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Wallbridge continues to intersect high grade mineralization with 49.06 g/t gold over 10.13 metres

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Wallbridge continues to intersect high grade mineralization with 49.06 g/t gold over 10.13 metres

Canada NewsWire

TORONTO, Aug. 28, 2018 /CNW/ - 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
(Metres)

Azimuth

Dip

VG*

Note

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

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