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INTERSECTS 74.90 G/T GOLD OVER 5.66 METRES AT ITS FENELON GOLD PROPERTY

 

 

Gold drill core

Wallbridge Mining Company Ltd. (WM.T) has released continued positive results from its underground drill program and has provided an update on the continuing development as part of the 35,000-tonne bulk sample and underground exploration program at its 100-per-cent-owned Fenelon gold property.

Highlights

Visible gold was observed to be present in 41 of 68 holes drilled to date. Since the last press release (see Wallbridge Press Release dated September 19, 2018 ), highlights of received assay results are as follows:

18-0990-011: 74.90 g/t gold over 5.66 metres in the Habanero zone

18-0990-009: 5.73 g/t gold over 6.89 metres in the Naga Viper zone

18-1035-013: 94.54 g/t gold over 1.00 metre in the Anaheim zone

Assay results from 30 underground drill holes are pending.

Production from the second stope (NV-01) is now completed and development on the second level (5180 Level) is nearing the CH-02 stope. Over 10,000 tonnes of ore have been shipped to the Camflo mill and processing of the first batch was completed last week. A final reconciliation of mill performance will be available in the next few weeks.

"Our exploration results continue to exceed expectations," stated Marz Kord, President and CEO of Wallbridge. "We are particularly pleased with the results from the Habanero Zone, a new zone which is producing good grades and widths as demonstrated by the highlight intercept in this press release. We look forward to more good results from this zone as we still have several holes with visible gold with assays pending."

Underground drilling to date from the 5213 Level has mainly targeted the high-grade shoots down to 5130 Level (~120 m depth), which is the lowermost level that is planned to be developed during the 2018 bulk sample program. In the next few weeks drilling will focus on adding high grade resources in the East Extension areas and at depth, below the 5130 Level.

A new underground drill station has been developed on the 5180 Level, which will be used to target the main high-grade shoots down-plunge to 200 m depth.

The bulk sample is expected to produce 19,000 to 26,000 ounces of gold with close to 50% of gold priced at C$1,720 per ounce. The expected cash flow upon completion of this bulk sample, net of all bulk sample costs and including the financing costs, is expected to be sufficient to cover the budgeted working capital requirements.

The bulk sample program is designed to test a few stopes in several zones. Overall grade from these planned stopes is estimated to average 18 to 25 g/t gold. The geology team has developed an extensive sampling program to characterize the mineralized material during this bulk sample. Chip samples are collected from a sampling line across each development face and muck samples are also taken in a regular pattern on surface.

A 10,000-metre surface drilling program is now also underway to follow known mineralized zones and expand resources at depth and further away from the mine workings.