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Wallbridge Mining Company Ltd.
Summary
| Project: | Fenelon | |
|---|---|---|
| Deposit: | Fresno, Naga Viper | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 11/5/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 5-11-2018: Wallbridge Mining Company Ltd. announces an Exploration/Drilling Update report for its Fresno, Naga Viper deposit at the Fenelon project. Drilling results incl. 2.16m @ 87.63g/t Au from 31.23m. TORONTO, Nov. 5, 2018 /CNW/ - Wallbridge Mining Co | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Attila Pentek (Internal) | |
| ABSTRACT: | TORONTO, Nov. 5, 2018 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") is pleased to announce continued positive results from its underground drill program and to provide an update on the ongoing development as part of the 35,000-tonne bulk sample and underground exploration program at its 100%-owned Fenelon Gold Property ("Fenelon"). "We have now reached the 5165 Level where at least one stope is planned to be extracted. Our priority is now to reach the 5150 and 5135 levels where the Habanero and Naga Viper West areas can be tested." stated Frank Demers, Vice-President, Mining & Projects of Wallbridge. "Our grade expectation of the bulk sample remains to be the range of 18 to 25 grams per tonne of gold and we are looking forward to reaching those lower levels not only to test some of the richer zones but also to develop platforms for deeper drilling from those areas." "These results from the West extension area released today, not only continue to add to the mineralization in the Naga Viper, Habanero and Paprika zones, but also provide unexpected highgrade intersections in Fresno and Chipotle zones along the way adding proximal ounces in the vicinity of the existing infrastructure," stated Attila Péntek, Vice-President, Exploration of Wallbridge. "Our drilling in the East extension area, between sections 1120 and 1140 has also encountered strong shear zones with visible gold observed in two intersections. Surface drilling is focusing on building resources in zones that are further away from the mine workings and exploring for mineralized zones down to 300-400 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. 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. | |
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