Wallbridge Mining drills 17.05 g/t gold over 2.75 metres at Fenelon, Quebec

Wallbridge Mining Company Ltd. [TSX-WM; OTCQX-WLBMF] reported final results from the 2023 drill program that add near-surface mineralization adjacent to the Fenelon mineral resource and expand the mineralized area to the north and east at its 100%-owned Fenelon gold project, Quebec. After a short winter break, one drill rig has been mobilized and drilling has commenced.

Highlights: Exploration drilling completed in 2023 has intercepted significant gold mineralization 1 km to the north (Target F1) and 2.5 km to the east (Target F5) of the Fenelon deposit, which remains open both laterally and at depth.

Results, such as 17.05 g/t gold over 2.75 metres in hole FA-23-569, 80.51 g/t Au over 0.50 m in hole FA-23-566, and 4.36 g/t Au over 7.50 m in hole FA-23-568, demonstrate the potential to add near-surface, high-quality gold ounces proximal to the currently defined limits of the Fenelon resource.

The 2024 drill program has commenced at Fenelon with the objective to expand the limits of near-surface gold resources in the vicinity of the 2023 Preliminary Economic Assessment (PEA) mine design, offering the potential to improve the project’s overall economics.

“The positive results of the 2023 program demonstrate the ability to add near-surface gold mineralization in close proximity to the Fenelon resource, and to confirm the presence of new areas of prospective gold mineralization within a few kilometres of the deposit,” said Attila Pentek, Wallbridge’s Vice President, Exploration.

“This is in line with our stated goal to upgrade known gold resources and test priority grassroots exploration targets in 2024.”

Resource Step-out Drilling: Nine drill holes totaling 3,156 metres, including extensions to two previously drilled holes, targeted near-surface Area 51 gold zones adjacent to the PEA mine design which, due to lower drilling density, are not included in the current design.

The drilling mainly focused on the MIB (five holes) and Andromeda (four holes) mineralized zones within Area 51. In both zones, positive drilling results, presented below, successfully expanded zones of known gold mineralization, further supporting the potential to increase gold resources. Additionally, follow-up infill sampling in hole FA-22-507 returned a new significant intercept in the Enterprise zone.

Andromeda (Area 51): FA-23-569: 17.05 g/t Au over 2.75 metres; 1.37 g/t Au over 28.50 metres, including 3.71 g/t Au over 4.00 metres, and 3.06 g/t Au over 4.20 metres; 11.81 g/t Au over 0.65 metres; FA-23-570: 0.97 g/t Au over 13.60 metres, including 2.28 g/t Au over 2.90 metres; 1.36 g/t Au over 7.50 metres, including 3.21 g/t Au over 2.30 metres; 12.04 g/t Au over 1.00 metre; FA-23-571: 2.01 g/t Au over 5.00 metres; FA-23-572: 13.78 g/t Au over 1.00 metres; MIB (Area 51): FA-23-566: 80.51 g/t Au over 0.50 metre; 29.42 g/t Au over 0.50 metre; FA-23-568: 4.36 g/t Au over 7.50 metres, including 17.55 g/t Au over 1.50 metres; FA-23-568: 5.90 g/t Au over 1.80 metres; FA-21-291: 23.20 g/t Au over 0.50 metres; Enterprise (Area 51): FA-22-507: 2.34 g/t Au over 6.00 metres.

Exploration Drilling: An additional five holes totalling 2,660 metres were drilled in the fall of 2023 to follow-up on the discovery of two new gold zones, Targets F1 and F5, which were first reported on May 8, 2023. The results for these and the remaining holes from the earlier program are reported below.

In Target F1, drilling continued to delineate the geometry of the newly discovered Jeremie Diorite body and the gold mineralization originally intersected in hole FA-23-546, which yielded 0.96 g/t Au over 21.05 metres. Hole FA-23-565 intersected Area 51-style gold mineralization, returning 8.71 g/t Au over 0.60 metre along strike of the original intersection in hole FA-23-546.

At Target F5, east of the Fenelon deposit, the drill holes continued to test favorable host rocks and gold-bearing structures encountered by previous drill programs. Hole FA-23-551, previously reported, intersected several instances of gold mineralization over a 150-metre corridor, including 14.90 g/t Au over 0.50 metre. Hole FA-23-563, reported below, intersected a wide zone of low-grade gold mineralization along a NW-SE trending structure, parallel to one of the main structural orientations at the Fenelon deposit. This gold zone, associated with strong alteration within and around an intermediate intrusion, yielded an average of 0.52 g/t Au over 18.45 metres. Additional gold mineralization was intersected in holes FA-23-562 and FA-23-563 in Target F5 and in hole FA-23-555A in Target F7, 1 km further east.

Today, the company reports final assay results for 24 drill holes, which include 9 resource step-out delineation holes and 15 first pass exploration holes to test new targets, along with infill sample results for 1 drill hole.

Wallbridge is focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend in Quebec’s Northern Abitibi region while respecting the environment and communities where it operates.

Wallbridge’s most advanced projects, Fenelon Gold and Martiniere Gold incorporate 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 830 km2 exploration land package controlled by Wallbridge.

Wallbridge has reported a positive Preliminary Economic Assessment (PEA) at Fenelon that estimates average annual gold production of 212,000 ounces over 12 years.

Wallbridge also holds a 15.9% interest in the common shares of Archer Exploration Corp. [CSE-RCHR] as a result of the sale of the company’s portfolio of nickel assets in Ontario and Quebec.