Wallbridge Extends Tabasco-style Gold Mineralization at Fenelon

Assay Highlights Include:

7.80 g/t Au over 16.00 metres
2.66 g/t Au over 39.50 metres
3.80 g/t Au over 11.20 metres
2.38 g/t Au over 16.05 metres

Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) is pleased to report that ongoing drilling at the Company’s 100%-owned Fenelon gold project has identified additional gold mineralized zones outside of the Project’s current Mineral Resource Estimate. These results will be incorporated into the MRE update and preliminary economic assessment currently underway at Fenelon.

Attila Péntek, Wallbridge’s Vice President, Exploration, commented:

“Earlier this year, we identified a very favourable environment for gold deposition to the east-southeast of the current Fenelon resource footprint, at vertical depths between 600 metres and 1,000 metres. The intersection, 7.80 g/t Au over 16.0 metres in hole FA-22-411, released today, shows the continuation of high-grade Tabasco-style mineralization in this area, adding to a number of significant intersections already reported in our news release dated July 26, 2022, and underscoring the potential for bulk underground mining zones at Fenelon.”

Highlight Assay Results

Tabasco-Cayenne Corridor (above 200 m vertical depth)

FA-22-410	4.26 g/t Au over 5.50 metres, including
		15.43 g/t Au over 1.40 metres;

Tabasco-Cayenne Corridor (below 200 m vertical depth)

FA-22-411	7.80 g/t Au over 16.00 metres, including
		44.10 g/t Au over 2.25 metres;
FAM-22-008	3.80 g/t Au over 11.20 metres;
FA-22-445	11.07 g/t Au over 2.80 metres;

Area 51, Near Surface (above 200 m vertical depth)

FA-22-467	2.38 g/t Au over 16.05 metres, including
		6.95 g/t Au over 3.40 metres, and
		3.95 g/t Au over 3.15 metres;
FA-22-467	15.03 g/t Au over 1.50 metres;
FA-22-436	1.23 g/t Au over 16.20 metres, including
		1.76 g/t Au over 9.80 metres;
FA-22-436	0.66 g/t Au over 24.60 metres, including
		1.14 g/t Au over 11.40 metres;
FA-22-440A	1.38 g/t Au over 11.40 metres, including
		15.80 g/t Au over 0.60 metre;

Area 51 (below 200 m vertical depth)

FAM-22-008	2.66 g/t Au over 39.50 metres, including
		22.97 g/t Au over 1.50 metres, and
		42.22 g/t Au over 0.50 metre;
FA-22-429	65.70 g/t Au over 0.50 metre;
FA-22-444	31.33 g/t Au over 1.00 metre;
FA-22-444	3.01 g/t Au over 10.55 metres;
FA-22-445	10.46 g/t Au over 1.60 metres, including
		31.55 g/t Au over 0.50 metre;
FAM-22-008	1.84 g/t Au over 12.30 metres;

Ripley Zone

FA-22-461	2.90 g/t Au over 10.50 metres, including
		4.92 g/t Au over 3.00 metres, and
		4.72 g/t Au over 3.00 metres;
FA-22-505	2.48 g/t Au over 7.10 metres;

The results from 25 drill holes from 2022, and one hole drilled for geo-mechanical purposes in support of economic studies (FAM- series) are reported in the Table and Figures below. 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://wallbridgemining.com/our-projects/fenelon-gold/.

Fenelon is located within Wallbridge’s 910-square-kilometre land package on the Detour-Fenelon Gold Trend, 80 kilometres east of the Detour Lake gold mine.

Figure 1. Detour Fenelon Gold Trend

Figure 2. Fenelon Gold, Plan View

Figure 3. Fenelon Gold, Plan View, 825 metres Vertical Depth

Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights ⁽¹⁾
Drill Hole	From	To	Length	Au	Au Cut⁽²⁾	VG⁽³⁾	Zone/Corridor
	(m)	(m)	(m)	(g/t)	(g/t)
Above 200 m vertical depth
FA-21-359	No Significant Mineralization ⁽⁴⁾
FA-22-410	262.00	267.50	5.50	4.26	4.26		Tabasco
Including…	264.10	265.50	1.40	15.43	15.43		Tabasco
FA-22-410	288.90	290.50	1.60	3.65	3.65		Tabasco
FA-22-429	224.00	225.00	1.00	12.02	12.02		Area 51
FA-22-433	No Significant Mineralization ⁽⁴⁾
FA-22-436	169.90	194.50	24.60	0.66	0.66	VG	Area 51
Including…	183.10	194.50	11.40	1.14	1.14		Area 51
FA-22-436	211.80	228.00	16.20	1.23	1.23		Area 51
Including…	218.20	228.00	9.80	1.76	1.76		Area 51
FA-22-436	252.50	263.00	10.50	1.35	1.35		Area 51
Including…	252.50	254.00	1.50	8.01	8.01		Area 51
FA-22-436	282.00	286.50	4.50	1.47	1.47		Area 51
FA-22-440A	69.90	81.30	11.40	1.38	1.38		Area 51
Including…	80.70	81.30	0.60	15.80	15.80		Area 51
FA-22-440A	113.60	127.50	13.90	0.37	0.37		Contact Zone
FA-22-444	211.00	221.50	10.50	0.48	0.48		Area 51
FA-22-445	228.00	229.50	1.50	4.06	4.06		Area 51
FA-22-449	No Significant Mineralization ⁽⁴⁾
FA-22-450-W1	No Significant Mineralization ⁽⁴⁾
FA-22-451	204.35	205.60	1.25	9.85	9.85		Tabasco
FA-22-451	318.15	331.50	13.35	1.07	1.07	VG	Tabasco
Including…	318.15	319.65	1.50	6.68	6.68	VG	Tabasco
FA-22-457	281.60	283.00	1.40	4.86	4.86		Area 51
FA-22-460	192.80	196.50	3.70	1.55	1.55		Area 51
FA-22-460	222.00	230.00	8.00	0.86	0.86		Area 51
FA-22-460	308.50	309.60	1.10	4.51	4.51		Area 51
FA-22-465	160.65	161.65	1.00	5.12	5.12		Area 51
FA-22-467	78.30	94.35	16.05	2.38	2.38		Area 51
Including…	78.30	81.70	3.40	6.95	6.95		Area 51
And…	88.90	92.05	3.15	3.95	3.95		Area 51
FA-22-467	127.00	128.50	1.50	15.03	15.03		Area 51
FA-22-467	180.00	181.50	1.50	6.38	6.38		Area 51
FA-22-467	199.00	206.50	7.50	1.64	1.64		Area 51
Including…	199.00	201.00	2.00	4.43	4.43		Area 51
FA-22-467	229.20	230.40	1.20	6.28	6.28		Area 51
FA-22-470	No Significant Mineralization ⁽⁴⁾
FA-22-472	No Significant Mineralization ⁽⁴⁾
FA-22-489	No Significant Mineralization ⁽⁴⁾
Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights ⁽¹⁾
Drill Hole	From	To	Length	Au	Au Cut⁽²⁾	VG⁽³⁾	Zone/Corridor
	(m)	(m)	(m)	(g/t)	(g/t)
Below 200 m vertical depth
FA-20-171-W2	733.00	734.50	1.50	5.48	5.48		Area 51
FA-22-411	1036.40	1041.80	5.40	1.55	1.55		Area 51
FA-22-411	1281.00	1297.00	16.00	7.80	7.80	VG	Cayenne
Including…	1284.10	1286.35	2.25	44.10	44.10	VG	Cayenne
FA-22-420A	894.50	896.00	1.50	5.46	5.46		Area 51
FA-22-429	671.60	676.00	4.40	1.84	1.84		Area 51
FA-22-429	868.50	869.00	0.50	65.70	65.70		Area 51
FA-22-429	880.50	883.50	3.00	1.77	1.77		Area 51
FA-22-429	948.50	952.15	3.65	1.93	1.93		Area 51
FA-22-444	862.00	863.00	1.00	31.33	31.33		Area 51
FA-22-444	1165.00	1169.00	4.00	3.68	3.68		Area 51
FA-22-444	1176.10	1186.65	10.55	3.01	3.01		Area 51
FA-22-444	1194.10	1194.60	0.50	10.63	10.63	VG	Area 51
FA-22-444	1249.75	1251.25	1.50	9.25	9.25		Contact Zone
FA-22-445	377.50	379.00	1.50	6.93	6.93		Area 51
FA-22-445	691.50	694.50	3.00	1.77	1.77		Area 51
FA-22-445	799.35	800.40	1.05	7.86	7.86		Area 51
FA-22-445	737.80	739.40	1.60	10.46	10.46	VG	Area 51
Including…	737.80	738.30	0.50	31.55	31.55	VG	Area 51
FA-22-445	757.90	764.60	6.70	1.68	1.68	VG	Area 51
FA-22-445	963.70	966.50	2.80	11.07	11.07		Tabasco
FA-22-450-W2	746.60	755.00	8.40	1.62	1.62		Contact Zone
FA-22-459	309.85	310.60	0.75	7.91	7.91		Area 51
FA-22-459	339.00	340.10	1.10	5.96	5.96		Area 51
FA-22-459	513.00	515.50	2.50	2.02	2.02		Contact Zone
FA-22-459	572.50	575.50	3.00	3.05	3.05		Contact Zone
FA-22-459	629.50	632.50	3.00	1.70	1.70		Contact Zone
FA-22-459	638.30	641.50	3.20	1.84	1.84		Contact Zone
FA-22-459	658.90	660.40	1.50	9.11	9.11	VG	Tabasco
FA-22-459	671.00	674.00	3.00	2.01	2.01		Tabasco
FA-22-460	322.50	324.00	1.50	7.02	7.02		Area 51
FA-22-461	598.00	608.50	10.50	2.90	2.90		Ripley
Including…	598.00	601.00	3.00	4.92	4.92		Ripley
And…	605.50	608.50	3.00	4.72	4.72		Ripley
FA-22-467	370.00	371.50	1.50	5.93	5.93		Area 51
FA-22-505	448.90	456.00	7.10	2.48	2.48		Ripley
FAM-22-008	485.00	486.00	1.00	10.09	10.09	VG	Area 51
FAM-22-008	493.00	496.30	3.30	2.94	2.94		Area 51
FAM-22-008	532.00	538.00	6.00	1.54	1.54		Area 51
FAM-22-008	563.50	566.00	2.50	2.95	2.95		Area 51
Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights ⁽¹⁾
Drill Hole	From	To	Length	Au	Au Cut⁽²⁾	VG⁽³⁾	Zone/Corridor
	(m)	(m)	(m)	(g/t)	(g/t)
Below 200 m vertical depth
FAM-22-008	584.50	589.00	4.50	1.71	1.71	VG	Area 51
FAM-22-008	600.50	606.26	5.76	2.17	2.17		Area 51
FAM-22-008	611.50	623.80	12.30	1.84	1.84		Area 51
FAM-22-008	634.25	639.00	4.75	1.76	1.76	VG	Area 51
FAM-22-008	644.50	645.46	0.96	5.99	5.99		Area 51
FAM-22-008	679.00	680.50	1.50	5.57	5.57		Area 51
FAM-22-008	702.95	705.80	2.85	3.35	3.35		Area 51
FAM-22-008	723.50	763.00	39.50	2.66	2.66	VG	Contact Zone
Including…	723.50	725.00	1.50	22.97	22.97		Contact Zone
And…	756.00	756.50	0.50	42.22	42.22	VG	Contact Zone
FAM-22-008	778.30	779.40	1.10	8.60	8.60		Tabasco
FAM-22-008	790.00	801.20	11.20	3.80	3.80		Tabasco
⁽¹⁾ Table includes only assay results received since the press release dated September 28th, 2022.
⁽²⁾ Au cut at: 110 g/t Au for the Tabasco/Contact/Cayenne zones; 75 g/t Au for the Area 51 zones.
⁽³⁾ Intervals containing visible gold (“VG”).
⁽⁴⁾Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 0.35 g/t Au within the 2021 MRE open pit shell and 1.5 g/t Au for outside open pit shell.
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 the ongoing drill program at Fenelon are cut and bagged either on-site or by contractors and transported to SGS Canada Inc. or Bureau Veritas Commodities Canada Ltd. for analysis. Samples, standards and blanks 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 or ICP. At SGS and Bureau Veritas, samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and 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 focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend while respecting the environment and communities where it operates.

Wallbridge’s flagship project, Fenelon Gold is located on the highly-prospective Detour-Fenelon Gold Trend Property in Quebec’s Northern Abitibi region. A mineral resource estimate completed in 2021 validated the multi-million-ounce potential of the 100%-owned Fenelon and Martiniere properties, incorporating a combined 2.67 million ounces of indicated gold resources and 1.72 million ounces of inferred gold resources. Fenelon and Martiniere, located within a 910 km² exploration land package controlled by Wallbridge, have the potential to be developed into mines and are close to existing power and transportation infrastructure.

Wallbridge also holds a portfolio of nickel assets in Ontario and Quebec. In line with its strategy to unlock the value of its Nickel Assets for shareholders, Wallbridge announced on July 13, 2022, that it has entered into a definitive agreement with Archer Exploration Corp. pursuant to which, Archer will acquire all of Wallbridge’s property, assets, rights and obligations related to its Nickel Assets, including Grasset, to create a focused and well-funded publicly traded nickel exploration and development company.

Wallbridge will continue to focus on its core Detour-Fenelon Gold Trend Property while enabling shareholders to participate in the potential economic upside in Archer.

Posted November 8, 2022

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