Wallbridge Mining Company Limited (TSX:WM) (OTCQX:WLBMF)  announced positive assay results that continue to validate the resource growth potential of the Martiniere Gold Property located within the Company’s highly prospective, 910-square-kilometre land package on the Detour-Fenelon Gold Trend in Northern Abitibi, Quebec.

The results announced today extend gold mineralization at depth and are starting to establish a connection between the Martiniere West and Bug Lake Trends, demonstrating that they are part of a continuous deposit. After completing approximately 9,380 metres in its initial, 2021 drill program at Martiniere, the Company plans to drill approximately 40,000 metres at the Property in 2022 with two drill rigs now mobilized at the site.

“With each new set of results, we are increasingly confident in the substantial growth potential of Martiniere, and, combined with our Fenelon project, we see the potential for the emergence of a significant new gold producing district at the heart of our land package in the prolific Abitibi gold belt,” said Marz Kord, President and CEO of Wallbridge. “Our first drill program at Martiniere, completed in November 2021, has demonstrated the growth potential of this deposit and based on this success, our 2022 program at Martiniere is much larger than last year’s. We are optimistic that further drilling will continue to prove up the connectivity of these zones, resulting in a more continuous deposit that will allow us to optimize the Martiniere open pit design, strengthen the project’s overall economics and deliver the updated mineral resource in 2023.”

Martiniere and Fenelon are located close to existing infrastructure, with electricity transmission lines less than 20 kilometers away, and year-round road access on a maintained highway approximately 120 kilometres from air and rail connections in Matagami, Quebec.

Resource Expansion Drill Results

Highlight expansion intersections since the last news release from this program include:

Resource In-fill Drill Results

Highlight expansion intersections since the last news release from this program include:

Assay results from nine drill holes of the 2021 Martiniere drill program are reported in the Table and Figures below. Further assays results are pending for four drill holes of the 2021 program. 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.

Figures accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/967bc6e1-706d-4e96-8b0c-d1b0c4ae7f92

https://www.globenewswire.com/NewsRoom/AttachmentNg/8aba7d1f-ec4a-4c26-98bc-1ca0232c1205

https://www.globenewswire.com/NewsRoom/AttachmentNg/5d2d956e-54aa-43d3-a745-6ed7c6f5c62e

⁽¹⁾ Table includes only assay results received since the latest press release dated October 26, 2021.
⁽²⁾ Au cut: High-grade capping is 35g/t Au for all the zones, in accordance with the 2021 MRE.
⁽³⁾ Intervals containing visible gold (“VG”).
⁽⁴⁾ Metal factor of at least 5 g/t*m and a minimum weighted average composite grade of 0.40 g/t Au for intervals.

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 Wallbridge’s 2021 drill program at Martiniere were cut and bagged on site and transported to Bureau Veritas Commodities 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. 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. Within three years of the discovery of the Area 51 and Tabasco/Cayenne Zones, through drill programs totaling over 300,000 metres, Wallbridge reached an important milestone by announcing a maiden MRE for Fenelon and an updated MRE for the Martiniere Gold Property totalling 2.67 Moz Au in the indicated category and 1.72 Moz Au in the inferred category (for details of the MREs see Wallbridge press release dated November 9, 2021 and Technical Report filed December 23, 2021 on SEDAR).

Both properties are located on the Company’s 910 km² land package along the Detour-Fenelon Gold Trend in Northern Abitibi, Québec, with significant potential for further discoveries over a 97‒kilometre strike length of 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.