Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today announced that its 2023
exploration drill program has greatly expanded the footprint of the
gold mineralization at its 100%-owned Fenelon gold project
(“
Fenelon”). The initial drill results have
identified new, near-surface gold mineralization 1 kilometre to the
northwest and 2.5 kilometres to the east of the 2023 Mineral
Resource Estimate (“
MRE”).
Encouraging initial drill results were returned
at Target 1 and Target 5, two of the six high-priority grassroots
exploration targets located outside the main resource area that
were identified as part of the Company’s 2023 exploration program
and described in the March 8, 2023, news release. Drilling is
continuing with additional results pending.
Attila Péntek, Wallbridge’s Vice President,
Exploration, commented:
“The Target 1 intersection, located in a
newly-discovered Jeremie Diorite body, has now opened up a new area
for future exploration and shows the excellent potential to
significantly expand the known extent of the mineralized footprint
of our flagship project. The area extending several kilometres east
of the Fenelon deposit had been identified as having the right
geologic ingredients for gold deposition. Our initial results at
Target 5 confirm our exploration thesis here.”
One of two holes drilled at Target 1 intersected
0.96 g/t Au over 21.05 metres, including 3.45 g/t Au over
2.20 metres (hole FA-23-546), starting at a vertical depth
of only 40 metres, in a previously unknown offshoot of the
Jeremie Diorite located approximately one kilometer northwest of
the Fenelon mineral resource. The Jeremie Diorite is a key host
rock for gold mineralization in multiple prolific zones at
Fenelon.
At Target 5, located approximately two
kilometres to the east of the Fenelon deposit, two holes were
drilled to follow up on favorable geology and anomalous gold
mineralization encountered in historic holes. Hole FA-23-551
intersected a 150-meter-wide corridor beginning at a vertical depth
of 100 metres and defined by multiple gold-mineralized silicified
shear zones with assay results up to 14.90 g/t Au over 0.50
metres. This corridor is interpreted to represent a splay
of the Sunday Lake Deformation Zone which is the main control for
gold mineralization along the Detour-Fenelon Gold Trend. Follow-up
drilling will aim to define the geometry and structural controls of
the mineralized zones.
Fenelon Exploration Progress
Exploration drilling over the course of 2022 and
2023 continues to reinforce the district-scale potential at Fenelon
and Wallbridge’s surrounding properties. To date in 2023,
Wallbridge has completed 16 holes totaling over 11,000 metres of
drilling at Fenelon as part of its 2023 exploration program.
Assays results have been received and are being released here for
three holes.
Wallbridge has also identified and now
prioritized for drill testing two additional regional targets near
the Fenelon deposit for follow-up testing:
- Target 7, located on the same
NW-trending splay of the Sunday Lake Deformation Zone as Target
5.
- Target 8, located to the north of
the Fenelon deposit with geophysical characteristics comparable to
those of Target 1.
Figure 1.
Fenelon Gold Property, Total Magnetic
Intensity (TMI)
https://www.globenewswire.com/NewsRoom/AttachmentNg/1c750f66-dad2-466e-bed6-02691b603eba
Table 1. Wallbridge Fenelon Gold Property, Recent Drill
Assay Highlights (1, 4) |
Drill Hole |
From |
To |
Length |
Au |
Au Cut (2) |
VG (3) |
Zone/Corridor |
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
|
|
Target 1 – JD Northwest |
|
|
|
|
|
FA-23-544 |
No Significant Mineralization |
FA-23-546 |
60.50 |
81.55 |
21.05 |
0.96 |
0.96 |
|
New Zone |
Including… |
75.00 |
77.20 |
2.20 |
3.45 |
3.45 |
|
New Zone |
Target 5 – East |
|
|
|
|
|
|
FA-23-551 |
128.80 |
129.30 |
0.50 |
14.90 |
14.90 |
|
New Zone |
FA-23-551 |
166.40 |
166.95 |
0.55 |
1.76 |
1.76 |
|
New Zone |
FA-23-551 |
191.20 |
191.70 |
0.50 |
2.00 |
2.00 |
|
New Zone |
FA-23-551 |
231.50 |
233.00 |
1.50 |
1.73 |
1.73 |
|
New Zone |
Including… |
231.50 |
232.00 |
0.50 |
3.78 |
3.78 |
|
New Zone |
FA-23-551 |
265.65 |
266.70 |
1.05 |
1.19 |
1.19 |
|
New Zone |
FA-23-552 |
218.55 |
219.70 |
1.15 |
0.83 |
0.83 |
|
New Zone |
(1) Table includes only assay results received since the
latest press release dated March 6, 2023. |
(2) Au cut at: 110 g/t Au for the Tabasco/Contact /Cayenne
zones; 75 g/t Au for the Area 51 zones. |
(3) Intervals containing visible gold ("VG"). |
(4) Metal factor of at least 0.95 g/t*m. |
Note: True widths are estimated to be 50-80% of the reported core
length intervals. |
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://wallbridgemining.com/our-projects/fenelon-gold/.
Assay QA/QC and Qualified
Persons
Drill core samples from the ongoing drill
program at Fenelon are cut and bagged either on-site or by
contractors and transported to SGS Canada Inc. for analysis.
Samples, standards and blanks 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 or ICP. Samples >10g/t Au are
automatically analyzed by fire assay with gravimetric finish or
screen metallic analysis. To test for coarse free gold and
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 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
(“Fenelon”), is located on the highly prospective
Detour-Fenelon Gold Trend Property in Québec’s Northern Abitibi
region. An updated mineral resource estimate completed in January
2023 yielded significantly improved grades and additional ounces at
the 100%-owned Fenelon and Martiniere projects, 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 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”) as a result of the sale of the
Company’s portfolio of nickel assets in Ontario and Québec in
November of 2022.
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.
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., MBAPresident &
CEOTel: (705) 682‒9297 ext. 251Email:
mkord@wallbridgemining.com
Victoria Vargas, B.Sc. (Hon.) Economics,
MBAInvestor Relations 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 projects (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.
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