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Wallbridge up on high-grade drilling results

20th September 2018

By: Creamer Media Reporter

     

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Shares in Toronto-listed Wallbridge Mining soared 21% on Wednesday as the company announced positive results from its underground drilling programme and an update on the ongoing development of the 35 000-t bulk sample at the Fenelon gold property, in Quebec.

Wallbridge said that, in the newly discovered Habenero zone, it had intersected 122.35 g/t gold over 2.95 m and 41.02 g/t gold over 5.52 m.

Assay results from 31 drill holes were still pending.

"The results released today confirm the exceptional quality of the mineralisation discovered in 2017 in the West Extension area. We are especially pleased with the fact that the sort of grades and thicknesses that have been shown in the Chipotle and Naga Viper zones are now also being intersected in the Habanero zone, which is a new structure discovered during last year's surface drill programme," stated exploration VP Attila Péntek.

"This West Extension area remains to be one of the main focuses of our continued resource expansion drilling both from underground and surface."

Drilling to date from the 5 213 level has mainly targeted the high-grade shoots down to 5 130 level (about 120 m depth), which is the lowermost level that is planned to be developed during the 2018 bulk sample programme. In the next few week, drilling will continue to focus on adding high-grade resources in the West and East Extension areas.

A new underground drill station has been developed on the 5 180 level, which will be used to target the main high-grade shoots down-plunge to 200 m depth.

"The successful extraction of the first production stope has shown that our team is well prepared to continue moving this project forward in a safe and efficient manner. Development and production activities continue to progress well with our next production level coming on line," stated VP for mining and projects Frank Demers.

The bulk sample is expected to produce 19 000 oz to 26 000 oz of gold with close to 50% of gold priced at C$1 720/oz. 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 programme is designed to test a few stopes in several zones. Overall grade from these planned stopes is estimated to average 18 g/t to 25 g/t gold.

Wallbridge hit a 52-week high of C$0.18 on Wednesday, up from the previous day’s closing price of $0.14 a share.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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