Wallbridge drills 4.06 g/t gold over 51.70 metres at Fenelon Gold Project

Wallbridge Mining Company Ltd. [WM-TSX; WC7-FSE] has released the first assay results received since the resumption of activities after the suspension of work due to COVID-19, and has provided an update of the continuing, fully financed 80,000-metre to 100,000-metre 2020 drill program at its 100%-owned Fenelon gold property 75 km northwest of Matagami, Quebec.

Highlights

Main Gabbro in-fill drilling continues to define high-grade shoots near existing mine workings. Hole 20-1100-011 returned 4.88 g/t gold over 18.95 metres, including 96.90 g/t over 0.70 metres in the Serrano Zone. Hole 20-1100-010 returned 5.84 g/t gold over 6.80 metres, including 37.70 g/t over 1.00 metre in the Serrano Zone.

Tabasco-Cayenne step-out drilling extended mineralization over 100 metres down-plunge. Hole FA-20-134 returned 4.06 g/t gold over 51.70 metres. This intercept includes 8.41 g/t gold over 19.15 metres (which further includes 41.01 g/t gold over 3.65 metres) as announced May 20, 2020, and new assay results including 4.44 g/t gold over 9.75 metres received since the resumption of activities after the COVID-19 suspension.

Area 51 in-fill drilling continues to demonstrate near surface, potentially open pittable zones. Hole FA-20-125 returned 15.73 g/t gold over 3.00 metres in the Andromeda Zone. Hole FA-20-136 returned 1.17 g/t gold over 38.50 metres, including 47.40 g/t over 0.50 metres in the Titan Zone.

“We are excited to have ramped up the drilling program to six drill rigs again and thank all the employees, service providers and local communities for working together to safely execute our exploration activities in these challenging times amidst the COVID-19 pandemic,” stated Attila Pentek, Vice President Exploration. “In addition to continuing our expansion and in-fill drilling in the Tabasco-Cayenne-Area 51 gold system, we are pleased with the first results of our near surface in-fill drill program testing the Titan and Andromeda zones in Area 51. With several potentially bulk mineable zones showing good continuities near surface, as seen in figures 3 and 4 of this release, an open pit component to a future resource is starting to become more and more tangible. With approximately 15,000 metres of drilling completed since the resumption of drilling activities, the assay labs are again processing a pipeline of our samples and we are looking forward to a steady flow of assay results.”

Two drill rigs are active on the newly-acquired portion of the Fenelon Gold Property to follow-up on the Reaper and Ripley gold discoveries made in 2019 and 2020 by Balmoral Resources and to test the extensions of the Tabasco-Cayenne-Area 51 gold system onto this adjacent ground. Wallbridge is planning to complete approximately 20,000 metres of drilling in 2020 on the new ground acquired from Balmoral, with over 3,000 metres completed to date.

Wallbridge is establishing a pipeline of projects that will support sustainable 100,000 ounce-plus annual gold production as well as organic growth through exploration and scalability.

Wallbridge completed the Plan of Arrangement to acquire all of the issued and outstanding shares of Balmoral Resources in an all-stock transaction.

Wallbridge is also pursuing additional advanced-stage projects which would add to the company’s near-term project pipeline. Wallbridge is also the operator of, and a 17.8% shareholder in, Loncan Canada Inc., a privately-held company with a large portfolio of nickel, copper, and PGM projects in Ontario’s Sudbury Basin.