Wallbridge Mining Company Limited (TSX: WM, OTCQX:
WLBMF) (
“Wallbridge” or the
“Company”) today announced a fully-funded 2024
exploration program that prioritizes upgrading gold resources at
Martiniere Gold (“
Martiniere”) and Fenelon Gold
(“
Fenelon”), as well as the testing of priority
grassroots exploration targets on the Company’s extensive and
highly-prospective Detour-Fenelon Gold Trend Property (the
“
Property”) in Northern Abitibi, Quebec.
Highlights of 2024 Program
- Drilling program
of 23,000 metres, including:
- 13,000 metres of resource and
exploration drilling at Martiniere
- 5,000 metres of resource and
exploration drilling at Fenelon, and
- 5,000 metres
allocated to grassroots exploration drilling elsewhere on the
Property.
- Continuing
technical studies to optimize the economics for a combined
Fenelon/Martiniere Preliminary Economic Assessment
(“PEA”).
- Exploration
costs are fully-funded with cash balance of approximately $29.8
million at year-end 2023.
“Based on the 2023 PEA, Fenelon alone has the
potential to produce 200,000 ounces of gold annually for 12 years,
but we see this as only the beginning of the story. Martiniere’s
promising geology and proximity to Fenelon may offer economic
synergies which we need to fully evaluate in preparation for a
combined Fenelon/Martiniere PEA by early 2026. At the same time, we
recognize that the rest of our 830 square kilometre land package
has also tremendous potential for discovery. As such, we will
continue to test exploration targets at Fenelon and elsewhere on
our dominant property position on the Detour-Fenelon Gold Trend,”
said Brian Penny, Interim President & CEO of the Company.
“Our main objective in 2024 is to advance and
de-risk Martiniere and test a number of targets within or near the
Fenelon deposit footprint, with the primary objective of finding
additional near surface gold mineralization to potentially improve
the economics of the project. Regionally, on our extensive
underexplored land package, we will continue to advance our
grassroots exploration targets and test the most compelling
drill-ready targets in search for new discoveries,” added Attila
Péntek, Vice President Exploration.
2024 Exploration Program
Approximately 55% of the planned 23,000 metres
of drilling will be devoted to infilling and expanding the mineral
resource at Martiniere, with the balance allocated to Fenelon and
regional grassroots exploration. In addition, funding has been
allocated for technical studies at Martiniere and Fenelon for the
delivery of a PEA in a realistic timeframe that further evaluates
the potential economics of both the Fenelon and Martiniere
deposits.
2024 Work Program |
Description |
Budget |
Martiniere ‒ resource and exploration drilling (includes $900,000
of technical and environmental studies) |
13,000 metres |
$8.9M |
Fenelon ‒ expansion of known mineralization and exploration
drilling (includes $900,000 of technical and environmental
studies) |
5,000 metres |
$4.5M |
Regional exploration ‒ exploration drilling, geophysics and
other |
5,000 metres |
$3.6M |
Capital expenditures |
|
$0.2M |
General & administrative costs |
|
$4.0M |
Total |
|
$21.2M |
Martiniere Exploration
Program
Martiniere currently has a mineral resource
estimate (“MRE”) of 0.68 million ounces of gold in
the Indicated category and 0.63 million ounces of gold in the
Inferred category (see Wallbridge press release dated January 17,
2023). The budgeted drilling in 2024 will be carried out in two
phases: Phase 1 of approximately 7,500 metres is scheduled for
March and April 2024, with Phase 2 of approximately 5,500 metres
planned for the third quarter of the year.
The Phase 1 program is designed to increase
confidence in the MRE by collecting representative material for
metallurgical test work and doing down-hole geotechnical imaging to
further improve our understanding of the structural controls on
gold deposition. Phase 2 will be targeting extensions of known gold
zones both laterally and down-plunge at depth in order to further
expand the deposit. The Company also plans to sample in-fill drill
core (approximately 5,000 metres) from historic drilling programs
that has not been previously analyzed to potentially identify
further gold mineralization in the deposit area.
Technical studies for Martiniere, including
metallurgical test work, geomechanics and hydrogeology are
scheduled to start in early 2024.
Fenelon Exploration Program
The PEA for the Fenelon project resulted in an
average annual gold production of 212,000 ounces over a 12-year
mine life (see Wallbridge press release dated June 26, 2023) based
on the current MRE of 2.37 million ounces of gold in the Indicated
category and 1.72 million ounces of gold in the Inferred category
(see Wallbridge press release dated January 17, 2023). The 5,000
metres of drilling planned for Fenelon in 2024 is mainly designed
to test gold mineralization in the vicinity of the PEA mine design
where there is potential to improve the project’s overall
economics.
Several technical studies are also planned in
2024 at Fenelon with the goal of further enhancing the economics of
the project.
Regional Exploration
Regionally, approximately 5,000 metres of
drilling is planned for 2024 with the objective of discovering new
mineralized gold zones on high-priority targets located within
Wallbridge’s massive land package on the highly-prospective
Detour-Fenelon Gold Trend. Field work (outcrop mapping and
prospecting) and some geophysical work is also planned.
The Qualified Person responsible for the
technical content of this press release is Francois Chabot, Eng.,
the Company’s Manager of Technical Services.
Figure 1.
Wallbridge’s Detour-Fenelon Gold Trend land package
highlighting the currently planned 2024 exploration target
areas.
About Wallbridge Mining
Wallbridge is focused on creating value through
the exploration and sustainable development of gold projects along
the Detour-Fenelon Gold Trend in Québec’s Northern Abitibi region
while respecting the environment and communities where it
operates.
Wallbridge’s most advanced projects, Fenelon
Gold (“Fenelon”) and Martiniere Gold
(“Martiniere”) incorporate 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 square kilometre exploration land package controlled by
Wallbridge.
Wallbridge has reported a positive Preliminary
Economic Assessment (“PEA”) at Fenelon that
estimates average annual gold production of 212,000 ounces over 12
years (see Wallbridge press release of June 26, 2023).
Wallbridge also holds a 15.9% 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.
For further information please visit the
Company’s website at https://wallbridgemining.com/ or contact:
Wallbridge Mining Company
Limited
Brian Penny, CPA, CMA
Interim CEOTel: (416) 716-8346 Email:
bpenny@wallbridgemining.com
Victoria Vargas, B.Sc. (Hon.) Economics,
MBACapital Markets AdvisorEmail: vvargas@wallbridgemining.com
Cautionary Note Regarding Forward-Looking
Information
The information in this document 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
document.
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, but are not
limited to, 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 in this document may include, but is not
limited to: statements regarding the results of the Fenelon PEA;
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 MRE’s at Fenelon and Martiniere (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 document 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 in this document to reflect new
events or circumstances. Unless otherwise noted, this document has
been prepared based on information available as of the date of this
document. 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 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; and, the Company’s ability
to secure required funding. Risks and uncertainties about
Wallbridge's business are discussed in the disclosure materials
filed with the securities regulatory authorities in Canada, which
are available at www.sedarplus.ca.
Cautionary Notes to United States Investors
Wallbridge prepares its disclosure in accordance
with NI 43-101 which differs from the requirements of the U.S.
Securities and Exchange Commission (the "SEC").
Terms relating to mineral properties, mineralization and estimates
of mineral reserves and mineral resources and economic studies used
herein 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. NI
43-101 differs significantly from the disclosure requirements of
the SEC generally applicable to US companies. As such, the
information presented herein concerning mineral properties,
mineralization and estimates of mineral reserves and mineral
resources may not be comparable to similar information made public
by U.S. companies subject to the reporting and disclosure
requirements under the U.S. federal securities laws and the rules
and regulations thereunder.
A figure accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/018a9c9c-8f1f-4251-97a2-cfcfd65fe7b3
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