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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 934,870,595
Close 2023-09-25 C$ 0.12
Market Cap C$ 112,184,471
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Wallbridge drills three m of 10.73 g/t Au at Martiniere

2023-09-25 09:56 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE EXPANDS MINERALIZED FOOTPRINT AT MARTINIERE

Wallbridge Mining Company Ltd.'s 2023 exploration drill program has successfully extended the mineralized footprint of the gold system at its 100-per-cent-owned Martiniere gold project in multiple directions beyond the boundaries of the 2023 mineral resource estimate (MRE).

"The objectives of the 2023 Martiniere exploration drilling program were all achieved -- the mineralized footprint was expanded to the southwest and to the east of the MRE, while gold mineralization was also identified in a number of grassroots exploration targets within a few kilometres of Martiniere. These represent attractive future exploration targets for potential resource growth," said Attila Pentek, Wallbridge's vice-president, exploration.

Highlights:

  • Martiniere southwest extension (target M4):
    • MR-23-052: 10.73 grams per tonne gold over three metres;
    • Including 26.50 g/t Au over 1.10 metres;
    • MR-23-049: 9.09 g/t Au over 0.50 metre.
  • Martiniere Dragonfly zone (formerly eastern extension, target M1):
    • MDE-17-289: 3.21 g/t Au over 4.20 metres;
    • Including 8.23 g/t Au over 1.50 metres;
    • MDE-17-289: 3.76 g/t Au over 2.30 metres.
  • These intersections, along with others released on June 8, 2023, expand the known footprint of the Martiniere gold system by 250 to 300 m to the southwest and east.
  • Assay results from exploration drilling confirmed gold mineralization in three grassroots targets; results from four other grassroots targets are still pending.

Martiniere 2023 drill program

The main objectives of the 2023 exploration program at Martiniere were to expand the known footprint of the Martiniere gold system through aggressive stepouts on known gold zones, and to test grassroots targets within a few kilometres of the deposit in search of new gold zones. Wallbridge has now completed its 2023 Martiniere exploration drilling program with 29 drill holes totalling approximately 17,460 metres. The objectives of the drill program were achieved: the program tested six expansion targets (M1, M2, M3, M4, M10, M11) situated within 800 metres of the MRE footprint, as well as eight grassroots targets (M5, M6, M7, M8, M9, M12, M13, M14) within a 4.5-kilometre radius of the deposit. Today, the company is reporting the results for 15 drill holes, with results for the last nine holes currently pending.

Expansion drilling results

Target M1 -- Dragonfly zone

Positive assay results received for hole MDE-17-289 (extension), collared 200 metres south of hole MR-23-041 (which intersected 5.15 g/t Au over four metres, see press release dated June 8, 2023), continued to expand the mineralized footprint of the Dragonfly zone (previously referred to as eastern extension) to the east of the Martiniere deposit (target M1 area). Two subsequent drill holes in the same target area also intersected large intervals of felsic intrusive rocks similar to the Bug Lake porphyry, one of the main host rocks for gold mineralization at Martiniere (assay results pending). Current work aims to refine the geological interpretation and understanding of the controls on gold mineralization at the Dragonfly zone.

Target M4 -- Martiniere southwest extension

Drilling at target M4 aimed to evaluate the continuation of the Martiniere West zones to the southwest. Assay results received for holes MR-23-049 and MR-23-052 showed the presence of significant gold mineralization several hundred metres from the existing MRE footprint. Most importantly, these holes continued to intersect favourable geology and alteration, thereby providing a key target for future resource expansion drilling.

Target M3 -- new zone at depth

At target M3, hole MR-23-043 was designed to test the Horsefly zone near surface and then continue to test the Bug Lake North area at depth, undercutting the existing drilling by over 300 m. The geology intersected in this hole was different than the drilling above; however, the broad mineralization present between 755.50 and 782.10 metres (grading 0.45 g/t Au over 26.60 metres) indicates the continuation of strong gold-bearing fluid flow pathways at depth in this area.

Grassroots exploration drilling results

So far, assay results have confirmed gold mineralization in three of the grassroots targets. Grassroots drilling also targeted other interpreted structures and potential host rocks, and assays are currently pending from targets M6, M12, M13 and M14.

At target M5, drilling intersected new gold mineralization in Timiskaming-type conglomerate along the Sunday Lake deformation zone, indicating that this rock type may be a potential host rock in this belt, similar to other mining camps in the southern Abitibi.

At targets M7 and M9, gold mineralization was intersected along the Lac Du Doigt deformation zone, along with other historic intersections (including 7.05 g/t Au over 2.21 metres and 5.04 g/t Au over 1.43 metres), confirming that this fault zone extending several kilometres acted as a gold-bearing fluid pathway.

At target M8, a previously unknown diorite body was intersected in MR-23-050 over several hundred metres with occasional anomalous gold mineralization. At Fenelon, the Jeremie diorite is an important unit for gold mineralization at the deposit, and as such the intersection of this unit at Martiniere represents a new geological target.

Assay quality assurance/quality control and qualified person

Drill core samples from the continuing drill program on the Detour-Fenelon gold trend property are cut and bagged either on site or by contractors and transported to SGS Canada Inc. for analysis. Samples, including standards and blanks for quality assurance and quality control, were prepared and analyzed at the laboratories. Samples are crushed to 90 per cent less than two millimetres. A one-kilogram riffle split is pulverized to 85 per cent passing 75 microns. Fifty-gram samples are analyzed by fire assay and atomic absorption spectroscopy or inductively coupled plasma. Samples greater than 10 g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and additional quality assurance and quality control, Wallbridge requests screen metallic analysis for samples containing visible gold. These and future assay results may vary from time to time due to reanalysis for quality assurance and quality control.

The qualified person responsible for the technical content of this press release is Christopher Kelly, MSc, PGeo, senior geologist of Wallbridge.

About Wallbridge Mining Company Ltd.

Wallbridge is focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon gold trend while respecting the environment and communities where it operates.

Wallbridge's flagship project, Fenelon, is located on the highly prospective Detour-Fenelon gold trend property in Quebec's northern Abitibi region. An updated mineral resource estimate completed in January, 2023, yielded significantly improved grades and additional ounces at the 100-per-cent-owned Fenelon and Martiniere projects, incorporating a combined 3.05 million ounces of indicated gold resources and 2.35 million ounces of inferred gold resources. Fenelon and Martiniere are located within an 830-square-kilometre exploration land package controlled by Wallbridge. In addition, Wallbridge believes that the extensive land package is extremely prospective for the discovery of additional gold deposits.

Wallbridge has reported a positive preliminary economic assessment (PEA) on its 100-per-cent-owned Fenelon gold project with an estimated average annual gold production of 212,000 ounces over 12.3 years (see Wallbridge press release of June 26, 2023).

Wallbridge also holds a 19.9-per-cent interest in the common shares of Archer Exploration Corp. as a result of the sale of the company's portfolio of nickel assets in Ontario and Quebec in November of 2022.

Wallbridge will continue to focus on its core Detour-Fenelon gold trend property while enabling shareholders to participate in the potential economic upside in Archer.

We seek Safe Harbor.

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