11:01 AM EDT, 10/09/2018 (MT Newswires) -- Wallbridge Mining Company Limited (WM.TO), which is down 1.7%, reported the latest results from its underground drill program. The company also provided an update on the 35,000-tonne bulk sample and underground exploration program at its Fenelon Gold Property.

Highlights

- Visible gold was observed to be present in 45 of 69 holes drilled to date.

- The latest highlights of received assay results are as follows:

18-0990-009: 242.00 g/t gold over 0.49 metres in the Paprika zone

18-0990-013: 24.30 g/t gold over 6.37 metres in the Habanero zone

18-0990-017: 98.90 g/t gold over 2.71 metres in the Habanero zone,

134.57 g/t gold over 1.70 metres and

11.23 g/t gold over 3.90 metres in the Paprika zone

Assay results from 30 underground drill holes are pending.

Over 10,000 tonnes of ore have been shipped to the Camflo mill and processing of the first batch was completed at the end of September. A final reconciliation of mill performance will be available in the next few weeks.

"We have successfully advanced the Fenelon bulk sample development over the last few months and will continue to do so until the completion of the bulk sample. This has been coupled with exceptional exploration drilling results from underground within the vicinity of the same development," said Marz Kord, President & CEO of Wallbridge. "The final result of the bulk sample is expected to generate approximately 35,000 tonnes of ore grading in the range of 18 to 25 grams per tonne of gold." 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, Wallbridge said.

The bulk sample program is designed to test a few stopes in several zones. 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.

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