TORONTO, Oct. 23, 2018 /CNW/ - Wallbridge Mining Company
Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") is pleased to announce continued positive results from its
underground drill program and to provide an update on the ongoing development as part of the 35,000-tonne bulk sample and
underground exploration program at its 100%-owned Fenelon Gold Property ("Fenelon").
Highlights
18-1000-002:
|
19.60 g/t gold over 2.09 metres in the Naga Viper zone
|
|
|
18-1000-003:
|
21.00 g/t gold over 4.56 metres in the Naga Viper zone
and
|
|
|
|
37.91 g/t gold over 5.26 metres in the Habanero zone
|
|
|
18-0990-013:
|
13.92 g/t gold over 15.01 metres in a composite of two zones
including
|
|
|
|
10.31 g/t gold over 4.89 metres in the Paprika zone and
|
|
|
|
24.30 g/t gold over 6.37 metres in the Habanero zone (previously
released in Wallbridge Press Release dated October 09)
|
|
|
18-0990-014:
|
19.37 g/t gold over 1.68 metres in the Habanero zone
|
|
|
18-0990-015:
|
13.25 g/t gold over 1.50 metres in the Chipotle zone
|
- Assay results from 30 underground drill holes are pending.
- Production from the third stope (CH-02) is underway and the fourth stope (NV-02) is being prepared.
Underground drilling to date from the 5213 Level has mainly targeted the high-grade shoots down to 5130 Level (~120 m depth),
which is the lowermost level that is planned to be developed during the 2018 bulk sample program.
In the next few weeks drilling will focus below the 5130 Level. A new underground drill station has been developed on the 5180
Level, which will be used to target the main high-grade shoots down-plunge to 200 m depth.
The bulk sample is expected to produce 19,000 to 26,000 ounces of gold with close to 50% of gold priced at C$1,720 per ounce. The expected cash flow upon completion of this bulk sample, net of all bulk sample costs and
including the financing costs, is expected to be sufficient to cover the budgeted working capital requirements.
The bulk sample program is designed to test a few stopes in several zones. Overall grade from these planned stopes is
estimated to average 18 to 25 g/t gold. The geology team has developed an extensive sampling program to characterize the
mineralized material during this bulk sample. Chip samples are collected from a sampling line across each development face
and muck samples are also taken in a regular pattern on surface.
A 10,000-metre surface drilling program is now also underway to follow known mineralized zones and expand resources at depth
and further away from the mine workings.
A summary of the drill hole results from the underground drilling are reported in Tables 1 and 2 and also shown on the
Figures below as well as on the Company website.
Table 1. Wallbridge Fenelon Gold Property 2018 Underground Drill Assay
Highlights
|
Drill Hole
|
From
|
To
|
From
|
To
|
Length
|
True
Width
|
Au
|
Au
Capped*
|
VG**
|
Zone
|
Press Release
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
|
|
|
18-1030-006
|
27.79
|
30.20
|
|
|
2.41
|
2.20
|
15.91
|
15.91
|
VG
|
Chipotle
|
July 25, 2018
|
18-1030-006
|
Including...
|
28.50
|
29.11
|
0.61
|
0.56
|
59.10
|
59.10
|
VG
|
Chipotle
|
July 25, 2018
|
18-1030-007
|
31.26
|
32.66
|
|
|
1.40
|
1.08
|
16.72
|
16.72
|
VG
|
Chipotle
|
July 25, 2018
|
18-1030-008
|
34.47
|
38.06
|
|
|
3.59
|
2.76
|
9.27
|
9.27
|
VG
|
Chipotle
|
July 25, 2018
|
18-1030-008
|
Including...
|
35.03
|
36.61
|
1.58
|
1.22
|
17.37
|
17.37
|
VG
|
Chipotle
|
July 25, 2018
|
18-1030-009
|
77.58
|
81.00
|
|
|
3.42
|
2.70
|
35.91
|
35.91
|
VG
|
Paprika
|
July 25, 2018
|
18-1030-009
|
Including...
|
78.90
|
80.60
|
1.70
|
1.34
|
63.33
|
63.33
|
VG
|
Paprika
|
July 25, 2018
|
18-1030-010
|
81.00
|
81.42
|
|
|
0.42
|
0.32
|
13.60
|
13.60
|
VG
|
Naga Viper
|
July 25, 2018
|
18-1030-011
|
80.10
|
85.50
|
|
|
5.40
|
4.37
|
10.05
|
10.05
|
|
Naga Viper
|
Aug 14, 2018
|
18-1030-012
|
68.30
|
71.26
|
|
|
2.96
|
1.33
|
10.09
|
10.09
|
VG
|
Chipotle
|
Aug 14, 2018
|
18-1035-002
|
49.20
|
54.00
|
|
|
4.80
|
3.26
|
29.23
|
28.35
|
VG
|
Chipotle
|
Aug 14, 2018
|
18-1035-002
|
Including...
|
49.97
|
52.95
|
2.98
|
2.03
|
46.30
|
44.89
|
VG
|
Chipotle
|
Aug 14, 2018
|
18-1035-004
|
24.94
|
26.02
|
|
|
1.08
|
0.73
|
65.70
|
65.70
|
VG
|
Fresno
|
Aug 14, 2018
|
18-1035-004
|
70.00
|
74.16
|
|
|
4.16
|
3.27
|
9.37
|
9.37
|
|
Naga Viper
|
Sept 19, 2018
|
18-1035-005
|
58.77
|
64.90
|
|
|
6.13
|
5.86
|
48.81
|
24.35
|
VG
|
Naga Viper
|
Aug 28, 2018
|
18-1035-005
|
78.65
|
79.31
|
|
|
0.66
|
0.53
|
26.90
|
26.90
|
|
Paprika
|
Aug 28, 2018
|
18-1035-007
|
84.90
|
85.50
|
|
|
0.60
|
0.48
|
15.60
|
15.60
|
|
Habanero
|
Aug 28, 2018
|
18-1035-010
|
30.45
|
34.08
|
|
|
3.63
|
2.72
|
30.47
|
30.47
|
VG
|
Chipotle
|
Aug 28, 2018
|
18-1035-010
|
Including...
|
32.90
|
34.08
|
1.18
|
0.89
|
91.94
|
91.94
|
VG
|
Chipotle
|
Aug 28, 2018
|
18-1035-010
|
64.40
|
65.40
|
|
|
1.00
|
0.75
|
28.80
|
28.80
|
VG
|
Paprika
|
Sept 5, 2018
|
18-1035-011
|
27.75
|
30.00
|
|
|
2.25
|
1.78
|
65.76
|
42.89
|
VG
|
Chipotle
|
Sept 5, 2018
|
18-1035-011
|
56.50
|
60.50
|
|
|
2.95
|
2.36
|
11.09
|
11.09
|
|
Naga Viper
|
Sept 19, 2018
|
18-1035-012
|
28.01
|
28.56
|
|
|
0.55
|
0.44
|
28.30
|
28.30
|
VG
|
Chipotle
|
Aug 14, 2018
|
18-1035-012
|
56.41
|
56.71
|
|
|
0.30
|
0.29
|
61.10
|
61.10
|
VG
|
Naga Viper
|
Aug 14, 2018
|
18-1035-013
|
27.36
|
29.48
|
|
|
2.12
|
1.77
|
144.96
|
78.10
|
VG
|
Chipotle
|
Sept 5, 2018
|
18-1035-013
|
41.00
|
42.00
|
|
|
1.00
|
0.91
|
94.54
|
94.54
|
VG
|
Anaheim
|
Oct 02, 2018
|
18-1035-013
|
Including...
|
27.99
|
29.15
|
1.16
|
0.97
|
262.18
|
140.00
|
VG
|
Chipotle
|
Sept 5, 2018
|
18-1035-013
|
51.40
|
58.35
|
|
|
4.28
|
3.58
|
40.69
|
40.09
|
VG
|
Naga Viper
|
Sept 5, 2018
|
18-1035-014
|
85.70
|
86.45
|
|
|
0.75
|
0.58
|
10.23
|
10.23
|
|
Naga Viper
|
Sept 19, 2018
|
18-1035-015
|
72.60
|
74.34
|
|
|
1.74
|
1.16
|
15.74
|
15.74
|
|
Chipotle
|
Sept 5, 2018
|
18-1035-017
|
56.00
|
66.13
|
|
|
10.13
|
5.51
|
50.31
|
25.18
|
VG
|
Chipotle
|
Aug 28, 2018
|
18-1035-018
|
52.99
|
56.50
|
|
|
3.51
|
2.38
|
12.68
|
12.68
|
VG
|
Chipotle
|
Sept 5, 2018
|
18-1035-018
|
63.70
|
69.00
|
|
|
5.30
|
3.60
|
9.04
|
9.04
|
VG
|
Chipotle
|
Sept 5, 2018
|
18-1035-018
|
Including...
|
66.00
|
66.96
|
0.96
|
0.65
|
35.79
|
35.79
|
VG
|
Chipotle
|
Sept 5, 2018
|
18-1035-019
|
47.00
|
55.00
|
|
|
8.00
|
5.56
|
27.10
|
24.69
|
VG
|
Chipotle
|
Sept 5, 2018
|
18-1035-019
|
59.30
|
60.30
|
|
|
1.00
|
0.69
|
39.10
|
39.10
|
VG
|
Chipotle
|
Sept 5, 2018
|
18-1035-019
|
72.50
|
77.35
|
|
|
4.85
|
4.10
|
137.63
|
88.38
|
VG
|
Naga Viper
|
Sept 5, 2018
|
18-1075-001
|
26.14
|
28.41
|
|
|
2.27
|
1.82
|
18.54
|
18.54
|
|
Naga Viper
|
Sept 19, 2018
|
18-1080-001
|
21.00
|
21.50
|
|
|
0.50
|
0.40
|
611.00
|
140.00
|
VG
|
Naga Viper
|
Sept 5, 2018
|
18-1080-003
|
35.70
|
37.20
|
|
|
1.50
|
1.00
|
19.24
|
19.24
|
VG
|
Naga Viper
|
Sept 5, 2018
|
18-1080-003
|
Including...
|
35.70
|
36.18
|
0.48
|
0.32
|
58.20
|
58.20
|
VG
|
Naga Viper
|
Sept 5, 2018
|
18-1080-006
|
19.30
|
21.00
|
|
|
1.70
|
1.59
|
12.80
|
12.80
|
VG
|
Naga Viper
|
Sept 5, 2018
|
18-1080-006
|
Including...
|
20.48
|
21.00
|
0.52
|
0.49
|
39.80
|
39.80
|
VG
|
Naga Viper
|
Sept 5, 2018
|
18-1080-006
|
36.88
|
41.23
|
|
|
4.35
|
4.08
|
3.05
|
3.05
|
|
Habanero
|
Sept 5, 2018
|
18-1080-006
|
Including...
|
40.52
|
41.23
|
0.71
|
0.67
|
11.10
|
11.10
|
|
Habanero
|
Sept 5, 2018
|
18-0990-006
|
104.52
|
109.10
|
|
|
3.50
|
2.33
|
39.47
|
23.32
|
VG
|
Naga Viper
|
Sept 19, 2018
|
18-0990-007
|
101.30
|
101.90
|
|
|
0.60
|
0.40
|
204.00
|
140.00
|
VG
|
Chipotle
|
Sept 19, 2018
|
18-0990-007
|
106.95
|
111.00
|
|
|
4.05
|
2.70
|
35.21
|
31.36
|
VG
|
Naga Viper
|
Sept 19, 2018
|
18-0990-007
|
132.02
|
134.97
|
|
|
2.95
|
2.20
|
122.35
|
35.45
|
VG
|
Habanero
|
Sept 19, 2018
|
18-0990-008
|
126.81
|
127.85
|
|
|
1.04
|
0.78
|
6.98
|
6.98
|
VG
|
Habanero
|
Oct 02, 2018
|
18-0990-009
|
91.85
|
98.74
|
|
|
6.89
|
3.60
|
5.73
|
5.73
|
VG
|
Naga Viper
|
Oct 02, 2018
|
18-0990-009
|
115.26
|
115.75
|
|
|
0.49
|
0.31
|
242.00
|
242.00
|
VG
|
Paprika
|
Oct 09, 2018
|
18-0990-010
|
94.70
|
99.25
|
|
|
4.55
|
3.50
|
12.42
|
12.42
|
VG
|
Paprika
|
Sept 19, 2018
|
18-0990-010
|
111.40
|
116.92
|
|
|
5.52
|
4.99
|
41.02
|
41.02
|
VG
|
Habanero
|
Sept 19, 2018
|
18-0990-010
|
Including...
|
112.6
|
114.23
|
1.62
|
1.46
|
109.79
|
109.79
|
VG
|
Habanero
|
Sept 19, 2018
|
18-0990-011
|
104.41
|
112.20
|
|
|
7.79
|
7.17
|
54.45
|
41.51
|
VG
|
Habanero
|
Oct 02, 2018
|
18-0990-013
|
88.50
|
91.40
|
|
|
2.90
|
1.93
|
5.01
|
5.01
|
VG
|
Naga Viper
|
Oct 09, 2018
|
18-0990-013
|
106.32
|
121.33
|
|
|
15.01
|
11.01
|
13.92
|
13.92
|
VG
|
|
Current Release
|
18-0990-013
|
Including...
|
106.3
|
111.71
|
4.89
|
3.59
|
10.31
|
10.31
|
VG
|
Paprika
|
Current Release
|
18-0990-013
|
Including...
|
|
|
6.37
|
4.67
|
24.30
|
24.30
|
VG
|
Habanero
|
Oct 09, 2018
|
18-0990-014
|
115.86
|
117.54
|
|
|
1.68
|
1.39
|
19.37
|
19.37
|
VG
|
Habanero
|
Current Release
|
18-0990-015
|
65.20
|
66.70
|
|
|
1.50
|
1.21
|
13.25
|
13.25
|
VG
|
Chipotle
|
Current Release
|
18-0990-017
|
106.83
|
108.53
|
|
|
1.70
|
1.02
|
134.57
|
127.00
|
VG
|
Paprika
|
Oct 09, 2018
|
18-0990-017
|
114.22
|
118.12
|
|
|
3.90
|
2.34
|
11.23
|
11.23
|
VG
|
Paprika
|
Oct 09, 2018
|
18-0990-017
|
124.02
|
126.73
|
|
|
2.71
|
1.63
|
98.90
|
47.45
|
VG
|
Habanero
|
Oct 09, 2018
|
18-1000-002
|
107.75
|
109.84
|
|
|
2.09
|
1.10
|
19.60
|
19.60
|
VG
|
Naga Viper
|
Current Release
|
18-1000-003
|
83.00
|
87.56
|
|
|
4.56
|
3.15
|
21.00
|
21.00
|
VG
|
Naga Viper
|
Current Release
|
18-1000-003
|
109.36
|
114.62
|
|
|
5.26
|
3.59
|
37.91
|
37.91
|
VG
|
Habanero
|
Current Release
|
*Au capped at 140 g/t following InnovExplo's 2016 Mineral Resource
Estimate.
|
|
**Intervals containing visible gold ("VG").
|
Table 2. Wallbridge Fenelon Gold Property 2018 Underground drill hole
information*
|
Drill Hole ID
|
Local grid
E
|
Local grid
N
|
Elevation
|
Length
(Metres)
|
Azimuth
|
Dip
|
VG**
|
Note
|
18-1035-012
|
10572
|
10996
|
5214
|
69
|
203
|
-6
|
VG
|
Further Assays pending
|
18-1075-003
|
10592
|
10955
|
5214
|
48
|
208
|
-25
|
|
Further Assays pending
|
18-0990-018
|
10532
|
11019
|
5215
|
150
|
216
|
-46
|
VG
|
Further Assays pending
|
18-1000-002
|
10540
|
11014
|
5215
|
156
|
204
|
-49
|
VG
|
|
18-1000-003
|
10540
|
11014
|
5215
|
147
|
199
|
-46
|
VG
|
|
18-1000-004
|
10540
|
11014
|
5215
|
126
|
205
|
-45
|
VG
|
Assays pending
|
18-1000-005
|
10540
|
11014
|
5215
|
135
|
216
|
-46
|
VG
|
Assays pending
|
18-1000-006
|
10540
|
11014
|
5215
|
131
|
199
|
-40
|
VG
|
Assays pending
|
18-1000-007
|
10540
|
11014
|
5215
|
126
|
202
|
-38
|
VG
|
Assays pending
|
18-1000-008
|
10540
|
11014
|
5215
|
111
|
202
|
-29
|
|
Assays pending
|
18-1000-009
|
10540
|
11014
|
5215
|
102
|
203
|
-20
|
VG
|
Assays pending
|
18-1010-002
|
10549
|
11009
|
5214
|
150
|
201
|
-50
|
|
Assays pending
|
18-1010-003
|
10549
|
11009
|
5214
|
132
|
204
|
-44
|
VG
|
Assays pending
|
18-1020-005
|
10556
|
11005
|
5214
|
141
|
205
|
-47
|
VG
|
Assays pending
|
18-1020-006
|
10556
|
11005
|
5214
|
132
|
204
|
-44
|
VG
|
Assays pending
|
18-0990-019
|
10532
|
11019
|
5215
|
162
|
230
|
-34
|
|
Assays pending
|
18-0990-020
|
10532
|
11019
|
5215
|
170
|
218
|
-48
|
VG
|
Assays pending
|
18-0990-021
|
10532
|
11019
|
5215
|
138
|
220
|
-35
|
VG
|
Assays pending
|
18-0990-022
|
10532
|
11019
|
5215
|
184
|
226
|
-46
|
VG
|
Assays pending
|
18-0990-023
|
10532
|
11019
|
5215
|
163
|
223
|
-51
|
|
Assays pending
|
18-0990-024
|
10532
|
11019
|
5215
|
200
|
217
|
-55
|
|
Assays pending
|
18-0990-025
|
10532
|
11019
|
5215
|
216
|
233
|
-45
|
|
Assays pending
|
18-0990-026
|
10532
|
11019
|
5215
|
141
|
226
|
-26
|
|
Assays pending
|
18-1160-001
|
10679
|
10934
|
5216
|
51
|
200
|
0
|
|
Assays pending
|
18-1160-002
|
10679
|
10934
|
5216
|
60
|
200
|
-23
|
|
Assays pending
|
18-1130-002
|
10654
|
10948
|
5215
|
90
|
201
|
-47
|
|
Assays pending
|
18-1130-003
|
10654
|
10948
|
5215
|
81
|
191
|
-27
|
|
Assays pending
|
18-1130-004
|
10654
|
10948
|
5215
|
75
|
202
|
-17
|
|
Assays pending
|
18-1120-002
|
10644
|
10954
|
5214
|
87
|
202
|
-44
|
|
Assays pending
|
18-1120-003
|
10644
|
10954
|
5214
|
75
|
208
|
-30
|
|
Assays pending
|
18-1120-004
|
10644
|
10954
|
5214
|
72
|
202
|
-17
|
|
Assays pending
|
18-1110-002
|
10636
|
10959
|
5214
|
102
|
204
|
-41
|
VG
|
Assays pending
|
* Table includes only underground holes drilled since August and for which
assays are pending. For earlier holes please refer to tables in previous press releases.
|
|
**Intervals containing visible gold ("VG")
|
Wallbridge's Fenelon Gold Property is located in northwestern Quebec proximal to the Sunday
Lake Deformation Zone ("SLDZ") which hosts the Detour Gold Mine in Ontario, and Balmoral
Resources' gold deposits at Martiniere. The Fenelon Gold Property hosts the Discovery Zone gold deposit and surrounding 4 km
strike length of a gold-hosting secondary splay of the SLDZ.
Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive
pre-feasibility study on the existing resource (see Wallbridge Press Release dated February 02, 2017). In addition, Wallbridge has
completed surface exploration drilling campaigns and is currently drilling from underground as part of its 35,000-tonne bulk
sample at Fenelon. Drilling to date has significantly extended existing zones and discovered several new parallel zones.
Drill core samples from the ongoing drill program at Fenelon were cut and bagged on site and transported to SGS Canada Inc.
Samples, along with standards, blanks, and duplicates included for quality assurance and quality control, were prepared and
analyzed at SGS Canada Inc. laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to >95%
passing 106 microns. 50g samples are analyzed by fire assay and AAS. Samples >10g/t Au are automatically analyzed by fire
assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and for 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 Persons responsible for the technical content of this press release are Marz
Kord, P. Eng., M. Sc., MBA, President & CEO and Attila Péntek, P.Geo., Ph.D., Vice President Exploration for
Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic
growth through exploration and scalability.
Wallbridge is currently developing its 100%-owned high-grade Fenelon Gold property in
Quebec with ongoing exploration and a bulk sample in 2018. Wallbridge is also pursuing other
additional advanced-stage projects which would add to the Company's near-term project pipeline. These discussions benefit from
the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October 2015. Wallbridge is also continuing
partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury,
Ontario, with a focus on its high-grade Parkin project.
Wallbridge also has exposure to exploration for copper and gold in Jamaica and British Columbia through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources
Limited, a Wallbridge spin-out of its BC assets).
This press release may contain forward-looking statements (including "forward-looking information" within the
meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private
Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in
which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and
estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and
operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to
be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors
may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially
different from those expressed or implied by such forward-looking statements including, without limitation, whether such
discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project
parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for
additional funding to continue exploration and development efforts, changes in general economic, market and business conditions,
and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its
other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently
subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control
of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events
or results to differ materially from those described in forward-looking statements, there may be other factors and risks that
cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be
placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the
date hereof.
Wallbridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The
forward-looking statements contained herein are expressly qualified by this disclaimer.
SOURCE Wallbridge Mining Company Limited
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