TORONTO, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX: WM, OTCQX: WLBMF) (“Wallbridge” or the “Company”) today announced that its 2023 exploration drill program has successfully extended the mineralized footprint of the gold system at its 100%-owned Martiniere Gold project (“Martiniere”) in multiple directions beyond the boundaries of the 2023 Mineral Resource Estimate (“MRE”).
“The objectives of the 2023 Martiniere exploration drilling program were all achieved – the mineralized footprint was expanded to the southwest and to the east of the MRE, while gold mineralization was also identified in a number of grassroots exploration targets within a few kilometres of Martiniere. These represent attractive future exploration targets for potential resource growth,” said Attila Péntek, Wallbridge’s Vice President, Exploration
Highlights
- Martiniere Southwest Extension (Target M4):
MR-23-052: 10.73 g/t Au over 3.00 metres,
including 26.50 g/t Au over 1.10 metres;
MR-23-049: 9.09 g/t Au over 0.50 metres;
- Martiniere Dragonfly Zone (formerly Eastern Extension, Target M1):
MDE-17-289: 3.21 g/t Au over 4.20 metres,
including 8.23 g/t Au over 1.50 metres;
MDE-17-289: 3.76 g/t Au over 2.30 metres;
- These intersections, along with others released on June 8, 2023, expand the known footprint of the Martiniere gold system by 250-300 m to the southwest and east;
- Assay results from exploration drilling confirmed gold mineralization in three grassroots targets; results from four other grassroots targets are still pending.
Martiniere 2023 Drill Program
The main objectives of the 2023 exploration program at Martiniere were to expand the known footprint of the Martiniere gold system through aggressive step-outs on known gold zones, and to test grassroots targets within a few kilometres of the deposit in search of new gold zones (see Figures 1 and 2). Wallbridge has now completed its 2023 Martiniere exploration drilling program with 29 drill holes totalling approximately 17,460 meters. The objectives of the drill program were achieved: the program tested six expansion targets (M1, M2, M3, M4, M10, M11) situated within 800 metres of the MRE footprint, as well as eight grassroots targets (M5, M6, M7, M8, M9, M12, M13, M14) within a 4.5-kilometre radius of the deposit. Today, the Company is reporting the results for 15 drill holes (see Tables 1 and 2), with results for the last nine holes currently pending.
Expansion Drilling Results
Target M1 – Dragonfly Zone
Positive assay results received for hole MDE-17-289 (extension), collared 200 metres south of hole MR-23-041 (which intersected 5.15 g/t Au over 4.00 metres, see press release dated June 8, 2023), continued to expand the mineralized footprint of the Dragonfly Zone (previously referred to as Eastern Extension) to the east of the Martiniere deposit (Target M1 area; Figure 3). Two subsequent drill holes in the same target area also intersected large intervals of felsic intrusive rocks similar to the Bug Lake Porphyry, one of the main host-rocks for gold mineralization at Martiniere (assay results pending). Current work aims to refine the geological interpretation and understanding of the controls on gold mineralization at the Dragonfly Zone.
Target M4 – Martiniere Southwest Extension
Drilling at Target M4 aimed to evaluate the continuation of the Martiniere West zones to the southwest (see Figure 3). Assay results received for holes MR-23-049 and MR-23-052 (see Table 1), showed the presence of significant gold mineralization several hundred metres from the existing MRE footprint. Most importantly, these holes continued to intersect favorable geology and alteration, thereby providing a key target for future resource expansion drilling.
Target M3 – New Zone at Depth
At Target M3, hole MR-23-043 was designed to test the Horsefly Zone near surface and then continue to test the Bug Lake North area at depth, undercutting the existing drilling by over 300 m. The geology intersected in this hole was different than the drilling above, however, the broad mineralization present between 755.50 and 782.10 metres (grading 0.45 g/t Au over 26.60 metres) indicates the continuation of strong gold-bearing fluid flow pathways at depth in this area.
| Table 1. Recent expansion drilling assay results | |||||||
| Table 1. Martiniere Gold Property, Recent Expansion Drill Assay Highlights (1,4) | |||||||
| Drill Hole | From | To | Length | Au | Au Cut(2) | VG(3) | Zone/Corridor |
| (m) | (m) | (m) | (g/t) | (g/t) | |||
| Target M1- Dragonfly (formally Eastern Extension) | |||||||
| MDE-17-289 | 440.00 | 444.20 | 4.20 | 3.21 | 3.21 | Dragonfly | |
| Including… | 440.00 | 441.50 | 1.50 | 8.23 | 8.23 | Dragonfly | |
| MDE-17-289 | 458.50 | 460.00 | 1.50 | 1.58 | 1.58 | Dragonfly | |
| MDE-17-289 | 617.50 | 621.50 | 4.00 | 1.15 | 1.15 | Dragonfly | |
| Including… | 619.50 | 621.50 | 2.00 | 1.89 | 1.89 | Dragonfly | |
| MDE-17-289 | 671.90 | 672.50 | 0.60 | 8.83 | 8.83 | Dragonfly | |
| MDE-17-289 | 694.50 | 696.00 | 1.50 | 2.36 | 2.36 | Dragonfly | |
| MDE-17-289 | 772.50 | 774.00 | 1.50 | 1.42 | 1.42 | Dragonfly | |
| MDE-17-289 | 777.50 | 778.50 | 1.00 | 6.18 | 6.18 | Dragonfly | |
| MDE-17-289 | 890.00 | 893.00 | 3.00 | 1.92 | 1.92 | Dragonfly | |
| Including… | 891.00 | 892.00 | 1.00 | 4.14 | 4.14 | Dragonfly | |
| MDE-17-289 | 908.70 | 911.00 | 2.30 | 3.76 | 3.76 | Dragonfly | |
| Including… | 908.70 | 910.05 | 1.35 | 5.64 | 5.64 | Dragonfly | |
| MDE-17-289 | 917.50 | 920.50 | 3.00 | 1.48 | 1.48 | Dragonfly | |
| Target M2 & M3- Horsefly Zone & Bug Lake Deep | |||||||
| MR-23-043 | 299.50 | 301.00 | 1.50 | 1.04 | 1.04 | Horsefly | |
| MR-23-043 | 554.50 | 556.00 | 1.50 | 2.88 | 2.88 | New Zone | |
| MR-23-043 | 625.85 | 629.70 | 3.85 | 0.88 | 0.88 | New Zone | |
| Including… | 625.85 | 628.00 | 2.15 | 1.03 | 1.03 | New Zone | |
| MR-23-043 | 643.70 | 644.70 | 1.00 | 1.42 | 1.42 | New Zone | |
| MR-23-043 | 755.50 | 782.10 | 26.60 | 0.45 | 0.45 | New Zone | |
| MR-23-043 | 880.80 | 881.90 | 1.10 | 0.91 | 0.91 | New Zone | |
| Target M4- Martiniere Southwest Extension | |||||||
| MR-23-049 | 52.50 | 53.00 | 0.50 | 9.09 | 9.09 | VG | New Zone |
| MR-23-049 | 268.00 | 271.50 | 3.50 | 1.09 | 1.09 | Martiniere West Extension | |
| Including… | 268.00 | 269.00 | 1.00 | 2.95 | 2.95 | Martiniere West Extension | |
| MR-23-049 | 471.50 | 472.50 | 1.00 | 1.03 | 1.03 | Martiniere West Extension | |
| MR-23-052 | 413.25 | 416.25 | 3.00 | 10.73 | 10.73 | Martiniere West Extension | |
| Including… | 413.25 | 414.35 | 1.10 | 26.50 | 26.50 | Martiniere West Extension | |
| Target M10- Martiniere North and Central | |||||||
| MR-23-056 | 193.00 | 194.40 | 1.40 | 1.25 | 1.25 | New Zone | |
| MR-23-056 | 259.50 | 261.00 | 1.50 | 0.85 | 0.85 | New Zone | |
| MR-23-056 | 292.25 | 293.60 | 1.35 | 1.17 | 1.17 | New Zone | |
| Note: There is currently insufficient information available from these new zones to estimate true widths of intersections. | |||||||
| (1) The table includes only assay results received since the latest press release dated June 8, 2023. | |||||||
| (2) Au cut: 25 g/t Au for New Zones, 40 g/t Au for Martiniere West Extension, and 45 g/t Au for Dragonfly. | |||||||
| (3) Intervals containing visible gold (“VG”). | |||||||
| (4) Metal factor of at least 1.0 g/t*m. | |||||||
Grassroots Exploration Drilling Results
So far, assay results have confirmed gold mineralization in 3 of the grassroots targets. Grassroots drilling also targeted other interpreted structures and potential host rocks, and assays are currently pending from targets M6, M12, M13 and M14.
At Target M5, drilling intersected new gold mineralization in Timiskaming-type conglomerate along the Sunday Lake Deformation Zone, indicating that this rock type may be a potential host rock in this belt, similar to other mining camps in the Southern Abitibi.
At targets M7 and M9, gold mineralization was intersected along the Lac Du Doigt deformation zone, which along with other historic intersections (including 7.05 g/t Au over 2.21 metres and 5.04 g/t Au over 1.43 metres), confirming that this fault zone extending several kilometres acted as a gold-bearing fluid pathway.
At target M8, a previously unknown diorite body was intersected in MR-23-050 over several hundred metres with occasional anomalous gold mineralization. At Fenelon, the Jeremie Diorite is an important unit for gold mineralization at the deposit, and as such the intersection of this unit at Martiniere represents a new geological target.
| Table 2. Recent grassroots exploration drilling assay results | |||||||
| Table 2. Martiniere Gold Property, 2023 Greenfields Drill Assay Highlights (1,4) | |||||||
| Drill Hole | From | To | Length | Au | Au Cut(2) | VG(3) | Zone/Corridor |
| (m) | (m) | (m) | (g/t) | (g/t) | |||
| Target M5- Sunday Lake Deformation Zone | |||||||
| MR-23-044 | 144.00 | 145.00 | 1.00 | 1.48 | 1.48 | New Zone | |
| MR-23-045 | 79.00 | 80.50 | 1.50 | 1.60 | 1.60 | New Zone | |
| MR-23-045 | 225.00 | 231.40 | 6.40 | 0.73 | 0.73 | New Zone | |
| Including… | 225.00 | 227.70 | 2.70 | 1.07 | 1.07 | New Zone | |
| Target M6- Upper Sunday Lake Deformation Zone Splay | |||||||
| MR-23-046 | No Significant Mineralization | ||||||
| Target M7- Lac Du Doigt West | |||||||
| MR-23-047 | No Significant Mineralization | ||||||
| MR-23-048 | 254.00 | 257.85 | 3.85 | 1.48 | 1.48 | New Zone | |
| Including… | 254.00 | 255.00 | 1.00 | 4.82 | 4.82 | New Zone | |
| MR-23-053 | No Significant Mineralization | ||||||
| MR-23-054 | No Significant Mineralization | ||||||
| Target M8- Martiniere North Extension | |||||||
| MR-23-050 | No Significant Mineralization | ||||||
| MR-23-051 | No Significant Mineralization | ||||||
| Target M9- Lac Du Doigt East | |||||||
| MR-23-057 | 177.50 | 180.50 | 3.00 | 0.72 | 0.72 | New Zone | |
| Including… | 179.00 | 180.50 | 1.50 | 0.96 | 0.96 | New Zone | |
| Note: There is currently insufficient information available from these new zones to estimate true widths of intersections. | |||||||
| (1) The table includes only assay results received since the latest press release dated June 8, 2023. | |||||||
| (2) Au cut: 25 g/t Au for New Zones. | |||||||
| (3) Intervals containing visible gold (“VG”). | |||||||
| (4) Metal factor of at least 1.0 g/t*m. | |||||||
https://www.globenewswire.com/NewsRoom/AttachmentNg/b0df0bb8-8e46-4d64-af94-71cfcbfa7f52
Figure 1. Wallbridge’s Detour-Fenelon Gold Trend land package and 2023 priority exploration target areas.
https://www.globenewswire.com/NewsRoom/AttachmentNg/525b8401-e751-49e9-a55e-e59b0988fe3f
Figure 2. Martiniere Gold Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/622708e1-6f02-42d7-a0ca-7d828e997e6f
Figure 3. Martiniere Gold Project, Plan View
Assay QA/QC and Qualified Persons
Drill core samples from the ongoing drill program on the Detour-Fenelon Gold Trend Property are cut and bagged either on-site or by contractors and transported to SGS Canada Inc. for analysis. Samples, including standards and blanks for quality assurance and quality control, were prepared and analyzed at the laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS or ICP. Samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and 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 content of this press release is Christopher Kelly, M.Sc., P.Geo., Senior Geologist of Wallbridge.
About Wallbridge Mining
Wallbridge is focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend while respecting the environment and communities where it operates.
Wallbridge’s flagship project, Fenelon Gold (“Fenelon”), is located on the highly prospective Detour-Fenelon Gold Trend Property in Québec’s Northern Abitibi region. An updated mineral resource estimate completed in January 2023 yielded significantly improved grades and additional ounces at the 100%-owned Fenelon and Martiniere projects, incorporating a combined 3.05 million ounces of indicated gold resources and 2.35 million ounces of inferred gold resources. Fenelon and Martiniere are located within an 830 km2 exploration land package controlled by Wallbridge. In addition, Wallbridge believes that the extensive land package is extremely prospective for the discovery of additional gold deposits.
Wallbridge has reported a positive Preliminary Economic Assessment (“PEA”) on its 100%-owned Fenelon gold Project with an estimated average annual gold production of 212,000 ounces over 12.3 years (see Wallbridge press release of June 26, 2023).
Wallbridge also holds a 19.9% interest in the common shares of Archer Exploration Corp. (“Archer”) as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec in November of 2022.
Wallbridge will continue to focus on its core Detour-Fenelon Gold Trend Property while enabling shareholders to participate in the potential economic upside in Archer.
For further information please visit the Company’s website at https://wallbridgemining.com/ or contact:
Wallbridge Mining Company Limited
Marz Kord, P. Eng., M. Sc., MBA
President & CEO
Tel: (705) 682‒9297 ext. 251
Email: mkord@wallbridgemining.com
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: vvargas@wallbridgemining.com
Cautionary Note Regarding Forward-Looking Information
The information in this document may contain forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and interpretations as at the date of this document.
All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include, but are not limited to, words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”
FLI in this document may include, but is not limited to: statements regarding the results of the Fenelon preliminary economic assessment; the potential future performance of Archer common shares; future drill results; the Company’s ability to convert inferred resources into measured and indicated resources; environmental matters; stakeholder engagement and relationships; parameters and methods used to estimate the MRE’s at the Fenelon Gold (defined below) and Martiniere (defined below) properties (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling at the Deposits; and the significance of historic exploration activities and results.
FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this document is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained in this document to reflect new events or circumstances. Unless otherwise noted, this document has been prepared based on information available as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information contained herein.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.
Assumptions upon which FLI is based, without limitation, include: the results of exploration activities, the Company’s financial position and general economic conditions; the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Deposits; the accuracy of key assumptions, parameters or methods used to estimate the MREs and in the PEA; the ability of the Company to obtain required approvals; geological, mining and exploration technical problems; failure of equipment or processes to operate as anticipated; the evolution of the global economic climate; metal prices; foreign exchange rates; environmental expectations; community and non-governmental actions; and, the Company’s ability to secure required funding. Risks and uncertainties about Wallbridge’s business are discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedarplus.ca.
Cautionary Notes to United States Investors
Wallbridge prepares its disclosure in accordance with NI 43-101 which differs from the requirements of the U.S. Securities and Exchange Commission (the “SEC”). Terms relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources and economic studies used herein are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to US companies. As such, the information presented herein concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.
