Wallbridge Continues to Find More Gold at Fenelon

TORONTO , Dec. 5, 2016 /CNW/ – Wallbridge Mining Company (TSX:WM,FWB:WC7)  is pleased to announce that its sampling program on the Fenelon Mine project in Quebec has continued to identify new gold mineralization in drill core which was not previously sampled, from historic holes located in close proximity to the mine workings.

Highlights from sampling of unsampled drill core include:

• 19.7 g/t gold over 1.90 metres in hole 1050-005
  • including 47.94 g/t over 0.75
  • including 89.3 g/t over 0.35 metres (as reported on November 16, 2016 press release)
• including 47.94 g/t over 0.75
• including 89.3 g/t over 0.35 metres (as reported on November 16, 2016 press release)
• 8.37 g/t gold over 1.25 metres in hole 1040-002 (together with historic assays forms part of an intersection of 20.17 g/t gold over 6.21 metres)

Commenting on these results,  Marz Kord, Wallbridge President and CEO stated,

“Our exploration to date at Fenelon has been quite successful in finding new gold mineralization in drill holes without actually drilling. It is now obvious that in previous exploration campaigns, logging and sampling of drill core was very selective whereas our experienced team of geologists now better understand the geology and   the gold-bearing structures, resulting in the identification of  gold in drill core that was previously thought not to be mineralized.”

“The significance of these new mineralized intervals is that we now can add ounces to the mine plan which is being prepared as part of our prefeasibility study. An example of this is in hole 1040-002 which  previously included two intervals grading 66.30 g/t over 1.55 metres and 9.07 g/t over 1.31 metres with an unsampled gap in between.  Sampling and assaying of this gap now proved it to be mineralized and proves the zone to be continuous and the overall mineralized intersection is now 20.17 g/t over 6.21 metres.” ( See Figures 1 & 2 below).

“We will continue our review of past drilling and geological information to add ounces near the existing resource as well as adding ounces along strike of the deposit.”

“In parallel, we continue our work to complete a prefeasibility study this quarter and advance permitting so that upon confirming positive economics we are in a position to make a production decision in Q2 of 2017.”

Since closing the acquisition of the Fenelon Mine project in October, our exploration team has been onsite re-logging and re-sampling old drill core. Previous sampling was very focused and Wallbridge has identified un-sampled intervals of mineralization near and outside the current resource. To date, core from 134 drill holes has been reviewed and assay results for three batches totaling 275 samples have been received with results reported in this press release representing the third batch of 99 samples. Of the 275 new samples, 3 samples returned values greater than 5 g/t, 29 samples (>10%) have proven to be mineralized (>0.5 g/t), and 34 samples returned grades ranging from 0.5 g/t to 0.1 g/t. Assay results for an additional 124 samples are pending. Additional results will be released when they become available.

Work to date has identified opportunities to: 1) Expand the current mineral resource near the existing underground infrastructure with re-sampling of old core and drilling to follow-up high-grade gold intersections and mineralized zones that are not included in the current resource; 2) Extend the mineralization at depth by drilling down-plunge of the current resource, which only extends to 100 metres depth, and following-up deeper mineralized intersections, and 3) Discover new near-surface gold mineralization by drilling geophysical targets and following-up mineralized intersections identified along strike on the property, which is open for several kilometres on either side of the current resource.

The results of the current program will be followed up by drill testing of the targets developed, with priority given to targets in close proximity to the mine workings.

Read the full press release.

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