Wallbridge Mining Company Limited (TSX:WM) (OTCQX:WLBMF) is pleased to report additional results from its 2022 drilling program at the Company’s 100%-owned Fenelon gold project that have expanded the satellite Ripley Zone towards the southwest. In addition, new prospective targets have been identified along the Sunday Lake Deformation Zone

Following a two-month pause in drilling, two rigs were deployed in early February to commence exploration drilling in the vicinity of the Fenelon gold deposit; a third drill has now been mobilized to test newly identified gold targets along the SLDZ.

“Building on the multi-million-ounce resource we have already established at Fenelon and Martiniere, our 2023 exploration program is targeting the discovery of new gold zones on the Company’s highly prospective Detour-Fenelon Gold Trend land package,” said Attila Péntek, Wallbridge’s Vice President, Exploration. “Positive drill results at Ripley, a satellite zone located one kilometre south of the main Fenelon deposit, reinforce the potential for further discoveries along the SLDZ, which remains largely untested towards the east and west. The upcoming drill program will focus on testing extensions of the main host rocks and structures that control known gold mineralized trends in this region using large-spaced drill step-outs.”

Results reported today (Table 1) successfully expanded the Ripley zone to the southwest and support the potential for further gold mineralization along the SLDZ. These new drill results and geological interpretation indicate potential folding of the host rocks immediately south of the Ripley Zone, providing a high-priority drill target.

About the Ripley Zone

The Ripley Zone straddles the northern contact of the SLDZ, in contrast to the main Fenelon deposit, which is located along the Jeremie Fault, a secondary splay of the SLDZ (see Figure 1). Agnico’s Detour Lake Mine is also located along the northern edge of the SLDZ, emphasizing the importance of this structural horizon.

Sporadic gold mineralization was first discovered at Ripley in the summer of 2019, following up on the discovery of the Fenelon Area 51 and Tabasco/Cayenne Zones. The drilling program conducted by Wallbridge in 2021-22 further delineated the mineralized footprint of the Ripley Zone. Systematic drilling also revealed the continuity and pervasive nature of the gold mineralization.

The gold-bearing system at Ripley has now been traced for a lateral distance of over 750 metres, and has only been tested down to a vertical depth of approximately 500 metres. Exploration potential remains open in most directions, both laterally and at depth.

Important geological observations at Ripley also include the spatial proximity of gold mineralization with Timiskaming-type sedimentary rocks. In the Southern Abitibi, such units are known to provide excellent markers for structures that acted as mineralizing gold fluid pathways (e.g., Timmins and Kirkland Lake gold camps). This new information will be useful to define additional prospective targets regionally.

2023 Drill Program

Very limited historic drill testing was conducted along the SLDZ outside a 1.5 kilometre strike length corridor centered on the Ripley Zone (see Figure 2). Several targets were identified within a few kilometres of the Ripley Zone that, based on geology and geophysics, are interpreted to be favorable for the deposition of gold mineralization.

Wallbridge’s 2023 drilling strategy will aim to evaluate the extensions of known mineralized zones using large-spaced step-outs. In addition, exploration drilling along the SLDZ will focus on conceptual targets, including the potential folding of the Jeremie diorite intrusion immediately south of the Ripley Zone.

The results reported in today’s press release are from 14 drill holes completed in 2022. 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/.

Figure 1. Detour-Fenelon Gold Trend

 Figure 2. Fenelon Gold, Total Magnetic Intensity and Geology

 Figure 3. Fenelon Gold. A) Fenelon Plan View and B) Ripley Zone Plan View

 Figure 4. Ripley Zone West, Cross-Section, 150-metre corridor

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 Lucas Briao Koth, M.Sc., P.Geo., Senior Project Geologist 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 Québec’s Northern Abitibi region. An updated mineral resource estimate completed in January 2023 yielded significantly improved grades and additional ounces at the 100%-owned Fenelon and Martiniere properties, incorporating a combined 3.05 million ounces of Indicated gold resources and 2.35 million ounces of Inferred gold resources. Fenelon and Martiniere are located within an approximate 830 km² exploration land package controlled by Wallbridge. The Company believes that these two deposits have good potential for economic development, especially given their proximity to existing hydro-electric power and transportation infrastructure.

In addition, Wallbridge believes that the extensive land package is extremely prospective for the discovery of additional gold deposits.

Wallbridge also holds a 19.9% interest in the common shares of Archer Exploration Corp. as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec in November of 2022.

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.