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Wallbridge provides update on Fenelon drilling

Aug 5, 2021

Wallbridge Mining Company Limited has announced that its resource definition drill program for the upcoming maiden mineral resource estimate on the Fenelon Gold Property is now almost complete.

Drilling has been focusing on multiple areas, within the approximately 1.0 km by 1.2 km central portion of the Fenelon Gold System, to better define the gold mineralization in support of the MMRE. Approximately 260,000 m drilled by the Company at Fenelon within the three years since the commencement of systematic, continuous exploration drilling will be incorporated into the MMRE. With the drill program for the MMRE now substantially complete, drill rigs are being transitioned to focus on resource expansion and exploration drilling at Fenelon as well as regional exploration on the Company’s other projects along the Detour-Fenelon Gold Trend (see Wallbridge news release dated July 22, 2021 on the commencement of Phase I drill program at the Martinière Project).

“As we near the completion of the resource drill program in support of our maiden mineral resource estimate at Fenelon, we are excited to turn our attention again to more widely-spaced exploration drilling to continue outlining the ultimate size potential of the Fenelon Gold System and to discover additional gold deposits on our underexplored Detour-Fenelon land package,” stated Marz Kord, President & CEO of Wallbridge. 

“We are excited to reach this important milestone and to move forward with our MMRE,” stated Attila Péntek, Vice President Exploration of Wallbridge. The MMRE will provide an initial snapshot of the true potential of the Fenelon Gold System, the limits of which we have not yet defined.”

Additionally, new assay results from the definition drill program released today continue to demonstrate excellent bulk mining potential at Fenelon and provide important additional information in the top 500 metres of the known gold system.

Highlight results released today, include:

  • Tabasco-Cayenne-Contact Zone, Definition Drilling:
    3.75 g/t Au over 27.00 metres, including 5.73 g/t Au over 16.00 metres in FA-21-268A,
    4.95 g/t Au over 11.70 metres, including 9.22 g/t Au over 5.70 metres, and 17.64 g/t Au over 2.40 metres in FA-21-264A, and
    6.79 g/t Au over 5.50 metres, including 51.10 g/t Au over 0.60 metres in FA-21-260;
  • Area 51, Definition Drilling (above 300 m depth): 
    1.93 g/t Au over 13.50 metres and 92.38 g/t Au over 0.50 metres in FA-21-264A;
  • Area 51, Definition Drilling (below 300 m depth): 
    2.23 g/t Au over 10.80 metres in FA-21-224;
    Tabasco-Cayenne-Contact Zones, Definition Drill Results

Definition and expansion drilling at a nominal 75-metre drill spacing targeting the Tabasco-Cayenne-Contact Zones over a strike length of approximately 800 metres and vertical depths between 300 and 1,000 metres has been the primary focus of this campaign (see Figs. 1 and 2) to better define the geometry and grade of the zones and gain information on the structural controls of the gold mineralization.

FA-21-268A3.75 g/t Au over 27.00 metres, including

  5.73 g/t Au over 16.00 metres in the Tabasco Zone (see Figs. 1 and 2);

4.95 g/t Au over 11.70 metres, including

  9.22 g/t Au over 5.70 metres in the Contact/Tabasco Zone, and

 17.64 g/t Au over 2.40 metres in the Cayenne Zone (see Figs. 12 and 3);

FA-21-2606.79 g/t Au over 5.50 metres, including

  51.10 g/t Au over 0.60 metres in the Tabasco Zone (see Figs. 1 and 2);


Area 51 Definition Drill Results

As our drill holes approach Tabasco-Cayenne, they also transect the Area 51 gold vein network, providing important information from all of these zones.

Highlight intersections of Area 51 zones from above 300 metres vertical depth reported today include:

FA-21-264A1.93 g/t Au over 13.50 metres, and 
92.38 g/t Au over 0.50 metres (see Figs. 2 and 3);

Highlight intersections of Area 51 zones from below 300 metres vertical depth reported today include:

FA-21-2242.23 g/t Au over 10.80 metres, including

  4.12 g/t Au over 4.00 metres (see Fig. 2);

In-fill Sampling Program Results

A systematic campaign of continuous in-fill sampling of historic drill holes down to a vertical depth of 250 metres is underway in order to collect further information for the open pit constrained portion of the MMRE.

Assay results from the historic drilling in-fill sampling program are highlighted by:

FA-19-07914.64 g/t Au over 1.50 metres in the Tabasco Zone (see Figs. 1 and 2);

FA-19-0771.15 g/t Au over 8.50 metres, including

  7.62 g/t Au over 1.00 metre in the Tabasco Zone (see Figs. 1 and 2);

2021 Drilling Program Update

In 2021, the Company is planning to complete approximately 170,000 metres of drilling, including 20,000 metres devoted to regional exploration on the Company’s district-scale, underexplored land package on the Detour-Fenelon Gold Trend.

As of June 30 2021, a total of 64,021 metres has been drilled at Fenelon. The decision to use directional drilling to control hole deviation, which is slower but optimizes drill hole spacing and reduces required drilling meterage for the MMRE in the Tabasco, Cayenne and Area 51 zones, means the rate of drilling in the first half of the year was lower than the projected 2021 quarterly average. The Company expects higher drilling productivity during the second half of the year as the resource focused directional drilling gives way to resource expansion drilling and regional exploration.

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