WALLBRIDGE MINING COMPANY LIMITED As expected, the results of the FA-19-086 wedge cuts confirm a wide shear zone with good geological continuity and highly variable gold grades. The average grade and width for the original hole and the five wedge cuts, which tested a 75 by 75 metre area surrounding the original hole at approximately 25-40 metre spacing, returned.
Note: Drill hole composites reported as 'cut' contain higher grade samples that have been cut to 140 g/t Au.
'Highly variable grade is a characteristic of these types of gold deposits and we expected a wide range of grades in these wedge-cuts. What is most important from a mining point of view is the geological continuity of the structure and the average grade of the zone,' stated
'The five wedge cuts completed around hole FA-19-086 show good geological continuities with consistent shear zone thicknesses of greater than 20 metres core length, four of the six intersections being above 3.0 g/t Au, and overall average of 9.26 g/t Au over 31.34 metres.
Similar wedge drilling programs have been completed, with assays pending, to test the continuity in other high metal factor domains within the Tabasco-Cayenne shear zones.
In-fill drilling to a 50-60 metre nominal spacing continues to outline the high-grade core of the Tabasco-Cayenne shear system which forms part of the larger shear corridor and has thus far been drilled over a strike length of 800 metres to a vertical depth of 1,000 metres. The high 'metal factor' domain is characterized by intersections of good gold grades over significant widths, consistently measured in the tens of metres, as highlighted also by the recent intersection of 5.07 g/t Au over 100.60 metres in hole FA-20-181.
2020-2021 Drilling Program Update
In 2020, Wallbridge completed approximately 102,000 metres of exploration and resource drilling at Fenelon, achieving its 2020 target despite the temporary suspension of activities in the spring due to the COVID pandemic. For the majority of the year, six drill rigs were running and a seventh drill was mobilized to the project at the end of November.
In 2021, the Company is planning to complete approximately 170,000-metres of drilling, with a maiden resource estimate at Fenelon anticipated in the third quarter. Approximately 10-15% of the drilling program will be devoted to regional exploration on the Company's district-scale, underexplored land package on the Detour-Fenelon Gold Trend.
Currently, drilling is ramping up and by the end of January the Company will have nine drill rigs turning. Six drill rigs are targeting the Fenelon Gold System (Tabasco-Cayenne-Area 51 mineralization) to approximately 1,000 metre vertical depth, carrying out a combination of 75-100-metre step-outs and tighter-spaced (50-60-metre) in-fill drilling. An additional two drill rigs will be focusing on near surface, open pit resource drilling in the western portion of Area 51. One additional drill rig will be devoted to regional, grassroots exploration at various projects of the Company's Detour-Fenelon Gold Trend land package.
About
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
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
Wallbridge is also the operator of, and a shareholder in,
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Contact:
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Email: mkord@wallbridgemining.com
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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
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