Wallbridge Provides Update on Fenelon Resource Drilling
TORONTO, Aug. 05, 2021 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) is pleased to announce that its resource definition drill program for the upcoming maiden mineral resource estimate (“MMRE”) on the Fenelon Gold Property (“Fenelon” or the “Property”) is now almost complete.
Drilling has been focusing on multiple areas, within the approximately 1.0 km by 1.2 km central portion of the Fenelon Gold System, to better define the gold mineralization in support of the MMRE. Approximately 260,000 m drilled by the Company at Fenelon within the three years since the commencement of systematic, continuous exploration drilling will be incorporated into the MMRE. With the drill program for the MMRE now substantially complete, drill rigs are being transitioned to focus on resource expansion and exploration drilling at Fenelon as well as regional exploration on the Company’s other projects along the Detour-Fenelon Gold Trend (see Wallbridge news release dated July 22, 2021 on the commencement of Phase I drill program at the Martinière Project).
“As we near the completion of the resource drill program in support of our maiden mineral resource estimate at Fenelon, we are excited to turn our attention again to more widely-spaced exploration drilling to continue outlining the ultimate size potential of the Fenelon Gold System and to discover additional gold deposits on our underexplored Detour-Fenelon land package,” stated Marz Kord, President & CEO of Wallbridge.
“We are excited to reach this important milestone and to move forward with our MMRE,” stated Attila Péntek, Vice President Exploration of Wallbridge. The MMRE will provide an initial snapshot of the true potential of the Fenelon Gold System, the limits of which we have not yet defined.”
Additionally, new assay results from the definition drill program released today continue to demonstrate excellent bulk mining potential at Fenelon and provide important additional information in the top 500 metres of the known gold system.
Highlight results released today, include:
- Tabasco-Cayenne-Contact Zone, Definition Drilling:
3.75 g/t Au over 27.00 metres, including 5.73 g/t Au over 16.00 metres in FA-21-268A,
4.95 g/t Au over 11.70 metres, including 9.22 g/t Au over 5.70 metres, and 17.64 g/t Au over 2.40 metres in FA-21-264A, and
6.79 g/t Au over 5.50 metres, including 51.10 g/t Au over 0.60 metres in FA-21-260;
- Area 51, Definition Drilling (above 300 m depth):
1.93 g/t Au over 13.50 metres and 92.38 g/t Au over 0.50 metres in FA-21-264A;
- Area 51, Definition Drilling (below 300 m depth):
2.23 g/t Au over 10.80 metres in FA-21-224;
Tabasco-Cayenne-Contact Zones, Definition Drill Results
Definition and expansion drilling at a nominal 75-metre drill spacing targeting the Tabasco-Cayenne-Contact Zones over a strike length of approximately 800 metres and vertical depths between 300 and 1,000 metres has been the primary focus of this campaign (see Figs. 1 and 2) to better define the geometry and grade of the zones and gain information on the structural controls of the gold mineralization.
|FA-21-268A||3.75 g/t Au over 27.00 metres, including
|5.73 g/t Au over 16.00 metres in the Tabasco Zone (see Figs. 1 and 2);|
|FA-21-264A||4.95 g/t Au over 11.70 metres, including
|9.22 g/t Au over 5.70 metres in the Contact/Tabasco Zone, and|
|17.64 g/t Au over 2.40 metres in the Cayenne Zone (see Figs. 1, 2 and 3);|
|FA-21-260||6.79 g/t Au over 5.50 metres, including|
|51.10 g/t Au over 0.60 metres in the Tabasco Zone (see Figs. 1 and 2);|
Area 51 Definition Drill Results
As our drill holes approach Tabasco-Cayenne, they also transect the Area 51 gold vein network, providing important information from all of these zones.
Highlight intersections of Area 51 zones from above 300 metres vertical depth reported today include:
|FA-21-264A||1.93 g/t Au over 13.50 metres, and
92.38 g/t Au over 0.50 metres (see Figs. 2 and 3);
Highlight intersections of Area 51 zones from below 300 metres vertical depth reported today include:
|FA-21-224||2.23 g/t Au over 10.80 metres, including
|4.12 g/t Au over 4.00 metres (see Fig. 2);|
In-fill Sampling Program Results
A systematic campaign of continuous in-fill sampling of historic drill holes down to a vertical depth of 250 metres is underway in order to collect further information for the open pit constrained portion of the MMRE.
Assay results from the historic drilling in-fill sampling program are highlighted by:
|FA-19-079||14.64 g/t Au over 1.50 metres in the Tabasco Zone (see Figs. 1 and 2);|
|FA-19-077||1.15 g/t Au over 8.50 metres, including|
|7.62 g/t Au over 1.00 metre in the Tabasco Zone (see Figs. 1 and 2);|
2021 Drilling Program Update
In 2021, the Company is planning to complete approximately 170,000 metres of drilling, including 20,000 metres devoted to regional exploration on the Company’s district-scale, underexplored land package on the Detour-Fenelon Gold Trend.
As of June 30 2021, a total of 64,021 metres has been drilled at Fenelon. The decision to use directional drilling to control hole deviation, which is slower but optimizes drill hole spacing and reduces required drilling meterage for the MMRE in the Tabasco, Cayenne and Area 51 zones, means the rate of drilling in the first half of the year was lower than the projected 2021 quarterly average. The Company expects higher drilling productivity during the second half of the year as the resource focused directional drilling gives way to resource expansion drilling and regional exploration.
Assay results of 10 drill holes of the 2021 exploration drill program and two historic drill holes are reported in the Table 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, Tabasco-Cayenne-Gabbro Zones Long Section
Figure 2. Fenelon Gold, Plan View
Figure 3. Fenelon Gold, Cross Section 9975_E
|Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights [(1]|
|Drill Hole||From||To||Length||Au||Au Cut(2)||VG(3)||Gold Zone||Section|
|FA-21-264A||497.00||508.70||11.70||4.95||4.95||VG||Contact Zone & Tabasco||9975|
|Including…||503.00||508.70||5.70||9.22||9.22||VG||Contact Zone & Tabasco||9975|
|FA-21-268A||518.00||545.00||27.00||3.75||3.75||VG||Tabasco & Cayenne||10250|
|Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights (1)|
|Drill Hole||From||To||Length||Au||Au Cut(2)||VG(3)||Gold Zone||Section|
|Including…||529.00||545.00||16.00||5.73||5.73||VG||Tabasco & Cayenne||10250|
|FA-21-268A||558.70||559.30||0.60||10.19||10.19||VG||Tabasco & Cayenne||10250|
|FA-21-273||No Significant Mineralization(4)||9525|
|FA-21-277||No Significant Mineralization(4)||10200|
(1) Table includes only assay results received since the latest press release dated June 29, 2021.
(2) Au cut at: 100 g/t Au for the Tabasco/Contact zones; 60 g/t Au for the Cayenne zones; 50 g/t Au for the Area 51 zones.
(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.
* Results reported here contain previously announced intervals that were extended with new assay results.
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 2021 drill program at Fenelon are cut and bagged either on site or by contractors and transported to SGS Canada Inc., AGAT Laboratories Ltd. or Bureau Veritas Commodities Canada Ltd. for analysis. In 2020 samples were submitted to either SGS Canada Inc. or ALS Canada Ltd. for analysis. Samples, along with standards and blanks that are included for quality assurance and quality control, were prepared and analyzed at the laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS. At SGS, AGAT and Bureau Veritas 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 Peter Lauder, P.Geo, Exploration Manager 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. The Company completed approximately 102,000 metres of drilling in 2020 and currently conducting a fully‒funded 2021 program of approximately 170,000 metres of drilling and 2,500 metres of underground exploration development (Phase 1 of a 10,000‒metre program). The Company intends to complete a maiden mineral resource estimate on the Fenelon Gold System in the third quarter of 2021.
Wallbridge now holds several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future mine development flexibility. Wallbridge’s land holdings in Québec along the Detour‒Fenelon Gold Trend are over 900.0 km2, improving Wallbridge’s potential for further discoveries for over 90‒kilometre strike length in this underexplored belt.
Wallbridge is also the operator of, and a 17.8% shareholder in, Lonmin Canada Inc., a privately‒held company with a 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: [email protected]
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: [email protected]
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