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TORONTO, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to announce an updated mineral resource estimate (“MRE”) for its Fenelon Gold (“Fenelon”) and Martiniere Gold (“Martiniere”) projects, located on the Company’s Detour-Fenelon Gold Trend land package in Northern Abitibi, Quebec.
Marz Kord, President & CEO of Wallbridge stated:
“Building on the success of our 2021 maiden MRE, the subsequent exploration program has delivered an MRE with significantly improved grade and a larger resource. This confirms our belief that a potential underground bulk mining scenario is the most attractive option at Fenelon, as it has the potential to deliver attractive economics with lower capex, a smaller footprint and faster permitting process than a large open pit. We believe a resource of this size, grade and zone thickness could be analogous to some of the large, bulk-mineable deposits that are already being successfully mined in the Abitibi region today. The updated MRE is a significant milestone as Wallbridge prepares to deliver a preliminary economic assessment for Fenelon in Q2 2023.”
Attila Péntek, Wallbridge’s Vice President, Exploration added:
“Today’s updated mineral resource reflects the Company’s focused and effective drilling and sampling program which has essentially replaced over 800,000 lower grade ounces with 1.3 million higher-grade ounces at Fenelon. This translated into significant increases in gold grade at Fenelon, with an 85% increase in the grade of the Indicated resources and an 84% increase in the grade of Inferred resources, compared to the 2021 Fenelon maiden MRE. We also achieved positive results at Martiniere, where we increased the resource ounces substantially, with a 26% increase in the Indicated category and a 146% increase in the Inferred category. We continue to pursue value-generating growth, with both deposits remaining open in multiple directions, and substantial potential for discoveries along our extensive, underexplored land package. We look forward to carrying our positive exploration momentum into 2023.”
Highlights
Table 1 – Detour-Fenelon Gold Trend 2023 MRE compared to the 2021 MRE
Mineral Resource Estimation Methodology
The updated MRE for Fenelon is based on 1,350 recent and historic drill holes totaling approximately 537,000 m, variably spaced from 20 to 200 m on the Gabbro, Tabasco/Cayenne, Area 51 and Ripley/Reaper zones. This includes 917 drill holes totaling approximately 460,000 m drilled by Wallbridge since 2016.
The updated MRE for Martiniere is based on 596 recent and historic drill holes totaling over 169,000 m, variably spaced from 20 to 150 m on the Martiniere North, Martiniere West, Martiniere Central, Bug Lake and Horsefly zones. A total of 54 holes drilled to date by Wallbridge since the acquisition of Balmoral have been incorporated into the Martiniere MRE.
For both deposits, the geological, litho-structural, and 3D modelling of the mineralized zones was prepared in Leapfrog Geo and the MREs were prepared in Leapfrog Edge using a sub-block model of 4m x 4m x 4m parent blocks. Gold grades were calculated using the Inverse Distance squared interpolation method using hard boundaries for both deposits.
The mineral resources are categorized as Indicated and Inferred based on drill spacing, as well as geological and grade continuity. For Fenelon, in the Tabasco/Cayenne Zones, a maximum distance to the closest composite of 35 m for Indicated and 70 m for Inferred while 25 m was used for Indicated and 50 m for Inferred in all other zones. For Martiniere, maximum distance to the closest composite was 35 m for Indicated and 70 m for Inferred.
The reasonable prospect for an eventual economical extraction is met by having used reasonable cut-off grades both for a potential open pit and underground extraction scenarios, a minimum width (2 m), and constraining volumes (Deswik optimized shapes and Whittle optimized pit-shells). The reasonable prospect for an eventual economical extraction will be further evaluated in the upcoming PEA which is expected in Q2 2023.
Table 2 – Detour-Fenelon Gold Trend 2023 MRE (Economic Parameters)
Table 3 – Detour-Fenelon Gold Trend 2023 MRE (Results for the Fenelon deposit per zones)
Table 4 – Detour-Fenelon Gold Trend 2023 MRE (Results for the Martiniere deposit per zones)
Notes:
Table 5 – Gold price sensitivity analysis for the Detour-Fenelon Gold Trend 2023 MRE (Fenelon Deposit)
Table 6 – Gold price sensitivity analysis for the Detour-Fenelon Gold Trend 2023 MRE (Martiniere Deposit)
The tables above illustrate the sensitivity of each MRE to different gold prices for a potential open-pit and underground operation scenario with reasonable outlook for economic extraction. The reader is cautioned that the figures provided in these tables should not be interpreted as a statement of mineral resources. Quantities and estimated grades for different cut-off grades are presented for the sole purpose of demonstrating the sensitivity of the resource model to the choice of a specific cut-off grade.
Figure 1. Wallbridge’s Detour-Fenelon Gold Trend land package
Figure 2. Fenelon Gold, Plan View, 2023 MRE vs. 2021 MRE
Figure 3. Fenelon Gold, Longitudinal Section, 2023 MRE vs. 2021 MRE
Figure 4. Martiniere Gold, Plan View, 2023 MRE vs. 2021 MRE
Figure 5. Martiniere Gold, Longitudinal Section, 2023 MRE vs. 2021 MRE
Qualified Persons
The independent qualified persons responsible for the MREs of the Fenelon and Martiniere projects, as defined in NI 43-101, are Mr. Carl Pelletier, P. Geo., Mr. Vincent Nadeau-Benoit, P. Geo., Mr. Simon Boudreau, P.Eng. and Mr. Marc R. Beauvais, P.Eng. of InnovExplo Inc. Mrs. Pelletier, Nadeau-Benoit, Boudreau and Beauvais have read and approved the scientific and technical information relating to the MREs contained in this press release.
The scientific and technical information of the Company and of the Fenelon and Martiniere projects included in this news release have been reviewed and approved by Francois Chabot, Eng, Technical Studies Manager of Wallbridge and a Qualified Person as defined by NI 43-101.
NI 43-101 Technical Report
A technical report, which is being prepared in accordance with National Instrument 43-101 (“NI 43-101”), will be available on SEDAR (www.sedar.com) under the Company’s issuer profile within 45 days. The effective date of the current MRE is January 13, 2023.
Webcast
Wallbridge will host a webcast on Wednesday, January 18, 2023, at 10:00 am (Eastern Time). Marz Kord, President and Chief Executive Officer; Attila Péntek, Vice-President Exploration; and other members of the leadership team will provide an in-depth review of the MREs and be available to answer questions. Management’s presentation for the webcast will be available on the Company’s website at www.wallbridgemining.com.
To participate in the webcast please register at https://us06web.zoom.us/webinar/register/WN_n3F2-knpRYaZwJXRpt856g
About Wallbridge Mining
Wallbridge is focused on creating value through the exploration of gold projects along the Detour-Fenelon Gold Trend while respecting the environment and communities where it operates.
Wallbridge’s flagship project, Fenelon Gold (“Fenelon”), is located on the highly prospective Detour-Fenelon Gold Trend Property (“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%-owned Fenelon and Martiniere properties, 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 approximate 830 km2 exploration land package controlled by Wallbridge. The Company believes that these two deposits have good potential for economic development, especially given their proximity to existing hydro-electric power and transportation infrastructure. In addition, Wallbridge believes that the extensive land package is extremely prospective for the discovery of additional gold deposits.
Wallbridge also holds a 19.9% interest in the common shares of Archer Exploration Corp. (“Archer”). Archer holds a portfolio of nickel assets in Ontario and Quebec.
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.
Wallbridge Mining Company Limited
Marz Kord, P. Eng., M. Sc., MBAPresident & CEOTel: (705) 682‒9297 ext. 251Email: [email protected]
Victoria Vargas, B.Sc. (Hon.) Economics, MBACapital Markets AdvisorEmail: [email protected]
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections, and interpretations as at the date of this press release.
All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, “potential”, “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”
FLI herein includes, but is not limited to, statements regarding the potential future performance of Archer common shares, future drill results; the Company’s ability to convert inferred resources into measured and indicated resources; environmental matters; stakeholder engagement and relationships; parameters and methods used to estimate the mineral resource estimates (each an “MRE”) at the Fenelon and Martiniere properties (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling at the Deposits; and the significance of historic exploration activities and results..
FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this press release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained herein to reflect new events or circumstances, except as may be required by law. Unless otherwise noted, this press release has been prepared based on information available as of the date of this press release. Accordingly, you should not place undue reliance on the FLI or information contained herein.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.
Assumptions upon which FLI is based, without limitation, include the results of exploration activities, the Company’s financial position and general economic conditions, the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Deposits; the accuracy of key assumptions, parameters or methods used to estimate the MREs; the ability of the Company to obtain required approvals; the evolution of the global economic climate; metal prices; environmental expectations; community and non-governmental actions; any impacts of COVID-19 on the Deposits; and, the Company’s ability to secure required funding. Risks and uncertainties about Wallbridge’s business are more fully discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedar.com.
Information Concerning Estimates of Mineral Resources
The disclosure in this press release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”). The terms “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” used in this press release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM Definition Standards”), which definitions have been adopted by NI 43-101. Accordingly, information contained in this press release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.
Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, “inferred mineral resources” are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.
Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the “SEC Modernization Rules”), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. Information regarding mineral resources contained or referenced in this press release may not be comparable to similar information made public by companies that report according to U.S. standards. While the SEC Modernization Rules are purported to be “substantially similar” to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards. Accordingly, there is no assurance any mineral resources that the Company may report as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the resource estimates under the standards adopted under the SEC Modernization Rules.
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