Wallbridge Mining Company Limited (TSX: WM) (OTCQB:WLBMF)  is pleased to announce that it has received final assay results from its 2,396 metre drilling program completed in March 2024 at its 100% owned Fenelon Gold Project.

Highlights

• Intersected multiple high-grade gold-bearing structures in the Enterprise and Andromeda vein swarms of the Area 51 zone at depths ranging between 60 and 150 metres below surface including:
  • 29.48 g/t Au over 1.4 metres, 37.95 g/t Au over 1.9 metres in drill hole FA-24-578
  • 12.09 g/t Au over 0.5 metres, 41.55 g/t Au over 0.5 metres in drill hole FA-24-579
• Provided additional infill confirmation of gold grade continuity along Contact and Tabasco zone structures proximal to the Area 51 zone at relatively shallow depths ranging between 40 and 85 metres below surface with intercepts including:
  • 2.15 g/t Au over 4.5 metres, 1.90 g/t Au over 4.1 metres in drill hole FA-24-575
  • 3.39 g/t Au over 2.5 metres in drill hole FA-24-580
• Deeper mineralization was also intersected in the Area 51-MIB and Tabasco zones at depths ranging between 350 and 500 metres below surface including:
  • 7.75 g/t Au over 2.4 metres, 11.52 g/t Au over 1.7 metres in drill hole FA-24-578
  • 50.13 g/t Au over 0.5 metres in drill hole FA-24-579
• Confirmed continuation of gold mineralization along easterly strike projection of the Contact and Tabasco zone structures near the currently defined limit of the Fenelon mineral resource with 1.52 g/t Au over 8.0 metres in a down-hole extension of drill hole FA-20-194.

Additional highlights from the recently completed drilling are provided in the summary table below.

Wallbridge’s CEO Brian Penny commented: “These new intercepts provide further confirmation of the continuity and distribution of gold mineralization within the Fenelon mineral resource. This near-surface mineralization could provide a positive impact on the project, and it will be used to advance the combined Fenelon-Martiniere preliminary economic assessment currently in progress.”

Earlier this year and during 2023, Wallbridge released a series of results from delineation and infill drilling completed at Fenelon subsequent to the announcement of the 2023 mineral resource estimate (see Wallbridge news releases dated February 7, 2024, June 6, 2023, March 6, 2023, January 17, 2023, and Amended and Re-stated: NI 43-101 Technical Report dated December 29, 2023). Links to a drill hole location map and cross-sections for the drill holes reported in this news release are provided here: Fenelon Gold Project: Q1 2024 Plan View Map & Cross-Sections

Subsequent to the completion of its Q1 Fenelon drill program, Wallbridge recently completed a Phase 1 drill program at its Martiniere Project, located 30 kilometres west of Fenelon (see news release dated March 4, 2024 ). Key objectives of the Phase 1 program include the collection of mineralized material for bulk metallurgical testing, collection of geotechnical data to support rock mass characterization studies, and infill drilling to upgrade resource classification. The Company will provide an update on the Martiniere Project once the final results of the Phase 1 program have been received. Additionally, final preparations are well underway for the commencement of the 2024 regional exploration drilling program, which is scheduled to begin in early June.

A link to a complete summary table of assay results and drillhole information are provided here: Fenelon Gold Project: Q1 2024 Drill Assay Summary & Q1 Drillhole Information

Quality Assurance / Quality Control

Wallbridge maintains a Quality Assurance/Quality Control 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 and shipped in sealed bags to SGS in Val d’Or, Quebec where they are re-distributed to other SGS laboratory facilities according to the analytical method being requested by Walbridge. Gold analyses are routinely performed via fire assay with ICP-OES finish methods. For greater precision and accuracy, samples assaying 10 g/t Au or greater are re-assayed via metallic screen fire assay method or fire assay/gravimetric finish, depending on the amount of sample material remaining available. Samples containing visible gold are submitted directly for analysis by metallic screen fire assay method.

SGS Natural Resources analytical laboratories operate under a Quality Management System that conforms to the requirements of ISO/IEC 17025. All of SGS’ Canadian analytical sites are accredited by the Standards Council of Canada (SCC) for specific mineral tests listed on the scope of accreditation to the ISO/IEC 17025 standard. ISO/IEC 17025 addresses both the quality management system and the technical aspects of operating a testing laboratory. Physical sample preparation involving accredited test methods as listed on the scope of accreditation may be performed at other sites listed on the SGS Canada Inc – Natural Resources – Minerals group accreditation or at offsite sample preparation laboratories that are monitored regularly for quality control and quality assurance practices, including SGS Canada Inc, Garson, SGS Canada Inc, Val d’Or and SGS Canada Inc, Grand Falls-Windsor.

Qualified Person

The Qualified Person responsible for the technical content of this news release is Mr. Christopher Kelly, M.Sc., P.Geo., Senior Geologist for 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 in Québec’s Northern Abitibi region while respecting the environment and communities where it operates (regional property map provided below).

Wallbridge’s most advanced projects, Fenelon Gold and Martiniere Gold incorporate 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.

Wallbridge has reported a positive Preliminary Economic Assessment at Fenelon that estimates average annual gold production of 212,000 ounces over 12 years.

Wallbridge also holds a 15.79% interest in the common shares of NorthX Nickel Corp. (formerly “Archer Exploration“) as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec.

Wallbridge Mining Detour – Fenelon Gold Trend Properties