Wallbridge files technical report 43-101 for Détour-Fénelon
TORONTO, December 23, 2021 (GLOBE NEWSWIRE) – Wallbridge Mining Company Limited (TSX: WM, OTCQX: WLBMF) (“Wallbridge” or the “Society”) today announced the filing of a National Instrument 43-101 technical report (the “Technical report“) for the first estimate of mineral resources (“MREâ) For the FÃ©nelon gold property and the updated EMRs for the MartiniÃ¨re gold property and the Grasset property (Ni-Cu-PGM) located over the 910 km of the Company2 position of land on the DÃ©tour-FÃ©nelon gold vein in northern Abitibi, Quebec. The technical report can be viewed on SEDAR (sedar.com) and on the company’s website (wallbridgemining.com).
About Wallbridge Mining
Wallbridge is currently advancing exploration and development of its 100% owned Fenelon gold property which is located along the Detour â Fenelon Gold Trend, an emerging gold belt in northwestern Quebec. In the three years following the discovery of the Area 51 and Tabasco-Cayenne zones, through drilling programs totaling more than 300,000 meters, Wallbridge took a significant step forward by announcing a first MRA for Fenelon and an update to the EMR for the MartiniÃ¨re gold property totaling 2.67 Moz Au in the indicated category and 1.72 Moz Au in the inferred category (for details of MREs, see Wallbridge press release of November 9, 2021).
The two properties are located on the 910 km of the Company2 set of lands along the Detour-FÃ©nelon gold trend in northern Abitibi, Quebec, with significant potential for further discoveries over a 97-kilometer length of this under-explored belt.
Wallbridge is also the operator and a 17.8% shareholder of Lonmin Canada Inc., a private company that owns a portfolio of nickel, copper and platinum group metals (PGMs) projects in the Sudbury Basin in Ontario.
This press release has been authorized by the undersigned on behalf of Wallbridge Mining Company Limited.
For more information please visit the company’s website at www.wallbridgemining.com or contact:
Wallbridge Mining Company Limited
Marz Kord, P. Eng., M. Sc., MBA
President and CEO
Phone. : (705) 682â9297 ext. 251
Email: [email protected]
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: [email protected]
Caution regarding forward-looking information
This press release from Wallbridge Mining Company Limited (âWallbridgeâ or the âCompanyâ) contains forward-looking statements or information (collectively, âFLIâ) within the meaning of applicable Canadian securities laws. FLI is based on expectations, estimates, projections and interpretations as of the date of this press release.
All statements, other than statements of historical fact, included in this document are FLIs that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include words such as “seeks”, “believes”, “plans”, “plans”, “continues”, “budget”, “planned”, “estimates” , “Expects”, “plans”, “intends”, “plans”, “predicts”, “proposes”, “potential”, “target” and variations of these words and expressions, or by statements that certain actions, events or results âmayâ, âwillâ, âcouldâ, âwouldâ, âshouldâ or âcouldâ, âbe takenâ, âoccurâ or âbe achievedâ.
The FLI includes here, but is not limited to: future drilling results; the Company’s ability to convert Inferred Resources into Measured and Indicated Resources; environmental issues; engagement and relationships with stakeholders; the parameters and methods used to estimate the mineral resource estimates (each an âERMâ) on the FÃ©nelon and MartiniÃ¨re gold properties (collectively the âdepositsâ); the outlook, if any, for deposits; future drilling at deposits; and the significance of exploration activities and historical results.
FLI is designed to help you understand management’s current views on its short and long term prospects, and it may not be appropriate for other purposes. FLIs, by their nature, are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the results, future performances or achievements expressed or implied by these FLIs. . Although the FLI contained in this press release is based on what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and potential buyers of securities of the Company that the results actual will be in accordance with this FLI, as there may be other factors that cause results not to be as anticipated, estimated or expected, and neither the Company nor any other person assumes responsibility for the accuracy and the completeness of such a FLI. Except as required by law, the Company does not undertake and assumes no obligation to update or revise any such FLI contained herein to reflect new events or circumstances, except as required by law. . Unless otherwise indicated, this press release has been prepared on the basis of information available at the date of this press release. Therefore, you should not place undue reliance on FLI or the information it contains.
In addition, if one or more of the risks, uncertainties or other factors materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from those described in FLI.
The assumptions on which FLI is based, without limitation, include: the ability of exploration activities to accurately predict mineralization; the accuracy of geological modeling; the Company’s ability to carry out other exploration activities; the legitimacy of title and ownership interests in the deposits; the accuracy of the key assumptions, parameters or methods used to estimate TRAs; the Company’s ability to obtain required approvals; the results of exploration activities; changes in the global economic climate; metal prices; environmental expectations; community and non-governmental actions; and any impact of COVID-19 on deposits, the company’s financial condition, the company’s ability to obtain required financing or operations. The risks and uncertainties relating to Wallbridge’s business are discussed in more detail in the disclosure documents filed with securities regulatory authorities in Canada, which are available at www.sedar.com.
Covid â 19 – Given the evolving nature of the Coronavirus pandemic (COVID â 19), Wallbridge is actively monitoring the situation in order to continue to maintain operations as best as possible while working to protect the health of its staff. Wallbridge’s activities will continue to align with guidance provided by local, provincial and federal authorities in Canada. The Company has implemented measures to continue its normal activities while protecting the health of its employees and stakeholders. Depending on the course of the virus, measures may affect Wallbridge’s regular operations and the participation of staff members in events inside or outside Canada.
Information on mineral resource estimates
The information contained in and referred to in this press release has been prepared in accordance with National Instrument 43-101, which differs significantly from the requirements of the United States Securities and Exchange Commission (the âSECâ). The terms âmeasured mineral resourceâ, âindicated mineral resourceâ and âinferred mineral resourceâ used in this press release refer to the mining terms defined in the standards of the Canadian Institute of Mining, Metallurgy and Petroleum (the âCIM Defining Standardsâ), the definitions of which were adopted by NI 43-101. Accordingly, the information contained in this press release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other US companies subject to US federal securities laws. and the resulting rules and regulations.
Investors are cautioned not to assume that any or all of the mineral resources will ever be converted into reserves. According to ICM’s defining standards, “inferred mineral resource” is that part of a mineral resource for which the quantity and grade or quality is estimated based on limited geological and sampling evidence. Such geological evidence is sufficient to imply but not to verify geological continuity and grade or quality. An Inferred Mineral Resource has a lower confidence level than that which applies to an Indicated Mineral Resource and should not be converted to a Mineral Reserve. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or part of an Inferred Mineral Resource is economically or legally exploitable. Disclosure of “contained ounces” in a resource is a disclosure permitted under Canadian regulations; however, the SEC normally only allows issuers to report mineralization that does not constitute âreservesâ by SEC standards such as tonnage and in-place grade without reference to unit measurements.
Canadian standards, including the CIM Defining Standards and NI 43-101, differ significantly from the SEC Industry Guide 7 standards. As of February 25, 2019, the SEC adopted new mining disclosure rules under sub – Part 1300 of Regulation SK of the United States Securities Act. 1933, as amended (the âSEC Modernization Rulesâ), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules supersede the historical property disclosure requirements included in the SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” . Information regarding mineral resources contained or referenced in this press release may not be comparable to similar information made public by companies reporting in accordance with US standards. Although the SEC Modernization Rules are meant to be “substantially similar” to the CIM Defining Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Defining Standards. Therefore, there can be no assurance that the mineral resources that the Company can report as âmeasured mineral resourcesâ, âindicated mineral resourcesâ and âinferred mineral resourcesâ under NI 43-101 would be the same had the Company prepared the estimates. of resources under the standards adopted under the modernization rules of the SEC.