Wallbridge Intersects 2.55 g/t Gold Over 20.01 Metres Confirming Continuity of Gold-Bearing Structure at Beschefer

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Wallbridge Intersects 2.55 g/t Gold Over 20.01 Metres Confirming Continuity of Gold-Bearing Structure at Beschefer

Canada NewsWire

TORONTO, March 13, 2019 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB:WC7) ("Wallbridge" or the "Company") is pleased to announce positive results from its initial drill program at the recently-optioned Beschefer gold property ("Beschefer" or "Beschefer Project") in Quebec.

Highlights

  • The majority of assays from the Company's first drill program at the Beschefer Project, consisting of five drill holes for a total of approximately 1,600 metres, have now been received.
  • All holes intersected significant gold mineralization in the B-14 shear zone, proving excellent geological continuity of this gold-bearing structure:

BE-18-048:     

2.55 g/t gold over 20.01 metres, including 3.47 g/t gold over 10.28 metres and
5.90 g/t gold over 2.16 metres  



BE-18-049:    

0.93 g/t gold over 20.25 metres, including 2.05 g/t gold over 5.17 metres



BE-18-050: 

1.28 g/t gold over 8.15 metres



BE-18-051:

3.40 g/t gold over 2.29 metres



BE-18-052:   

1.45 g/t gold over 6.42 metres and 0.84 g/t gold over 10.20 metres 

  • Drill hole BE-18-049 also intersected a narrow, high-grade shear zone above the B-14, assaying 20.22 g/t Au over 0.50 metres. Further sampling of secondary shear zones above the B-14 is currently underway.

"We are pleased with the assay results of our initial drill program confirming the presence of a very continuous, up to 20 m wide, gold-bearing structure," stated Attila Péntek, Vice-President, Exploration of Wallbridge. "Even though we did not intersect high-grade domains in this structure like some of the historic drilling, we certainly achieved our goal of proving the continuity and predictability of the B-14 structure. As a next step, we are working on an updated 3D geological model of the project to better understand the controls on gold deposition and are planning a more substantial drill program to outline the high-grade domains and establish an initial resource."   

About the Beschefer Project

The Beschefer Project covers 647 hectares and is located in the Northern Abitibi Greenstone Belt, 14 km east of the past-producing polymetallic Selbaie Mine, 45 km northeast of the Casa Berardi Mine and 28 km from Wallbridge's Fenelon Gold Property. Historically, the area has mainly been explored for volcanogenic massive sulfide deposits similar to the Matagami camp and the Selbaie Mine.

Gold mineralization was discovered in the B-14 Zone in 1995 by Billiton Canada Inc. but the property saw very limited exploration before the involvement of Excellon between 2011 and 2013. Excellon completed approximately 17,000 metres of drilling, extending the B-14 mineralization down to almost 600 metres vertical depth, discovering the upper shear zone and intersecting the highest-grade intersections on the property, including 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over 8.75 metres. Excellon's primary focus is on production and exploration at its Platosa Mine and Miguel Auza Property in Mexico. Up to Wallbridge's current program there has been no exploration at Beschefer since 2013.

Wallbridge entered into an option agreement to acquire 100% of Beschefer as part of its strategy of building a gold production pipeline in the emerging Sunday Lake-Selbaie Belt (see Wallbridge press release dated October 17, 2018).

A summary of the 2018 drill hole results is reported in the tables and figures below.

Table 1. Wallbridge Beschefer Property 2018 Surface Drill Assay Highlights

Drill Hole

From

To

From

To

Length

True
Width

Au

Zone


(m)

(m)

(m)

(m)

(m)

(m)

(g/t)


BE18-048

203.62

223.63



20.01

19.57

2.55

B-14


Including...

203.62

213.9

10.28

10.05

3.47

B-14


Which includes...

204.86

205.97

1.11

1.09

14.33

B-14


And...

221.47

223.63

2.16

2.12

5.90

B-14

BE-18-049

170.39

170.89



0.50

0.49

20.22

New Zone

BE-18-049

202.88

223.13



20.25

19.97

0.93

B-14


Including...

202.88

208.05

5.17

5.10

2.05

B-14

BE-18-050

314.85

323.00



8.15

8.15

1.28

B-14

BE-18-051

319.88

322.17



2.29

2.27

3.40

B-14

BE-18-052

320.65

327.07



6.42

6.05

1.45

B-14 

BE-18-052

340.29

350.49



10.20

9.61

0.84

B-14 

 

Table 2. Wallbridge Beschefer Property 2018 drill hole information

Drill Hole ID

  UTM E

UTM N

Elevation

Length
(m)

Azimuth

Dip

Note

BE18-048

660630

5516088

280

249

353

-58


BE18-049

660630

5516088

280

249

348

-51

Further assays pending

BE18-050

660880

5516000

280

354

335

-51


BE18-051

660880

5516000

280

363

339

-59


BE18-052

660880

5516000

280

384

343

-71







 

The Qualified Persons responsible for the technical content of this press release are Marz Kord, P. Eng., M. Sc., MBA, President & CEO and Attila Péntek, P.Geo., Ph.D., Vice-President, Exploration for Wallbridge Mining Company Limited.

About Wallbridge Mining

Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.

Wallbridge is currently developing its 100%-owned high-grade Fenelon Gold property in Quebec with ongoing exploration and a 35,000-tonne bulk sample. Wallbridge is also pursuing additional advanced-stage projects which would add to the Company's near-term project pipeline. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October 2015. As part of this strategy, the Company recently optioned the Beschefer Project, an advanced gold property with proven size and grade-potential near Fenelon Gold. Wallbridge is also continuing partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario, with a focus on its high-grade Parkin project.

Wallbridge also has exposure to exploration for copper and gold in Jamaica and British Columbia through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited, a Wallbridge spin-out of its BC assets).

This press release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.

Wallbridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.

SOURCE Wallbridge Mining Company Limited

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