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Wallbridge intersects 17.79 g/t Au over 16.4m in newly discovered extension of Gabbro Zones

Apr 29, 2021

“We are very excited about this new high-grade discovery hosted within the Main Gabbro, 140 metres away from the known Gabbro Zones,” said Attila Péntek, Vice President Exploration of Wallbridge. “This eastern extension of the Main Gabbro, one of the important host rocks at Fenelon, has seen very limited drilling in the past only with shallow 100-200-metre holes. This intersection is still close to surface, at a vertical depth of 300 metres, and is open in all directions.” 

Wallbridge Mining Company Limited has announced results from its exploration drill program at the Fenelon Gold Property, with an intersection of 17.79 g/t Au over 16.40 metres, including 76.98 g/t Au over 3.30 metres in a newly discovered Eastern extension of the Gabbro Zones.

This high-grade zone is located approximately 140 metres along strike to the east of, and 175 metres vertically below, the known part of the Gabbro Zones where Wallbridge completed a 33,500-tonne underground bulk sample in 2019 with an average grade of 18.49 grams per tonne gold. The mineralization is open for expansion with very few historic drill holes in the area.  

Fenelon Gold System, Exploration Drill Results 

Assay results of five exploration drill holes are being reported today. These holes tested the geology and extensions of known host rocks and mineralized trends several hundred metres away from the central part of the known Fenelon Gold System where definition drilling is underway in preparation for the maiden 2021 mineral resource estimate.

Highlight intersections from the holes reported today include:

FA-20-21917.79 g/t Au over 16.40 metres, including

 76.98 g/t Au over 3.30 metres and

 6.65 g/t Au over 5.30 metres (see Figs. 1 and 2);

The new high-grade zone discovered in hole FA-20-219 consists of sulfide-rich silicified shear zones, similar to those typical of the Gabbro Zones, however instead of chalcopyrite and pyrrhotite being the dominant minerals, there is abundant pyrite, arsenopyrite and sphalerite. The orientation of the zones appears to be similar to that of the Tabasco-Cayenne and Gabbro Zones, striking WNW-ESE. Follow-up holes are planned to determine the significance and extent of this new gold mineralized zone.    

2020-2021 Drilling Program Update

In 2021, the Company is planning to complete approximately 170,000 metres of drilling with a maiden mineral resource estimate at Fenelon is anticipated in the third quarter of 2021 (see Wallbridge Press Release dated January 11, 2021). 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, the Company has eight drill rigs operating at Fenelon. In the coming months, six drill rigs will be targeting the Fenelon Gold System (Tabasco-Cayenne-Area 51 mineralization) to approximately 1,000 metres vertical depth, carrying out a combination of definition and expansion drilling at a nominal 75-metre drill spacing. Two drill rigs have been focusing on near-surface, open pit resource drilling in the western portion of Area 51. Additional drills may be devoted to Fenelon resource expansion, and regional grassroots exploration at various projects on the Company’s 900 km2 Detour-Fenelon Gold Trend land package later in the year.

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