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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
-- Visible gold was observed to be present in 41 of 68 holes
drilled to date.
-- Since the last press release (see
Wallbridge Press Release dated September 19, 2018),
highlights of received assay results are as follows:
18-0990-011: 74.90 g/t gold over 5.66 metres in the Habanero
zone
18-0990-009: 5.73 g/t gold over 6.89 metres in the Naga Viper
zone
18-1035-013: 94.54 g/t gold over 1.00 metre in the Anaheim zone
Assay results from 30 underground drill holes are pending.
-- Production from the second stope (NV-01) is now completed and
development on the second level (5180 Level) is nearing the
CH-02 stope.
-- Over 10,000 tonnes of ore have been shipped to the Camflo mill
and processing of the first batch was completed last week. A
final reconciliation of mill performance will be available in
the next few weeks.
"Our exploration results continue to exceed expectations," stated Marz Kord, President and CEO of Wallbridge. "We are particularly pleased with the results from the Habanero Zone, a new zone which is producing good grades and widths as demonstrated by the highlight intercept in this press release. We look forward to more good results from this zone as we still have several holes with visible gold with assays pending."
Underground drilling to date from the 5213 Level has mainly targeted the high-grade shoots down to 5130 Level (~120 m depth), which is the lowermost level that is planned to be developed during the 2018 bulk sample program. In the next few weeks drilling will focus on adding high grade resources in the East Extension areas and at depth, below the 5130 Level.
A new underground drill station has been developed on the 5180 Level, which will be used to target the main high-grade shoots down-plunge to 200 m depth.
The bulk sample is expected to produce 19,000 to 26,000 ounces of gold with close to 50% of gold priced at C$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.
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.
A 10,000-metre surface drilling program is now also underway 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 the Figures below as well as on the Company website.
Table 1. Wallbridge Fenelon Gold Property 2018 Underground Drill Assay Highlights
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Drill Hole From To From To Length True Au
Au VG**
Zone Press Release
Width Capped*
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(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
---
18-1030-010 81.00 81.42 0.42 0.32 13.60 13.60
VG
Naga Viper
July 25, 2018
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18-1030-011 80.10 85.50 5.40 4.37 10.05 10.05
Naga Viper
Aug 14, 2018
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18-1030-012 68.30 71.26 2.96 1.33 10.09 10.09
VG
Chipotle
Aug 14, 2018
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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
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18-1035-004 24.94 26.02 1.08 0.73 65.70 65.70
VG
Fresno
Aug 14, 2018
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18-1035-004 70.00 74.16 4.16 3.27 9.37 9.37
Naga Viper
Sept 19, 2018
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18-1035-005 58.77 64.90 6.13 5.86 48.81 24.35
VG
Naga Viper
Aug 28, 2018
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18-1035-005 78.65 79.31 0.66 0.53 26.90 26.90
Paprika
Aug 28, 2018
---
18-1035-007 84.90 85.50 0.60 0.48 15.60 15.60
Habanero
Aug 28, 2018
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18-1035-010 30.45 34.08 3.63 2.72 30.47 30.47
VG
Chipotle
Aug 28, 2018
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18-1035-010 Including... 32.90 34.08 1.18 0.89 91.94 91.94
VG
Chipotle
Aug 28, 2018
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18-1035-010 64.40 65.40 1.00 0.75 28.80 28.80
VG
Paprika
Sept 5, 2018
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18-1035-011 27.75 30.00 2.25 1.78 65.76 42.89
VG
Chipotle
Sept 5, 2018
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18-1035-011 56.50 60.50 2.95 2.36 11.09 11.09
Naga Viper
Sept 19, 2018
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18-1035-012 28.01 28.56 0.55 0.44 28.30 28.30
VG
Chipotle
Aug 14, 2018
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18-1035-012 56.41 56.71 0.30 0.29 61.10 61.10
VG
Naga Viper
Aug 14, 2018
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18-1035-013 27.36 29.48 2.12 1.77 144.96 78.10
VG
Chipotle
Sept 5, 2018
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18-1035-013 41.00 42.00 1.00 0.91 94.54 94.54 VG
Anaheim Current Release
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18-1035-013 Including... 27.99 29.15 1.16 0.97 262.18 140.00
VG
Chipotle
Sept 5, 2018
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18-1035-013 51.40 58.35 4.28 3.58 40.69 40.09
VG
Naga Viper
Sept 5, 2018
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18-1035-014 85.70 86.45 0.75 0.58 10.23 10.23
Naga Viper
Sept 19, 2018
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18-1035-015 72.60 74.34 1.74 1.16 15.74 15.74
Chipotle
Sept 5, 2018
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18-1035-017 56.00 66.13 10.13 5.51 50.31 25.18
VG
Chipotle
Aug 28, 2018
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18-1035-018 52.99 56.50 3.51 2.38 12.68 12.68
VG
Chipotle
Sept 5, 2018
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18-1035-018 63.70 69.00 5.30 3.60 9.04 9.04
VG
Chipotle
Sept 5, 2018
---
18-1035-018 Including... 66.00 66.96 0.96 0.65 35.79 35.79
VG
Chipotle
Sept 5, 2018
---
18-1035-019 47.00 55.00 8.00 5.56 27.10 24.69
VG
Chipotle
Sept 5, 2018
---
18-1035-019 59.30 60.30 1.00 0.69 39.10 39.10
VG
Chipotle
Sept 5, 2018
---
18-1035-019 72.50 77.35 4.85 4.10 137.63 88.38
VG
Naga Viper
Sept 5, 2018
---
18-1075-001 26.14 28.41 2.27 1.82 18.54 18.54
Naga Viper
Sept 19, 2018
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18-1080-001 21.00 21.50 0.50 0.40 611.00 140.00
VG
Naga Viper
Sept 5, 2018
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18-1080-003 35.70 37.20 1.50 1.00 19.24 19.24
VG
Naga Viper
Sept 5, 2018
---
18-1080-003 Including... 35.70 36.18 0.48 0.32 58.20 58.20
VG
Naga Viper
Sept 5, 2018
---
18-1080-006 19.30 21.00 1.70 1.59 12.80 12.80
VG
Naga Viper
Sept 5, 2018
---
18-1080-006 Including... 20.48 21.00 0.52 0.49 39.80 39.80
VG
Naga Viper
Sept 5, 2018
---
18-1080-006 36.88 41.23 4.35 4.08 3.05 3.05
Habanero
Sept 5, 2018
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18-1080-006 Including... 40.52 41.23 0.71 0.67 11.10 11.10
Habanero
Sept 5, 2018
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18-0990-006 104.52 109.10 3.50 2.33 39.47 23.32
VG
Naga Viper
Sept 19, 2018
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18-0990-007 101.30 101.90 0.60 0.40 204.00 140.00
VG
Chipotle
Sept 19, 2018
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18-0990-007 106.95 111.00 4.05 2.70 35.21 31.36
VG
Naga Viper
Sept 19, 2018
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18-0990-007 132.02 134.97 2.95 2.20 122.35 35.45
VG
Habanero
Sept 19, 2018
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18-0990-008 126.81 127.85 1.04 0.78 6.98 6.98 VG Habanero Current Release
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18-0990-009 91.85 98.74 6.89 3.60 5.73 5.73 VG Naga Viper Current Release
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18-0990-010 94.70 99.25 4.55 3.50 12.42 12.42
VG
Paprika
Sept 19, 2018
---
18-0990-010 111.40 116.92 5.52 4.99 41.02 41.02
VG
Habanero
Sept 19, 2018
---
18-0990-010 Including... 112.6 114.23 1.62 1.46 109.79 109.79
VG
Habanero
Sept 19, 2018
---
18-0990-011 104.41 112.20 5.66 5.21 74.90 57.09 VG Habanero Current Release
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*Au capped at 140 g/t following
InnovExplo's 2016 Mineral
Resource Estimate.
**Intervals containing visible
gold ("VG").
Table 2. Wallbridge Fenelon Gold Property 2018 Underground drill hole information*
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Drill Hole ID Local grid Local grid Elevation Length Azimuth Dip VG** Note
E N (Metres)
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18-1035-011 10571 10997 5214 85 185 -11
VG Further Assays pending
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18-1035-012 10572 10996 5214 69 203 -6
VG Further Assays pending
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18-1035-013 10572 10996 5214 65 194 -8
VG
---
18-1035-014 10571 10997 5214 115 184 -43
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18-1035-015 10571 10997 5214 115 205 -44
VG
---
18-1035-016 10571 10997 5214 105 185 -39
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18-1035-017 10571 10997 5214 105 198 -41
VG
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18-1035-018 10571 10997 5214 100 185 -36
VG
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18-1035-019 10571 10997 5214 100 193 -36
VG
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18-1075-001 10592 10955 5214 42 227 -12
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18-1075-002 10592 10955 5214 41 208 -8
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18-1075-003 10592 10955 5214 48 208 -25 Further Assays pending
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18-1080-001 10598 10949 5214 42 208 -25
VG
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18-1080-002 10598 10949 5214 48 208 -38
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18-1080-003 10598 10949 5214 42 208 -48
VG
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18-1080-004 10598 10949 5214 45 185 -25
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18-1080-005 10598 10949 5214 33 185 -37
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18-1080-006 10598 10949 5214 42 185 -8
VG
---
18-0990-006 10532 11019 5215 152 203 -48
VG
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18-0990-007 10532 11019 5215 149 208 -48
VG
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18-0990-008 10532 11019 5215 150 206 -45
VG
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18-0990-009 10532 11019 5215 135 208 -42
VG Further Assays pending
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18-0990-010 10532 11019 5215 132 202 -40
VG
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18-0990-011 10532 11019 5215 120 202 -36
VG
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18-0990-012 10532 11019 5215 111 202 -28
---
18-0990-013 10532 11019 5215 132 208 -39
VG Further Assays pending
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18-0990-014 10532 11019 5215 126 208 -36
VG Assays pending
---
18-0990-015 10532 11019 5215 105 209 -28 Assays pending
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18-0990-016 10532 11019 5215 111 214 -15 Assays pending
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18-0990-017 10532 11019 5215 152 211 -45
VG Assays pending
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18-0990-018 10532 11019 5215 150 216 -46 Assays pending
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18-1000-002 10540 11014 5215 156 204 -49
VG Assays pending
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18-1000-003 10540 11014 5215 147 199 -46
VG Assays pending
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18-1000-004 10540 11014 5215 126 205 -45
VG Assays pending
---
18-1000-005 10540 11014 5215 135 216 -46
VG Assays pending
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18-1000-006 10540 11014 5215 131 199 -40
VG Assays pending
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18-1000-007 10540 11014 5215 126 202 -38
VG Assays pending
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18-1000-008 10540 11014 5215 111 202 -29 Assays pending
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18-1000-009 10540 11014 5215 102 203 -20
VG Assays pending
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18-1010-002 10549 11009 5214 150 201 -50 Assays pending
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18-1010-003 10549 11009 5214 132 204 -44
VG Assays pending
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18-1020-005 10556 11005 5214 141 205 -47 Assays pending
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18-1020-006 10556 11005 5214 132 204 -44 Assays pending
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18-0990-019 10532 11019 5215 162 230 -34 Assays pending
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18-0990-020 10532 11019 5215 170 218 -48
VG Assays pending
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18-0990-021 10532 11019 5215 138 220 -35
VG Assays pending
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18-0990-022 10532 11019 5215 184 226 -46
VG Assays pending
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18-0990-023 10532 11019 5215 163 223 -51 Assays pending
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18-0990-024 10532 11019 5215 200 217 -55 Assays pending
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18-0990-025 10532 11019 5215 216 233 -45 Assays pending
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18-0990-026 10532 11019 5215 141 226 -26 Assays pending
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* Table includes only
underground holes drilled since
July. For earlier holes please
refer to tables in previous
press releases.
**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 surface exploration drilling campaigns and is currently drilling from underground as part of its 35,000-tonne bulk sample at Fenelon. Drilling to date has significantly extended existing zones and discovered several new parallel zones.
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 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 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 11.3% 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 to download multimedia: http://www.newswire.ca/en/releases/archive/October2018/02/c4226.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: [email protected]; David Ellis, Investor
Relations, Tel: (416) 704-0937, Email: [email protected]
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