Wallbridge Intersects 122.35 g/t Gold Over 2.95 Metres And 41.02 g/t Gold Over 5.52 Metres In Newly Discovered Habanero Zone

By Ashley Cowell

Wallbridge Mining Company Ltd. (TSX:WM, FWB:WC7) (“Wallbridge” or the “Company”) is pleased to announce continued positive results from its underground drill program and to provide an update on the ongoing development as part of the 35,000-tonne bulk sample and underground exploration program at its 100%-owned Fenelon Gold Property (“Fenelon”).

Wallbridge intersects 122.35 g/t gold over 2.95 metres and 41.02 g/t gold over 5.52 metres in Newly Discovered Habanero zone (CNW Group/Wallbridge Mining Company Limited)

Highlights

18-0990-006: 36.71 g/t gold over 3.50 metres in the Naga Viper zone
18-0990-007: 122.35 g/t gold over 2.95 metres in the Habanero zone,
204.00 g/t gold over 0.60 metres in the Chipotle zone and
35.21 g/t gold over 4.05 metres in the Naga Viper zone
18-0990-010: 41.02 g/t gold over 5.52 metres in the Habanero zone and
12.42 g/t gold over 4.55 metres in the Paprika zone
18-1075-001: 18.54 g/t gold over 2.27 metres in the Naga Viper zone
  • Assay results from 31 drill holes are pending.
  • Production from the second stope (NV-01) is currently underway and development on the second level (5180 Level) is nearing the CH-02 stope.
  • Over 8,000 tonnes of ore have been shipped to the Camflo mill and processing of the first batch is nearly completed.

“The results released today confirm the exceptional quality of the mineralization discovered in 2017 in the West Extension area. We are especially pleased with the fact that the sort of grades and thicknesses that have been shown in the Chipotle and Naga Viper zones are now also being intersected in the Habanero zone, which is a new structure discovered during last year’s surface drill program,” stated Attila Péntek, Vice-President, Exploration of Wallbridge. “This West Extension area remains to be one of the main focuses of our continued resource expansion drilling both from underground and surface.”

Drilling to date from the 5213 Level has mainly targeted the high-grade shoots down to 5130 Level (~120 m depth), which is the lowermost level that is planned to be developed during the 2018 bulk sample program. In the next few weeks drilling will continue to focus on adding high grade resources in the West and East Extension areas.

A new underground drill station has been developed on the 5180 Level, which will be used to target the main high-grade shoots down-plunge to 200 m depth.

“The successful extraction of the first production stope has shown that our team is well prepared to continue moving this project forward in a safe and efficient manner. Development and production activities continue to progress well with our next production level coming on line. We look forward to demonstrating continued success and providing value for all of our stakeholders.” stated Frank Demers, Vice President, Mining & Projects of Wallbridge.

The bulk sample is expected to produce 19,000 to 26,000 ounces of gold with close to 50% of gold priced at C$1,720per ounce. The expected cash flow upon completion of this bulk sample, net of all bulk sample costs and including the financing costs is expected to be sufficient to cover the budgeted working capital requirements.

The bulk sample program is designed to test a few stopes in several zones. Overall grade from these planned stopes is estimated to average 18 to 25 g/t gold. The geology team has developed an extensive sampling program to characterize the mineralized material during this bulk sample. Chip samples are collected from a sampling line across each development face and muck samples are also taken in a regular pattern on surface.

A 10,000-metre surface drilling program is also starting up this week to follow known mineralized zones and expand resources at depth and further away from the mine workings.

A summary of the drill hole results from the underground drilling are reported in Tables 1 and 2 and also shown on the Figures below.

Table 1. Wallbridge Fenelon Gold Property 2018 Underground Drill Assay Highlights
Drill Hole From To From To Length True

Width

Au Au

Capped*

VG** Zone Press Release
(m) (m) (m) (m) (m) (m) (g/t) (g/t)
18-1030-006 27.79 30.20 2.41 2.20 15.91 15.91 VG Chipotle July 25, 2018
18-1030-006 Including… 28.50 29.11 0.61 0.56 59.10 59.10 VG Chipotle July 25, 2018
18-1030-007 31.26 32.66 1.40 1.08 16.72 16.72 VG Chipotle July 25, 2018
18-1030-008 34.47 38.06 3.59 2.76 9.27 9.27 VG Chipotle July 25, 2018
18-1030-008 Including… 35.03 36.61 1.58 1.22 17.37 17.37 VG Chipotle July 25, 2018
18-1030-009 77.58 81.00 3.42 2.70 35.91 35.91 VG Paprika July 25, 2018
18-1030-009 Including… 78.90 80.60 1.70 1.34 63.33 63.33 VG Paprika July 25, 2018
18-1030-010 81.00 81.42 0.42 0.32 13.60 13.60 VG Naga Viper July 25, 2018
18-1030-011 80.10 85.50 5.40 4.37 10.05 10.05 Naga Viper Aug 14, 2018
18-1030-012 68.30 71.26 2.96 1.33 10.09 10.09 VG Chipotle Aug 14, 2018
18-1035-002 49.20 54.00 4.80 3.26 29.23 28.35 VG Chipotle Aug 14, 2018
18-1035-002 Including… 49.97 52.95 2.98 2.03 46.30 44.89 VG Chipotle Aug 14, 2018
18-1035-004 24.94 26.02 1.08 0.73 65.70 65.70 VG Fresno Aug 14, 2018
18-1035-004 70.00 74.16 4.16 3.27 9.37 9.37 Naga Viper Current Release
18-1035-005 58.77 64.90 6.13 5.86 48.81 24.35 VG Naga Viper Aug 28, 2018
18-1035-005 78.65 79.31 0.66 0.53 26.90 26.90 Paprika Aug 28, 2018
18-1035-007 84.90 85.50 0.60 0.48 15.60 15.60 Habanero Aug 28, 2018
18-1035-010 30.45 34.08 3.63 2.72 30.47 30.47 VG Chipotle Aug 28, 2018
18-1035-010 Including… 32.90 34.08 1.18 0.89 91.94 91.94 VG Chipotle Aug 28, 2018
18-1035-010 64.40 65.40 1.00 0.75 28.80 28.80 VG Paprika Sept 5, 2018
18-1035-011 27.75 30.00 2.25 1.78 65.76 42.89 VG Chipotle Sept 5, 2018
18-1035-011 56.50 60.50 2.95 2.36 11.09 11.09 Naga Viper Current Release
18-1035-012 28.01 28.56 0.55 0.44 28.30 28.30 VG Chipotle Aug 14, 2018
18-1035-012 56.41 56.71 0.30 0.29 61.10 61.10 VG Naga Viper Aug 14, 2018
18-1035-013 27.36 29.48 2.12 1.77 144.96 78.10 VG Chipotle Sept 5, 2018
18-1035-013 Including… 27.99 29.15 1.16 0.97 262.18 140.00 VG Chipotle Sept 5, 2018
18-1035-013 51.40 58.35 4.28 3.58 40.69 40.09 VG Naga Viper Sept 5, 2018
18-1035-014 85.70 86.45 0.75 0.58 10.23 10.23 Naga Viper Current Release
18-1035-015 63.00 65.05 2.05 1.11 6.63 6.63 VG Chipotle Aug 28, 2018
18-1035-015 72.60 74.34 1.74 1.16 15.74 15.74 Chipotle Sept 5, 2018
18-1035-017† 56.00 66.13 10.13 5.51 50.31 25.18 VG Chipotle Aug 28, 2018
18-1035-018 52.99 56.50 3.51 2.38 12.68 12.68 VG Chipotle Sept 5, 2018
18-1035-018 63.70 69.00 5.30 3.60 9.04 9.04 VG Chipotle Sept 5, 2018
18-1035-018 Including… 66.00 66.96 0.96 0.65 35.79 35.79 VG Chipotle Sept 5, 2018
18-1035-019† 47.00 55.00 8.00 5.56 27.10 24.69 VG Chipotle Sept 5, 2018
18-1035-019 59.30 60.30 1.00 0.69 39.10 39.10 VG Chipotle Sept 5, 2018
18-1035-019 72.50 77.35 4.85 4.10 137.63 88.38 VG Naga Viper Sept 5, 2018
18-1075-001 26.14 28.41 2.27 1.82 18.54 18.54 Naga Viper Current Release
18-1080-001 21.00 21.50 0.50 0.40 611.00 140.00 VG Naga Viper Sept 5, 2018
18-1080-003 35.70 37.20 1.50 1.00 19.24 19.24 VG Naga Viper Sept 5, 2018
18-1080-003 Including… 35.70 36.18 0.48 0.32 58.20 58.20 VG Naga Viper Sept 5, 2018
18-1080-006 19.30 21.00 1.70 1.59 12.80 12.80 VG Naga Viper Sept 5, 2018
18-1080-006 Including… 20.48 21.00 0.52 0.49 39.80 39.80 VG Naga Viper Sept 5, 2018
18-1080-006 36.88 41.23 4.35 4.08 3.05 3.05 Habanero Sept 5, 2018
18-1080-006 Including… 40.52 41.23 0.71 0.67 11.10 11.10 Habanero Sept 5, 2018
18-0990-006 104.52 109.10 3.50 2.33 39.47 23.32 VG Naga Viper Current Release
18-0990-007 101.30 101.90 0.60 0.40 204.00 140.00 VG Chipotle Current Release
18-0990-007 106.95 111.00 4.05 2.70 35.21 31.36 VG Naga Viper Current Release
18-0990-007 132.02 134.97 2.95 2.20 122.35 35.45 VG Habanero Current Release
18-0990-010 94.70 99.25 4.55 3.50 12.42 12.42 VG Paprika Current Release
18-0990-010 111.40 116.92 5.52 4.99 41.02 41.02 VG Habanero Current Release
18-0990-010 Including… 112.6 114.23 1.62 1.46 109.79 109.79 VG Habanero Current Release
*Au capped at 140 g/t following InnovExplo’s 2016 Mineral Resource Estimate.
**Intervals containing visible gold (“VG”).
† Final screen metallic analysis on a subset of samples which had over limit (> 10 g/t) gold concentration in the AA analysis have been received since the latest press release and therefore the intervals have now been updated.

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From:: Investing News Network

Table 2. Wallbridge Fenelon Gold Property 2018 Underground drill hole information*
Drill Hole ID UTM E UTM N Elevation Length

(Metres)

Azimuth Dip VG** Note
18-1035-011 10571 10997 5214 85 185 -11 VG Further Assays pending
18-1035-012 10572 10996 5214 69 203 -6 VG Further Assays pending
18-1035-013 10572 10996 5214 65 194 -8 VG Further Assays pending
18-1035-014 10571 10997 5214 115 184 -43
18-1035-015 10571 10997 5214 115 205 -44 VG
18-1035-016 10571 10997 5214 105 185 -39
18-1035-017 10571 10997 5214 105 198 -41 VG
18-1035-018 10571 10997 5214 100 185 -36 VG
18-1035-019 10571 10997 5214 100 193 -36 VG Further Assays pending
18-1075-001 10592 10955 5214 42 227 -12
18-1075-002 10592 10955 5214 41 208 -8
18-1075-003 10592 10955 5214 48 208 -25 Further Assays pending
18-1080-001 10598 10949 5214 42 208 -25 VG
18-1080-002 10598 10949 5214 48 208 -38
18-1080-003 10598 10949 5214 42 208 -48 VG
18-1080-004 10598 10949 5214