18-1030-009 90.00 90.97 0.97 0.75 4.76 4.76 Habanero July 25, 2018
----------- ----- ----- ---- ---- ---- ---- -------- -------------
18-1030-010 81.00 81.42 0.42 0.32 13.60 13.60 VG Naga Viper July 25, 2018
----------- ----- ----- ---- ---- ----- ----- --- ---------- -------------
18-1030-011 80.10 85.50 5.40 4.37 10.05 10.05 Naga Viper Aug 14, 2018
----------- ----- ----- ---- ---- ----- ----- ---------- ------------
18-1030-012 68.30 71.26 2.96 1.33 10.09 10.09 VG Chipotle 1 Aug 14, 2018
----------- ----- ----- ---- ---- ----- ----- --- ---------- ------------
18-1030-012 79.42 82.50 3.08 1.39 7.32 7.32 VG Chipotle 2 Aug 14, 2018
----------- ----- ----- ---- ---- ---- ---- --- ---------- ------------
18-1030-012 107.33 108.29 0.96 0.60 6.38 6.38 VG Paprika Aug 14, 2018
----------- ------ ------ ---- ---- ---- ---- --- ------- ------------
18-1035-002 49.20 54.00 4.80 3.26 29.23 28.35 VG Chipotle Aug 14, 2018
----------- ----- ----- ---- ---- ----- ----- --- -------- ------------
18-1035-002 Including... 49.97 52.95 2.98 2.03 46.30 44.89 VG Chipotle Aug 14, 2018
----------- ------------ ----- ----- ---- ---- ----- ----- --- -------- ------------
18-1035-003 52.20 52.77 0.57 0.39 5.60 5.60 VG Chipotle Aug 14, 2018
----------- ----- ----- ---- ---- ---- ---- --- -------- ------------
18-1035-004 24.94 26.02 1.08 0.73 65.70 65.70 VG Fresno Aug 14, 2018
----------- ----- ----- ---- ---- ----- ----- --- ------ ------------
18-1035-005 58.77 64.90 6.13 5.86 48.81 24.35 VG Naga Viper Current
Release
--- -------
18-1035-005 78.65 79.31 0.66 0.53 26.90 26.90 Paprika Current
Release
--- -------
18-1035-007 74.30 78.07 2.42 1.94 5.27 5.27 Paprika Current
Release
--- -------
18-1035-007 84.90 85.50 0.60 0.48 15.60 15.60 Habanero Current
Release
--- -------
18-1035-010 30.45 34.08 3.63 2.72 30.47 30.47 VG Chipotle Current
Release
--- -------
18-1035-010 Including... 32.9 34.08 1.18 0.89 91.94 91.94 VG Chipotle Current
Release
--- -------
18-1035-010 47.50 49.40 1.90 1.43 3.07 3.07 Anaheim Current
Release
--- -------
18-1035-012 28.01 28.56 0.55 0.44 28.30 28.30 VG Chipotle Aug 14, 2018
----------- ----- ----- ---- ---- ----- ----- --- -------- ------------
18-1035-012 56.41 56.71 0.30 0.29 61.10 61.10 VG Naga Viper Aug 14, 2018
----------- ----- ----- ---- ---- ----- ----- --- ---------- ------------
18-1035-015 63.00 65.05 2.05 1.11 6.63 6.63 VG Chipotle Current
Release
--- -------
18-1035-016 66.77 67.50 0.73 0.51 5.73 5.73 Chipotle Current
Release
--- -------
18-1035-016 98.17 100.00 1.83 1.24 4.26 4.26 Paprika Current
Release
--- -------
18-1035-017 56.00 66.13 10.13 5.51 49.06 23.93 VG Chipotle Current
Release
--- -------
*Au capped at 140 g/t following
InnovExplo's 2016 Mineral
Resource Estimate.
**Intervals containing visible
gold ("VG").
Table 2. Fenelon Gold Property drill hole information
-----------------------------------------------------
Drill Hole ID UTM E UTM N Elevation Length Azimuth Dip VG* Note
(Metres)
--- -------
18-1030-006 10566 10999 5213 71 205 -6 VG
----------- ----- ----- ---- --- --- --- ---
18-1030-007 10566 10999 5213 54 211 -13 VG
----------- ----- ----- ---- --- --- --- ---
18-1030-008 10566 10999 5213 80 203 -17 VG
----------- ----- ----- ---- --- --- --- ---
18-1030-009 10566 10999 5213 95 204 -27 VG
----------- ----- ----- ---- --- --- --- ---
18-1030-010 10566 10999 5213 100 205 -32 VG
----------- ----- ----- ---- --- --- --- ---
18-1030-011 10566 10999 5213 115 205 -38
----------- ----- ----- ---- --- --- ---
18-1030-012 10566 10999 5213 125 206 -45 VG
----------- ----- ----- ---- --- --- --- ---
18-1035-002 10571 10997 5214 90 192 -29 VG
----------- ----- ----- ---- --- --- --- ---
18-1035-003 10571 10997 5214 93 184 -28 VG
----------- ----- ----- ---- --- --- --- ---
18-1035-004 10571 10997 5214 93 197 -24 VG Further Assays pending
----------- ----- ----- ---- --- --- --- --- ----------------------
18-1035-005 10571 10997 5214 90 191 -22 VG Further Assays pending
----------- ----- ----- ---- --- --- --- --- ----------------------
18-1035-006 10571 10997 5214 93 185 -22 Further Assays pending
----------- ----- ----- ---- --- --- --- ----------------------
18-1035-007 10571 10997 5214 85 184 -17
----------- ----- ----- ---- --- --- ---
18-1035-008 10571 10997 5214 90 177 -18
----------- ----- ----- ---- --- --- ---
18-1035-009 10571 10997 5214 96 170 -17
----------- ----- ----- ---- --- --- ---
18-1035-010 10571 10997 5214 75 202 -13 VG Further Assays pending
----------- ----- ----- ---- --- --- --- --- ----------------------
18-1035-011 10571 10997 5214 85 185 -11 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-1035-012 10572 10996 5214 69 203 -6 VG Further Assays pending
----------- ----- ----- ---- --- --- --- --- ----------------------
18-1035-013 10572 10996 5214 65 194 -8 VG Further Assays pending
----------- ----- ----- ---- --- --- --- --- ----------------------
18-1035-014 10571 10997 5214 115 184 -43 Further Assays pending
----------- ----- ----- ---- --- --- --- ----------------------
18-1035-015 10571 10997 5214 115 205 -44 VG Further Assays pending
----------- ----- ----- ---- --- --- --- --- ----------------------
18-1035-016 10571 10997 5214 105 185 -39 Further Assays pending
----------- ----- ----- ---- --- --- --- ----------------------
18-1035-017 10571 10997 5214 105 198 -41 VG Further Assays pending
----------- ----- ----- ---- --- --- --- --- ----------------------
18-1035-018 10571 10997 5214 100 185 -36 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-1035-019 10571 10997 5214 100 193 -36 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-1075-001 10592 10955 5214 42 227 -12 Assays pending
----------- ----- ----- ---- --- --- --- --------------
18-1075-002 10592 10955 5214 41 208 -8 Assays pending
----------- ----- ----- ---- --- --- --- --------------
18-1075-003 10592 10955 5214 48 208 -25 Assays pending
----------- ----- ----- ---- --- --- --- --------------
18-1080-001 10598 10949 5214 42 208 -25 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-1080-002 10598 10949 5214 48 208 -38 Assays pending
----------- ----- ----- ---- --- --- --- --------------
18-1080-003 10598 10949 5214 42 208 -48 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-1080-004 10598 10949 5214 45 185 -25 Assays pending
----------- ----- ----- ---- --- --- --- --------------
18-1080-005 10598 10949 5214 33 185 -37 Assays pending
----------- ----- ----- ---- --- --- --- --------------
18-1080-006 10598 10949 5214 42 185 -8 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-0990-006 10532 11019 5215 152 203 -48 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-0990-007 10532 11019 5215 149 208 -48 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-0990-008 10532 11019 5215 150 206 -45 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-0990-009 10532 11019 5215 135 208 -42 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-0990-010 10532 11019 5215 132 202 -40 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-0990-011 10532 11019 5215 120 202 -36 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-0990-012 10532 11019 5215 111 202 -28 Assays pending
----------- ----- ----- ---- --- --- --- --------------
18-0990-013 10532 11019 5215 132 208 -39 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-0990-014 10532 11019 5215 126 208 -36 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-0990-015 10532 11019 5215 105 209 -28 Assays pending
----------- ----- ----- ---- --- --- --- --------------
18-0990-016 10532 11019 5215 111 214 -15 Assays pending
----------- ----- ----- ---- --- --- --- --------------
18-0990-017 10532 11019 5215 152 211 -45 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-0990-018 10532 11019 5215 150 216 -46 Assays pending
----------- ----- ----- ---- --- --- --- --------------
18-1000-002 10540 11014 5215 156 204 -49 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-1000-003 10540 11014 5215 147 199 -46 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
18-1000-004 10540 11014 5215 126 205 -45 VG Assays pending
----------- ----- ----- ---- --- --- --- --- --------------
*Intervals containing
visible gold ("VG").
Wallbridge's Fenelon Gold Property 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. The Fenelon Gold Property 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 (see Wallbridge Press Release dated February 02, 2017). In addition, Wallbridge has completed 33 drill holes totalling 6,348 metres in three surface exploration drilling campaigns at Fenelon. Drilling significantly extended existing zones and discovered several new parallel zones (see Wallbridge Press Release dated December 13, 2017). The current 35,000 tonne bulk sample and underground drilling program is designed to provide the information needed to make a production decision by Q1 2019.
Drill core samples from the ongoing drill program at Fenelon were cut and bagged on site and transported to SGS Canada Inc. Samples, along with standards, blanks, and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns. 50g samples are analyzed by fire assay and AAS. Samples >10g/t gold 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 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 bulk sample in 2018. 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. 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 11.5% 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
View original content with multimedia: http://www.newswire.ca/en/releases/archive/August2018/28/c5044.html
SOURCE: Wallbridge Mining Company Limited
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; David Ellis, Investor
Relations, Tel: (416) 704-0937, Email: dellis@wallbridgemining.com
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