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Wallbridge intersects 137.63 g/t gold over 4.85 metres

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Wallbridge intersects 137.63 g/t gold over 4.85 metres

 

 

 

 

 

Wallbridge Mining Company Limited (TSX:WM) (FWB: WC7) 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.

 

Highlights

 

Visible gold was observed to be present in 37 of 56 holes drilled to date
Since the last press release (see Wallbridge Press Release dated August 28, 2018), partial assay results of 6 additional holes have been received with highlights as follows:
   
  18-1035-011: 65.76 g/t gold over 2.25 metres in the Chipotle zone
   
  18-1035-013:  144.96 g/t gold over 2.12 metres in the Chipotle zone and 40.69 g/t gold over
4.28 metres
in the Naga Viper zone 
   
  18-1035-018: 12.68 g/t gold over 3.51 metres and9.04 g/t gold over 5.30 metres in the Chipotle zone
   
  18-1035-019: 137.63 g/t gold over 4.85 metres in the Naga Viper zone,18.70 g/t gold over 8.00
metres
and39.10 g/t gold over 1.00 metre in the Chipotle zone
   
  18-1080-001: 611.00 g/t gold over 0.50 metre in the Naga Viper zone
   
  18-1080-003: 19.24 g/t gold over 1.50 metres in the Naga Viper zone
   
  18-1080-006: 12.80 g/t gold over 1.70 metres in the Naga Viper zone
   
Assay results from 34 drill holes are pending
The second stope (NV-01) is being prepared and ramp has reached the second level (5180 Level)
Close to 5,000 tonnes of ore has been shipped to the Camflo mill for processing planned to start this week

 

 

“Our drilling to date has mainly focused on the top 100 metres of the deposit. The successful results to date indicate that our original exploration target of 400 ounces per vertical metre has now increased to a range of 800-1,000 ounces per vertical metre and the continued drilling is proving this up in preparation for the updated resource to be completed after the bulk sample,” stated Marz Kord, President & CEO of Wallbridge Mining Company. “This is very comparable to other well-known, high grade Abitibi gold deposits. The planned 2018 drilling from underground and surface should allow us to define the extension and size potential of the deposit to 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.

 

 

“With most of the stope definition drilling completed, we will now entirely focus on resource expansion. The underground drill rig will continue to target high-grade shoots in the current footprint of the mine workings, whereas our surface rig, which is being mobilized later this month, will be testing zones further away. We are eager to continue exploring the broader environment around the known deposit to discover new high-grade gold zones that can easily be added to future production.” stated Attila Péntek, Vice-President, Exploration of Wallbridge.

 

 

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 gold 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).

 

 

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 September 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.

 

 

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
18-1030-009 90.00 90.97     0.97 0.75 4.76 4.76   Habanero 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
18-1030-012 79.42 82.50     3.08 1.39 7.32 7.32 VG Chipotle Aug 14, 2018
18-1030-012 107.33 108.29     0.96 0.60 6.38 6.38 VG Paprika 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
18-1035-003 52.20 52.77     0.57 0.39 5.60 5.60 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
18-1035-005 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 74.30 78.07     2.42 1.94 5.27 5.27   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 47.50 49.40     1.90 1.43 3.07 3.07   Anaheim Aug 28, 2018
18-1035-010 64.40 65.40     1.00 0.75 28.80 28.80 VG Paprika Current Release
18-1035-011 27.75 30.00     2.25 1.78 65.76 42.89 VG Chipotle Current Release
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 Current Release
18-1035-013 Including 27.99 29.15 1.16 0.97 262.18 140.00 VG Chipotle Current Release
18-1035-013 51.40 58.35     4.28 3.58 40.69 40.09 VG Naga Viper Current Release
18-1035-015 63.00 65.05     2.05 1.11 6.63 6.63 VG Chipotle Aug 28, 2018
18-1035-015 72.60 74.34     1.74 1.16 15.74 15.74   Chipotle Current Release
18-1035-016 66.77 67.50     0.73 0.51 5.73 5.73   Chipotle Aug 28, 2018
18-1035-016 98.17 100.00     1.83 1.24 4.26 4.26   Paprika Aug 28, 2018
18-1035-017 56.00 66.13     10.13 5.51 49.06 23.93 VG Chipotle Aug 28, 2018
18-1035-018 52.99 56.50     3.51 2.38 12.68 12.68 VG Chipotle Current Release
18-1035-018 63.70 69.00     5.30 3.60 9.04 9.04 VG Chipotle Current Release
18-1035-018 Including 66.00 66.96 0.96 0.65 35.79 35.79 VG Chipotle Current Release
18-1035-019† 47.00 55.00     8.00 5.56 18.70 18.70 VG Chipotle Current Release
18-1035-019 59.30 60.30     1.00 0.69 39.10 39.10 VG Chipotle Current Release
18-1035-019 72.50 77.35     4.85 4.10 137.63 88.38 VG Naga Viper Current Release
18-1080-001 21.00 21.50     0.50 0.40 611.00 140.00 VG Naga Viper Current Release
18-1080-003 35.70 37.20     1.50 1.00 19.24 19.24 VG Naga Viper Current Release
18-1080-003 Including 35.70 36.18 0.48 0.32 58.20 58.20 VG Naga Viper Current Release
18-1080-006 19.30 21.00     1.70 1.59 12.80 12.80 VG Naga Viper Current Release
18-1080-006 Including 20.48 21.00 0.52 0.49 39.80 39.80 VG Naga Viper Current Release
18-1080-006 36.88 41.23     4.35 4.08 3.05 3.05   Habanero Current Release
18-1080-006 Including 40.52 41.23 0.71 0.67 11.10 11.10   Habanero Current Release
 
*Au capped at 140 g/t following InnovExplo’s 2016 Mineral Resource Estimate
 
**Intervals containing visible gold (“VG”)
 
†Final screen metallic analysis is pending on a subset of samples which have reported over limit (> 10 g/t) gold concentration in the
AA analysis. In this release the interval is calculated using 10 g/t gold grade for these samples and this grade will be updated in the
future once the final screen metallic assays are received

 

 

 

Table 2. Fenelon Gold Property drill hole information
Drill Hole ID UTM E UTM N Elevation Length
(Metres)
Azimuth Dip VG* Note
18-1030-006 10566 10999 5213 71 205 -6 VG  
18-1030-007 10566 10999 5213 54 211 -13 VG  
18-1030-008 10566 10999 5213 80 203 -17 VG  
18-1030-009 10566 10999 5213 95 204 -27 VG  
18-1030-010 10566 10999 5213 100 205 -32 VG  
18-1030-011 10566 10999 5213 115 205 -38    
18-1030-012 10566 10999 5213 125 206 -45 VG  
18-1035-002 10571 10997 5214 90 192 -29 VG  
18-1035-003 10571 10997 5214 93 184 -28 VG  
18-1035-004 10571 10997 5214 93 197 -24 VG Further Assays pending
18-1035-005 10571 10997 5214 90 191 -22 VG  
18-1035-006 10571 10997 5214 93 185 -22    
18-1035-007 10571 10997 5214 85 184 -17    
18-1035-008 10571 10997 5214 90 177 -18    
18-1035-009 10571 10997 5214 96 170 -17    
18-1035-010 10571 10997 5214 75 202 -13 VG  
18-1035-011 10571 10997 5214 85 185 -11 VG Further Assays pending
18-1035-012 10572 10996 5214 69 203 -6 VG Further Assays pending
18-1035-013 10572 10996 5214 65 194 -8 VG Further Assays pending
18-1035-014 10571 10997 5214 115 184 -43    
18-1035-015 10571 10997 5214 115 205 -44 VG  
18-1035-016 10571 10997 5214 105 185 -39    
18-1035-017 10571 10997 5214 105 198 -41 VG Further Assays pending
18-1035-018 10571 10997 5214 100 185 -36 VG  
18-1035-019 10571 10997 5214 100 193 -36 VG Further Assays pending
18-1075-001 10592 10955 5214 42 227 -12   Assays pending
18-1075-002 10592 10955 5214 41 208 -8   Assays pending
18-1075-003 10592 10955 5214 48 208 -25   Assays pending
18-1080-001 10598 10949 5214 42 208 -25 VG  
18-1080-002 10598 10949 5214 48 208 -38   Assays pending
18-1080-003 10598 10949 5214 42 208 -48 VG  
18-1080-004 10598 10949 5214 45 185 -25   Assays pending
18-1080-005 10598 10949 5214 33 185 -37   Assays pending
18-1080-006 10598 10949 5214 42 185 -8 VG  
18-0990-006 10532 11019 5215 152 203 -48 VG Assays pending
18-0990-007 10532 11019 5215 149 208 -48 VG Assays pending
18-0990-008 10532 11019 5215 150 206 -45 VG Assays pending
18-0990-009 10532 11019 5215 135 208 -42 VG Assays pending
18-0990-010 10532 11019 5215 132 202 -40 VG Assays pending
18-0990-011 10532 11019 5215 120 202 -36 VG Assays pending
18-0990-012 10532 11019 5215 111 202 -28   Assays pending
18-0990-013 10532 11019 5215 132 208 -39 VG Assays pending
18-0990-014 10532 11019 5215 126 208 -36 VG Assays pending
18-0990-015 10532 11019 5215 105 209 -28   Assays pending
18-0990-016 10532 11019 5215 111 214 -15   Assays pending
18-0990-017 10532 11019 5215 152 211 -45 VG Assays pending
18-0990-018 10532 11019 5215 150 216 -46   Assays pending
18-1000-002 10540 11014 5215 156 204 -49 VG Assays pending
18-1000-003 10540 11014 5215 147 199 -46 VG Assays pending
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
             
*Intervals containing visible gold (“VG”)            

 

 

Wallbridge’s Fenelon Gold Property is located in northwestern Quebec proximal to the Sunday Lake Deformation Zone 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 11.5% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited, a Wallbridge spin-out of its BC assets).

 

Posted September 5, 2018

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