TORONTO, May 14, 2020 /CNW/ - Wallbridge Mining
Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the
"Company") announced today that it resumed exploration
activities at its 100% owned Fenelon gold project located in the
Abitibi greenstone belt, Québec, on May 11,
2020 as a result of the Quebec government's confirmation that all
mining sector activities in the province was allowed to resume as
of that date.
"Our top priority is always the health and safety of our
employees," said Wallbridge President and CEO Marz Kord. "We have been fortunate to have no
confirmed cases of COVID-19 amongst our staff and we want to keep
it that way. The Company has rigorous safety protocols in place to
address COVID-19 at Fenelon, such as temperature screening,
compliance with additional hygiene measures, and task observation
to ensure that all work is performed respecting physical distancing
and the use of appropriate personal protective equipment."
The Fenelon gold project was put on limited care and maintenance
aimed at protecting the staff, contractors, surrounding
communities, facilities and the environment effective March 23, 2020 in response to COVID-19. Since
that date, staff has been busy working remotely on geological
modelling, technical studies, and other project-related activities.
The Company plans to operate 4 drills operating for the foreseeable
future. As previously announced, the Company has revised its
fully-funded 2020 Fenelon exploration program to an estimated
70,000 to 80,000 metres of drilling in light of the recent
suspension of activities due to COVID-19. Management is also
developing 2020 exploration programs for the Balmoral Resources
Ltd. ("Balmoral") land
package, to be undertaken following closing of the Balmoral acquisition, expected to be completed
on or about Friday, May 22, 2020.
The Company would like to thank its workforce, partners and
all stakeholders for their understanding and support over the
past few weeks, and is looking forward to the resumption of
exploration activities and continuing the momentum that has been
generated over the past year.
About Wallbridge Mining
The Company is currently
developing its 100%-owned Fenelon Gold Property, which is located
proximal to the Sunday Lake Deformation Zone, in an emerging gold
belt in northwestern Quebec with a
current exploration drill program of 70,000 to 80,000 metres in
2020 and a 33,500-tonne bulk sample and 75,000 metres of drilling
completed in 2019. Wallbridge is also pursuing additional
advanced-stage projects which would add to the Company's near-term
project pipeline. Wallbridge is also the operator of, and a 16.5%
shareholder in, Loncan Canada Inc., a privately-held company with a
large portfolio of nickel, copper, and PGM projects in Ontario's Sudbury Basin.
As announced in the Wallbridge press release dated May 8, 2020, Balmoral Resources Ltd.
("Balmoral")
securityholders voted in favour of the resolution approving the
acquisition of 100% of Balmoral by
Wallbridge by way of a plan of arrangement (the
"Arrangement"), expected to be completed on or about
Friday, May 22, 2020. The Arrangement
secures for Wallbridge a buffer of several kilometres surrounding
its rapidly expanding Fenelon discovery providing additional
exploration upside potential as well as future mine development
flexibility. The transaction also significantly expands
Wallbridge's land holdings in Quebec along the Detour Gold Trend (from 10.5
km2 to 739.0 km2), improving the Company's
potential for further discoveries in this under-explored belt.
This press release may contain forward-looking statements
(including "forward-looking information" within the meaning of
applicable Canadian securities legislation and "forward-looking
statements" within the meaning of the US Private Securities
Litigation Reform Act of 1995) relating to, among other things, the
operations of Wallbridge and the environment in which it operates.
Generally, forward-looking statements can be identified by the use
of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Wallbridge has relied on
a number of assumptions and estimates in making such
forward-looking statements, including, without limitation, the
costs associated with the development and operation of its
properties. Such assumptions and estimates are made in light of the
trends and conditions that are considered to be relevant and
reasonable based on information available and the circumstances
existing at this time. A number of risk factors may cause actual
results, level of activity, performance or outcomes of such
exploration and/or mine development to be materially different from
those expressed or implied by such forward-looking statements
including, without limitation, whether such discoveries will result
in commercially viable quantities of such mineralized materials,
the possibility of changes to project parameters as plans continue
to be refined, the ability to execute planned exploration and
future drilling programs, the need for additional funding to
continue exploration and development efforts, changes in general
economic, market and business conditions, and those other risks set
forth in Wallbridge's most recent annual information form under the
heading "Risk Factors" and in its other public filings.
Forward-looking statements are not guarantees of future performance
and such information is inherently subject to known and unknown
risks, uncertainties and other factors that are difficult to
predict and may be beyond the control of Wallbridge. Although
Wallbridge has attempted to identify important risks and factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors and risks that cause actions, events or
results not to be as anticipated, estimated or intended.
Consequently, undue reliance should not be placed on such
forward-looking statements. In addition, all forward-looking
statements in this press release are given as of the date
hereof.
Wallbridge disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, save and except as may
be required by applicable securities laws. The forward-looking
statements contained herein are expressly qualified by this
disclaimer.
SOURCE Wallbridge Mining Company Limited