Wallbridge and Midland test gold targets at Casault
TORONTO, Aug. 27, 2026 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM, OTCQB:WLBMF) (“Wallbridge” or the “Company”) , in partnership with Midland Exploration Inc. (“ Midland ”), is pleased to announce that field crews and a diamond drill rig have been mobilized to the Casault gold property (“ Casault ”) in preparation for the commencement of a 3,000 metre diamond drilling campaign this week.
Highlights:
Drilling program totalling approximately 3,000 metres in 10 to 12 drill holes;
More than 15 newly recognized exploration targets generated from new structural and geophysical interpretation, including the Vortex gold occurrence.
“We are very pleased to have our exploration team and drilling crews back in the field following the approximately six-week interruption caused by regional wildfire activity,” said Brian Penny, CEO of Wallbridge. “The team is eager to begin drilling at Casault to test the high-priority targets generated through a comprehensive reinterpretation of field mapping and historic drilling and geophysical data recently completed by our exploration team. Over the coming weeks, we will also resume the initial ramp-up of infill drilling at Fenelon in preparation for a larger campaign beginning in the fourth quarter to support the pre-feasibility study planned for completion in late 2027 or early 2028. With activities restarting across our Detour-Fenelon trend property, we look forward to advancing both our near-term development objectives at Fenelon and the potential for new gold discoveries across our broader property holdings, beginning with Casault.”
Diamond Drilling
The primary objective of the 2026 drilling campaign at Casault is to evaluate the potential for additional gold discoveries along the Sunday Lake Deformation Zone (“ SLDZ ”) through first pass testing of newly interpreted exploration targets and follow-up drilling at the Vortex gold occurrence.
Wallbridge has designed the planned 3,000 metre drill program consisting of10 to 12-holes, to evaluate several high-priority gold targets identified through a comprehensive reinterpretation of historical geophysical and drilling data, combined with recent geological mapping and surface sampling. Drilling will initially focus on a series of high-priority targets located where the east-west trending SLDZ is intersected by northwest-trending cross-faults and subsidiary shear zones, which are commonly intruded by dikes ranging from mafic to intermediate and felsic compositions. These areas are considered favourable sites for gold mineralization and reflect the structural setting that controls gold mineralization at Wallbridge’s Fenelon and Martiniere gold projects, as well as Agnico Eagle's Detour Lake gold mine. The drilling campaign will follow a results-driven approach, beginning with several holes at the Vortex occurrence followed by first pass tests at priority targets elsewhere on the Casault property.
Drilling by Midland in 2017 led to the discovery of the Vortex Zone, a new showing of shallow syenite-associated gold mineralization hosted within a series of sub-parallel steeply dipping shear structures developed along a transitional contact between gabbroic rocks to the north and mafic volcanic rocks to the south. Gold mineralization has been traced within a corridor approximately 50 metres wide and 1,200 metres along strike, remaining open to the east, west, and at depth. Significant intercepts from the discovery program include:
1.30 g/t Au over 23.5 m including 3.46 g/t Au over 6.0 m and 23.6 g/t over 0.5 m (CAS-17-095)
1.38 g/t Au over 26.5 m including 7.87 g/t Au over 2.2 m and 14.55 g/t Au over 0.8 m (CAS-17-096)
* For additional details s ee Midland news releases dated September 21, 2017, January 30, 2018, July 5, 2018.
A recent reinterpretation of historical drilling and high-resolution airborne geophysical data by Wallbridge has identified a potential eastward extension of the shear-hosted gold system that could increase the strike length of the Vortex Zone by approximately 1,000 metres. The drilling planned for Vortex will comprise 5 to 6 drill holes totaling approximately 1,500 to 1,750 metres, designed to test the interpreted eastern extension while also evaluating the continuity of gold mineralization within the main Vortex Zone.
The second area to be tested by Wallbridge is the C2 target, located approximately 4 kilometres southwest of the Vortex Zone. C2 is a compelling undrilled target situated at the intersection of the SLDZ and a northwest-trending cross-fault, adjacent to the contact between a large intrusive stock and surrounding mafic volcanic and sedimentary rocks. The coincidence of these favourable structural and lithological features represents an attractive setting for gold mineralization. Wallbridge plans to complete an initial 3 to 4 hole campaign totaling approximately 750 to 1,000 metres to evaluate the C2 target.
Additional high-priority targets under consideration for this year’s drilling campaign include the intersection of the SLDZ and the northwest-trending Fontina cross-fault, as well as untested induced polarization (“ IP” ) conductivity anomalies along the Lac du Doigt fault zone, a major shear structure controlling gold mineralization at Wallbridge’s Martiniere deposit located approximately mid-way between the Vortex and Fontina targets. Depending on final target prioritization, Wallbridge anticipates drilling one or both target areas with 3 to 4 holes totaling approximately 500 to 750 metres.
Casault Gold Property
The Casault property, comprising three claim blocks totaling 177 square kilometres, is located approximately 110 kilometres west of the town of Matagami. The property is strategically positioned along a 20 kilometre section of the SLDZ, a regionally extensive gold-bearing fault system that hosts Agnico Eagle's Detour Lake Mine located approximately 35 kilometres to the west, and Wallbridge’s Martiniere and Fenelon deposits, located 14 and 42 kilometres to the northeast and east respectively. Wallbridge holds an option to earn up to a 65% interest in Casault through staged exploration expenditures and other earn-in commitments to Midland ( see Wallbridge news release dated June 18, 2020 ).
The Vortex gold zone is characterized by the presence of monzonitic alkaline intrusions associated with predominantly hematite, magnetite, carbonate, and albite alteration as well as disseminated pyrite mineralization. These alkaline intrusions commonly occur within 1 to 2 kilometres of the SLDZ along contacts and within a sequence of highly deformed mafic volcanic host units. The Lower Detour gold deposit (Zone 58N), located 6 kilometres south of the Detour Lake mine and approximately 40 kilometres southwest of Vortex, is a high-grade gold deposit that is also described as associated with alkaline intrusions. This type of gold mineralization is known as “syenite-associated disseminated gold”. Several very significant gold deposits in the southern Abitibi belong to this category, namely Canadian Malartic, Young-Davidson and Holt-McDermott (Robert, 2001 a ).
Location coordinates for the drill holes referenced in this news release are provided in the table below:
a Robert, F. (2001): Syenite-associated disseminated gold deposits in the Abitibi greenstone belt, Canada. Mineralium Deposita, Vol. 36, p. 503–516.
A map showing the location of the Casault 2026 drilling targets is provided below:
Casault Property Geology & 2026 Exploration Targets
The Casault property is a key component of the Company’s ~600 square kilometre portfolio of contiguous mineral claims comprising the Detour-Fenelon Gold property located in the Northern Abitibi region of Quebec. Casault is comprised of three claim blocks covering an approximate 40 kilometre section of the Sunday Lake Deformation Zone that is the principal structure linking Wallbridge’s flagship Fenelon gold project and its exploration stage Martiniere gold project with Agnico Eagle’s Detour Lake gold mine, currently Canada’s largest producing gold mine.
Wallbridge Mining Detour - Fenelon Gold Trend Properties
Cautionary Statement
Mineralization occurring on the Fenelon Gold and Martiniere gold projects held by Wallbridge, and at the Detour Lake mine held by Agnico Eagle Mines Limited, is not necessarily indicative of mineralization that may be found on the Casault property held by Midland.
Quality Assurance / Quality Control
Wallbridge maintains a Quality Assurance/Quality Control (" QA/QC ") program for all its exploration projects using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for samples, regular insertion of blanks and certified reference materials, and completion of secondary check analyses performed at a separate independent accredited laboratory. Drill core is halved, sampled, and shipped in sealed bags to Activation Laboratories Ltd. (“ ActLabs ”) in Val d’Or, Quebec, where samples are routinely analysed via fire assay with atomic absorption spectroscopy finish methods. For greater precision and accuracy, samples assaying 10 g/t Au or greater are re-distributed to other ActLabs facilities where they are re-assayed via metallic screen fire assay or fire assay/gravimetric finish, depending on the amount of sample material remaining available. Samples containing visible gold are routinely submitted directly for analysis by the metallic screen fire assay method. ActLabs operates under a Quality Management System that conforms to the requirements of ISO/IEC 17025.
Qualified Person
The Qualified Person responsible for the technical content of this news release is Mr. Mark A. Petersen M.Sc., P.Geo. (OGQ AS-10796; PGO 3069), Senior Exploration Consultant for Wallbridge.
About Wallbridge Mining
Wallbridge is focused on creating value through the exploration and sustainable development of gold projects in Quebec’s Abitibi region while respecting the environment and communities where it operates. The Company holds a contiguous mineral property position totaling 598 square kilometres that extends approximately 82 kilometres along the Detour-Fenelon gold trend. The land position is host to the Company’s flagship PEA stage Fenelon Gold Project, and its earlier exploration stage Martiniere Gold Project, as well as numerous greenfield gold projects.
For further information please visit the Company’s website at https://wallbridgemining.com/ or contact:
Wallbridge Mining Company Limited
Cautionary Note Regarding Forward-Looking Information
The information in this document may contain forward-looking statements or information (collectively, “ FLI ”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and interpretations as at the date of this document.
All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include, but are not limited to, words 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.”
FLI in this document may include, but is not limited to: statements regarding current and future exploration and drilling results; parameters and methods used to estimate mineral resource estimate (“ MRE ") at Martiniere; the prospects, if any, for the expansion of mineralization and the Martiniere MRE; and the significance of historic exploration activities and results.
FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this document is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained in this document to reflect new events or circumstances. Unless otherwise noted, this document has been prepared based on information available as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information contained herein.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.
Assumptions upon which FLI is based, without limitation, include: the results of exploration activities, the Company’s financial position and general economic conditions; the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Company’s mineral projects; the accuracy of key assumptions, parameters or methods used to estimate MREs and PEAs; the ability of the Company to obtain required approvals; geological, mining and exploration technical problems; failure of equipment or processes to operate as anticipated; the evolution of the global economic climate; metal prices; foreign exchange rates; environmental expectations; community and non-governmental actions; and, the Company’s ability to secure required funding. Risks and uncertainties about Wallbridge's business are discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedarplus.ca .
Cautionary Notes to United States Investors
Wallbridge prepares its disclosure in accordance with NI 43-101 which differs from the requirements of the U.S. Securities and Exchange Commission (the " SEC "). Terms relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources and economic studies used herein are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to US companies. As such, the information presented herein concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.
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August 27, 2026 - 4:30 AM PDT
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