Wallbridge Mining Company Limited (TSX: WM) (OTCQX: WLBMF) announced the discovery of a new area of gold mineralization at the Grasset East Flexure target area on its 100%-owned Grasset Gold property, located 15 kilometres east of the Company’s flagship Fenelon Gold Project (see Figs. 1 & 2). Scattered, gold-bearing quartz veins were intersected in nine of the 19 drill holes completed.

Highlights

• Widespread gold-bearing quartz veining intersected in nine drill holes, so far over an approximately 1-kilometre strike length (Targets G1, G2 and G5);
• Small visible gold grains were observed in four drill holes with assay results up to 3.20 g/t Au over 2.50 metres (included in a wider interval of 1.22 g/t Au over 8.50 metres). Assay results are pending for the visible gold-bearing portions of two of these holes, which are similar in appearance to the intervals that have returned assays;
• Drill program was increased from the originally intended 5,000 metres to approx. 10,500 metres in 20 drill holes, with the final hole still being completed. This release reports final assay results from ten drill holes and results are pending for an additional ten holes, including the final one still being drilled.

“Our initial drill program on the grassroots Grasset Gold property is a good start in this new, unexplored area,” said Attila Péntek, Wallbridge’s Vice President, Exploration. “To find widespread gold mineralization in our first drill program in this entirely overburden covered area on the eastern end of our 97-kilometre-long property along the Detour-Fenelon Gold Trend speaks volumes to the vast untested potential of this and other target areas on our over 830-square-kilometre land package.”

Targets G1 & G2

The seven drill holes testing this target area have delineated widespread gold-bearing quartz veining at a relatively shallow depth, hosted within Timiskaming-like sediments and mafic volcanics, over a strike length of approximately 600 meters. The drilling has confirmed the presence of folded stratigraphy with targets G1 and G2 located at the hinge of the fold, in good accordance with the magnetic signature.

The first drill hole (GR-23-116) intersected a 70-metre-wide zone of quartz veining and sericite alteration at a vertical depth of only 100 to 150 metres, returning continuous elevated gold assays up to 4.36 g/t Au over 0.95 metres (see Fig. 3).

Similar geology and mineralization were observed in the other five drill holes, most notably with nine occurrences of visible gold specks in scattered quartz veins over a core length of 150 metres in hole GR-23-130. Assay highlights for this hole include 3.20 g/t Au over 2.50 metres within a wider interval of 1.22 g/t Au over 8.50 metres.

Two additional follow-up holes drilled at the end of the program intersected similar veins (GR-23-132 and GR-23-133), with both holes containing several occurrences of visible gold.

Assays results are pending for GR-23-130 (additional results), GR-23-132 and GR-23-133.

Target G5

Located 1 kilometre to the west of Target G1, drill hole GR-23-119 intersected sporadic gold mineralization assaying up to 4.47 g/t Au over 1.00 metre. Two follow-up holes (GR-23-128 and GR-23-131) testing the same structure 1.7 kilometres to the northwest, both intersected a 60- to 100-metre-wide zone of intense shearing with elevated silicification and sulfide mineralization. Assays are pending for both of these holes.

Grasset Gold Exploration Program

The Grasset Gold exploration program predominantly focused on the intersection of a large fold-structure with a flexure in the Sunday Lake Deformation Zone, the main structure controlling gold mineralization along the Detour-Fenelon Gold Trend.

The Grasset East Flexure target area consists of a large conglomerate-wacke basin (Timiskaming-like) in contact with a thick sequence of mafic volcanic rocks. In the southern Abitibi, Timiskaming-type sedimentary units are generally associated with regional-scale fault zones that acted as the main ore-fluid pathways (Timmins and Kirkland Lake camps).

The 2023 drill program is designed to define the geological framework of the Grasset East Flexure target area, and to test structures interpreted from recently collected high-resolution airborne magnetic data. Two main types of environments are targeted:

• northern contact of Timiskaming-like sedimentary unit with mafic volcanic rocks in areas of interpreted structural complexities (16 drill holes – targets G1, G2, G5, G6, G7 and G11); and,

• interpreted structures and lithological contacts within the northern mafic volcanic package (4 drill holes – targets G3, G8, G9 and G10).

The Grasset East Flexure target area was never drill tested in the past. Originally, the Company intended to complete approximately 5,000 metres of diamond drilling on 11 targets over an area of 4.5 kilometres by 3.5 kilometres (see Wallbridge release dated August 24, 2023).

To further investigate this new mineralized area, the size of this inaugural drill program was increased to approximately 10,500 metres. Thus far, a total of 19 drill holes totaling 10,000 metres have been completed, testing 10 of the originally identified 11 targets. Today, the Company reports final assay results for ten drill holes and partial assay results for two drill holes (see Table 1), with results pending for ten holes, including the final hole still being drilled. The drilling program is expected to be completed later this week.

Figure 1. Wallbridge’s Detour-Fenelon Gold Trend land package and 2023 priority exploration target areas

 Figure 2. Grasset Gold Property, 2023 Exploration Drill Program, Plan View

 Figure 3. Grasset Gold Property, Zoomed in Plan View

Assay QA/QC and Qualified Persons

Drill core samples from the ongoing drill program on the Detour-Fenelon Gold Trend Property are cut and bagged either on-site or by contractors and transported to SGS Canada Inc. for analysis. Samples, including standards and blanks 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. 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 Evan Slater, M.Sc., P.Geo., Senior 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 projects, 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 830 square kilometre exploration land package controlled by Wallbridge. In addition, Wallbridge believes that the extensive land package is extremely prospective for the discovery of additional gold deposits.

Wallbridge has reported a positive Preliminary Economic Assessment on its 100%-owned Fenelon gold Project with an estimated average annual gold production of 212,000 ounces over 12.3 years (see Wallbridge press release of June 26, 2023).

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.