Confirmation Significance Of The Area 51 Zone Discovery

 

TORONTO - Wallbridge Mining Company Limited reported that hole FA-19-052 has assayed 2.81 g/t gold over 98.91 metres confirming the significance of the newly-discovered Area 51 Zone at its 100%-owned Fenelon Gold property in Quebec. In addition, the Company announced intercepts from the Fenelon Main Zone including 22.54 g/t gold over 7.95 meters (5.58 meters true width).

"These assays confirm that Area 51 Zone is a target that dramatically increases the potential of the gold system at Fenelon," said Marz Kord, President & CEO. "We have now tested approximately 400 meters along the strike of this potential 2.5-kilometer structure and each of the holes drilled to date has intersected broad zones of mineralization with occasional visible gold. We have added two more drills and will continue to test the Area 51 Zone along strike, the Fenelon Main Zone to depth and other targets on the Fenelon Gold property."

The Area 51 Zone was discovered by the last hole of the 2018 program (FA-18-051), approximately 300 m west of the Fenelon Main Zone.

"Since completing our highly successful drill hole FA-19-052, we have extended two holes drilled last year and drilled two additional holes through Area 51", explained Attila Pentek, VP Exploration.  "All four holes intersected significant gold mineralization along 400 m strike length of Area 51. We continue to intersect broad gold mineralization hosted within various porphyritic and gabbroic rock types with visible gold-bearing shear zones. These characteristics confirm the significant size potential of this newly discovered mineralized corridor. These results warrant very aggressive step-out drilling up-dip, down-dip and along strike to test the size of this system."

Drill holes containing visible gold ("VG") or chalcopyrite-bearing mineralized shear zone ("CP").

Fenelon is located in northwestern Quebec proximal to the Sunday Lake Deformation Zone ("SLDZ") which hosts the Detour Gold Mine in Ontario, and Balmoral Resources' gold deposits at Martiniere. Fenelon hosts the Discovery Zone gold deposit and surrounding 4 km strike length of a gold-hosting secondary splay of the SLDZ.

Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive pre-feasibility study on the existing resource. Wallbridge has undertaken successful surface exploration drilling campaigns in 2017, 2018 and 2019, and has substantially completed an underground 35,000-tonne bulk sample at Fenelon. Drilling to date has significantly extended existing zones and discovered several new parallel zones.

Drill core samples from the ongoing drill program at Fenelon were cut and bagged on site and transported to SGS Canada Inc. Samples, along with standards, blanks, and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns. 50g samples are analyzed by fire assay and AAS. Samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and for additional quality assurance and quality control, Wallbridge requests screen metallic analysis for samples containing visible gold. These and future assay results may vary from time to time due to re-analysis for quality assurance and quality control.

The company’s address 129 Fielding Road, Lively ON P3Y 1L7, (705) 682-9297, www.wallbridgemining.com.