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November 30, 2019

The Week In Review And A Week Ahead!

We’re now about to start the best 3-month period on the calendar for the Venture.

Historically, over the past 2 decades, December, January and February have produced a combined return on the Venture of more than 11%.  Since the heavy lifting comes from less than 20% of the market, gains in certain stocks during this period can be quite spectacular.

December typically starts slow but then kicks into high gear immediately before or just after Christmas.

Do your Christmas shopping early on the Venture, especially this year as most of the tax loss selling appears to have already occurred.

There are also indications that the “December-January-February” effect this time around could be more intense than usual as we’ll explain in today’s Week In Review And A Look Ahead.

BMR subscribers have enjoyed market-trouncing returns through our boots-on-the-ground research and unbeatable technical and fundamental analysis of speculative niche sectors.

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Comments (9)


  1. Definitely agree that this is the best time to accumulate beaten up juniors because of tax loss selling. This is the time. Anybody have any ideas of juniors that have been beaten up because of tax loss selling and may rebound. I also look for companies that also have enough cash to survive for a while. CLM may fit that category as it looks to be bottoming out although the recent financing at .10 may put a lid on the price. What about MOON, can it go any lower given their recent news. Any others that may fit the bill??

    Comment by Danny — November 30, 2019 @ 12:52 pm

  2. Danny…..The one that’s getting interesting to me is IMR. Accumulation has been going on for a while, great volume, charts getting better, great location, and a past favorite of BMR. Maybe coming back to life.

    Comment by Dgambler — November 30, 2019 @ 1:53 pm

  3. John .. does the gold and silver 35 year charts in Chinese and India currencies also produce strong bullish indications? Ogie

    Comment by ogie1 — November 30, 2019 @ 3:47 pm

  4. I would see these beaten down stocks as providing good entry points with more reward than risk going forward: CLM, IMR, MTS, MOON, AIS, PAS, GEMC, and DM.

    Comment by Bryan — November 30, 2019 @ 5:59 pm

  5. The carnage of the marijuana sector has capped the Venture…what would be reasonable expectations from this level?…all the senior markets are at record highs, and in the past, everyone would say that there is alot of money to put into the juniors because of year highs on the other markets. But I do agree, alot of management on the juniors is not capable of getting their stories out there!

    Comment by MERIDEX — December 1, 2019 @ 9:00 am

  6. Focussing on just the seasonality factors at the moment, Meridex, is the best approach…the Venture can be expected to rally significantly from some point in December through the end of February at least, probably into March…quality resource plays should help lead the charge…the 540 to 520 support band will hold on a monthly basis for sure…both the 200 and 300-day SMA’s are just below 600…expect a test of that resistance…

    Comment by Jon - BMR — December 2, 2019 @ 6:04 am

  7. Mr. Paul Harbidge reports

    GT GOLD DRILLS 324.00 METRES OF 0.82 G/T AU, 0.43% CU (1.04% CUEQ, 1.43 G/T AUEQ) AT SADDLE NORTH

    GT Gold Corp. has released results from three drill holes from its 15,000-metre phase 2 exploration program at its 100-per-cent-owned Saddle North copper-gold porphyry system in northwest British Columbia. The results from these holes, TTD133, TTD134 and TTD136, significantly expand the higher-grade mineralized core at depth, and they help to demonstrate its continuity from hole-to-hole and section-to-section.

    The core zone at Saddle North comprises a south-southwesterly-plunging, northerly-elongate body of higher-grade mineralization with down-plunge, strike and width dimensions of 1,200 – 1,600 metres, 200 – 400 metres and 40 – 450 metres, respectively. It expands to depth, displays excellent continuity, and has consistent Cu-Au grades.

    The Saddle North mineralized system remains open at depth, and highly prospective targets remain untested along strike to the west and east.

    Furthermore, GT Gold’s Quash Pass target, approximately 7 kilometres south of Saddle, is a priority target with characteristics similar to the Saddle system and will be drilled in the 2020 season. The target is defined by a 5 to 6-kilometre-long precious metals-rich multi-element soil and rock geochemical anomaly with a coincident strong geophysical response, and a similar east-west strike to the Saddle system.

    Intervals are calculated using a 0.4 g/t AuEq cut-off, a maximum of ten metres of internal dilution for porphyry-style mineralization and no top cut is applied. All intervals are reported as drill widths and are expected between 50% and 85% of true width.

    Prices used to calculate CuEq and AuEq are, Au: $1,300.00/oz, Ag: $16.00/oz, Cu: $2.60/lb. All values are reported in USD and do not consider metal recoveries.


    – Drill holes TTD133 and TTD136 were drilled from the same drill pad, which was positioned between two 2018 drill hole collars, “discovery hole” TTD085 to the northwest and TTD107 to the southeast. Both TTD133 and TTD136 intersected broad, high-grade, and continuous mineralization between 600 and 1,200 metres below surface. These drill holes show that significant mineralization exists at depth below drill holes TTD085 and TTD098, and along with drill hole TTD134 collared 400 metres to the northwest, they illustrate that the higher-grade core is very broad (>300 metres) at those depths. Along with previous drill holes, they demonstrate that the higher-grade core zone is expanding to depth, where it remains open;

    – Drill hole TTD133 intersected 627 metres @ 0.53 g/t Au, 0.37% Cu, 1.23 g/t Ag (0.76% CuEq; 1.04 g/t AuEq) (from 648 to 1,275 metres);

    – Drill hole TTD134 intersected 558 metres @ 0.61 g/t Au, 0.35% Cu, 1.28 g/t Ag (0.8% CuEq; 1.1 g/t AuEq) (from 511 to 1,069 metres);

    – Drill hole TTD134 was collared from the same drill pad as drill holes TTD127, TTD128, and TTD130. All four intersected higher-grade core zone mineralization toward the bottom of the holes, and together they show the very good continuity in mineralization that characterizes the Saddle North system, which on this section stretches from close to surface in TTD127 (approximately 400 metres below surface) to a depth of almost 1,500 metres below surface in TTD128, where it remains open to depth.

    – Drill hole TTD136 intersected 472 metres @ 0.39 g/t Au, 0.32% Cu, 0.93 g/t Ag (0.62% CuEq; 0.85 g/t AuEq) (from 658 to 1,130 metres),

    “These results continue to demonstrate the robust nature of Saddle North,” CEO Paul Harbidge commented. “The excellent continuity of the gold and copper mineralization to depth supports the large scale of this porphyry system, a system which becomes even more attractive when considering the proximity of first-rate infrastructure and location in the Tier 1 jurisdiction of British Columbia, Canada.”

    Mr. Harbidge went on to say: “Now that this year’s drilling is complete, we are making good progress with detailed re-logging of core and assimilation of the full range of empirical and geochemical data collected during the field season. This work is moving us toward our goal of constructing a detailed geological model for Saddle North, which is projected for completion in Q1 2020. The model will form the foundation for our initial NI 43-101-compliant resource, which is anticipated to be released in Q2. Furthermore in 2020, our team will be focused on reaching our larger goal of delivering a preliminary economic assessment to our stakeholders by year-end.”

    2019 Exploration Summary

    The company achieved its 25,000 metre goal for 2019 and its 15,000 metre Phase 2 program ended on October 22. The crew and drills were demobilized from the Saddle Camp on October 27. A total of 25,146 metres were drilled in the combined Phase 1 and 2 programs, of which 18,413 metres have now been reported. Final assays for the last ten drill holes (six from Saddle North and four from Saddle South, for 5,444 metres and 1,289 metres, respectively) will likely be received before year-end. These results will be reported following their receipt, compilation and interpretation.

    The four Saddle South drill holes were drilled in order to obtain structural data of veins in the west-central part of the Saddle South system, as none of the 2017 drill core was oriented. The primary rationale for collecting this data was to better understand the controls on mineralization, with a secondary goal of collecting a representative metallurgical sample along the west-northwest striking and westerly plunging system, which reaches surface in this area on the broad and gently-sloping top of Saddle ridge. In order to maximize the amount of data collected with a minimum number of drill holes, the holes were drilled to the northwest and to the southwest at moderate inclinations, along and across the system.

    In addition to the drilling at the Saddle North and Saddle South targets, GT Gold continued exploring its Quash Pass target, which lies approximately 7 kilometres south of the Saddle area. Quash Pass is a broad west-northwest trend characterized by coincident soil geochemical and Induced Polarization geophysical anomalies and common iron carbonate alteration.

    GT Gold has initiated a comprehensive re-log of all the Saddle North core, which is in storage in southern B.C. The re-log is part of a thorough program designed to include study work that will ultimately progress both Saddle North and Saddle South through resource estimation and economic evaluation, with an initial goal of completing a geological model for Saddle North by the end of the first quarter of 2020.

    Tatogga Property

    GT Gold’s Tatogga Project lies in the northern part of northwest B.C.’s prolific Golden Triangle, with active mines such as Red Chris and Brucejack, past producers such as Eskay Creek, Silbak-Premier, Snip, Anyox, and Granduc, and large-scale unexploited deposits such as KSM-Iron Cap, Snowfield and Red Mountain. The property features district-scale exploration potential, with two recent discoveries, Saddle North and Saddle South, along with a third target, Quash Pass, which is close to being drill-ready. All are proximal to Highway 37 and to grid power that leads to the nearby Red Chris copper-gold mine, approximately 20 km to the southeast.

    QA/QC Procedures

    GT Gold has implemented a rigorous quality assurance / quality control (QA/QC) program to ensure best practices in sampling and analysis of diamond drill core, the details of which can be viewed on the Company’s website at http://www.gtgoldcorp.ca/projects/tatogga/. All assays are performed by ALS Canada Ltd., with sample preparation carried out at the ALS facility in Terrace, BC, and assays at the North Vancouver laboratory. For gold, fire assays are performed as per ALS method Au-AA26 (0.01- 100 g/t Au) using 50 grams of sample measured by atomic absorption. Assays equal to or greater than 100 g/t Au are reanalyzed gravimetrically by method Au-GRA22. Silver and copper are analyzed by ALS method ME-MS61 with a 4-acid digestion followed by ICP-MS analysis. Assays greater than 100 ppm silver or 1% copper are reanalyzed by ICP-AES by method OG-62.

    Qualified Person

    Charles J. Greig, M.Sc., P.Geo., Vice President, Exploration for GT Gold Corp. and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.

    About GT Gold Corp

    GT Gold is focused on exploring for base and precious metals in the geologically fertile terrain of British Columbia’s renowned Golden Triangle. The Company’s flagship asset is the wholly-owned, 46,827 hectare Tatogga property, located near Iskut, BC, upon which it achieved two significant discoveries in 2017 and 2018 at its Saddle prospect: a near surface bulk-tonnage and potential deep high-grade underground-style epithermal gold-silver vein system at Saddle South and, close by at Saddle North, a large-scale, richly mineralized porphyry gold-copper-silver intrusion.

    We seek Safe Harbor.

    Comment by Jon - BMR — December 2, 2019 @ 2:26 pm

  8. KL at Fosterville – 7.6 m @ 87.6 g/t Au – not bad!

    Mr. Anthony Makuch reports


    Kirkland Lake Gold Ltd. has released new high-grade results from the continuing underground drilling programs at the Fosterville mine in Victoria, Australia. Recent underground drilling targeting additional growth in Mineral Reserves and Mineral Resources confirmed significant continuity of mineralization down-plunge and adjacent to existing Mineral Reserves in the Lower Phoenix System. In addition, underground infill drilling into Swan Mineral Reserves continues to return exceptional high-grade results containing VG providing confirmation of the geological model, underpinning confidence in the operation’s mine plan. Drill results reported are from 206 holes (51,521 m) that targeted infill and extension of the Lower Phoenix Mineral Resources. Drill results reported are post the December 2018 Mineral Resource and Mineral Reserve update. (See press release dated February 21, 2019.)

    Tony Makuch, President and CEO of Kirkland Lake Gold, commented: “We have an extensive exploration program at Fosterville covering four main target areas, Lower Phoenix down-plunge of Swan, Cygnet, Harrier and Robbin’s Hill (Figure 1). Today’s results focus on the Lower Phoenix area. They are encouraging as they include the extension of high-grade, VG-bearing mineralization 80 m down-plunge of the Swan Zone and demonstrate that Lower Phoenix is an extremely large gold system, with continuity of the system having been confirmed to over 950 metres down-plunge of our deepest Mineral Reserves. In addition, we continue to get strong results from drilling of the Cygnet Zone, where we have intersected high-grade, VG-bearing mineralization, including 239 g/t Au over 1.2 m (ETW 0.9 m). Such results provide significant resource growth potential immediately adjacent to existing underground infrastructure.

    “We are also progressing well with other components of our exploration program. At Robbin’s Hill, there have been up to six surface drill rigs in operation over recent months, with encouraging results which we plan to release shortly. We also continue to drill the anticline offset target at Harrier South from underground drill platforms and advance our LODE program on district targets. Drilling at Harrier South remains at an early stage given the time required to extend the existing exploration drift and poor ground conditions encountered in some areas. The fact that we have already intersected quartz veins with VG similar in texture to those found in the Swan Zone is promising. We have not yet seen the ultra-high grades you get at Swan, but it is early days and we remain optimistic. Harrier South will continue to be a high-priority target with extensive drilling to continue into, and throughout, 2020.”

    Lower Phoenix Extension Drilling Program

    During 2019, underground diamond drilling targeting down-plunge of the Swan Mineral Reserves has continued to return encouraging results, demonstrating the extensive down-plunge extent of the Lower Phoenix System (Figure 2).

    Progressive step out drilling over 2019 from the Harrier Link Drill Drive, spaced at 100 m x 50 m centres has now confirmed continuity of moderate to high-grade mineralization over a down-plunge distance of 950 m from December 2018 Mineral Reserves in the Lower Phoenix System (Figure 3). Reported drill results are from 22 holes (16,611 m), and include moderate to high grade, large width sulfide intercepts of 14.8 g/t Au over 5.9 m (ETW 4.5 m) in hole UDE210, 6.2 g/t Au over 18.0 m (ETW 13.8 m) in hole UDE204 and 7.3 g/t Au over 8.8 m (ETW 6.7 m) in hole UDE199. The drilling has now defined continuity of mineralization between the Swan and Lower Phoenix South Resource blocks (Swan South Zone) and, with a high frequency of 30 gram-metre intercepts, it is anticipated that substantial additions of Inferred Mineral Resources will be realized in end-of-year model updates as a result of this program.

    This drilling has also identified mineralization directly footwall to Swan South in the Swan Footwall Splay Zone up to 250 m down-plunge of December 2018 Mineral Reserves. Results of 2.8 g/t Au over 15.7 m (ETW 12.0 m) in hole UDE200A and 42.6 g/t Au over 0.8 m (ETW 0.5 m) in hole UDE204 (Figure 4) highlight the potential for Mineral Resource expansion immediately footwall to the Swan South Zone down-plunge.

    In August 2019, the establishment of the P4040 drill drive development enabled close space drill targeting of the down-plunge extensions of the Swan Mineral Reserves down to 25 m x 25 m centres with the aim to extend Indicated Mineral Resources to facilitate Mineral Reserve evaluation. Four underground drill rigs have been located in this drill platform since August and results returned demonstrate continuity of high-grade mineralization, including occurrences of quartz vein hosted VG enveloped by sulfide mineralization up to a distance of 150 m down-plunge of Mineral Reserves (Figure 3). Two intercepts containing VG outside Mineral Reserves are greater than 100 gram-m, with 87.6 g/t Au over 7.6 m (ETW 5.5 m) in hole UDH3132 and 45.0 g/t Au over 5.2 m (ETW 4.7 m), including 267 g/t Au over 0.7 m (ETW 0.7 m) in hole UDH3142 which occur 40 m and 80 m down-plunge from Mineral Reserve respectively. A further 11 drill hole intercepts from this program are greater than 30 gram-m and it is anticipated that Mineral Reserves will be extended down-plunge of the Swan Mineral Reserves in the end of year model updates.

    Cygnet Drilling Program

    Exploration drilling footwall to Swan in 2018 discovered significant mineralization on a west southwesterly dipping structure, Cygnet. Further drilling into the up-plunge projection of this target has returned several high-grade intercepts containing VG mineralization. Recent key intercepts into the Cygnet Zone are listed below, with further details provided in the commentary that follows:

    Key Gold Intercepts:

    239 g/t Au(1) over 1.2 m (ETW 0.9 m), including 701 g/t Au(1) over 0.4 m (ETW 0.3 m) in hole UDE262; 28.4 g/t Au(1) over 1.8 m (ETW 1.5 m) in hole UDE247; and 11.2 g/t Au over 5.4 m (ETW 4.5 m) in hole UDH280

    (1) Visible gold drill intercept

    Drill results returned to date in the Cygnet Zone demonstrate strike continuity of mineralization over a distance of approximately 650 m and dip continuity of mineralization over a vertical distance of approximately 300 m between the 6100mN and 6750mN and 4050RL and 3750RL (Figure 7).

    The Cygnet structure sub-parallels the Swan structure and is positioned approximately 125m footwall (east) of the Swan Zone (Figure 6). The north northwest striking mineralized structure transects the eastern limb of an anticline and an anticline-syncline fold pair. The mineralized fault occurs east of the main anticlinal axis, and has an interpreted reverse displacement of approximately 30 m. A shallower structure named the Pen Fault, splays from the Cygnet structure footwall to the Benu Shale stratigraphic units and at the intersection point of these two structures is where occurrences of quartz hosted VG mineralization have been intersected. Further footwall (approximately 70 m), another structure named the Cob Fault has also been identified containing a consistent trend of sulfide mineralization.

    Drilling further down-plunge of 6100mN into the projected position of the Cygnet Zone also demonstrates that significant mineralization persists approximately 550 m down-plunge. Four intercepts containing significant grades and widths of sulfide mineralization highlight the growth potential down-plunge on the Cygnet Zone including 11.1 g/t Au over 3.4 m (ETW 2.4 m) in hole UDE200, 7.9 g/t Au over 3.1 m (ETW 2.6 m) in hole UDE209, 6.6 g/t Au over 6.6 m (ETW 5.5 m) in hole UDE181A and 8.7 g/t Au over 2.3 m (ETW 2.1 m) in hole UDE185A.

    Drilling undertaken to date in the Cygnet Zone has demonstrated sufficient continuity of mineralization and the Company expects to substantially extend Mineral Resources to the north of the December 2018 Cygnet block which hosts an Inferred Mineral Resource of 582Kt @ 6.9g/t Au for 120Koz Au. Opportunity exists for further expansion of Mineral Resources to the north and south and drill targeting of the Cygnet structure will continue into 2020. Drilling will also focus on infill drilling of Mineral Resources to increase geological confidence to facilitate mineral reserve evaluation on this attractive growth target positioned in close proximity to current infrastructure.

    Swan Infill Drilling Program

    Results from the ongoing underground infill drilling program targeting Swan, reaffirm the high-grade tenor of the Swan Mineral Reserves. Since the December 2018 Swan Mineral Reserve of 2.34Moz grading at 49.6 g/t Au, a total of 117 holes for 13,484 m have been drilled into this zone in 2019 for the purpose of optimizing development and stope positioning. Of the 117 results returned to date, 19 results returned greater than 1,000 gram-metres and an additional 44 results returned greater than 100 gram-metres (Figure 5). Key intercepts over 2,000 gram-metres include;

    High-Grade, Visible-Gold Bearing Intercepts >2000 gram-metres include:

    924 g/t Au over 3.6 m (ETW 3.2 m), including 6,590 g/t Au over 0.5 m (ETW 0.4 m) in hole UDH2872; 918 g/t Au over 7.0 m (ETW 6.8 m), including 1,722 g/t Au over 3.7 m (ETW 3.3 m) in hole UDH3024; 625 g/t Au over 3.6 m (ETW 3.3 m), including 6,123 g/t Au over 0.35 (ETW 0.3 m) in hole UDH2483; 488 g/t Au over 5.0 m (ETW 4.7 m), including 2,527 g/t Au over 1.0 m (ETW 0.9 m) in hole UDH3171; 229 g/t Au over 11.2 m (ETW 11 m), including 3,520 g/t Au over 0.6 m (ETW 0.6 m) in hole UDH3103; 365 g/t Au over 6.8 m (ETW 6.1 m), including 1,629 g/t Au over 1.2 m (ETW 1 m) in hole UDH3101; 367 g/t Au over 6.3 m (ETW 5.9 m), including 1,058 g/t Au over 2.1 m (ETW 2 m) in hole UDH2863

    Intercepts through the Swan Footwall Splay also returned some exceptional high-grade, VG intercepts, including one over 2,000 gram-metres and a further three intercepts over 100 gram-metres. The Swan Footwall Splay Fault emanates from and branches off the Swan Fault at approximately 6400mN and 4000mRL (Figures 4 & 6). Mineralized widths containing significant VG grades are typically largest on this fault immediately footwall to the Swan Fault. Key infill intercepts returned that contain VG mineralization include;

    Key Gold Intercepts:

    1,083 g/t Au over 2.8 m (ETW 2.6 m), including 8,610 g/t Au over 0.4 m (ETW 0.3 m) in hole UDH3108; 40.8 g/t Au over 4.8 m (ETW 4.4 m) in hole UDH3103; 52.4 g/t Au over 2.2 m (ETW 2.0 m) in hole UDH3104; and 38.0 g/t Au over 3.8 m (ETW 3.5 m) in hole UDH3112

    Results returned from infill drilling into the Swan Mineral Reserves to a spacing of 12.5 m x 12.5 m have verified the continuity of very high-grade mineralization in Swan. This drilling, coupled with model reconciliation performance, has provided increased confidence in the geological model which underpins the mine plan.

    Qualified Persons

    Troy Fuller, MAIG, Director of Exploration, Australia, is a “Qualified Person” as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this News Release.

    For further information regarding the Company’s 2018 Mineral Reserves and Mineral Resources estimates for the Fosterville Gold Mine, please refer to the Company’s news release dated February 21, 2019 and the Technical Report entitled “Updated NI 43-101 Technical Report Fosterville Gold Mine In the State of Victoria, Australia” effective December 31, 2018.

    Drilling and Underground Sampling Assay QAQC

    Kirkland Lake Gold has in place quality-control systems to ensure best practice in drilling, sampling and analysis of drill core. All diamond drill hole collars (Table 2) are accurately surveyed using a Leica TS16 Total Station instrument and down-hole deviations are measured by either electronic gyro or single-shot instruments.

    Sampling consisted of diamond drill core that was either full core or half core sampled. Half core samples were cut longitudinally in half with a diamond saw; one-half of the drill core was sent to an independent laboratory for analysis and the other drill core half retained for reference. Sample pulps are returned from the assay laboratory for reference and future geological or metallurgical studies. Drill core sample intervals vary between 0.3 and 1.2 m in length and were determined from logging of sulfide and visible gold to geological boundaries.

    Samples containing VG or considered likely to contain VG were separated from sulfide gold samples and dispatched independently for assaying. At the laboratory, “VG” jobs were processed through a single pulverizer and material barren of gold (‘quartz wash’) was crushed before and after each sample to minimize the potential for gold to contaminate successive samples.

    Assays are either based on 25-gram or 40-gram charge fire assay. Mean grades are calculated using a variable lower grade cut-off (generally 2 g/t Au) and maximum 2 m internal dilution. No upper gold grade cut is applied to the data. However, during future Mineral Resource studies the requirement for assay top cutting will be assessed.

    The majority of samples were assayed at On Site Laboratories, an independent laboratory in Bendigo, Victoria. The facility is registered ISO 9001:2008 (CERT-C33510). Some samples were assayed at Bureau Veritas, Adelaide. This facility is registered ISO 9001 : 2015 (CERT RN {&#A A ; –} 44 100 160145) and NATA accredited (1526).

    About Kirkland Lake Gold Ltd.

    Kirkland Lake Gold Ltd. is a growing gold producer operating in Canada and Australia that produced 723,701 ounces in 2018 and is on track to achieve significant production growth over the next three years, including target production of 950,000 {&#A A ; –} 1,000,000 ounces in 2019, 930,000 {&#A A ; –} 1,010,000 ounces in 2020 and 995,000 {&#A A ; –} 1,055,000 ounces in 2021. The production profile of the Company is anchored by two high-grade, low-cost operations, including the Macassa Mine located in Northern Ontario and the Fosterville Mine located in the state of Victoria, Australia. Kirkland Lake Gold’s solid base of quality assets is complemented by district scale exploration potential, supported by a strong financial position with extensive management and operational expertise.

    Drill Assay Intercepts for the Swan, Swan Footwall Splay, Swan South, Cygnet Zone and Cob Diamond Drilling, Lower Phoenix Mineralized System, Fosterville Gold Mine (The results are later than those presented in the December 31, 2018 Technical Report on the Mineral Resources and Mineral Reserves of The Fosterville Gold Mine, dated April 1, 2019, and available on sedar.com)

    Comment by Jon - BMR — December 3, 2019 @ 4:28 am


    Hole FA-19-99 of the continuing 75,000-metre 2019 drill program on Wallbridge Mining Company Ltd.’s 100-per-cent-owned Fenelon gold property has intersected visible gold and abundant sulphide mineralization over a 16-metre core length. This extends the Lower Tabasco Zone a further 230 m down-dip to a vertical depth of 850 metres. In addition, complete assay results have now been received for drill hole FA-19-086, surrounding the previously reported 27.00 g/t Au over 38.39 metres (see Wallbridge Press Release dated October 21, 2019 ). The complete intersection is now reported as 22.73 g/t Au (18.87 g/t Au cut) over 48.01 metres.

    High grade assays were also received from drill holes testing the newly discovered Orion Corridor located over 400 metres to the southeast, further demonstrating the exceptional gold endowment in this gold system over the entire one kilometre strike length explored so far.

    “It is quite remarkable that our current initial wide-spaced drilling with holes spaced 75 metres to more than 200 metres apart continues to consistently intersect mineralization, given the typical size of ore shoots in typical Archean gold systems. The results to date show the exceptional quality of Fenelon and increases our continued understanding of the deposit,” stated Marz Kord, President & CEO of Wallbridge. “The recent drilling, particularly our 230-metre undercut in the Lower Tabasco zone, suggests that at depth this zone appears to follow the contact of Jeremie Pluton in a sub-vertical manner, suggesting that further deep drilling in this area is warranted.”

    Lower Tabasco Zone Highlights

    FA-19-099:A 16-metre core length intersection of the Tabasco zone with visible gold and abundant sulfide mineralization. This interval is an approximate 230 metre undercut to the nearest intersection of the Tabasco zone in hole FA-19-092 and extends the known vertical extent of the gold-bearing system at Fenelon by 100 metres, to a vertical depth of 850 metres (see Figs. 2, 3 and 5). Assay results are pending.

    FA-19-086:Further gold-bearing assay results have been received surrounding the interval of 27.00 g/t Au over 38.39 metres announced in Wallbridge Press Release dated October 21, 2019. The intersection, which is interpreted to be the confluence of the Tabasco zone with one of the Andromeda corridor zones, is now updated as follows (see Figs. 2, 3 and 4):

    22.73 g/t Au (18.87 g/t Au cut) over 48.01 metres, including 34.14 g/t Au (33.62 g/t Au cut) over 9.81 metres, and 32.22 g/t Au (24.33 g/t Au cut) over 22.87 metres Note: Drill hole composites reported as “cut” contain higher grade samples that have been cut to 140 g/t Au. There is currently not enough information available to estimate true widths.

    “We are very pleased with the visual results of drill hole FA-19-099, our first attempt at testing the Fenelon gold system down to 1,000 metres vertical depth,” stated Attila Pentek, Vice President Exploration of Wallbridge. “In addition to extending the Lower Tabasco zone by an astounding 230 metres down-dip from the nearest intersection in FA-19-092, we also observed strong mineralization in the Orion and Andromeda corridors of Area 51 and in the Cayenne corridor north of the Tabasco zone, demonstrating the excellent potential to keep extending the deposit to greater depth. In addition, the first high-grade intersections from the Orion corridor, reported today, are encouraging us to continue testing this newly discovered portion of Area 51 in 2020.”

    A summary of the results for the Area 51 Andromeda Corridor, the Area 51 Orion Corridor, and the Upper Tabasco Zone is presented below.

    Area 51 – Andromeda Corridor

    FA-19-075: A broad envelope of vein network gold mineralization within and along the Jeremie Pluton starting near surface and grading 0.50 g/t Au over 215.23 metres (see Figs. 1 and 2), which includes: 1.20 g/t Au over 44.00 metres, including 41.39 g/t Au over 0.34 metres 3.98 g/t Au over 4.11 metres, including 14.86 g/t Au over 0.61 metres FA-19-078: 22.76 g/t Au over 0.93 metres, and 11.33 g/t Au over 1.00 metres. These intersections are in addition to assay results reported from this drill hole in Wallbridge Press Release dated November 14, 2019. FA-19-086: 10.62 g/t Au over 2.98 metres, and 7.98 g/t Au over 2.05 metres (see Figs. 2 and 4): FA-19-099: Several mineralized zones, one with visible gold, over several hundred metres of core length. Assay results are pending (see Fig. 5).

    Area 51 – Orion Corridor

    FA-18-044EXT:3.79 g/t Au over 10.25 metres, including 43.19 g/t Au over 0.75 metres. Further assay results are pending (see Figs. 1, 2 and 7). 19-0970-006: 121.00 g/t Au over 0.51 metres, and 31.37 g/t Au over 0.50 metres. Further assay results are pending (see Figs. 1, 2 and 6).

    Upper Tabasco Zone

    FA-19-068:1.69 g/t Au over 19.50 metres, including 5.61 g/t Au over 2.54 metres (see Figs. 3 and 6).

    Of the five drill rigs currently active on the Property, three are focusing on exploration drilling from surface, doing large-spaced step-outs to define the footprint of the Fenelon gold system, and two underground drill rigs are doing more closely spaced drilling of the Main Gabbro zones, Tabasco and Area 51 near the existing mine workings. A total of 70,000 metres have been drilled to date in 2019 and the drill program is on track to complete approximately 75,000 metres by the end of the year.

    Assay results for seven surface holes and three underground holes (for a total of over 5,000 metres) of the 2019 exploration drill program are reported in Table 1 and the Figures. Assays, including further results of holes FA-19-075, FA-19-078, FA-18-044EXT and 19-0970-006, are pending for 26 surface drill holes and 78 underground holes, for a total of approximately 33,000 metres.

    The Fenelon Gold Property is located proximal to the Sunday Lake Deformation Zone, an emerging gold belt in northwestern Quebec. This major east-west structure in the northern Abitibi greenstone belt hosts the Detour Lake mine, and is very similar to other breaks controlling world-class gold camps in the southern Abitibi, yet it remains underexplored due to thick overburden cover.

    At Fenelon, secondary splays of the Sunday Lake Deformation Zone have controlled the emplacement of a significant gold system along the Jeremie Pluton. Historically, exploration has focused on high-grade shear zones hosted in the Main Gabbro, and this is where Wallbridge completed a bulk sample of 33,500 tonnes grading 18.49 g/t gold.

    In late 2018, exploration drilling discovered a new geologic setting with extensive, vein network gold mineralization within the pluton, naming it Area 51. The ongoing 75,000 m drill program is proving the connectivity of Area 51 through the sediment-hosted Tabasco and Cayenne zones to the Main Gabbro and is continuing to expand the footprint and depth extent of the Fenelon gold system.

    Drill core samples from the ongoing drill program at Fenelon were cut and bagged on site and transported to SGS Canada Inc. Samples, along with standards, blanks, and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns. 50g samples are analyzed by fire assay and AAS. 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 Persons responsible for the technical content of this press release are Marz Kord, P. Eng., M. Sc., MBA, President & CEO and Attila Pentek, P.Geo., Ph.D., Vice President Exploration of Wallbridge.

    About Wallbridge Mining

    Wallbridge is establishing a pipeline of projects that will support sustainable 100,000 ounce-plus annual gold production as well as organic growth through exploration and scalability.

    The Company is currently developing its 100%-owned Fenelon Gold Property, which is located proximal to the Sunday Lake Deformation Zone, an emerging gold belt in northwestern Quebec with ongoing 75,000 m exploration drill program in 2019 and a recently-completed 33,500-tonne bulk sample. 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 20% shareholder in, Loncan Canada Inc., a privately-held company with a large portfolio of nickel, copper, and PGM projects in Ontario’s Sudbury Basin.

    We seek Safe Harbor.

    Comment by Jon - BMR — December 3, 2019 @ 5:24 am

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