Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (
“Wallbridge” or the
“Company”) today announced that following the
partial lifting of the ban on access to, and exploration activities
on, certain areas in northern Quebec by the Ministère des
Ressources Naturelles et des Forêts (Ministry of Natural Resources
and Forests) in conjunction with the Société de protection des
forêts contre le feu (SOPFEU) the Company has resumed drilling and
field exploration programs on its Detour-Fenelon Gold Trend
Property.
“Wallbridge’s priority throughout this situation
has been the safety of our employees, contractors and local
communities,” said Wallbridge President & CEO Marz Kord. “We
are extremely thankful to the government of Quebec and firefighters
for their hard work in controlling the wildfires in the region.
There has been no damage to any of Wallbridge’s assets and we don’t
expect any impact on the Company’s ability to complete its 2023
exploration program.”
On June 5, Wallbridge advised investors of the
temporary suspension of operations. Two drills are now fully
operational. During the period of the temporary shutdown,
Wallbridge has continued work on its projects by evaluating
historic drill results, assessing geophysics results, working on
the PEA report, and strategizing the exploration activities at the
targets identified on its Detour-Fenelon Gold Trend.
The Company will continue to monitor wildfire
development in the region and respond proactively and accordingly
should the situation change.
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. In addition, Wallbridge believes that the extensive
land package is extremely prospective for the discovery of
additional gold deposits.
Wallbridge has reported a positive Preliminary
Economic Assessment (“PEA”) on its 100%- owned
Fenelon gold Project with an estimated average annual gold
production of 212,000 ounces over 12.3 years.
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., MBA President &
CEO Tel: (705) 682‒9297 ext. 251 Email:
mkord@wallbridgemining.com
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Capital Markets Advisor Email: vvargas@wallbridgemining.com
Cautionary Note Regarding
Forward-Looking InformationThis press release may contain
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 may include, but is not limited to,
statements regarding the results of the Fenelon preliminary
economic assessment (“PEA”), 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 mineral resource estimates (the
“MRE’s”) at the Fenelon Gold 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 not, and cannot be, a guarantee of future
results or events.
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 FLI 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.
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;
potential changes in project parameters or economic assessments;
the legitimacy of title and property interests; the accuracy of key
assumptions, parameters or methods used to estimate the MREs and in
the PEA; the ability of the Company to obtain required approvals;
geological, mining and exploration technical problems; failure of
equipment or processes to operate as anticipated; the evolution of
the global economic climate; metal prices; foreign exchange rates;
environmental expectations; community and non-governmental actions;
any impacts of COVID-19; 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. 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.
Cautionary Note to United States
Investors
Wallbridge Mining prepares its disclosure in
accordance with the requirements of securities laws in effect in
Canada, which differ from the requirements of U.S. securities laws.
Terms relating to mineral resources in this press release are
defined in accordance with NI 43-101 under the guidelines set out
in CIM Definition Standards on Mineral Resources and Mineral
Reserves, adopted by the Canadian Institute of Mining, Metallurgy
and Petroleum Council on May 19, 2014, as amended ("CIM
Standards"). The U.S. Securities and Exchange Commission
(the "SEC") has adopted amendments effective
February 25, 2019 (the "SEC Modernization Rules")
to its disclosure rules to modernize the mineral property
disclosure requirements for issuers whose securities are registered
with the SEC under the U.S. Securities Exchange Act of 1934. As a
result of the adoption of the SEC Modernization Rules, the SEC will
now recognize estimates of "measured mineral resources", "indicated
mineral resources" and "inferred mineral resources", which are
defined in substantially similar terms to the corresponding CIM
Standards. In addition, the SEC has amended its definitions of
"proven mineral reserves" and "probable mineral reserves" to be
substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the
foregoing terms are "substantially similar" to corresponding
definitions under the CIM Standards, there are differences in the
definitions under the SEC Modernization Rules and the CIM
Standards. Accordingly, there is no assurance any mineral resources
that Wallbridge Mining may report as "measured mineral resources",
"indicated mineral resources" and "inferred mineral resources"
under NI 43-101 would be the same had Wallbridge Mining prepared
the resource estimates under the standards adopted under the SEC
Modernization Rules. In accordance with Canadian securities laws,
estimates of "inferred mineral resources" cannot form the basis of
feasibility or other economic studies, except in limited
circumstances were permitted under NI 43-101.
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