TORONTO, Nov. 9, 2017 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge") is pleased to announce initial assay results from its third round of exploration drilling on the 100% owned Fenelon Gold property ("Fenelon") in Quebec. Results are reported for an initial three drill holes (FA-17-25, FA-17-26, and FA-17-27). Results for another six holes are pending. Mineralization remains open along strike and to depth and follow-up drilling is planned as part of the pending bulk sample for which permits are expected this year.
Drill hole FA-17-26 intersected two significant mineralized intervals including 237.81 g/t gold over 7.02 metres from 139.83 metres downhole within the Viper Zone, stepping-out below the previous FA-17-07 and FA-17-17 intersections.
Drill hole FA-17-27 intersected 122.25 g/t gold over 4.73 metres from 130.12 metres downhole within the Habanero Zone with a higher-grade sub-interval of 362.83 g/t gold over 1.54 metres.
FA-17-25 intersected two significant mineralized intervals including 4.20 g/t gold over 9.29 metres from 118.04 metres downhole with a higher-grade sub-interval of 7.83 g/t gold over 4.58 metres.
To date, thirty-three exploration drill holes totaling 6,348 metres have been completed at Fenelon in 2017. The current drilling followed-up previous 2017 Wallbridge drilling on the west extension target where drill hole FA-17-07 intersected three mineralized zones including 141.16 g/t gold over 7.06 metres in the Viper Zone (see Wallbridge press release dated April 18, 2017) and FA-17-17 intersecting four mineralized zones including 311.08 g/t gold over 3.06 metres, also in the Viper Zone (see Wallbridge press release dated September 5, 2017).
"We continue to be pleasantly surprised by the drill results from Fenelon," stated Marz Kord, President and CEO of Wallbridge. "We knew when we purchased the property that there was room to expand the resource, but to get holes grading in excess of 100 grams over mineable widths in each of our first three programs is truly remarkable. To date our drilling has been limited to targets at shallow depth near the existing ramp and we are really just scratching the near surface potential."
"We have applied for permits for an underground bulk sample which we hope to receive shortly. This will allow us to dewater the existing ramp and extend development down to 5150 level (100 metres from surface) from which point we can assess the nature of the high grade mineralization by extracting around 35,000 tonnes of ore. This development will also provide a platform from which to drill the extensions of the deposit to depth, as well as to evaluate a number of other targets that offer the potential for existence of new high-grade zones."
"These current results provide evidence that the Fenelon Gold property hosts additional high-grade mineralization. Due to their proximity to the existing development, we believe that with additional drilling we will be able to convert these into resources and ultimately reserves. Our immediate focus is the completion of the bulk sample in 2018 as well as increasing the mineral resources and reserves by exploring extensions of the known deposit and testing other targets on the property."
A summary of the assay results from this third round of exploration drilling are reported in Table 1 and 2 and also shown on Figures 1, 2, 3, and 4, below. Additional information is available on Wallbridge's website at http://www.wallbridgemining.com/s/fenelon.asp.
Wallbridge acquired Fenelon in October 2016 and released positive results from a pre-feasibility study earlier this year (see Wallbridge press release dated March 6, 2017). In addition to ongoing exploration to expand the resource, Wallbridge received a Certificate of Non-Liability (Attestation de Non-Assujettissement) from the Government of Quebec for the dewatering of the pit and ramp and a 35,000 tonne bulk sample and has submitted an application for a certificate of authorization ("C of A") from the regional authority responsible for issuing permits. The underground bulk sample at Fenelon is expected to commence before the end of 2017.
Drill core samples from the recent drill programs at Fenelon were cut and bagged on site and transported to ALS Chemex. Samples, along with standards, blanks, and duplicates included for quality assurance and quality control, were prepared and analyzed at ALS Chemex Ltd. 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. For samples >100g/t Au, 50g is automatically analyzed by fire assay with gravimetric finish which are reported as final assays. To test for coarse free gold and for additional quality assurance and quality control, Wallbridge requests screen metallic analysis for samples >10g/t Au or 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 Attila Pentek, P.Geo., Ph.D., Senior Geologist for Wallbridge Mining Company Limited. Mr. Pentek has prepared, supervised and approved the scientific and technical disclosures in this press release.
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 preparing to develop its 100%-owned high-grade gold Fenelon Gold Property in Quebec with ongoing exploration and a bulk sample targeted to start in 2017. Wallbridge is also in discussions regarding several other advanced stage projects which could become the Company's next mines. 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 active exploration for copper and gold in Jamaica and British Columbia through its 12.7% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited).
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
For further information: Please visit the Company's website at www.wallbridgemining.com or contact: Wallbridge Mining Company Limited, Joshua Bailey, P.Geo., M.Sc., MBA, Vice President Exploration, Tel: (705) 682-9297 ext. 240, Email: [email protected]; David Ellis, Investor Relations, Tel: (416) 704-0937, Email: [email protected]