TORONTO, July 13, 2023 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX: WM, OTCQX: WLBMF) (“Wallbridge” or the “Company”) announced today that following the partial lifting of the ban on exploration and activities in certain areas of northern Quebec through the Ministère des Ressources Naturelles et des Forêts in collaboration with the Société de cover des forêts contre le feu (SOPFEU), the Company has resumed onshore drilling and exploration systems at its Détour-Fénelon Gold Trend assets.
“Wallbridge’s priority throughout this scenario has been the protection of our employees, contractors and local communities,” said Wallbridge President and CEO Marz Kord. “We are incredibly grateful to the Quebec government and firefighters for their hard work in controlling forest fires. in the region. None of Wallbridge’s assets have been broken and we do not expect it to impact the company’s ability to complete its 2023 exploration program. “
On June 5, Wallbridge notified investors of the temporary suspension of listing. Two drills are now fully operational. During the transitional closure period, Wallbridge continued to paint its projects by comparing old drilling results, comparing geophysical results, executing the PEA report, and preparing for exploration activities at known targets in its Detour-Fenelon gold trend.
The Company will continue to monitor the progression of wildfires in the region and will respond proactively and accordingly if changes change.
About Wallbridge Mining
Wallbridge aims to create through exploration and sustainable progression of gold projects along the Détour-Fénelon gold trend, respecting the environment and the communities in which it operates.
Wallbridge’s flagship project, Fenelon Gold (“Fenelon”), is located in the highly anticipated Detour-Fenelon Gold Trend assets in the northern Abitibi region of Quebec. An updated mineral resource estimate finalized in January 2023 resulted in additional grades and ounces to the Fenelon and Martiniere projects one hundred percent ownership, incorporating a combined total of 3. 05 million ounces of indicated gold resources and 2. 35 million ounces of inferred gold resources. Fénelon and Martiniere are situated on an 830 km2 stretch of exploration controlled through Wallbridge. In addition, Wallbridge believes the vast ground frame holds incredible promise for the discovery of more gold deposits.
Wallbridge announced a positive Preliminary Economic Assessment (“PEA”) on its 100 percent owned Fenelon gold project, with estimated average annual gold production of 212,000 ounces over 12. 3 years.
Wallbridge also has a 19. 9% stake in the usual shares of Archer Exploration Corp. (“Archer”) following the sale of the Company’s portfolio of nickel assets in Ontario and Quebec in November 2022.
Wallbridge will continue with its core Detour-Fenelon Gold Trend assets while allowing shareholders to participate in Archer’s future economic potential.
For more information, visit the company’s online page at www. wallbridgemining. com or contact:
Wallbridge Mining Company Limited
Cautionary Note Regarding Forward-Looking Information
This press release may include forward-looking statements or data (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI relies on expectations, estimates, projections and interpretations as of the date of this press release.
All statements, other than statements of old fact, included herein are LFIs that involve risks, assumptions, estimates and uncertainties. In general, FLI can be known by using statements that come with words like “seek,” “believe. “, “anticipates,” “plans,” “continues,” “budgets,” “forecasts,” “estimates,” “expects,” “forecasts,” “intends,” “projects,” “predicts,” “proposes,” “potential,” “objectives,” and diversifications of those words and phrases, or through statements that certain actions, occasions, or effects “may,” “will,” “could,” “would,” “should,” or “could,” “be taken,” “occur,” or “be realized. “
FLI would possibly include, but is not limited to, statements relating to the effects of Fenelon’s initial economic assessment (“PEA”), statements relating to the long-term prospective functionality of Archer’s non-unusual stock; long-term drilling effects; the Company’s ability to convert inferred resources into measured and indicated resources; environmental issues; participation and relations with stakeholders; the parameters and strategies used to estimate mineral resource estimates (the “MRE”) at the Fenelon Gold and Martinière households (collectively the “Deposits”); the prospects, if any, of deposits; long-term drilling in reservoirs; and the importance of ancient exploration activities and effects. FLI is not and will be a guarantee of long-term effects or events.
The FLI is designed to help you understand existing prospects of control over your short-term and long-term prospects, and may not be suitable for other purposes. By their nature, FLIs are based on assumptions and involve known and unknown risks, uncertainties and other issues that could potentially cause the Company’s actual effects, functionality or achievements to be materially different from the effects, functionality or achievements to be long term expressed or implied. through those FLI. Although the FLI is based on what control believes, or believed at the time, to be conservative assumptions, the Company cannot assure shareholders and potential customers of the Company’s securities that actual effects will be consistent with this FLI. there may be other points that cause the effects not to be as intended, estimated or anticipated, and neither the Company nor any other user assumes responsibility for the accuracy and completeness of those FLI. Except as required by law, the Company undertakes no legal obligation to update or revise any FLI contained herein to reflect new occasions or circumstances, except as required by law. Unless otherwise indicated, this press release is based on data available as of the date of this press release. Accordingly, you deserve not to place undue reliance on FLI or the data it contains.
The assumptions on which FLI is based, without limitation, come from the effects of exploration activities, the Company’s monetary condition and general economic conditions; the ability of exploration activities to be as they deserve to be are waiting for mineralization; the accuracy of geological modelling; the Company’s ability to carry out additional exploration activities; prospective adjustments to allocation parameters or economic evaluations; the legitimacy of the name and ownership interests; the accuracy of the key assumptions, parameters or strategies used to estimate the MREs and in the EAP; the Company’s ability to download the required approvals; geological, mining and exploration technical problems; failure of equipment or processes to perform as intended; adjustments in the world economic climate; steel prices; exchange rates; environmental expectations; network and non-governmental actions; either has an effect on COVID-19; and the Company’s ability to discharge the required financing. The risks and uncertainties associated with Wallbridge’s business are discussed in more detail in disclosure documents filed with the securities regulators in Canada, which are available at www. sedar. com. In addition, if one or more of the risks, uncertainties or other issues materialize, or if the underlying assumptions prove incorrect, the actual effects may differ materially from those described in FLI.
Cautionary Note to U. S. Investors
Wallbridge Mining prepares its disclosure in accordance with the requirements of applicable Canadian securities law, which differ from the requirements of United States securities law. Terms related to mineral resources in this press release are explained in accordance with NI 43-101 under the rules set forth in the CIM Standards for the Definition of Mineral Resources and Mineral Reserves, followed by the Institute’s Board of Directors. Mining, Metals and Petroleum Canada on May 19, 2014, as amended (“CIM Standards”). The United States Securities and Exchange Commission (the “SEC”) followed amendments effective February 25, 2019 (the “SEC Modernization Rules”) to its disclosure regulations to modernize asset disclosure needs mineral resources for issuers whose securities are registered with the SEC under the U. S. Securities and Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of “mineral resources Measured”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, which are explained in substantial terms. terms of the corresponding CIM Standards. In addition, the SEC amended its definitions of “proven mineral reserves” and “probable mineral reserves” to bring them substantially in line with the corresponding CIM standards.
U. S. investors are cautioned that while the above terms are “substantially similar” to the corresponding definitions in the CIM criteria, there are differences in the definitions of the SEC’s modernization regulations and the CIM criteria. Accordingly, there can be no assurance that the mineral resources that Wallbridge Mining may report as “Measured Mineral Resources,” “Indicated Mineral Resources,” and “Inferred Mineral Resources” under NI 43-101 would have been the same if Wallbridge Mining had had resource estimates ready under the criteria followed under the SEC’s modernization regulations. Under Canadian securities laws, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies, in limited cases permitted by NI 43-101.
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