Wallbridge Expands Fenelon Gold System in Multiple Directions

Wallbridge Mining Company Limited (TSX: WM) (OTCQX:WLBMF) reports positive assay results from the ongoing drill program at the Company’s Fenelon Gold project at its Detour-Fenelon Gold Trend Property in Northwestern Quebec. The results announced today continue to demonstrate significant expansion potential both within and beyond the known footprint of the Fenelon gold deposit as outlined in the 2021 mineral resource estimate.

“The resource expansion drilling completed at Fenelon since the beginning of the year has met our expectations, confirming the potential to add resources in close proximity to the 2021 MRE that can be included in the next resource update,” said Attila Péntek, Wallbridge’s Vice President, Exploration. “Over the coming months, we will continue to focus on areas with the strongest potential to add high-quality gold ounces, which will inform our decisions regarding the optimal mine configuration for Fenelon in upcoming economic studies.”

Fenelon is located 80 kilometres east of Agnico Eagle’s Detour Lake gold mine at the centre of Wallbridge’s strategic land package, which covers roughly 910 square kilometres of the most prospective ground on the Detour-Fenelon Gold Trend. Thus far, the Company has added near surface mineralization in Area 51 through its 2022 drill program at Fenelon, extending this zone to the southwest. It has also established underground access to Area 51, confirming anticipated grades and continuity at depth. In addition, drilling has extended the Tabasco and Cayenne zones at depth, and identified strong gold mineralization in the Ripley zone, south of the main Fenelon deposit.

Highlights of the drilling results released today include the following:

*Within 2021 MRE Footprint*

		FA-21-380	2.53 g/t Au over 27.50 metres in the Interstellar 3 zone of Area 51, 80 metres below the underground exploration drift completed earlier this year, demonstrating good continuity of this zone.

*Lateral Expansion from 2021 MRE*

	*East-Southeast Area 51/Contact Zone*

		FA-22-409	2.14 g/t Au over 15.50 metres, including
			4.83 g/t Au over 2.10 metres, and
			5.20 g/t Au over 4.00 metres near the Contact Zone in a new Area 51 zone southeast of the MRE.

		FA-22-421	1.35 g/t Au over 19.50 metres, including
			6.76 g/t Au over 3.00 metres in a new Area 51 zone southeast of the MRE.

		21-5130-003	0.95 g/t Au over 24.00 metres along the Contact Zone close to the eastern edge of the MRE.

		FA-22-394-W1	37.55 g/t Au over 0.55 metres in a new Area 51 zone southeast of the MRE.

	*West-Southwest Area 51/Contact Zone*

		FA-22-399	1.19 g/t Au over 49.25 metres, including
			9.43 g/t Au over 3.50 metres near the Contact Zone within Area 51, west of the MRE.

		FA-20-171-W1	46.90 g/t Au over 0.50 metres, extending Area 51 mineralization west of the MRE.

		FA-21-382	16.69 g/t Au over 1.30 metres, extending Area 51 mineralization southwest of the MRE.

		FA-21-385	45.94 g/t Au over 0.50 metres, extending Area 51 mineralization west of the MRE.

Final assay results from 29 drill holes and partial results for three holes of the 2021/2022 Fenelon drill program are reported in the Table and Figures below. All figures and the table with drill hole information of recently completed holes are posted on the Company’s website under “Current Program” at https://www.wallbridgemining.com/s/fenelon.asp.

Figure 1. Fenelon, Plan View

Figure 2. Fenelon, 3D View Looking Northeast

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)
22-5080-005	No Significant Mineralization ⁽⁴⁾
22-5080-009	No Significant Mineralization ⁽⁴⁾
21-5130-003	361.50	445.70	84.20	0.52	0.52		Contact Zone
Including…	361.50	385.50	24.00	0.95	0.95		Contact Zone
And…	423.00	432.00	9.00	0.80	0.80		Contact Zone
21-5130-004	262.30	264.30	2.00	7.57	7.57		Contact Zone
Including…	263.30	264.30	1.00	14.37	14.37		Contact Zone
FA-20-171-W1	880.00	880.50	0.50	46.90	46.90		Area 51
FA-21-311-W9	923.50	925.00	1.50	4.12	4.12		Area 51
FA-21-326⁽⁵⁾	436.00	437.50	1.50	1.05	1.05		New Zone
FA-21-342	No Significant Mineralization ⁽⁵⁾
FA-21-345	No Significant Mineralization ⁽⁵⁾
FA-21-346	No Significant Mineralization ⁽⁵⁾
FA-21-347-W5	No Significant Mineralization ⁽⁴⁾
FA-21-380	318.50	346.00	27.50	2.53	2.53		Area 51
FA-21-382	143.60	144.90	1.30	16.69	16.69		Area 51
FA-21-383	385.20	385.70	0.50	15.10	15.10		Area 51
FA-21-385	390.50	391.00	0.50	45.94	45.94	VG	Area 51
FA-21-389	No Significant Mineralization ⁽⁴⁾
FA-22-391⁽⁵⁾	188.00	189.00	1.00	1.20	1.20		New Zone
FA-22-394	462.00	494.50	32.50	0.76	0.76		Area 51
FA-22-394	591.50	604.00	12.50	0.57	0.57		Area 51
FA-22-394	804.00	808.00	4.00	1.32	1.32		Area 51
FA-22-394	814.50	816.00	1.50	3.51	3.51		Area 51
FA-22-394	836.50	838.00	1.50	4.37	4.37		Area 51
FA-22-394-W1	460.00	461.00	1.00	7.16	7.16		Area 51
FA-22-394-W1	556.00	563.50	7.50	1.04	1.04		Area 51
FA-22-394-W1	908.50	917.50	9.00	1.86	1.86		Area 51
FA-22-394-W1	959.90	960.45	0.55	37.55	37.55	VG	Area 51
FA-22-394-W1	1012.00	1013.50	1.50	3.83	3.83		Area 51
FA-22-396	214.00	217.00	3.00	3.39	3.39		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)
Including…	216.00	217.00	1.00	7.45	7.45		Area 51
FA-22-396	376	377	1	10.66	10.66		Area 51
FA-22-399	236.15	245.75	9.60	1.52	1.52		Area 51
Including…	236.15	236.95	0.80	12.10	12.10		Area 51
FA-22-399	582.40	583.30	0.90	7.22	7.22		Area 51
FA-22-399	614.00	616.50	2.50	4.61	4.61	VG	Area 51
FA-22-399	638.10	687.35	49.25	1.19	1.19	VG	Area 51 & Contact Zone
Including…	649.50	653.00	3.50	9.43	9.43		Area 51 & Contact Zone
FA-22-399	799.00	800.50	1.50	4.32	4.32		Cayenne
FA-22-402⁽⁵⁾	90.00	91.00	1.00	1.53	1.53		Ripley
FA-22-402⁽⁵⁾	178.00	179.50	1.50	1.86	1.86		Ripley
FA-22-402⁽⁵⁾	408.50	418.00	9.50	0.31	0.31		Ripley
FA-22-402⁽⁵⁾	452.50	454.00	1.50	0.64	0.64		Ripley
FA-22-402⁽⁵⁾	478.00	479.50	1.50	1.68	1.68		Ripley
FA-22-402⁽⁵⁾	503.50	506.50	3.00	1.19	1.19		Ripley
FA-22-404	No Significant Mineralization ⁽⁴⁾
FA-22-407	183.50	189.00	5.50	2.25	2.25		Cayenne
FA-22-408	No Significant Mineralization ⁽⁴⁾
FA-22-409	992.00	1007.50	15.50	2.14	2.14	VG	Area 51 & Contact Zone
Including…	992.00	994.10	2.10	4.83	4.83		Area 51 & Contact Zone
And…	1003.50	1007.50	4.00	5.20	5.20	VG	Area 51 & Contact Zone
FA-22-409	1052.50	1055.50	3.00	2.49	2.49		Contact Zone
FA-22-409	1082.50	1084.00	1.50	3.69	3.69		Contact Zone
FA-22-411	472.90	476.30	3.40	2.52	2.52	VG	Area 51
Including…	473.90	474.40	0.50	15.14	15.14	VG	Area 51
FA-22-412	185.00	187.20	2.20	7.58	7.58	VG	Area 51
Including…	185.00	185.50	0.50	22.46	22.46	VG	Area 51
FA-22-412	587.5	588.2	0.7	18.08	18.08	VG	Area 51
FA-22-412	616.20	635.00	18.80	0.61	0.61		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)
Including…	628.50	635.00	6.50	1.15	1.15		Area 51
FA-22-412	688.5	703.2	14.7	0.9735	0.9735		Contact Zone
FA-22-413A	No Significant Mineralization ⁽⁴⁾
FA-22-414	269.00	273.50	4.50	1.41	1.41		Tabasco
FA-22-414	409.00	412.50	3.50	2.76	2.76		Tabasco
Including…	409.00	410.10	1.10	6.88	6.88		Tabasco
FA-22-417	231.50	233.00	1.50	3.57	3.57		Area 51
FA-22-421	385.00	404.50	19.50	1.35	1.35		Area 51
Including…	401.50	404.50	3.00	6.76	6.76		Area 51
⁽¹⁾Table includes only assay results received since the latest press release dated April 28, 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.
⁽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.
⁽⁵⁾Metal factor of at least 1 g/t*m and minimum weighted average composite grade of 0.3 g/t Au for exploration drillholes.

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, along with standards and blanks that 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 Christopher Kelly, MSc, Senior Geologist of Wallbridge.

About Wallbridge Mining

Wallbridge is focused on creating value through the discovery, acquisition, development, and production of gold from a portfolio of advanced exploration stage assets located in established mining jurisdictions within Canada. Wallbridge’s flagship project, Fenelon, is located on the highly prospective Detour-Fenelon Gold Trend in Northern Abitibi, Quebec. A mineral resource estimate completed in 2021 validated the multi-million-ounce gold potential of Fenelon as well as Wallbridge’s nearby Martiniere Property, incorporating a combined 2.67 million ounces of indicated resources and 1.72 million ounces of inferred resources. Fenelon and Martiniere, located within a 910-square-kilometre 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 has interests in several copper, nickel and platinum group metal properties, including a 17.8% interest in Lonmin Canada Inc.

Posted May 30, 2022

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