Wallbridge reports strong gold Intersections at Fenelon, confirms significant underground potential

Wallbridge Mining continues to define Fenelon with impressive drill results. The company is reporting strong gold intersections from Area 51 at its 100%-owned Fenelon Gold Property, which further confirms the significant underground, high-grade resource potential of this mineralized environment.

Area 51, along with the Main Gabbro, the Tabasco and Cayenne Zones, forms part of a large gold system (“Fenelon gold system”) which is targeted by the Company’s ongoing, fully-funded 100,000-metre 2020 drill program in support of a maiden resource estimate anticipated for mid-2021. 

The Company today reports final assay results of four surface drill holes (FA-20-139, -143, -145, -148), which are in addition to assay results from holes FA-20-143 and -148 released in Wallbridge press release dated Aug 11, 2020, including 24.61 g/t Au over 15.00 metres in the Lower Cayenne Zone.

Highlights

Area 51 is continuing to provide robust gold intersections highlighting significant underground, high-grade resource potential, in addition to the optionality of bulk mining scenarios:

FA-20-143 13.10 g/t Au over 3.45 metres in the Laika Zone (see Fig. 5)

 5.04 g/t Au over 6.75 metres, including 26.72 g/t Au over 1.15 metres in the Enterprise Zone (see Figs. 2 and 4)

 33.90 g/t Au over 0.80 metre and 3.65 g/t Au over 14.40 metres, including 44.75 g/t Au over 1.00 metre in the Milky Way Zone (see Fig. 4)

FA-20-1485.32 g/t Au over 21.50 metres (including 10.59 g/t Au over 7.00 metres) and 5.63 g/t Au over 9.50 metres in the Andromeda Zone (see Figs. 2, 6 and 7)

“Area 51, discovered in early 2019, has now been modelled as a network of 28 mineralized zones, with varying strike lengths of 300 to 500 metres, from surface down to around 600 metres depth. Strong intersections of high-grade gold mineralization in these veins demonstrate the potential for a significant underground resource in addition to the potential of an open pit resource,” stated Marz Kord, President & CEO of Wallbridge.

“Some of the highlights are 21.5 metres of 5.32 g/t (including 7.00 metres of 10.59 g/t Au) in hole FA-20-148 reported here, 4.10 metres of 19.55 g/t in FA-20-107, 3.88 metres of 20.05 g/t in hole 19-0915-011, 14.85 metres of 5.77 g/t in hole FA-20-116, 15.65 metres of 5.89 g/t in hole FA-19-100, 11.70 metres of 7.48 g/t in hole 19-0915-022, just to name a few*,” stated Marz Kord. “Our drilling to date has demonstrated the size potential of the Lower Tabasco Zone on which we will continue to expand and infill. The Area 51, as so far understood, may have the same or more potential endowment than our Lower Tabasco Zone adding to the significance of the entire Fenelon deposit.”

“The strong gold intersections reported from a number of zones in Area 51 confirm the significant size potential of underground, high-grade mineralization, which will form an important part of the maiden resource of the combined Fenelon gold system,” stated Attila Péntek, Vice President Exploration of Wallbridge. “As our surface holes continue to transect the entire gold system through Area 51, Tabasco and Cayenne, our drill program remains very efficient in discovering new mineralization and in-filling known zones. Holes FA-20-143 and -148 released today are excellent examples, with numerous mineralized intersections in both holes.”

*For details on the above-mentioned drill intersections, please refer to see Wallbridge press releases dated Jan 20, Mar 4 and May 20, 2020.

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.

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