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.
'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
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)
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
2020 Drilling Program Update
To
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
About
Wallbridge is establishing a pipeline of projects that will support sustainable 100,000 ounce-plus annual gold production as well as organic growth through exploration and scalability.
The Company 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
As announced on
Wallbridge is also pursuing additional advanced-stage projects which would add to the Company's near-term project pipeline. Wallbridge is also the operator of, and a 17.8% shareholder in,
Contact:
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Email: mkord@wallbridgemining.com
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.
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