Wallbridge Announces Mineral Resource Estimate for Fenelon and Martiniere Deposits on Detour-Fenelon Gold Trend
- Total combined Indicated Resource of 2.67 million ounces: 43.56 Mt grading 1.91 g/t Au.
- Total combined Inferred Resource of 1.72 million ounces: 31.78 Mt grading 1.69 g/t Au.
- Fenelon has evolved from a small high-grade underground deposit to a multi-million-ounce potential open
pit and underground bulk mineable deposit.
- Significant expansion potential in multiple directions laterally and at depth at both Fenelon and Martiniere.
Toronto, Ontario – November 9, 2021 – Wallbridge Mining Company Limited (TSX: WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to announce its maiden Mineral Resource Estimate (“MRE”) for the Fenelon gold property and an updated MRE for the Martiniere gold property, both located on the Company’s 910 km2 land position on the Detour-Fenelon Gold Trend (see Figure 1) in Northern Abitibi, Quebec.
The table below summarizes the MREs for Fenelon and Martiniere.
Detour Fenelon Gold Trend (effective date of November 9, 2021)
| Detour Fenelon Gold Trend | Category | Cut-off | Metric Tonnes | Grade (Au g/t) | Troy | Total Ounces | |
|---|---|---|---|---|---|---|---|
| Grade | Ounces | ||||||
| (g/t Au) | (oz Au) | ||||||
| Fenelon | Indicated | in Pit > 0.35 28,132,000 1.45 1,307,600 | 2,126,900 | ||||
| UG > 1.50 7,885,800 3.23 819,300 | |||||||
| Inferred | in Pit > 0.35 22,102,500 1.18 841,400 UG > 1.50 6,888,900 2.83 626,000 | 1,467,400 | |||||
| Martiniere | Indicated | in Pit > 0.40 6,583,000 2.00 422,800 | 543,700 | ||||
| UG > 2.40 957,500 3.93 120,900 | |||||||
| Inferred | in Pit > 0.40 1,406,700 1.81 81,900 | 256,200 | |||||
| UG > 2.40 1,379,500 3.95 174,300 | |||||||
| Total Combined Indicated | 43,558,300 1.91 | 2,670,600 | |||||
| Total Combined Inferred | 31,777,600 1.69 | 1,723,600 |
"Our maiden MRE demonstrates how Fenelon has rapidly evolved and continues to grow. We started with a small highgrade deposit and now, with the discovery of and subsequent drilling on the Tabasco/Cayenne and Area 51 zones, we have a multi-million-ounce deposit amenable to potential open pit and underground bulk mining,” said Marz Kord, President & CEO of Wallbridge. "Together with an updated MRE for Martiniere, which is located 30 km west of Fenelon, the Fenelon MRE strengthens our vision of establishing multiple gold producing assets sharing centralized infrastructure on the Detour- Fenelon Gold Trend. These two gold deposits remain open in multiple directions laterally and at depth indicating significant potential for expansion. Our next step is additional drilling to add to these resources prior to proceeding with an economic study and to identify new mineralization elsewhere on the Detour-Fenelon Gold Trend."
Attila Péntek, Vice President Exploration of Wallbridge, added: “That over 60% of the mineral resource is classified as Indicated is a testament to the quality of the Fenelon deposit with good geologic continuities and all the zones being situated close to each other allowing for efficient, cost-effective drilling. We are also very pleased with the increase in the Martiniere mineral resource from the previous MRE, completed in 2018, and our ongoing drill program has already demonstrated
WALLBRIDGE MINING COMPANY LIMITED TSX: WM www.wallbridgemining.com 129 Fielding Road Lively ON P3Y 1L7 t: 705‐682‐9297 f: 1‐888‐316‐4156 e: [email protected] excellent potential for Martiniere to become our next significant gold deposit. We are proud of the tremendous effort of our team and contractors for advancing Fenelon from gold discovery to this significant MRE in less than three years, with the added challenge of doing so during a pandemic.”
Figure 1. Wallbridge’s Detour-Fenelon Gold Trend land package
Mineral Resource Expansion Potential
There is significant potential to further expand mineral resources at both Fenelon and Martiniere as:
- The current Area 51 gold resource is open to the west and to the south, where gold mineralization is known to extend for 800 m, all the way to the Sunday Lake deformation zone (see Figure 2).
- Both Area 51 and Tabasco/Cayenne zones are open below 1,000 m depth and are known to extend as far as 1,500 m below surface (see Figure 3).
- Several isolated zones at Martiniere could be combined into one or two deposits with more tightly-spaced drilling (see Figure 4).
- Drilling is extending mineralization to depth at Martiniere (see Figure 5).
Mineral Resource Estimation Methodology
The maiden MRE for Fenelon is based on 1,040 recent and historic drill holes totaling approximately 358,000 m, variably spaced from 20 to 200 m on the Gabbro, Tabasco/Cayenne and Area 51 zones. This includes 650 drill holes totaling approximately 292,000 m drilled by Wallbridge since 2016 on the Tabasco/Cayenne and Area 51 zones.
2|P a g e
The updated MRE for Martiniere is based on 111 recent and historic drill holes totaling over 40,000 m, variably spaced from 20 to 150 m on the Martiniere North, Martiniere West, Bug Lake and Horsefly zones. None of the holes drilled to date by Wallbridge since the acquisition of Balmoral have been incorporated into the Martiniere MRE.
For both deposits, the geological, litho-structural, and 3D modelling of the mineralized zones was prepared in Leapfrog Geo and the mineral resource estimates were prepared in Leapfrog Edge using a sub-block model of 6m x 6m x 6m parent blocks. Gold grades were calculated using the Ordinary Kriging interpolation method for Fenelon and the Inverse Distance-squared method using hard boundaries for Martiniere.
The mineral resources are categorized as Indicated and Inferred based on drill spacing, as well as geological and grade continuity. For Fenelon, in the Tabasco/Cayenne Zones, a maximum distance to the closest composite of 35 m for Indicated and 70 m for Inferred while 25 m was used for Indicated and 50 m for Inferred in all other zones. For Martiniere, maximum distance to the closest composite was 35 m for Indicated and 70 m for Inferred.
The reasonable prospect for an eventual economical extraction is met by having used reasonable cut-off grades both for a potential open pit and underground extraction scenarios, a minimum width, and constraining volumes (Deswik shapes and optimized pit-shell). The cut-off calculation is based on the assumed parameters listed below:
Parameters Unit Value
Gold Price US$/oz 1,607.00 Exchange Rate US$/C$ 1.31 Metallurgic Recovery % 96.00
Fenelon
CAD$/t milled 70.00 Ore Premium Mining Cost - UG CAD$/t milled 7.00 G&A Cost - Open Pit G&A Cost - UG CAD$/t milled 8.50 Processing Cost- Open Pit CAD$/t milled 12.90 CAD$/t milled 16.80 Processing Cost- UG Au g/t 0.35 Calculated Cut-off Grade – Open Pit Calculated Cut-off Grade – UG Au g/t 1.50 Martiniere Ore Premium Mining Cost - UG CAD$/t milled 110.00 G&A Cost - Open Pit CAD$/t milled 7.00 CAD$/t milled 6.00 Ore Transport to Process G&A Cost - UG CAD$/t milled 10.50 Processing Cost- Open Pit CAD$/t milled 12.90 CAD$/t milled 29.00 Processing Cost- UG Au g/t 0.40 Calculated Cut-off Grade - Open Pit Calculated Cut-off Grade - UG Au g/t 2.40
3|P a g e
Fenelon (effective date of November 9, 2021)
| Fenelon Gold | Category | Cut-off Grade | Metric Tonnes | Grade (Au g/t) | Troy | Total | ||
| Ounces | ||||||||
| (g/t Au) | (oz Au) | Ounces | ||||||
| Indicated | ||||||||
| Inferred | ||||||||
| Indicated | ||||||||
| Inferred | ||||||||
| Indicated | ||||||||
| Inferred |
Total Indicated 36,017,800 1.84 2,126,900 Total Inferred 28,991,100 1.57 1,467,400
4|P a g e
Martiniere (effective date of November 9, 2021)
| Martiniere | Category | Cut-off Grade | Metric Tonnes | Grade (Au g/t) | Troy | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ounces | |||||||||||
| (g/t Au) | (oz Au) | Ounces | |||||||||
| Martiniere North | Indicated | in Pit > 0.40 137,300 2.81 12,400 39,400 UG > 2.40 225,700 3.72 27,000 | |||||||||
| Inferred | in Pit > 0.40 153,800 2.79 13,800 44,400 UG > 2.40 283,400 3.36 30,600 | ||||||||||
| Martiniere West | Indicated | in Pit > 0.40 746,300 2.31 55,400 76,800 UG > 2.40 208,400 3.20 21,400 | |||||||||
| Inferred | in Pit > 0.40 52,700 1.15 1,900 38,300 UG > 2.40 299,000 3.79 36,400 | ||||||||||
| Horsefly | Indicated | in Pit > 0.40 - - - 3,100 UG > 2.40 31,400 3.09 3,100 | |||||||||
| Inferred | in Pit > 0.40 26,000 2.17 1,800 2,400 UG > 2.40 7,000 2.68 600 | ||||||||||
| Bug Lake | Indicated | in Pit > 0.40 5,699,400 1.94 355,000 424,400 UG > 2.40 492,100 4.39 69,400 | |||||||||
| Inferred | in Pit > 0.40 1,174,100 1.71 64,400 171,100 UG > 2.40 783,200 4.24 106,700 | ||||||||||
| Total Indicated | 7,540,600 | 2.24 | 543,700 | ||||||||
| Total Inferred | 2,779,200 | 2.87 | 256,200 |
Note: Numbers may not add due to rounding
Notes on the MREs of the Fenelon and Martiniere gold projects:
1. The Qualified Persons for the current MREs are Mr. Carl Pelletier, P. Geo. (For Fenelon and Martiniere) and Mr. Vincent Nadeau-Benoit, P.Geo. (For Fenelon), both from InnovExplo. The MREs follow 2014 CIM Definition Standards and the 2019 CIM MRMR Best Practice Guidelines.
2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
3. The qualified persons are not aware of any known environmental, permitting, legal, title-related, taxation, sociopolitical or marketing issues, or any other relevant issue, that could materially affect the potential development of mineral resources other than those discussed in the MRE.
4. For Fenelon, a density value of 2.80 g/cm3, supported by measurements, was applied to the bedrock. Sixty-one highgrade zones and five low-grade envelopes were modelled in 3D using a minimum true width of 2.0 m. High-grade capping was done on raw assay data and established on a per-zone basis and ranges between 25 g/t and 110 g/t Au (except Gabbro zones where it ranged from 35 g/t to 330 g/t) for the high-grade zones and ranges between 8 g/t and 35 g/t Au for the low-grade envelopes. Composites (1.5 m) were calculated within the zones and envelopes using the grade of the adjacent material when assayed or a value of zero when not assayed.
5|P a g e
5. For Martiniere, a density value of 2.80 g/cm3, supported by measurements, was applied to the bedrock. Fifty-nine highgrade zones and one low-grade envelope were modelled in 3D using a minimum true width of 3.0 m. High-grade capping was done on raw assay data and established at 35 g/t Au based on the most numerous zones and extrapolated to all zones. Composites (1.0 m) were calculated within the zones and envelopes using the grade of the adjacent material when assayed or a value of zero when not assayed.
6. The reasonable prospect for eventual economic extraction is met by having constraining volumes applied to any blocks (potential surface or underground extraction scenario) using Whittle and the Deswik Stope Optimizer (DSO) and by the application of cut-off grades, as shown in the above table, were calculated using a gold price of US $ 1,607 / oz and an Exchange rate of US $ 1.31 / CAD $.
7. Results are presented in-situ. Ounce (troy) = metric tons x grade / 31.10348. The number of tonnes and ounces was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations as per NI 43-101.
The sensitivity of the cut-off grades on the mineral resources of the Fenelon and Martiniere gold project is presented below:
Sensitivity in-pit Fenelon
| Cut-off Grade (g/t Au) | Gabbro | Tabasco-Cayenne | Area 51 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Metric Tonnes | Grade (Au g/t) | Troy | Metric Tonnes | Grade (Au g/t) | Troy | Metric Tonnes | Grade (Au g/t) | Troy | ||||
| Ounces | Ounces | Ounces | ||||||||||
| (oz Au) | (oz Au) | (oz Au) | ||||||||||
| INDICATED RESOURCES | ||||||||||||
| 0.30 | 586,200 3.95 74,500 14,055,200 1.64 739,100 17,298,700 0.96 533,700 555,900 4.15 74,200 12,706,500 1.77 725,000 14,869,600 1.06 508,400 532,200 4.32 73,900 11,644,000 1.90 712,200 12,911,400 1.17 484,900 492,300 4.63 73,300 10,016,200 2.14 688,800 10,115,800 1.37 444,700 355,200 6.14 70,100 5,625,000 3.26 588,800 4,582,500 2.18 320,900 277,500 7.52 67,100 3,786,600 4.25 517,100 2,816,800 2.79 252,300 199,800 9.69 62,300 2,234,900 5.86 421,000 1,264,500 3.85 156,500 | |||||||||||
| 0.35 | ||||||||||||
| 0.40 | ||||||||||||
| 0.50 | ||||||||||||
| 1.00 | ||||||||||||
| 1.50 | ||||||||||||
| 2.50 | ||||||||||||
| INFERRED RESOURCES | ||||||||||||
| 0.30 | - - - 7,738,800 0.92 229,900 17,968,700 1.12 649,100 - - - 6,878,100 1.00 220,900 15,224,300 1.27 620,500 - - - 6,214,500 1.07 212,900 13,270,000 1.40 597,100 - - - 4,987,400 1.22 195,200 10,441,800 1.66 556,400 - - - 2,016,500 1.99 128,900 4,920,600 2.75 435,500 - - - 1,107,500 2.61 93,000 3,566,100 3.33 382,400 - - - 459,700 3.60 53,100 1,919,100 4.52 279,100 | |||||||||||
| 0.35 | ||||||||||||
| 0.40 | ||||||||||||
| 0.50 | ||||||||||||
| 1.00 | ||||||||||||
| 1.50 | ||||||||||||
| 2.50 |
6|P a g e
Sensitivity underground Fenelon
| Cut-off Grade (g/t Au) | Fenelon (All zones) | ||||
|---|---|---|---|---|---|
| Cut-off Grade | Metric | Grade | Troy Ounces | ||
| (g/t Au) | Tonnes | (Au g/t) | (oz Au) | ||
| INDICATED | |||||
| RESOURCES | |||||
| 1.25 | 9,453,900 2.98 904,500 7,847,800 3.27 825,600 6,773,100 3.57 777,500 5,718,900 3.89 715,000 4,223,900 4.50 610,700 | ||||
| 1.50 | |||||
| 1.75 | |||||
| 2.00 | |||||
| 2.50 | |||||
| INFERRED | |||||
| RESOURCES | |||||
| 1.25 | 8,891,500 2.47 707,300 6,926,900 2.78 619,800 5,730,600 3.05 561,500 4,685,500 3.32 499,500 2,982,700 3.96 379,800 | ||||
| 1.50 | |||||
| 1.75 | |||||
| 2.00 | |||||
| 2.50 |
Sensitivity in-pit Martiniere
| Cut-off Grade (g/t Au) | Martiniere North | Martiniere West | Horsefly | Bug Lake | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Metric Tonnes | Grade (Au g/t) | Troy Ounces (oz Au) | Metric Tonnes | Grade (Au g/t) | Troy Ounces (oz Au) | Metric Tonnes | Grade (Au g/t) | Troy Ounces (oz Au) | Metric Ton | Grade (Au g/t) | Troy Ounces (oz Au) | |||||
| INDICATED | ||||||||||||||||
| RESOURCES | ||||||||||||||||
| 0.30 | 150,600 2.59 12,600 809,800 2.16 56,100 - 6,147,600 1.82 360,000 144,800 2.68 12,500 778,600 2.23 55,800 - 5,911,400 1.88 357,600 137,300 2.81 12,400 746,300 2.31 55,400 - 5,699,400 1.94 355,000 124,100 3.06 12,200 681,300 2.49 54,500 - 5,275,700 2.06 348,900 74,000 4.63 11,000 493,600 3.15 50,100 - 3,652,600 2.65 310,700 60,400 5.39 10,500 378,100 3.74 45,400 - 2,479,000 3.31 264,000 42,900 6.86 9,500 256,500 4.60 37,900 - 1,314,600 4.58 193,400 | |||||||||||||||
| 0.35 | ||||||||||||||||
| 0.40 | ||||||||||||||||
| 0.50 | ||||||||||||||||
| 1.00 | ||||||||||||||||
| 1.50 | ||||||||||||||||
| 2.40 | ||||||||||||||||
| INFERRED | ||||||||||||||||
| RESOURCES | ||||||||||||||||
| 0.30 | 173,700 2.51 14,000 66,400 0.98 2,100 26,000 2.17 1,800 1,275,300 1.6 65,500 161,000 2.68 13,900 59,100 1.06 2,000 26,000 2.17 1,800 1,217,900 1.66 64,900 153,800 2.79 13,800 52,700 1.15 1,900 26,000 2.17 1,800 1,174,100 1.71 64,400 146,600 2.90 13,700 43,100 1.30 1,800 26,000 2.17 1,800 1,088,700 1.80 63,100 91,800 4.22 12,400 15,000 2.57 1,200 24,500 2.25 1,800 795,700 2.20 56,400 73,500 4.97 11,700 10,800 3.08 1,100 20,800 2.43 1,600 542,900 2.65 46,300 67,300 5.25 11,400 8,300 3.43 900 10,600 2.94 1,000 262,600 3.52 29,700 | |||||||||||||||
| 0.35 | ||||||||||||||||
| 0.40 | ||||||||||||||||
| 0.50 | ||||||||||||||||
| 1.00 | ||||||||||||||||
| 1.50 | ||||||||||||||||
| 2.40 |
7|P a g e
Sensitivity underground Martiniere
| Cut-off Grade (g/t Au) | MARTINIERE | ||||
|---|---|---|---|---|---|
| Metric Tonnes | Grade (Au g/t) | Troy | |||
| Cut-off Grade | Ounces (oz | ||||
| (g/t Au) | Au) | ||||
| INDICATED | |||||
| RESOURCES | |||||
| 2.00 | |||||
| 2.40 | |||||
| 3.00 | |||||
| INFERRED | |||||
| RESOURCES | |||||
| 2.00 | |||||
| 2.40 | |||||
| 3.00 |
The tables above illustrate the sensitivity of each MRE to different cut-off grades for a potential open-pit and underground operation scenario with reasonable outlook for economic extraction. The reader is cautioned that the figures provided in these tables should not be interpreted as a statement of mineral resources. Quantities and estimated grades for different cutoff grades are presented for the sole purpose of demonstrating the sensitivity of the resource model to the choice of a specific cut-off grade.
8|P a g e
Figure 2: Fenelon Gold System, Plan View
9|P a g e
Figure 3: Fenelon Gold System, Cross and Long Sections
10|P a g e
Figure 4: Martiniere Gold System, Plan View
11|P a g e
Figure 5: Martiniere Gold System, Bug Lake Trend, Long Section
Grasset MRE
| CoG = 0.8% NiEq INDICATED | Tonnes | NiEq | Ni | Cu | Co | Pt | Pd | Contained NiEq | Contained Ni | Contained Cu | Contained Co | Contained Pt | Contained Pd | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (%) | (%) | (%) | (%) | (g/t) | (g/t) | (t) | (t) | (t) | (t) | (oz) | (oz) | |||
| Horizon 1 | 89,200 | 1.00% | 0.82% | 0.09% | 0.03% | 0.15 | 0.33 | 900 | 700 | 100 | 20 | 400 | 1,000 | |
| Horizon 3 | 5,422,700 | 1.54% | 1.22% | 0.13% | 0.03% | 0.26 | 0.64 | 83,300 | 66,400 | 7,300 | 1,400 | 45,400 | 112,200 | |
| Total | 5,512,000 | 1.53% | 1.22% | 0.13% | 0.03% | 0.26 | 0.64 | 84,200 | 67,100 | 7,400 | 1,400 | 45,800 | 113,100 | |
| Indicated |
| INFERRED | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Horizon 1 | 13,600 | 0.95% | 0.78% | 0.09% | 0.02% | 0.14 | 0.32 | 100 | 100 | 10 | 3 | 100 | 100 |
| Horizon 3 | 203,500 | 1.01% | 0.83% | 0.09% | 0.02% | 0.15 | 0.34 | 2,100 | 1,700 | 200 | 40 | 1,000 | 2,200 |
| Total Inferred | 217,100 | 1.01% | 0.83% | 0.09% | 0.02% | 0.15 | 0.34 | 2,200 | 1,800 | 200 | 43 | 1,000 | 2,400 |
Additional notes on the MRE of the Grasset project
12|P a g e