TORONTO - Wallbridge Mining Company Limited (TSX: WM) ('Wallbridge' or the 'Company') is pleased to announce that exploration drilling on the Fenelon Gold Property ('Fenelon' or the 'Property') continues to successfully expand gold mineralization with high-grade intersections at both the eastern and northwestern edges of the area tested by resource drilling to date.
In the northwest, exploration drilling has successfully expanded the footprint of Area 51, with near surface intersections including 11.60 g/t Au over 14.05 metres in FA-21-297.
'We continue to be impressed by the expansion potential at Fenelon and are now, with all drilling required for our maiden mineral resource estimate ('MMRE') completed, excited to ramp-up our exploration drilling efforts to confirm extensions of known gold zones and to discover new zones. The drilling results in this news release represent high-grade gold mineralization on the edges of our known mineralized footprint and highlight the excellent potential for future resource growth at Fenelon,' stated Marz Kord, President & CEO of Wallbridge.
The MMRE for Fenelon, along with the updated resource estimate for Martiniere, are well underway and nearing completion. The prolonged assay turn-around times due to high volumes experienced industry-wide has delayed the receipt of critical assay results in support of the MMRE. The Company now expects to announce the mineral resource statements by the end of October.
With the resource drilling in support of the MMRE completed, Wallbridge has ramped up its exploration program at Fenelon to continue expanding the footprint of the known gold system and discover additional gold zones in the vicinity of the Fenelon deposit. Regional drilling on the Company's extensive, underexplored land package is also underway with two drill rigs currently focusing on resource expansion drilling at Martiniere and testing grassroots exploration targets on the adjacent Casault Property.
About Wallbridge Mining
Wallbridge is currently advancing the exploration and development of its 100% owned Fenelon Gold property which is located along the Detour Fenelon Gold Trend, an emerging gold belt in northwestern Quebec. The Company completed approximately 102,000 metres of drilling in 2020 and currently conducting a fully funded 2021 program of approximately 150,000 to 170,000 metres of drilling and 2,500 metres of underground exploration development (Phase 1 of a 10,000 metre program). The Company intends to complete a maiden mineral resource estimate on the Fenelon Gold System in October, 2021.
Wallbridge now holds several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future mine development flexibility. Wallbridge's land holdings in Quebec along the Detour Fenelon Gold Trend are over 900.0 km2, improving Wallbridge's potential for further discoveries for over 90 kilometre strike length in this underexplored belt.
Wallbridge is also the operator of, and a 17.8% shareholder in, Lonmin Canada Inc., a privately held company with a portfolio of nickel, copper, and platinum group metals (PGM) projects in Ontario's Sudbury Basin.
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This press release may contain certain 'forward looking statements' within the meaning of applicable Canadian securities legislation relating to, among other things, the operations of Wallbridge Mining Company Limited ('Wallbridge' or 'Company') and the environment within which it operates. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding future plans and objectives of Wallbridge, future opportunities and anticipated goals, the Company's portfolio, treasury, management team, timetable to mineral resource estimation, permitting and the prospective mineralization of the properties, are forward looking statements that involve various risks, assumptions, estimates and uncertainties. Generally, forward looking information can be identified by the use of forward looking terminology 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'. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
By their nature, forward looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predicted outcomes could differ materially from those contained in such statements. These risks and uncertainties include, but are not limited to, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other required approval, the actual results of current exploration activities, fluctuations in prices of commodities, fluctuations in currency markets, actual results of additional exploration and development activities at the Company's projects, capital expenditures, the availability of any additional capital required to advance projects, accidents, or pandemic interruptions.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. These statements reflect the current internal projections, expectations or beliefs of the Company and are based on information currently available to the Company.
The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws. The Company believes that the expectations reflected in those forward looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward looking statements included in this press release should not be unduly relied upon by investors as actual results may vary.
Risks and uncertainties about Wallbridge's business are more fully discussed in the disclosure material filed with the securities regulatory authorities in Canada and available on SEDAR under the Company's profile at www.sedar.com. Readers are urged to read these materials and should not place undue reliance on the forward looking statements contained in this press release.
Covid 19 Given the rapidly evolving nature of the Coronavirus (COVID19) pandemic, Wallbridge is actively monitoring the situation in order to continue to maintain as best as possible the activities while striving to protect the health of its personnel. Wallbridge' activities will continue to align with the guidance provided by local, provincial and federal authorities in Canada. The Company has established measures to continue normal activities while protecting the health of its employees and stakeholders. Depending on the evolution of the virus, measures may affect the regular operations of Wallbridge and the participation of staff members in events inside or outside Canada.