TORONTO, Aug. 14, 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").
To date, 41 drill holes have been completed totaling more than 3,600 metres.
Visible gold was observed to be present in 27 drill holes.
18-1030-011: 10.05 g/t gold over 5.40 metres in the Naga Viper zone
18-1035-002: 29.23 g/t gold over 4.80 metres in the Chipotle zone
18-1035-004: 65.70 g/t gold over 1.08 metres in the Fresno zone
18-1035-012: 28.30 g/t gold over 0.55 metres in the Chipotle zone and 61.10 g/t gold over 0.30 metres in the Naga Viper zone
Assay results from additional 33 drill holes are pending.
The 18,000-metre drilling program from underground and surface is planned to continue until December 2018.
Production drilling on the first stope (CH-01) currently underway.
Development has commenced on the second mineralized zone (Naga Viper) on level 5195.
First ore shipments to the Camflo mill have begun
"We are making excellent progress and have begun the first shipments of Fenelon ore to the Camflo mill. The success of the drilling program to date is two-fold. Not only has it provided us with the ability to identify and select higher-grade stopes for the bulk sample, but it has also allowed for the pre-development of additional stopes which will provide lower-cost, near ready-to-mine ounces once the bulk sample is completed and a production decision has been made," stated Marz Kord, President & CEO of Wallbridge.
The bulk sample is expected to produce 19,000 to 26,000 ounces of gold with close to 50% of gold priced at $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 will be sufficient to cover the planned 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.
Drilling to date from the 5213 level has mainly targeted the Chipotle and Naga Viper zones in the upper 100 m, between levels 5150 and 5213. Stopes that have thus far been drilled-off to the planned 6 to 7 m nominal spacing have provided good confirmation of the geological model and continuity of the high-grade shoots. Drilling is now focusing on defining stopes and expanding resources in the West extension area of the Naga Viper and Habanero zones, including the high-grade shoot discovered last year with intersections that included 260.4 g/t Au over 7.02 metres, 141.2 g/t gold over 7.06 metres and 311.1 g/t gold over 3.06 metres (see Wallbridge Press Release dated December 13, 2017).
"We are excited to continue stope definition and resource expansion drilling in the West extension area now, where we had such exceptional results in 2017. There is a really nice high-grade shoot in the Naga Viper zone, but the newly discovered Habanero zone has also given us outstanding intersections like 80.42 g/t gold over 4.73 metres and 22.28 g/t gold over 4.45 metres. Holes aimed at drilling off the stopes in the Naga Viper and Habanero zones will also pierce through the Chipotle zone, which in this area is largely untested and the Paprika zone, which has also shown ore-grade quality like the 35.91 g/t gold over 2.70 metres in our recent hole 18-1030-009", stated Attila Péntek, Vice-President, Exploration of Wallbridge.
Deeper drilling to test the down-plunge of known high-grade shoots is planned for Q4 of 2018 once the lower levels are developed.
A 10,000 metre surface drilling program is also scheduled to start in the latter part of this year 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 Figures 1 to 7 below.
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 33 drill holes totalling 6,348 metres in three surface exploration drilling campaigns at Fenelon. Drilling significantly extended existing zones and discovered several new parallel zones (see Wallbridge Press Release dated December 13, 2017). The current 35,000 tonne bulk sample and underground drilling program is designed to provide the information needed to make a production decision by Q1 2019.
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. For samples >10g/t Au, 50g is automatically analyzed by fire assay with gravimetric finish. 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 11.5% 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
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: [email protected]; David Ellis, Investor Relations, Tel: (416) 704-0937, Email: [email protected]