Wallbridge Mining Company Limited (TSX:WM) (OTCQX:WLBMF) announced that its 2023 exploration drill program has extended the gold mineralization at its 100% owned Fenelon Gold project at depth in Area 51 and to the south of the Ripley zone.

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

“The ongoing drilling campaign at Fenelon continues to return impressive results, both discovering new gold-bearing areas on the property (see Press Release from May 8, 2023) and continuing to expand the known deposit as highlighted today. Significantly, today’s results expand the Area 51 system 80 metres from the nearest intersection in the central part of the deposit at depth, while new results in the Ripley zone have now expanded the known footprint of gold-bearing Jeremie Diorite to over three kilometres north-south. Our exploration program is consistently growing the overall mineralized footprint and highlighting the district-scale potential of the Fenelon gold system.

Over the remainder of the year, our exploration activities will continue to focus on further delineating the potential of our Detour-Fenelon land package. In parallel, we expect to complete a preliminary economic assessment for the Fenelon deposit this month.”

Composite Highlights

• FA-23-543 intersected high-grade gold mineralization in the Area 51 system down to 940 metres below surface including:
  • 18.26 g/t Au over 2.70 metres, including
            38.63 g/t Au over 1.20 metres,
  • 14.16 g/t Au over 2.50 metres, and
  • 20.95 g/t Au over 0.50 metre.

Geological Highlights

A transect of four holes were drilled across the Sunday Lake Deformation Zone immediately south of the Ripley zone, a new satellite zone of the Fenelon mineral resource (see February 28, 2023, press release). These holes intersected several intervals of intense deformation and strong hydrothermal alteration over hundreds of meters that is interpreted to represent the main deformation corridor of the SLDZ. This structure is in contact with the Timiskaming-type conglomerate rocks identified on the property last year, which in the southern Abitibi have a strong spatial association with gold deposits.

In addition to outlining the SLDZ corridor, results indicate the folding of the gold-bearing Jeremie Diorite immediately to the south of the Ripley Zone, with several gold mineralized intervals present (see Table 1 below). The interpreted folding of the Jeremie Diorite opens up new directions to the south and east for follow-up drill testing of this favorable gold-hosting environment.

Detour-Fenelon Gold Trend Exploration Progress

Currently, the Company has three drill rigs operating on its Detour-Fenelon Gold Trend property: two at its Martiniere gold project and one that is in the process of being mobilized from Fenelon to Grasset East to test favorable target areas on this eastern, unexplored part of the land package.

Wallbridge has completed over 13,000 metres of drilling at Fenelon and over 10,000 meters at Martiniere as part of its 2023 exploration program. Assay results are being released here for six drill holes from Fenelon.

In addition to the drilling campaign, other grassroots exploration programs are underway to continue developing the pipeline of regional targets. In the first quarter of this year, high-resolution airborne magnetic surveys were completed over a group of properties, including Martiniere and Casault, and a sonic, drill-for-till orientation program was completed at Casault. Field work is also currently underway on the Harri property, which lies between the Company’s two flagship projects, Fenelon and Martiniere.

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. 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 Christopher Kelly, M.Sc., P.Geo., Senior Geologist of Wallbridge.

Figure 1. Fenelon Gold Property, Total Magnetic Intensity Reprocessed (TMI)

 Figure 2. Fenelon Gold Property, Vertical Cross Section A-A’, 75m Corridor

 Figure 3. Fenelon Gold Property, Plan View, 880m Vertical Depth and 150m Corridor

Note: True widths are estimated to be 50-80% of the reported core length intervals

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/.

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 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.