Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today announced that it has approved a
$36 million budget for 2023, which includes the Company’s 2023
Detour-Fenelon Gold Trend exploration program and corporate costs.
Activities in 2023 will focus on follow up to the updated Fenelon
mineral resource estimate (“
MRE”) announced
earlier today, continuing to assess the ultimate size potential of
the Martiniere deposit, and the discovery of new gold zones on the
Company’s large and highly prospective land package in Northern
Abitibi, Quebec.
“Now that we have delivered the updated MRE for
Fenelon and Martiniere, totalling 3.05 million Indicated ounces and
2.35 million Inferred ounces and are making good progress on the
Fenelon preliminary economic assessment (“PEA”),
due in Q2 2023, we can turn our attention to the 2023 exploration
program. This drilling program is aimed at both expanding known
gold mineralization and making new discoveries on our large yet
underexplored land package, which spans 97 kilometres of strike
length on one of world’s most prolific gold belts,” said Marz Kord,
President & CEO of Wallbridge.
“The PEA is our next important milestone for the
development path of Fenelon and allows us to deploy additional
resources on our second most advanced deposit, Martiniere, where we
have demonstrated a solid mineral resource with excellent expansion
potential. The goal is to bring this project up to the same level
of advancement as Fenelon and include it in future economic
studies,” said Attila Péntek, Wallbridge’s Vice President,
Exploration. “In addition, we are excited to ramp up our
exploration efforts regionally, with the goal of testing some
drill-ready targets and developing a pipeline of grassroots
exploration targets.”
2023 Exploration Program
Wallbridge finished 2022 with approximately
$23.5 million of cash on hand and expects to receive an additional
$4 million in 2021 refundable tax credits from the province of
Quebec in Q1, 2023. The balance of the 2023 exploration budget of
$36 million is expected to be funded from other sources.
Approximately 50% of the Company’s planned
drilling in 2023 will be devoted to expanding the known mineralized
gold system at Martiniere and the balance will be allocated to
exploration drilling near Fenelon and other properties on
Wallbridge’s Detour-Fenelon Gold Trend land package. In addition,
funding has been allocated for technical studies at both Fenelon
and Martiniere to continue de-risking these flagship projects
toward development. Upon delivery of the PEA at Fenelon, Wallbridge
will evaluate the next steps to advance the Fenelon project based
on the results of that study.
2023 Work Program |
Description |
Budget |
Martiniere ‒ Expansion of known mineralization and Exploration
drilling |
23,500 metres |
$11.1M |
Fenelon ‒ Expansion of known mineralization and Exploration
drilling |
15,000 metres |
$8.2M |
Regional exploration ‒ Exploration drilling, geophysics and
other |
11,000 metres |
$7.1M |
Technical Work (incl. Environmental, metallurgical, permitting
studies and road improvement commitments) |
|
$5.1M |
General & Administration |
|
$4.5M |
Total |
|
$36.0M |
|
|
|
Martiniere Exploration
Program
The recently announced updated Martiniere MRE of
0.68 million ounces of gold in the Indicated category and 0.63
million ounces of gold in the Inferred category represents a
significant increase both in gold grade and contained ounces
compared to the 2021 MRE. Details of the 2023 MRE results can be
found in the Wallbridge press release issued earlier today.
The 30,000 metres of drilling completed at
Martiniere by Wallbridge in 2021-2022 successfully established the
connection between the Martiniere West and the Bug Lake Trends,
extending known zones along strike and at depth and discovering new
mineralized zones (see Wallbridge press releases dated August 30
and October 12, 2022).
Both mineralized gold trends at Martiniere are
open along strike and remain largely untested below 400 metres of
vertical depth. In addition, there are numerous promising
exploration targets that have the potential to host new gold zones
and satellite deposits.
The proposed 2023 exploration drill program at
Martiniere will focus on large-spaced step-outs on the known gold
trends and ore-hosting environments, as well as testing some
property-wide grassroots drill targets. Additionally, the Company
is planning geophysical programs, field work, and technical studies
to ultimately advance Martiniere toward an economic evaluation.
Fenelon Exploration Program
At Fenelon, the updated MRE totals 2.37 million
ounces of gold in the Indicated category and 1.72 million ounces of
gold in the Inferred category, representing a significant increase
in gold grade and a modest increase in contained ounces compared to
the 2021 MRE. Details of the 2023 MRE results can be found in the
Wallbridge press release issued earlier today.
This updated MRE will form the basis of
Wallbridge’s PEA, which is scheduled for completion during the
second quarter of 2023. This economic study will guide the next
steps Wallbridge will take toward the development of its most
advanced gold project.
The 15,000 metres of drilling planned for
Fenelon, which remains open laterally and at depth in multiple
directions, will follow up on recent exploration results (see
Wallbridge press releases dated November 8 and December 8, 2022)
that continue to expand the known gold system. The 2023 program
will focus on completing large-spaced drill step-outs on known gold
zones and testing extensions of the main host rocks (Jeremie
Diorite, Main Gabbro), as well as structures that are recognized as
being important in controlling gold mineralization (Sunday Lake
Deformation Zone, Jeremie Fault, and other secondary fault zones)
to potentially discover new gold zones.
In addition, the Company will continue
de-risking the project with further technical studies,
environmental and permitting activities.
Regional Exploration
Wallbridge’s Detour-Fenelon Gold Trend land
package (see Figure 1) has demonstrated potential to host
world-class gold deposits yet remains highly underexplored in
comparison to other prolific gold belts in the southern portion of
the Abitibi, such as the Timmins-Porcupine, Kirkland Lake and Val
d’Or camps. Spanning 97 kilometres in an east-west direction along
the Sunday Lake Deformation Zone (“SLDZ”),
(roughly equivalent to the distance between Rouyn-Noranda and Val
d’Or), Wallbridge’s 830 km2 Detour-Fenelon Gold Trend land package
offers excellent potential for new gold discoveries. Approximately
20% of the 2023 budget has been allocated to pursue further
grassroots discoveries.
Outside of the known Fenelon gold system, there
is very limited geologic information and historic drill testing on
the Fenelon property, as well as the adjacent Harri and Grasset
properties (see Figure 2). Several targets within a few kilometres
of the Fenelon deposit show geological and geophysical
characteristics that are interpreted to be favorable for the
deposition of gold mineralization, and the 2023 program will drill
test some of the higher priority targets.
On the Grasset property, located east of
Fenelon, the Company has outlined a very promising gold exploration
target: a strong flexure in the SLDZ, with intense folding of the
stratigraphy, which is known to be an excellent setting for gold
deposition.
Also in the western part of the land package,
there are a number of high priority exploration targets on the
Martiniere, Casault and Harri properties (see Figure 3). Some of
these targets are ready to be drilled and will be tested this year,
while others still require more grassroots exploration to define
the best drill targets.
To the West of Fenelon, the Company has
completed a high-resolution aeromagnetic survey over Casault and
Harri, expanding from the 2020 survey completed at Fenelon. This
has delineated a six-kilometre segment of a significant secondary
splay off the SLDZ that appears to be associated with the Lac Du
Doigt Deformation Zone, which controls the Martiniere deposit and
other gold occurrences. A sonic drill program, to sample basal till
along this structure in the East Block of Casault, is planned for
the first quarter of 2023 to support future diamond drill-targeting
of the most perspective segments of this structure.
On Casault’s Western Block, grassroots drilling
completed by Wallbridge in 2021 outlined a gold-bearing environment
with gold intersections up to 6.85 g/t Au over two metres (see
Wallbridge press release dated October 21, 2021). Follow-up field
work is planned, including geophysics, to better characterize this
area and prepare for future drill-testing.
Figure 1. Wallbridge’s Detour-Fenelon
Gold Trend land package
Figure 2. Map of the eastern part of the
land package (Fenelon, Harri, Grasset) with 2023 target
areas
Figure 3. Map of the western part of the
land package (Martiniere, Casault, Harri) with 2023 target
areas
Qualified Person
The qualified person responsible for the
technical content of this press release is Lucas Briao Koth, M.Sc.,
P.Geo., Senior Project Geologist of Wallbridge.
About Wallbridge Mining
Wallbridge is focused on creating value through
the exploration and sustainable development of gold projects along
the Detour-Fenelon Gold Trend while respecting the environment and
communities where it operates.
Wallbridge’s flagship project, Fenelon Gold, is
located on the highly prospective Detour-Fenelon Gold Trend
Property in Quebec’s Northern Abitibi region. An updated mineral
resource estimate completed in 2023 yielded significantly improved
grades and additional ounces at the 100%-owned Fenelon and
Martiniere properties, incorporating a combined 3.05 million ounces
of indicated gold resources and 2.35 million ounces of inferred
gold resources. Fenelon and Martiniere are located within an
approximate 830 km2 exploration land package controlled by
Wallbridge. The Company believes that these two deposits have good
potential for economic development, especially given their
proximity to existing hydro-electric power and transportation
infrastructure. In addition, Wallbridge believes that the extensive
land package is extremely prospective for the discovery of
additional gold deposits.
Wallbridge also holds a 19.9% interest in the
common shares of Archer Exploration Corp.
(“Archer”). Archer holds a portfolio of nickel
assets in Ontario and Quebec.
Wallbridge will continue to focus on its core
Detour-Fenelon Gold Trend Property while enabling shareholders to
participate in the potential economic upside in Archer.
Wallbridge Mining Company
Limited
Marz Kord, P. Eng., M. Sc., MBAPresident &
CEOTel: (705) 682‒9297 ext. 251Email:
mkord@wallbridgemining.com
Victoria Vargas, B.Sc. (Hon.) Economics,
MBACapital Markets AdvisorEmail: vvargas@wallbridgemining.com
Cautionary Note Regarding
Forward-Looking Information
This press release contains forward-looking
statements or information (collectively, “FLI”)
within the meaning of applicable Canadian securities legislation.
FLI is based on expectations, estimates, projections, and
interpretations as at the date of this press release.
All statements, other than statements of
historical fact, included herein are FLI that involve various
risks, assumptions, estimates and uncertainties. Generally, FLI can
be identified by the use of statements that include words such as
“seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”,
“scheduled”, “estimates”, “expects”, “forecasts”, “intends”,
“projects”, “predicts”, “proposes”, "potential", “targets” and
variations of such words and phrases, or by statements that certain
actions, events or results “may”, “will”, “could”, “would”,
“should” or “might”, “be taken”, “occur” or “be achieved.”
FLI herein includes, but is not limited to,
statements regarding the potential future performance of Archer
common shares, future drill results; the Company’s ability to
convert inferred resources into measured and indicated resources;
environmental matters; stakeholder engagement and relationships;
parameters and methods used to estimate the mineral resource
estimates (each an “MRE”) at the Fenelon and
Martiniere properties (collectively the
“Deposits”); the prospects, if any, of the
Deposits; future drilling at the Deposits; and the significance of
historic exploration activities and results..
FLI is designed to help you understand
management’s current views of its near- and longer-term prospects,
and it may not be appropriate for other purposes. FLI by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance, or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such FLI. Although the FLI
contained in this press release is based upon what management
believes, or believed at the time, to be reasonable assumptions,
the Company cannot assure shareholders and prospective purchasers
of securities of the Company that actual results will be consistent
with such FLI, as there may be other factors that cause results not
to be as anticipated, estimated or intended, and neither the
Company nor any other person assumes responsibility for the
accuracy and completeness of any such FLI. Except as required by
law, the Company does not undertake, and assumes no obligation, to
update or revise any such FLI contained herein to reflect new
events or circumstances, except as may be required by law. Unless
otherwise noted, this press release has been prepared based on
information available as of the date of this press release.
Accordingly, you should not place undue reliance on the FLI or
information contained herein.
Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in FLI.
Assumptions upon which FLI is based, without
limitation, include the results of exploration activities, the
Company’s financial position and general economic conditions, the
ability of exploration activities to accurately predict
mineralization; the accuracy of geological modelling; the ability
of the Company to complete further exploration activities; the
legitimacy of title and property interests in the Deposits; the
accuracy of key assumptions, parameters or methods used to estimate
the MREs; the ability of the Company to obtain required approvals;
the evolution of the global economic climate; metal prices;
environmental expectations; community and non-governmental actions;
any impacts of COVID-19 on the Deposits; and, the Company’s ability
to secure required funding. Risks and uncertainties about
Wallbridge's business are more fully discussed in the disclosure
materials filed with the securities regulatory authorities in
Canada, which are available at www.sedar.com.
Information Concerning Estimates of
Mineral Resources
The disclosure in this press release and
referred to herein was prepared in accordance with NI 43-101 which
differs significantly from the requirements of the U.S. Securities
and Exchange Commission (the "SEC"). The terms
"measured mineral resource", "indicated mineral resource" and
"inferred mineral resource" used in this press release are in
reference to the mining terms defined in the Canadian Institute of
Mining, Metallurgy and Petroleum Standards (the "CIM
Definition Standards"), which definitions have been
adopted by NI 43-101. Accordingly, information contained in this
press release providing descriptions of our mineral deposits in
accordance with NI 43-101 may not be comparable to similar
information made public by other U.S. companies subject to the
United States federal securities laws and the rules and regulations
thereunder.
Investors are cautioned not to assume that any
part or all of mineral resources will ever be converted into
reserves. Pursuant to CIM Definition Standards, "inferred mineral
resources" are that part of a mineral resource for which quantity
and grade or quality are estimated on the basis of limited
geological evidence and sampling. Such geological evidence is
sufficient to imply but not verify geological and grade or quality
continuity. An inferred mineral resource has a lower level of
confidence than that applying to an indicated mineral resource and
must not be converted to a mineral reserve. However, it is
reasonably expected that the majority of inferred mineral resources
could be upgraded to indicated mineral resources with continued
exploration. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. Investors are cautioned not to
assume that all or any part of an inferred mineral resource is
economically or legally mineable. Disclosure of "contained ounces"
in a resource is permitted disclosure under Canadian regulations;
however, the SEC normally only permits issuers to report
mineralization that does not constitute "reserves" by SEC standards
as in place tonnage and grade without reference to unit
measures.
Canadian standards, including the CIM Definition
Standards and NI 43-101, differ significantly from standards in the
SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted
new mining disclosure rules under subpart 1300 of Regulation S-K of
the United States Securities Act of 1933, as amended (the
"SEC Modernization Rules"), with compliance
required for the first fiscal year beginning on or after January 1,
2021. The SEC Modernization Rules replace the historical property
disclosure requirements included in SEC Industry Guide 7. As a
result of the adoption of the SEC Modernization Rules, the SEC now
recognizes estimates of "measured mineral resources", "indicated
mineral resources" and "inferred mineral resources". Information
regarding mineral resources contained or referenced in this press
release may not be comparable to similar information made public by
companies that report according to U.S. standards. While the SEC
Modernization Rules are purported to be "substantially similar" to
the CIM Definition Standards, readers are cautioned that there are
differences between the SEC Modernization Rules and the CIM
Definitions Standards. Accordingly, there is no assurance any
mineral resources that the Company may report as "measured mineral
resources", "indicated mineral resources" and "inferred mineral
resources" under NI 43-101 would be the same had the Company
prepared the resource estimates under the standards adopted under
the SEC Modernization Rules.
Photos accompanying this announcement are available at:
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https://www.globenewswire.com/NewsRoom/AttachmentNg/63150cee-dbce-44b9-845a-b53db7a398e2
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