WALLBRIDGE MINING, DRILL RESULTS HIGH GRADE ZONE EXTENSION 2020-09-04
Wallbridge Mining Company Limited (TSX:WM) ("Wallbridge" or the "Company") is pleased to report that initial drilling on the new ground acquired through its recent acquisition of Balmoral Resources Ltd. ("Balmoral") has greatly expanded the ultimate size potential of the Fenelon Gold System.
Recent drilling has extended gold mineralization 500 metres to the west and 850 metres to the south of Area 51. This greatly expands the ultimate potential size of the Area 51 vein network gold mineralization on Wallbridge's 100%-owned Fenelon Gold Property ("Fenelon" or the "Property"). The Area 51 vein network, along with the Tabasco, Cayenne and Gabbro Zones, form parts of a large gold system ("Fenelon Gold System") located within and adjacent to the Jeremie Diorite, which has now been traced for over 1.8 kilometres (see Fig.1).
"The new, greatly expanded, footprint of the Fenelon Gold System, together with our ongoing infill and step-out drilling program on the original Area 51, Tabasco and Cayenne areas, dictate that we need to consider a significant increase and acceleration of our drilling program to define the full potential of what is rapidly becoming a very large system with multi-million ounce resource potential," stated Marz Kord, President and CEO of Wallbridge. "In the coming weeks we will continue to outline the potential of this gold system by also exploring the virtually untested extensions of the Tabasco-Cayenne Zones toward the southeast."
Highlights:
-- Initial drilling yields high-grade intersections expanding Area 51 vein network 500 metres to the west:
FA-20-160 106.0 g/t Au over 0.60 metres
FA-20-165 6.76 g/t Au over 5.65 metres, including 18.89 g/t Au over 1.95 metres
Note: Further assay results are pending from both drill holes.
-- Initial drilling to the south of Area 51, on the newly acquired ground, between Area 51 and Balmoral's Ripley and Reaper discoveries, has intersected strong Area 51-style gold mineralization in Jeremie Diorite, including visible gold in four of six holes drilled to date (assay results are pending for these six drill holes)
-- These new gold-bearing veins are up to 850 metres south of the last previously known intersections of Area 51-style veins on the original Fenelon Gold Property, which returned 121.0 g/t Au over 0.51 metres, 3.79 g/t Au over 10.25 metres (including 43.19 g/t Au over 0.75 metres) (see Wallbridge Press Release dated December 3, 2019)
-- Drill holes testing the Ripley-Reaper area returned wide, low-grade intersections of Area 51-style gold mineralization:
FA-20-162 1.12 g/t Au over 43.40 metres, including 3.28 g/t Au over 11.00 metres
FA-20-157 0.91 g/t Au over 22.35 metres, including 1.23 g/t Au over 12.00 metres
"The high-grade assay results from holes FA-20-160 and FA-20-165, a 500-metre step-out to the previously known gold mineralization, are very important in that they demonstrate the continuation of the Area 51 vein network to the west," said Attila Pentek, Vice President Exploration of Wallbridge. "Similarly, our recent exploration drilling has also proven the continuation of strong Area 51-style mineralization toward the south, up to 850 metres past the last veins intersected by our previous drilling and extending all the way to the Sunday Lake Deformation Zone, where Balmoral's Ripley-Reaper discoveries are located."
2020 Drilling Program Update
To August 31, 2020 approximately 63,000 metres of the planned fully-funded 100,000-metre 2020 drilling program have been completed. Currently, five of six drill rigs are focusing on expanding the Tabasco-Cayenne-Area 51 mineralization on the original Fenelon Gold Property, carrying out a combination of 50-100-metre step-outs and tighter-spaced in-fill drilling. The sixth drill rig is active on the newly-acquired portion of Fenelon to test the connection of the Tabasco-Cayenne-Area 51 gold system to the Ripley-Reaper Area and the Sunday Lake Deformation Zone. Consideration is being given to increasing the scope and size of the planned 2020 and 2021 drilling programs to be able to fully assess the ultimate size potential of what is a rapidly growing gold system.
Final assay results of six surface drill holes (FA-20-149, -150, -151, 156, -157, and -162) and partial assay results of two drill holes (FA-20-160 and -165) of the 2020 exploration drill program on the newly acquired portion of the Fenelon Gold Property are reported in the Tables and Figure 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/4ec9ea66-3826-42d7-b800-b413c7696f7c
Table 1. Wallbridge Fenelon Gold Property (Newly acquired portion) 2020 Drill Assay Highlights
Drill Hole From To Length Au Au Cut(g/t) VG Zone/Corridor Section
(m) (m) (m) (g/t)
FA-20-149 158.40 165.15 6.75 0.94 0.94 Reaper Zone 10350
FA-20-150 No Significant Mineralization*
FA-20-151 628.70 629.35 0.65 15.10 15.10 Area 51 South Extension 9975
FA-20-156 703.00 703.75 0.75 10.01 10.01 VG Ripley Zone 9975
FA-20-157 399.50 421.85 22.35 0.91 0.91 Ripley Zone 10350
Including... 399.50 411.50 12.00 1.23 1.23 Ripley Zone 10350
FA-20-160 512.75 513.35 0.60 106.00 106.00 VG Area 51 West Extension 9375
FA-20-162 233.50 236.50 3.00 2.25 2.25 Ripley Zone 10125
FA-20-162 350.00 423.90 73.90 0.89 0.89 Ripley Zone 10125
Including... 350.00 359.50 9.50 1.15 1.15 Ripley Zone 10125
And... 380.50 423.90 43.40 1.12 1.12 Ripley Zone 10125
Which Further Includes... 407.00 418.00 11.00 3.28 3.28 Ripley Zone 10125
FA-20-162 535.00 536.40 1.40 2.69 2.69 Ripley Zone 10125
FA-20-165 275.40 281.05 5.65 6.76 6.76 Area 51 West Extension 9375
Including... 276.90 278.85 1.95 18.89 18.89 Area 51 West Extension 9375
*metal factor of at least 5 g/t*m and minimum weighted average composite grade of 1 g/t AuTable includes only highlight assay results of the exploration drill program on the newly acquired portion of the Fenelon Gold Property
Au assays cut at 140 g/t.
Intervals containing visible gold ("VG").
Assays are pending above and below this sample.
Note: True widths are estimated to be 50-80% of the reported core length intervals.
Assay QA/QC and Qualified Persons
Drill core samples from the ongoing drill program at Fenelon are cut and bagged either on site or by contractors and transported to either SGS Canada Inc. or ALS Canada Ltd. for analysis. Samples, along with standards, blanks and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. or ALS Canada Ltd. laboratories. Samples are crushed to 90% or 95% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns or 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS. At SGS, 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 Person responsible for the technical co