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Wallbridge Updates Progress on Maiden Mineral Resource Estimate at Fenelon

TORONTO, Oct. 06, 2021 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) is pleased to announce…

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TORONTO, Oct. 06, 2021 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) is pleased to announce that its maiden mineral resource estimate (“MMRE”) for the Fenelon Gold Property (“Fenelon” or the “Property”) is progressing well and is scheduled for release by the end of October along with an updated mineral resource estimate (“MRE”) for the Martiniere Gold Property (“Martiniere”). The assay results announced today include the final assays to be included in the MMRE. Drilling is continuing with up to 11 drill rigs; approximately 45-50,000 additional metres are planned for the remainder of the year. Future assay results will be included in upcoming resource updates.

Maiden Mineral Resource Estimate (“MMRE”)

The MMRE will include assays from over 300,000 metres of drilling from within an approximately 1.0 by 1.5-kilometre area in the central part of the known mineralized footprint at Fenelon, from surface to a maximum depth of approximately 1,000 metres.

The MMRE will encompass:

  • near surface potentially open pittable mineralization in Area 51;
  • near surface high-grade mineralization adjacent to the existing mine workings from the Gabbro Zones;
  • wide zones of potentially bulk mineable underground mineralization from the Tabasco, Cayenne, Contact and Area 51 Zones;

“Our resource estimation at Fenelon is progressing well, and the majority of the results announced today are still part of the maiden resource database,” stated Marz Kord, President & CEO of Wallbridge. “The MMRE is an important milestone for the Company, less than 3 years after the initial discovery of the Area 51 and Tabasco zones, and represents the first major steppingstone in developing one of Quebec’s new large gold deposits. The deposit remains open in multiple directions laterally and at depth and we see a lot of potential to grow this deposit to ultimately become a significant gold producer. Over the remainder of the year, we will ramp- up our exploration drilling efforts to expand the known mineralized footprint at Fenelon in order to better understand the ultimate size potential of this deposit and the surrounding property.”

Tabasco-Cayenne-Contact Zones, Definition Drill Results

Nominal 75 metre-spaced definition drilling of the Tabasco-Cayenne-Contact Zones over a strike length of approximately 800 metres and vertical depths between 300 and 1,000 metres in support of the MMRE was the primary focus of the Company’s drilling campaign between January and August of this year.

Highlight intersections (> 30 metal factor; metal factor = Au grade multiplied by thickness) since our last news release from this program, include:

FA-21-283B    5.97 g/t Au over 8.70 metres in the Tabasco Zone (see Figs. 1, 2 and 7);
      
FA-19-096-W1   2.67 g/t Au over 21.85 metres, including
    4.63 g/t Au over 8.75 metres in the Tabasco Zone (see Figs. 1, 2 and 6);
      
FA-19-096-W2   6.97 g/t Au over 4.60 metres, including
    48.54 g/t Au over 0.50 metres in the Cayenne Zone (see Figs. 1, 2 and 6);
      
FA-20-159-W2   4.38 g/t Au over 7.75 metres, including
    9.01 g/t Au over 3.05 metres in the Cayenne Zone (see Figs. 1, 2 and 7);
      
FA-20-205-W1   3.12 g/t Au over 12.45 metres, and
    1.99 g/t Au over 16.30 metres in the Tabasco Zone (see Figs. 1, 2 and 8);
      
FA-21-261   3.56 g/t Au over 9.45 metres in the Tabasco Zone (see Figs. 1, 2 and 7);
      
FA-21-261-W2   3.03 g/t Au over 11.50 metres, including
    45.61 g/t Au over 0.50 metres in the Cayenne Zone (see Figs. 1, 2 and 6);
      
FA-21-266-W1   2.21 g/t Au over 25.10 metres, including
    3.59 g/t Au over 11.75 metres in the Contact Zone (see Figs. 1 and 2);
      
FA-21-293A   3.72 g/t Au over 9.00 metres, including
    5.56 g/t Au over 5.60 metres in the Tabasco Zone (see Figs. 1, 2 and 6)

Area 51, Definition Drill Results

As the definition drill holes approach the Tabasco-Cayenne-Contact Zones, they also transect the Area 51 gold vein network, providing important information from all of these zones.

Highlight intersections (> 30 metal factor; metal factor = Au grade multiplied by thickness) of Area 51 zones reported today include:

 FA-21-282   3.80 g/t Au over 10.70 metres, including
    11.67 g/t Au over 2.55 metres (see Figs. 1 and 3);
     
 FA-21-258-W1   0.83 g/t Au over 36.10 metres, including
    14.50 g/t Au over 0.50 metres, and
    3.71 g/t Au over 2.95 metres, and
    6.91 g/t Au over 5.50 metres (see Fig. 1);  
     
 FA-21-250-W4   2.10 g/t Au over 84.70 metres, including
    5.15 g/t Au over 14.30 metres, which further includes
    18.87 g/t Au over 3.20 metres,
    2.97 g/t Au over 5.10 metres, and
    17.85 g/t Au over 3.70 metres (see Figs. 1 and 4);
      
 FA-21-289   2.29 g/t Au over 32.00 metres, including
    4.09 g/t Au over 9.00 metres, and
    3.54 g/t Au over 9.20 metres (see Fig. 1);
     
 FA-21-264A-W1   8.49 g/t Au over 4.45 metres, including
    50.06 g/t Au over 0.65 metres, and
    64.81 g/t Au over 0.50 metres (see Figs. 1 and 5);
      
FA-21-264A-W2   31.40 g/t Au over 1.50 metres, and
    7.90 g/t Au over 3.70 metres, including
    16.05 g/t Au over 1.30 metres (see Figs. 1 and 5);
      
FA-21-282   24.79 g/t Au over 1.70 metres, including
    73.70 g/t Au over 0.50 metres (see Figs. 1 and 3);
      
FA-21-282-W2   19.93 g/t Au over 2.20 metres (see Figs. 1 and 3);
      
FA-21-295   3.98 g/t Au over 7.50 metres, including
    43.50 g/t Au over 0.50 metres (see Figs. 1 and 3);
      
FA-21-298   2.47 g/t Au over 18.65 metres, including
    42.80 g/t Au over 0.50 metres (see Figs. 1 and 8);

In-fill Sampling Program Results

A systematic campaign of continuous in-fill sampling of historic drill holes to a vertical depth of 250 metres, as well as within modelled mineralized corridors at greater depth was completed in order to collect further information for the open pit constrained portion of the MMRE.

Assay results from the historic drilling in-fill sampling program are highlighted by:

FA-19-103   3.88 g/t Au over 9.00 metres, and
    3.28 g/t Au over 6.00 metres, including
    7.02 g/t Au over 2.00 metres in Area 51 (see Figs. 1 and 7);
      
 19-1110-012   5.48 g/t Au over 3.00 metres in the Gabbro Zones (see Fig. 1 and 2);

2021 Drilling Program Update

Approximately 150,000 to 170,000 metres of drilling, including 20,000 to 25,000 metres devoted to regional exploration on the Company’s district-scale, underexplored land package on the Detour-Fenelon Gold Trend, is planned for 2021.

Assay results of 48 drill holes of the 2021 exploration drill program and 3 historic drill holes are reported in the Table and Figures below. All figures and a table with drill hole information of recently completed holes are posted on the Company’s website under “Current Program” at https://www.wallbridgemining.com/s/fenelon.asp.

Figure 1. Fenelon Gold, Plan View
https://www.globenewswire.com/NewsRoom/AttachmentNg/e2453546-1639-42b0-9386-63f54661cacb

Figure 2. Fenelon Gold, Tabasco-Cayenne-Gabbro Zones Long Section
https://www.globenewswire.com/NewsRoom/AttachmentNg/301c911e-aa34-49dc-ad52-0845afe11130

Figure 3. Fenelon Gold, Cross Section 9825_E
https://www.globenewswire.com/NewsRoom/AttachmentNg/7497db78-ccdd-48aa-b725-499d90ade844

Figure 4. Fenelon Gold, Cross Section 9900_E
https://www.globenewswire.com/NewsRoom/AttachmentNg/216a055e-4ff4-4a3c-aaa3-40db75b4de96

Figure 5. Fenelon Gold, Cross Section 9975_E
https://www.globenewswire.com/NewsRoom/AttachmentNg/22e9e0b6-e48a-49b2-b884-8dc855fcd309

Figure 6. Fenelon Gold, Cross Section 10125_E
https://www.globenewswire.com/NewsRoom/AttachmentNg/47f9e13b-fb3c-4458-8141-031617356f57

Figure 7. Fenelon Gold, Cross Section 10200_E
https://www.globenewswire.com/NewsRoom/AttachmentNg/6992f0f9-ada9-43ef-8772-bc1031f0ef62

Figure 8. Fenelon Gold, Cross Section 10350_E
https://www.globenewswire.com/NewsRoom/AttachmentNg/f1e9beca-642c-4ebf-b928-710e4e5dcdf3

Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights (1)
 
Drill Hole From To Length Au Au Cut(2) VG(3) Zone/Corridor Section
                 
  (m) (m) (m) (g/t) (g/t)      
19-1110-012 62.80 65.80 3.00 5.48 5.48   Main Gabbro 10575
FA-19-085 50.50 54.50 4.00 1.35 1.35   Tabasco 9825
FA-19-096-W1 772.30 794.15 21.85 2.67 2.67 VG Tabasco 10125
Including… 785.40 794.15 8.75 4.63 4.63 VG Tabasco 10125
FA-19-096-W1 861.60 862.60 1.00 5.10 5.10   Cayenne 10050
FA-19-096-W2 679.00 682.55 3.55 2.01 2.01   Area 51 10125
FA-19-096-W2 763.10 773.75 10.65 1.95 1.95 VG Tabasco 10125
Including… 766.85 769.05 2.20 3.44 3.44 VG Tabasco 10125
FA-19-096-W2 811.70 815.65 3.95 2.08 2.08   Tabasco 10125
FA-19-096-W2 893.40 898.00 4.60 6.97 6.97 VG Cayenne 10125
Including… 893.40 893.90 0.50 48.54 48.54 VG Cayenne 10125
FA-19-103 435.00 444.00 9.00 3.88 3.88   Area 51 10200
FA-19-103 582.00 588.00 6.00 3.28 3.28 VG Area 51 10200
Including… 584.00 586.00 2.00 7.02 7.02 VG Area 51 10200
FA-20-148 655.00 656.50 1.50 4.63 4.63   Area 51 10250
FA-20-159-W2 526.20 528.65 2.45 2.14 2.14   Area 51 10200
FA-20-159-W2 532.70 540.00 7.30 2.46 2.46   Area 51 10200
Including… 536.00 537.50 1.50 8.83 8.83   Area 51 10200
FA-20-159-W2 551.00 554.00 3.00 2.01 2.01   Area 51 10200
FA-20-159-W2 573.80 580.75 6.95 1.96 1.96 VG Area 51 10200
FA-20-159-W2 632.50 637.20 4.70 2.79 2.79 VG Area 51 10200
FA-20-159-W2 654.00 657.00 3.00 1.97 1.97   Area 51 10200
FA-20-159-W2 723.10 733.10 10.00 2.13 2.13   Area 51 10200
FA-20-159-W2 749.65 751.90 2.25 2.59 2.59   Area 51 10200
FA-20-159-W2 757.50 762.70 5.20 2.62 2.62 VG Area 51 10200
FA-20-159-W2 825.10 830.30 5.20 3.73 3.73   Contact Zone 10200
FA-20-159-W2 923.70 931.45 7.75 4.38 4.38 VG Cayenne 10200
Including… 923.70 926.75 3.05 9.01 9.01 VG Cayenne 10200
FA-20-205-W1 669.00 671.60 2.60 2.50 2.50   Area 51 10350
FA-20-205-W1 695.50 698.85 3.35 2.18 2.18 VG Area 51 10350
Including… 697.30 698.85 1.55 3.70 3.70 VG Area 51 10350
FA-20-205-W1 711.50 713.00 1.50 7.08 7.08   Area 51 10350
FA-20-205-W1 749.70 755.20 5.50 5.18 5.18 VG Area 51 10350
Including… 749.70 750.20 0.50 28.24 28.24 VG Area 51 10350
FA-20-205-W1 815.50 817.00 1.50 3.73 3.73   Area 51 10350
FA-20-205-W1 883.00 884.00 1.00 6.14 6.14   Area 51 10350
FA-20-205-W1 942.00 954.45 12.45 3.12 3.12   Tabasco 10350
FA-20-205-W1 973.00 989.30 16.30 1.99 1.99 VG Tabasco 10350
FA-21-246A 326.00 326.50 0.50 12.80 12.80   Area 51 9750
FA-21-250-W1 737.00 738.80 1.80 4.11 4.11   Area 51 9900
FA-21-250-W1 1037.00 1041.50 4.50 5.89 5.89 VG Tabasco 9900
Including… 1041.00 1041.50 0.50 33.26 33.26 VG Tabasco 9900
FA-21-250-W2 736.55 739.00 2.45 2.79 2.79   Area 51 9900
Including… 738.00 739.00 1.00 6.11 6.11   Area 51 9900
FA-21-250-W2 962.00 968.00 6.00 1.99 1.99   Area 51 9900
Including… 965.25 966.00 0.75 8.32 8.32   Area 51 9900
FA-21-250-W2 977.00 980.00 3.00 3.42 3.42 VG Area 51 9900
Including… 977.85 978.35 0.50 17.14 17.14 VG Area 51 9900
FA-21-250-W2 1007.50 1011.00 3.50 3.87 3.87 VG Area 51 9900
FA-21-250-W3 499.50 501.00 1.50 3.56 3.56   Area 51 9900
FA-21-250-W4 721.50 723.00 1.50 4.27 4.27   Area 51 9900
FA-21-250-W4 871.00 955.70 84.70 2.10 1.91 VG Area 51 9900
Including… 888.00 902.30 14.30 5.15 5.15 VG Area 51 9900
Which Includes… 893.40 896.60 3.20 18.87 18.87 VG Area 51 9900
And… 927.40 932.50 5.10 2.97 2.97 VG Area 51 9900
And… 952.00 955.70 3.70 17.85 13.55 VG Area 51 9900
FA-21-251 No Significant Mineralization(4) 9825 & 9750
FA-21-253 254.00 257.95 3.95 3.66 3.66   Tabasco 10200
FA-21-253 295.15 305.00 9.85 0.80 0.80 VG Tabasco 10200
FA-21-253 327.00 337.20 10.20 0.83 0.83 VG Tabasco 10200
Including… 333.75 337.20 3.45 1.69 1.69 VG Tabasco 10200
FA-21-253 635.50 642.00 6.50 2.95 2.95   Cayenne 10200
Including… 639.00 640.50 1.50 8.35 8.35   Cayenne 10200
FA-21-254 No Significant Mineralization(4) 10350 & 10275
FA-21-255 329.50 331.00 1.50 4.01 4.01 VG Area 51 10050
FA-21-255 561.00 562.70 1.70 3.46 3.46 VG Tabasco 10050
FA-21-256 No Significant Mineralization(4) 10200 & 10275
FA-21-258 214.00 235.70 21.70 0.90 0.90 VG Area 51 10050
Including… 225.55 230.20 4.65 2.69 2.69 VG Area 51 10050
FA-21-258-W1 225.90 262.00 36.10 0.83 0.83 VG Area 51 10050
Including… 244.50 245.00 0.50 14.50 14.50 VG Area 51 10050
And… 259.05 262.00 2.95 3.71 3.71 VG Area 51 10050
FA-21-258-W1 310.10 315.00 4.90 1.21 1.21   Area 51 10050
FA-21-258-W1 333.00 334.50 1.50 4.37 4.37   Area 51 10050
FA-21-258-W1 396.00 401.50 5.50 6.91 6.91   Area 51 10050
FA-21-258-W1 415.00 416.50 1.50 5.86 5.86   Area 51 10050
FA-21-258-W1 582.00 585.50 3.50 2.74 2.74   Tabasco 10050
FA-21-259 No Significant Mineralization(4) 10350 & 10425
FA-21-261 67.00 78.50 11.50 0.89 0.89 VG Area 51 10200
Including… 67.00 72.50 5.50 1.19 1.19   Area 51 10200
FA-21-261 688.60 702.60 14.00 1.73 1.73   Area 51 10200
Including… 688.60 694.60 6.00 3.16 3.16   Area 51 10200
FA-21-261 846.85 848.50 1.65 4.28 4.28   Area 51 10200
FA-21-261 939.50 946.20 6.70 2.24 2.24 VG Area 51 10200
Including… 939.50 940.00 0.50 24.69 24.69 VG Area 51 10200
FA-21-261 1098.40 1107.85 9.45 3.56 3.56 VG Tabasco 10200
FA-21-261-W1 694.90 700.60 5.70 2.33 2.33   Area 51 10200
Including… 694.90 696.10 1.20 7.98 7.98   Area 51 10200
FA-21-261-W1 843.50 845.95 2.45 2.85 2.85   Area 51 10200
FA-21-261-W1 983.10 988.45 5.35 4.00 4.00 VG Area 51 10200
Including… 983.10 984.60 1.50 13.29 13.29 VG Area 51 10200
FA-21-261-W1 1010.60 1012.70 2.10 3.07 3.07   Contact Zone 10200
FA-21-261-W1 1084.00 1084.70 0.70 12.30 12.30   Cayenne 10200
FA-21-261-W2 696.90 699.40 2.50 2.09 2.09   Area 51 10200
FA-21-261-W2 776.35 776.85 0.50 13.57 13.57 VG Area 51 10200
FA-21-261-W2 839.85 841.45 1.60 4.61 4.61 VG Area 51 10200
FA-21-261-W2 871.00 873.80 2.80 2.18 2.18 VG Area 51 10200
FA-21-261-W2 976.10 978.25 2.15 6.40 6.40 VG Area 51 10200
FA-21-261-W2 1023.75 1025.55 1.80 2.92 2.92   Area 51 10125
FA-21-261-W2 1106.50 1118.00 11.50 3.03 3.03 VG Cayenne 10125
Including… 1117.50 1118.00 0.50 45.61 45.61 VG Cayenne 10125
FA-21-261-W3 701.45 706.50 5.05 2.42 2.42   Area 51 10200
FA-21-261-W3 814.50 817.60 3.10 2.26 2.26 VG Area 51 10200
FA-21-261-W3 1046.10 1047.60 1.50 3.90 3.90 VG Area 51 10200
FA-21-261-W3 1080.05 1084.00 3.95 3.42 3.42   Area 51 10200
Including… 1083.35 1084.00 0.65 14.90 14.90   Area 51 10200
FA-21-261-W3 1132.60 1135.00 2.40 2.39 2.39 VG Tabasco 10200
FA-21-261-W4 689.00 690.00 1.00 5.68 5.68   Area 51 10200
FA-21-261-W4 709.65 710.40 0.75 15.20 15.20   Area 51 10200
FA-21-261-W4 873.50 875.50 2.00 3.57 3.57   Area 51 10200
FA-21-261-W4 995.00 999.50 4.50 2.70 2.70   Area 51 10125
FA-21-262 142.00 154.00 12.00 0.68 0.68 VG Area 51 9525
FA-21-263 650.40 651.00 0.60 30.93 30.93 VG Cayenne 10350
FA-21-263-W1 No Significant Mineralization(4) 10425 & 10500
FA-21-264A-W1 314.70 319.15 4.45 8.49 8.48 VG Area 51 9975
Including… 318.50 319.15 0.65 50.06 50.00 VG Area 51 9975
FA-21-264A-W1 352.70 353.20 0.50 64.81 50.00 VG Area 51 9975
FA-21-264A-W1 402.30 408.00 5.70 1.71 1.71 VG Area 51 9975
FA-21-264A-W2 300.00 302.20 2.20 2.50 2.50   Area 51 9975
FA-21-264A-W2 355.80 356.45 0.65 22.80 22.80   Area 51 9975
FA-21-264A-W2 400.00 402.30 2.30 3.52 3.52 VG Area 51 9975
Including… 401.75 402.30 0.55 12.19 12.19 VG Area 51 9975
FA-21-264A-W2 432.00 433.50 1.50 31.40 31.40   Area 51 9975
FA-21-264A-W2 457.50 461.20 3.70 7.90 7.90 VG Area 51 9975
Including… 459.90 461.20 1.30 16.05 16.05 VG Area 51 9975
FA-21-264A-W2 500.50 503.50 3.00 3.66 3.66   Tabasco 9975
FA-21-264A-W2 546.20 547.40 1.20 4.35 4.35   Tabasco 9975
FA-21-264A-W3 No Significant Mineralization(4) 9975
FA-21-264A-W4 319.75 320.40 0.65 16.60 16.60   Area 51 9975
FA-21-264A-W4 371.40 371.90 0.50 17.67 17.67 VG Area 51 9975
FA-21-264A-W4 383.90 387.00 3.10 1.88 1.88 VG Area 51 9975
FA-21-264A-W4 416.60 421.40 4.80 3.82 3.82   Area 51 9975
FA-21-266-W1 823.30 826.60 3.30 2.79 2.79 VG Area 51 10250
FA-21-266-W1 1113.30 1114.50 1.20 6.46 6.46   Contact Zone 10250
FA-21-266-W1 1125.00 1150.10 25.10 2.21 2.21   Contact Zone 10250
Including… 1125.00 1136.75 11.75 3.59 3.59   Contact Zone 10250
FA-21-266-W1 1196.50 1199.50 3.00 1.98 1.98   Cayenne 10250
FA-21-266-W2 841.00 842.00 1.00 14.03 14.03 VG Area 51 10250
FA-21-266-W2 1083.00 1092.30 9.30 2.29 2.29 VG Area 51 10350
Including… 1091.75 1092.30 0.55 21.11 21.11 VG Area 51 10350
FA-21-266-W2 1113.00 1114.00 1.00 6.92 6.92   Contact Zone 10350
FA-21-266-W2 1183.00 1184.50 1.50 7.50 7.50   Cayenne 10350
FA-21-274 116.50 128.00 11.50 0.89 0.89   Contact zone 9750
FA-21-277A 317.50 320.50 3.00 3.49 3.49   Tabasco 10250
FA-21-277A 366.00 369.00 3.00 1.87 1.87   Tabasco 10250
FA-21-277A 490.00 493.00 3.00 3.81 3.81   Tabasco 10250
FA-21-277A 502.65 505.70 3.05 2.39 2.39   Tabasco 10250
FA-21-278 458.20 458.75 0.55 10.10 10.10   Tabasco 10250
FA-21-281 No Significant Mineralization(4) 9975
FA-21-282 182.30 200.00 17.70 0.68 0.68   Area 51 9825
Including… 182.30 183.55 1.25 6.53 6.53   Area 51 9825
FA-21-282 266.40 277.10 10.70 3.80 3.80   Area 51 9825
Including… 266.40 268.95 2.55 11.67 11.67   Area 51 9825
FA-21-282 302.50 304.00 1.50 5.53 5.53   Area 51 9825
FA-21-282 379.70 390.00 10.30 1.50 1.50 VG Area 51 9825
Including… 387.75 390.00 2.25 5.13 5.13 VG Area 51 9825
FA-21-282 478.30 478.80 0.50 11.00 11.00   Area 51 9825
FA-21-282 496.30 498.00 1.70 24.79 17.82   Area 51 9825
Including… 496.30 496.80 0.50 73.70 50.00   Area 51 9825
FA-21-282 544.25 545.00 0.75 7.58 7.58   Area 51 9825
FA-21-282 659.80 662.70 2.90 2.64 2.64 VG Area 51 9825
Including… 659.80 660.35 0.55 11.40 11.40 VG Area 51 9825
FA-21-282 684.80 686.20 1.40 7.64 7.64   Tabasco 9825
FA-21-282 739.80 744.75 4.95 3.00 3.00   Cayenne 9825
FA-21-282-W2 593.50 595.70 2.20 19.93 19.93   Area 51 9825
FA-21-282-W2 687.55 690.00 2.45 8.24 8.24   Tabasco 9825
FA-21-283B 564.50 573.20 8.70 5.97 5.97 VG Tabasco 10200
FA-21-288 144.80 167.00 22.20 0.71 0.71   Area 51 9825
Including… 151.50 156.00 4.50 2.93 2.93   Area 51 9825
FA-21-288 183.50 188.00 4.50 3.06 3.06   Area 51 9825
FA-21-288 233.70 248.40 14.70 0.72 0.72 VG Area 51 9825
FA-21-288 329.00 330.10 1.10 8.34 8.34 VG Area 51 9750
FA-21-289 165.95 169.00 3.05 1.99 1.99   Area 51 10250
FA-21-289 409.50 413.00 3.50 2.02 2.02   Area 51 10250
FA-21-289 493.00 525.00 32.00 2.29 2.29 VG Area 51 10250
Including… 495.00 504.00 9.00 4.09 4.09   Area 51 10250
And… 513.30 522.50 9.20 3.54 3.54 VG Area 51 10250
FA-21-289 624.10 628.10 4.00 2.07 2.07   Area 51 10250
FA-21-289 852.00 854.30 2.30 5.29 5.29   Cayenne 10250
FA-21-291 74.50 89.00 14.50 0.96 0.96   Area 51 9675
Including… 74.50 76.00 1.50 3.58 3.58   Area 51 9675
And… 86.00 87.10 1.10 5.90 5.90   Area 51 9675
FA-21-292 89.50 113.15 23.65 0.80 0.80 VG Area 51 9900
Including… 109.25 109.75 0.50 24.53 24.53 VG Area 51 9900
FA-21-292 246.00 250.00 4.00 1.89 1.89   Contact zone 9900
FA-21-292 269.35 276.70 7.35 2.01 2.01   Tabasco 9900
Including… 275.70 276.70 1.00 7.47 7.47   Tabasco 9900
FA-21-292 315.05 316.00 0.95 19.80 19.80   Tabasco 9900
FA-21-293A 353.00 358.00 5.00 2.05 2.05 VG Area 51 10125
FA-21-293A 376.00 379.40 3.40 1.48 1.48   Contact Zone 10125
FA-21-293A 387.00 392.00 5.00 1.12 1.12   Contact Zone 10125
FA-21-293A 407.40 408.00 0.60 9.76 9.76   Tabasco 10125
FA-21-293A 501.25 510.25 9.00 3.72 3.72 VG Tabasco 10125
Including… 504.65 510.25 5.60 5.56 5.56 VG Tabasco 10125
FA-21-293A 555.00 561.10 6.10 2.23 2.23   Tabasco 10125
FA-21-293A 585.60 586.90 1.30 5.98 5.98   Tabasco 10125
FA-21-295 70.50 71.00 0.50 29.99 29.99 VG Area 51 9825
FA-21-295 355.00 356.60 1.60 5.52 5.52 VG Area 51 9825
FA-21-295 383.50 391.00 7.50 3.98 3.98 VG Area 51 9825
Including… 390.50 391.00 0.50 43.50 43.50 VG Area 51 9825
FA-21-295 401.00 405.00 4.00 3.78 3.78 VG Area 51 9825
FA-21-298 212.00 222.10 10.10 0.73 0.73   Area 51 10350
FA-21-298 316.00 316.50 0.50 11.13 11.13 VG Area 51 10350
FA-21-298 593.35 612.00 18.65 2.47 2.47 VG Area 51 10350
Including… 593.35 593.85 0.50 42.80 42.80 VG Area 51 10350
FA-21-298 665.00 667.70 2.70 7.01 7.01 VG Area 51 10350
FA-21-298 805.30 808.85 3.55 3.80 3.80   Contact Zone 10350
FA-21-298 844.50 846.00 1.50 4.11 4.11   Contact Zone 10350
FA-21-299 54.65 57.10 2.45 8.54 8.54 VG Contact zone 10350
Including… 56.50 57.10 0.60 32.78 32.78 VG Contact zone 10350
FA-21-299 282.75 305.05 22.30 0.97 0.97   Area 51 10350
Including… 282.75 284.10 1.35 10.95 10.95   Area 51 10350
FA-21-300 26.10 37.90 11.80 0.93 0.93 VG Contact zone 10425
Including… 26.10 26.70 0.60 8.69 8.69 VG Contact zone 10425
FA-21-300 178.00 180.50 2.50 2.27 2.27   Contact zone 10425
FA-21-300 280.85 289.75 8.90 0.77 0.77   Contact zone 10425

(1) Table includes only assay results received since the latest press release dated Sept 15, 2021.
(2) Au cut at: 100 g/t Au for the Tabasco/Contact zones; 60 g/t Au for the Cayenne zones; 50 g/t Au for the Area 51 zones.
(3) Intervals containing visible gold (“VG”).
(4) Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 1 g/t Au.
* Results reported here contain previously announced intervals that were extended with new assay results.

Note: True widths are estimated to be 50‒80% of the reported core length intervals.

Assay QA/QC and Qualified Persons

Drill core samples from the ongoing 2021 drill program at Fenelon are cut and bagged either on site or by contractors and transported to SGS Canada Inc., AGAT Laboratories Ltd. or Bureau Veritas Commodities Canada Ltd. for analysis. In 2020 samples were submitted to either SGS Canada Inc. or ALS Canada Ltd. for analysis. Samples, along with standards and blanks that are included for quality assurance and quality control, were prepared and analyzed at the laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS. At SGS, AGAT and Bureau Veritas 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 Qualified Person responsible for the technical content of this press release is Peter Lauder, P.Geo, Exploration Manager of Wallbridge.

About Wallbridge Mining

Wallbridge is currently advancing the exploration and development of its 100%‒owned Fenelon Gold property located along the Detour‒Fenelon Gold Trend, an emerging gold belt in northwestern Québec. The Company completed approximately 102,000 metres of drilling in 2020 and is currently conducting a fully‒funded 2021 program of approximately 150,000-170,000 metres of drilling and 2,500 metres of underground exploration development (Phase 1 of a 10,000‒metre program). The Company intends to complete a maiden mineral resource estimate on the Fenelon Gold System in October 2021.

Wallbridge now holds several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future mine development flexibility. Wallbridge’s land holdings in Québec along the Detour‒Fenelon Gold Trend total more than 900.0 km2, improving Wallbridge’s potential for further discoveries along a 90‒kilometre strike length in this underexplored belt.

Wallbridge is also the operator of, and a 17.8% shareholder in, Lonmin Canada Inc., a privately‒held company with a portfolio of nickel, copper, and platinum‒group metals (PGM) projects in Ontario’s Sudbury Basin.

This news release has been authorized by the undersigned on behalf of Wallbridge Mining Company Limited.

For further 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 & CEO
Tel: (705) 682‒9297 ext. 251
Email: [email protected]

Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: [email protected]

This press release may contain certain “forward‒looking statements” within the meaning of applicable Canadian securities legislation relating to, among other things, the operations of Wallbridge Mining Company Limited (“Wallbridge” or “Company”) and the environment within which it operates. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding future plans and objectives of Wallbridge, future opportunities and anticipated goals, the Company’s portfolio, treasury, management team, timetable to mineral resource estimation, permitting and the prospective mineralization of the properties, are forward‒looking statements that involve various risks, assumptions, estimates and uncertainties. Generally, forward‒looking information can be identified by the use of forward‒looking terminology such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, “potential”, “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved”. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

By their nature, forward‒looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predicted outcomes could differ materially from those contained in such statements. These risks and uncertainties include, but are not limited to, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other required approval, the actual results of current exploration activities, fluctuations in prices of commodities, fluctuations in currency markets, actual results of additional exploration and development activities at the Company’s projects, capital expenditures, the availability of any additional capital required to advance projects, accidents, or pandemic interruptions.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‒looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. These statements reflect the current internal projections, expectations or beliefs of the Company and are based on information currently available to the Company.

The Company does not undertake to update any forward‒looking information, except in accordance with applicable securities laws. The Company believes that the expectations reflected in those forward‒looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward‒looking statements included in this press release should not be unduly relied upon by investors as actual results may vary.

Risks and uncertainties about Wallbridge’s business are more fully discussed in the disclosure material filed with the securities regulatory authorities in Canada and available on SEDAR under the Company’s profile at www.sedar.com. Readers are urged to read these materials and should not place undue reliance on the forward‒looking statements contained in this press release.

Covid‒19 ‒ Given the rapidly evolving nature of the Coronavirus (COVID‒19) pandemic, Wallbridge is actively monitoring the situation in order to continue to maintain as best as possible the activities while striving to protect the health of its personnel. Wallbridge’ activities will continue to align with the guidance provided by local, provincial and federal authorities in Canada. The Company has established measures to continue normal activities while protecting the health of its employees and stakeholders. Depending on the evolution of the virus, measures may affect the regular operations of Wallbridge and the participation of staff members in events inside or outside Canada.







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Today’s News

Freeman Gold Announces Phase 2 Lemhi Resource Expansion and Beauty Zone Drill Program

Freeman Gold Announces Phase 2 Lemhi Resource Expansion and Beauty Zone Drill Program
Canada NewsWire
VANCOUVER, BC, Oct. 27, 2021

Phase 2 – >4,000 m diamond drill program
>3,200 metres testing strike extensions, primarily to the east and we…

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Freeman Gold Announces Phase 2 Lemhi Resource Expansion and Beauty Zone Drill Program

Canada NewsWire

Phase 2 – >4,000 m diamond drill program

  • >3,200 metres testing strike extensions, primarily to the east and west of the current resource
  • 400 metre drill hole to test depth extent of gold mineralization at Lemhi
  • 400 metres of exploration drill holes at the Beauty Zone

CANADIAN SECURITIES EXCHANGE: FMAN

VANCOUVER, BC, Oct. 27, 2021 /CNW/ – Freeman Gold Corp. (CSE: FMAN) (OTCQB: FMANF) (FSE: 3WU) (“Freeman” or the “Company“) is pleased to announce its Phase 2 diamond drill program at the Lemhi Gold Deposit (“Lemhi“) and the new Beauty Zone (“Beauty Zone“). The proposed >4,000 m drill program focuses on adding near surface, oxide ounces to the recently reported maiden Mineral Resource Estimate on July 8, 2021. Drilling will also test the recently delineated Beauty Zone which lies approximately 600 metres west of Lemhi and host to a number of high-grade gold rock samples and coincident gold soil geochemistry.

“We are embarking on a second phase of diamond drilling focusing on ground (patented mining claims) that gives Freeman the highest probability of adding ounces to our resource base. The on-strike east and west extensions at Lemhi are key as these would provide new ounces within our current conceptual pit outline. As well, the Lemhi deposit has never been tested at depth beyond 286 metres where a number of holes were terminated in gold mineralization. Freeman plans to test mineralization at depth with at least one >400 m drill hole. We are also excited about testing the newly identified high grade Beauty Zone which returned 52 rock samples over 1 gram per tonne (“g/t”) gold (“Au“) and 28 over 10 g/t Au with coincident anomalous gold soil geochemistry,” remarked Paul Matysek, Executive Chairman.

Over 90% of the total drilling is anticipated to occur at Lemhi, while the remaining drilling will test the Beauty Zone. Of the 3,600 metres to be drilled at Lemhi, 3,025 metres are focused on resource expansion on strike down to a maximum depth of 300 metres below surface. These holes will follow up on drill holes from previous campaigns that remain open, such as FG20-24C which returned 0.4 g/t Au over 72 metres on section 429825N. One drill hole will test the depth potential at Lemhi down to 400 metres below surface; the hole will also infill in the shallower portions between drill holes FG20-17C (151m @ 2.5 g/t Au) and 35C (189m @ 0.54 g/t Au). A single infill hole is planned on section 429952N where a gap in the mineralization is present.

Figure 1 shows the proposed drilling plan map. Table 1 provides details on a hole-by-hole basis. Sections referred to on the Table can be viewed at www.freemangoldcorp.com.

Table 1.  Fall 2021 Drilling – Lemhi Project

Hole ID

Project

Azimuth

Dip

Proposed
Depth
(m)

Hole Type

Comment

FG21-001

Beauty

0

-90

100

Exploration

Drill test Beauty Zone

FG21-002

Beauty

230

-65

100

Exploration

Drill test Beauty Zone

FG21-003

Beauty

0

-90

200

Exploration

Drill test Beauty Zone

FG21-004

Lemhi

0

-90

400

Resource
Expansion & Infill

Test Mineralization at depth.  Section 430000N. Infill between
FG20-17C (151m @ 2.5 g/t Au)  and 35C (189m @ 0.54 g/t
Au). 

FG21-005

Lemhi

270

-68

250

Resource
Expansion

90m stepout to the West.  Section 429625N

FG21-006

Lemhi

270

-70

250

Resource
Expansion

Step out to the southwest.  Section 429700N.

FG21-007

Lemhi

0

-90

250

Resource
Expansion

Step out to the southwest.  Section 429775N.

FG21-008

Lemhi

0

-90

250

Resource
Expansion

90m step out to the Southwest.  Follow up FG20-24C (72m @
0.4 g/t Au) and 1980’s drilling.  Section 429825N.

FG21-009

Lemhi

0

-90

300

Resource
Expansion

Step out to the East.  Section 429800N

FG21-010

Lemhi

0

-90

300

Resource
Expansion

Step out to the East.  Section 429850N

FG21-011

Lemhi

0

-90

300

Resource
Expansion

90m stepout to the West.  Section 429900N

FG21-012

Lemhi

0

-90

300

Resource
Expansion

40m stepout to the West of 1980’s drilling.  Section 429950N

FG21-013

Lemhi

0

-90

250

Infill

Infill gap in drilling in resource area.  Section 429950N.

FG21-014

Lemhi

0

-90

225

Resource
Expansion

Stepout 40 m to the North-East.  Section 429975N

FG21-015

Lemhi

0

-90

300

Resource
Expansion

90m stepout to the West.  Section 429975N

FG21-016

Lemhi

0

-90

300

Resource
Expansion

85m stepout to the West.  Section 430000N

All drill rock samples are sent to ALS Minerals Division, Vancouver, BC, an independent and fully accredited laboratory in Canada for analysis for gold by Fire Assay and multi-element Induction Coupled Plasma Spectroscopy. Freeman has a regimented Quality Assurance, Quality Control program where at least 10% duplicates, blanks and standards are inserted into each sample shipment. Rock grab samples are by their nature selective and are not necessarily indicative of the general geology or the grade within the Lemhi Gold property.

About the Company

Freeman Gold Corp. is a mineral exploration company focused on the development of its 100% owned Lemhi Gold property (the “Lemhi Project“). The Lemhi Project comprises 30 square kilometers of highly prospective land. The project hosts a near surface, shallow, high grade oxide gold resource. The pit constrained National Instrument 43-101 (“NI 43-101“) compliant mineral resource estimate is comprised of 749,800 ounces (“oz”) gold at 1.02 grams per tonne in 22.94 million tonnes (Indicated) and 250,300 oz Au at 1.01 g/t Au in 7.83 million tonnes (Inferred). See the NI 43-101 technical report  titled “Maiden Resource Technical Report for the Lemhi Gold Project, Lemhi County, Idaho, USA” with an effective date of June 1, 2021, and signing date of July 30, 2021, as prepared by APEX Geoscience Ltd. and F. Wright Consulting Inc. available under the Company’s profile on SEDAR (www.sedar.com). The Company is focused on growing and advancing the Lemhi Project towards a production decision. The technical content of this news release has been reviewed and approved by Dean Besserer, P.Geol., VP Exploration of the Company and a Qualified Person as defined by NI 43-101.

On Behalf of the Company
William Randall
President & CEO

Forward Looking Statements: This press release contains “forward–looking information or statements” within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to its future business plans. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ from those in the forward-looking statements. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties, and assumptions. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.

Neither Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

View original content to download multimedia:https://www.prnewswire.com/news-releases/freeman-gold-announces-phase-2-lemhi-resource-expansion-and-beauty-zone-drill-program-301409893.html

SOURCE Freeman Gold Corp.








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Today’s News

Quaterra Resources Awards Contract for the Further Advancement of Its MacArthur Oxide Copper Project in Yerington, Nevada

Vancouver, British Columbia–(Newsfile Corp. – October 27, 2021) – Quaterra Resources Inc. (the "Company") (TSXV: QTA) (OTCQB: QTRRF) is pleased to announce…

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Vancouver, British Columbia–(Newsfile Corp. – October 27, 2021) – Quaterra Resources Inc. (the “Company“) (TSXV: QTA) (OTCQB: QTRRF) is pleased to announce that it has awarded McClelland Laboratories, Inc. (“McClelland“) a key contract to support the advancement of the MacArthur oxide copper project.

McClelland has been appointed to complete the metallurgical testing program of the 12 ton (11 tonne) representative sample collected in the 2021 drilling campaign (see news release dated October 6, 2021, “Quaterra Resources Announces Positive Assay Results at MacArthur Copper Project, Nevada and Potential for Resource Expansion“). McClelland will perform variability testing on fifteen leach columns through Q2 2022 in order to further validate the metallurgical parameters to be utilized in the MacArthur Pre-Feasibility Study (“PFS“).

McClelland, based in Sparks, Nevada, maintains a 44,000 square-foot facility and has been a leader in servicing the mining industry for over 33 years.

Quaterra CEO Travis Naugle states, “We are very pleased to have engaged with a leading Nevada-based contractor to advance a key aspect of the MacArthur PFS so soon after the recently announced oversubscribed private placement. We look forward to continuing with further important steps on the MacArthur oxide copper project.”

About Quaterra Resources Inc.
Quaterra Resources Inc. is a copper-gold development and exploration company focused on projects with the potential to host large-scale mineral deposits attractive to major mining companies. It is advancing its MacArthur oxide copper project in the historic Yerington Copper District, Nevada. It continues to investigate opportunities to acquire prospects in North America on reasonable terms and the partnerships with which to advance them.

On behalf of the Board of Directors,
Stephen Goodman
President

For more information please contact:
Karen Robertson
Corporate Communications
778-898-0057
Email: [email protected]
Website: www.quaterra.com

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Technical information contained in this news release has been reviewed and approved by Travis Naugle, MMSA QP, the Company’s CEO and a director, and a qualified person as defined in National Instrument 43-101.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100981






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Today’s News

Phoenix Gold Begins Phase 2 Drilling at York Harbour Cu-Zn-Ag-Co Project in Newfoundland

 

Vancouver, British Columbia – TheNewswire – October 27, 2021 – Phoenix Gold Resources Corp. (TSXV:PXA) (OTC:PGRCF) (Frankfurt:5DE) (“Phoenix…

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Vancouver, British Columbia – TheNewswire – October 27, 2021 – Phoenix Gold Resources Corp. (TSXV:PXA) (OTC:PGRCF) (Frankfurt:5DE) (“Phoenix Gold” or the “Company”) is pleased to report that Phase 2 diamond drilling has begun on its York Harbour Mine Property (“York Harbour” or the “Property”) in western Newfoundland, Canada. Three drill holes have been completed during the past 10 days of a planned 27-hole diamond drilling program totalling an estimated 4,225 metres.

The on-site project geologist has reported that the latest drill hole YH21-14 intersected semi-massive and massive volcanogenic sulphide (‘VMS’) mineralization from a drilling length of 105 to 120 m.  After geological and geotechnical logging the drill core from holes YH21-13 and -14 will be transported to the Planet X Exploration facilities in Gander for sampling and later shipping to Actlabs in Ancaster, Ontario for rush ICP analyses and over-limit assaying.

Photographs of the drill core with the reported massive sulphide mineralization intersected by drill holes YH21-13 and 14 are shown as follows.


Click Image To View Full Size

 

       Massive sulphide in DDH YH21-13              Massive sulphide in DDH YH21-14

 

The Phase 1 drilling program was carried out from July 28th to August 14th.  This program, the first on the property since Wolfden Resources’ drilling in 2004, successfully validated historical drilling results with 6 of the 9 drill holes intersecting drill-indicated Cyprus-type VMS mineralization in the historical ‘A’, ‘G’ and ‘H’ zones and encountering similar mineralization both along strike and downdip of these zones.  Two diamond drill holes had to be abandoned when they encountered a wide fault zone, and a third hole intersected a section of the 400 Level adit where it lost circulation and was not completed to its intended depth.

At the present time the Company is awaiting the analytical results for 200 of 300 drill core samples from the Phase 1 diamond drilling program.  Selected mineralized intercepts from 4 of the 9 Phase 1 drill holes were reported in the Company’s news release dated October 12th.  A few of those mineralized intercepts that were previously reported for drill holes YH21-04, -06, -08 and –09 are as follows.

DDH

From

To

Interval

Copper

Zinc

Silver

Target Zone

No.

(m)

(m)

(m)

(%)

(%)

(gpt)

 

YH21-04

180.03

189.54

9.51

1.69

0.13

1.43

H Zone

YH21-06

146.26

194.05

47.79

0.85

0.57

1.49

H Zone

YH21-08

122.30

128.90

6.60

0.62

0.65

3.37

G Zone

YH21-09

5.00

14.54

9.54

1.69

0.11

2.83

A Zone

 

The Phase 2 diamond drilling program has been designed to firstly better delineate the known drill-indicated VMS mineralization for future resource estimations and to explore for additional similar mineralization both along strike and downdip.  Historical underground drill holes report a number of massive and semi-massive mineralized intercepts between and along strike of the known zones but without reported assays.  At two of these historical intercepts the latest drill holes YH21-13 and 14 have confirmed significant VMS mineralization.  Thus, the Phase 2 program will include both delineation and exploration drilling.

In addition to the Phase 2 drilling program exploration work on the property has also included re-locating the No. 4 Brook adit and massive sulphide showing situated approximately 1 km from the current drilling on the eastern limb of the folded volcanic sequence which hosts known VMS mineralization.  On October 16th several field personnel visited the site and reported approximately 15 m of massive and semi-massive sulphide mineralization, including pyrite, chalcopyrite and sphalerite, in a sheared zone near the sloughed-in adit.  This showing is currently accessible via a cut trail but will require upgrading for ATV and drill rig access.  A field crew is currently cutting channel samples across the visible mineralization with shipping and analysis to follow.  This showing is scheduled to be drill tested in early 2022.

Consulting mining engineers of Gemtec, based in St Johns, have been commissioned to apply for permitting approval to enter the 400 Level adit, and in the meantime the Company is investigating the use of a lidar drone to survey the adit this year.

The following figures show the proposed locations of the Phase 2 diamond drilling on the York Harbour property.  The red coloured and hatched bodies in Figures 2 and 3 are the two-dimensional, surface-projected images of the drill-indicated VMS mineralization.  The purple hatched body is the surface projection of the 400 Level adit.


Click Image To View Full Size

 

Figure 1: Plan View of Proposed Phase 2 Diamond Drilling Program, York Harbour Property

 


Click Image To View Full Size

 

Figure 2: Plan View of North Section of Proposed Phase 2 Diamond Drilling Program


Click Image To View Full Size

 

Figure 3: Plan View of South Section of Proposed Phase 2 Diamond Drilling Program

 

About the York Harbour Mine Property

 

The York Harbour Mine Property is located approximately 27 kilometres west of Corner Brook, NL and known to be prospective for its copper-zinc-silver-gold-cobalt massive sulphide deposits. The known mineralization exhibits characteristics consistent with classic mafic-type flow dominated (Cyprus-type) VMS deposits. Similar geological environments and styles of mineralization have formed relatively large copper-zinc deposits elsewhere in Newfoundland at Tilt Cove (9 Mt of between 1% and 12% copper) and in Cyprus at the Mavrovouni mine (15 Mt of 4% copper with zinc and gold); as noted in Messina Minerals Inc. 9th Year Assessment Report (2009).

 

Copper and zinc massive sulphides were first discovered at York Harbour in 1893. Since then a total of 2,134 metres of documented underground drifting and development have been completed for which documentation is available.  Drill core logs and sampling data is available for a total of 19,323 metres of historical drilling that tested eleven lenses or zones of copper-zinc-silver-gold-cobalt massive sulphide mineralization. These zones occur over a 600-metre strike length and many remain open for expansion both along strike and downdip.

 

Most historical exploration and underground development have been concentrated within a 350- metre long segment of a stratigraphic contact between lower and upper basaltic units, and within 150 metres of surface. An overturned synclinal fold is interpreted to extend and repeat the favourable mineralized horizon along the western portion of the property where surface prospects at the No. 4 Brook showing of copper- and zinc-bearing massive sulphides have been discovered and documented in outcrop but have received very little modern exploration attention.

 

J.D. Blanchflower, P. Geo. is a qualified person in accordance with National Instrument 43-101 who has reviewed and accepted the technical material contained in this news release.

 

For further information:

 

Andrew Lee CEO, President and Director

Telephone: 778-302-2257 | Email: [email protected]

Website: www.phoenixgoldresources.ca

 

Cautionary Statement Regarding Forward-Looking Information

 

This news release may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements relating to satisfactory completion of due diligence and any acquisition under the Option and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

 

Copyright (c) 2021 TheNewswire – All rights reserved.

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