Adds Near Surface Mineralization in Area 51 TORONTO, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) today announced further positive assay results from its resource drilling program on the Fenelon Gold Property (“Fenelon” or the “Property”), located on the highly prospective Detour-Fenelon Gold Trend in Northern Abitibi, Quebec.
Ongoing drilling within the 2021 mineral resource estimate (“MRE”) open pit shell has intersected new, near-surface mineralization grading 2.59 g/t of gold over 57.65 metres in drill hole FA-21-304. Deep resource drilling, below the current extent of the MRE has also been successful in extending the Eastern Shoot of the Tabasco/Cayenne Zones with 9.70 g/t of gold over 3.70 metres in hole FA-21-311-W1.
“These drilling results continue to validate substantial opportunities to increase the mineral resources within the known footprint of the Fenelon deposit, and within the extensions along strike and at depth,” stated Marz Kord, President & CEO of Wallbridge. “In Area 51, we have encountered several new intersections with open pit potential, at higher grades than the average open pit grade in our 2021 MRE. Over the course of 2022, in addition to resource expansion and exploration drilling, we will continue to target zones with the potential to deliver higher grade near surface mineralization inside the current pit shell, which will strengthen the overall economics of the open pit component of the project.”
Resource Expansion Drill Results
Highlight expansion intersections since the last news release from this program include:
| | FA-21-304 | 2.59 g/t Au over 57.65 metres, including |
| | | | 18.81 g/t Au over 2.10 metres, and |
| | | | 31.51 g/t Au over 2.50 metres in Area 51; |
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| | This intersection is near surface, starting at a vertical depth of only 110 metres and located inside the 2021 MRE open pit shell, but not within the resource block model. |
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| | FA-21-311-W1 | 9.70 g/t Au over 3.70 metres in the Tabasco Zone; |
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| | This intersection is at a vertical depth of 1,200 metres, 170 metres below the last intersection of the Tabasco/Cayenne Zones in the Eastern Shoot. |
Resource In-fill Drill Results
Infill drilling to improve the quality and robustness of the existing resources remains ongoing. The following are highlight infill intersections since our last update:
| | FA-20-159-W3 | 1.40 g/t Au over 53.85 metres, including |
| | | 2.44 g/t Au over 18.80 metres, which includes |
| | | | 4.71 g/t Au over 5.20 metres in Area 51; |
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| | FA-21-314 | 1.01 g/t Au over 36.20 metres, and |
| | | 2.98 g/t Au over 16.60 metres in Area 51; |
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| | FA-21-314-W1 | 0.88 g/t Au over 34.65 metres, including |
| | | | 3.59 g/t Au over 4.80 metres in Area 51; |
Assay results from 11 drill holes of the 2021 Fenelon drill program are reported in the Table and Figures below. 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://www.wallbridgemining.com/s/fenelon.asp.
Figure 1. Fenelon Gold, Plan View
https://www.globenewswire.com/NewsRoom/AttachmentNg/fd21ef2c-9480-4d8a-bd5d-97eee7e72742
Figure 2. Fenelon Gold, Long Section
https://www.globenewswire.com/NewsRoom/AttachmentNg/15c08103-52f2-431b-b886-9dd80df4f060
About Wallbridge Mining
Wallbridge is currently advancing the exploration and development of its 100%owned Fenelon Gold property located along the DetourFenelon Gold Trend, an emerging gold belt in northwestern Qubec. Within three years of the discovery of the Area 51 and Tabasco/Cayenne Zones, through drill programs totaling over 300,000 metres, Wallbridge reached an important milestone by announcing a maiden MRE for Fenelon and an updated MRE for the Martiniere Gold Property totalling 2.67 Moz Au in the indicated category and 1.72 Moz Au in the inferred category (for details of the MREs see Wallbridge press release dated November 9, 2021 and Technical Report filed December 23, 2021 on SEDAR).
Both properties are located on the Company’s 910 km2 land package along the Detour-Fenelon Gold Trend in Northern Abitibi, Qubec, with significant potential for further discoveries over a 97kilometre strike length of this underexplored belt.
Wallbridge is also the operator of, and a 17.8% shareholder in, Lonmin Canada Inc., a privatelyheld company with a portfolio of nickel, copper, and platinumgroup metals (PGM) projects in Ontario's Sudbury Basin.
This news release has been authorized by the undersigned on behalf of Wallbridge Mining Company Limited.
For further information please visit the Company's website at www.wallbridgemining.com
https://www.globenewswire.com/news-release/2022/01/12/2365515/0/en/Wallbridge-Adds-Near-Surface-Mineralization-in-Area-51-and-Extends-Tabasco-Cayenne-at-Depth.html