WALLBRIDGE INTERSECTS 24.61 G/T GOLD OVER 15.00 METRES IN THE LOWER CAYENNE ZONE, OPENING UP NEW HIGH-GRADE GROWTH POTENTIAL

Toronto, Ontario – August 11, 2020 – Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) is pleased to announce an intersection of 24.61 g/t Au over 15.00 metres from the Lower Cayenne Zone, expanding the high-grade domain of this zone by 260 metres down-dip to a vertical depth of 825 metres. 

 

The Company today reports partial assay results of two surface drill holes (FA-20-143 and -148), which are part of the Company’s ongoing, fully-funded 100,000-metre 2020 drill program at its 100%-owned Fenelon Gold Property (“Fenelon” or the “Property”). Further assay results from these drill holes from intervals transecting Area 51 gold mineralization are pending and will be released separately.

 

Highlights

 

Lower Cayenne high-grade domain expanded and showing excellent potential for growth:

 

FA-20-148 24.61 g/t Au (22.55 g/t Au cut) over 15.00 metres, including 71.37 g/t Au (61.04 g/t Au cut) over 3.00 metres and 29.38 g/t Au over 5.00 metres

This intersection 260 metres vertically below the previously released 17.58 g/t Au over 11.04 metres in hole FA-19-059 (see Figs. 1, 2 and 3).

“This impressive gold intersection in hole FA-20-148 demonstrates that Tabasco-style wide, high-grade domains are also present in the Lower Cayenne Shear Zone”, stated Attila Péntek, Vice President Exploration of Wallbridge. “Being 260 metres below another strong intersection of Lower Cayenne in hole FA-19-059, it opens up another parallel structure at depth for high-grade resource growth potential. At a vertical depth of 825 metres, this is also the deepest intersection of high-grade and high (>200) metal factor gold mineralization so far at Fenelon.”

 

Note: Metal factor refers to the gold grade multiplied by core length in metres (Au g/t*metres)

 

2020 Drilling Program Update

 

As announced previously, exploration activities at Fenelon were temporarily suspended from March 23 to mid-May, 2020 due to COVID-19 restrictions. The program has been gradually restarted in close consultation with the local communities ensuring the safety of all stakeholders.

 

Currently, four of six drill rigs are focusing on expanding the Tabasco-Cayenne-Area 51 mineralization on the original Fenelon Gold Property, carrying out a combination of 50-100-metre step-outs and tighter-spaced in-fill drilling. The Company estimates approximately 80,000 metres of drilling will be completed as part of this program by year-end, with approximately 46,000 metres completed to date.

 

The other two drill rigs are active on the newly-acquired portion of Fenelon to follow-up on the Reaper and Ripley gold discoveries made in 2019 and 2020 by Balmoral Resources Ltd. (“Balmoral”), and to test the extensions of the Tabasco-Cayenne-Area 51 gold system onto this adjacent ground. Wallbridge is planning to complete approximately 20,000 metres of drilling in 2020 on the newly-acquired ground, with over 9,000 metres completed to date.

 

Partial assay results of the two surface holes of the 2020 exploration drill program are reported in the Tables and Figures below. All figures and a table with drill hole information of recently completed holes are posted on the Company’s website  under “Current Program” at https://www.wallbridgemining.com/s/fenelon.asp.

 

Figure 1. Fenelon Gold, Plan View

 

Figure 2. Fenelon Gold, Cross Section 10275_E

 

Figure 3. Fenelon Gold, Cayenne Zone Longitudinal Section

 

About Wallbridge Mining

 

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 Québec with an ongoing, fully funded 100,000-metre exploration drill program in 2020. 

 

As announced on May 22, 2020, Wallbridge has completed the Plan of Arrangement whereby the Company acquired all of the issued and outstanding shares of Balmoral, in an all-stock transaction. The Balmoral transaction secures for Wallbridge a buffer of several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future mine development flexibility. The transaction also significantly expands Wallbridge's land holdings in Québec along the Detour-Fenelon Gold Trend (from 10.5 km2 to 739.0 km2), improving the Company's potential for further discoveries in this under-explored belt.

 

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, Loncan Canada Inc., a privately-held company with a large portfolio of nickel, copper, and platinum-group metals (PGM) projects in Ontario's Sudbury Basin.

 

For further information please visit the Company's website at www.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