Wallbridge Mining Company Limited (TSX:WM)  is pleased to announce that its first deep exploration hole on the Fenelon Gold Property has intersected 17.23 g/t Au over 4.00 metres extending the known mineralization by 400 metres to a depth of 1.6 km.

“This was our first ever deep drill hole testing the mineralization at depths of between 1.5-1.8 km below surface, 400 to 700 metres deeper than any previous hole on the Property. We are very encouraged by these results,” stated Attila Péntek, Vice President Exploration of Wallbridge. “Not only did we confirm the presence of the Jeremie Diorite, one of our main gold-hosting environments, but we also intersected high-grade gold-bearing mineralization that is notably similar to the Area 51 gold vein network higher up in the system, significantly expanding the footprint of the mineralized system at Fenelon. We are looking forward to following-up these initial results with further deep holes later this year that will aim to connect this mineralization back up to the known portion of Area 51 and also test the Tabasco-Cayenne horizon, which due to early termination of the drillhole remains untested.”

Fenelon Gold System, Depth Extension

Drill hole FA-20-120A was designed to test the Fenelon Gold System at a depth of between 1.5 and 1.8 kilometres, over 500 metres below the deepest extent of past drilling. Drilling of the hole was suspended last March due to the COVID shutdown and resumed in January of this year, when winter conditions allowed, through a wedge cut FA-20-120A-W1 (see Wallbridge Press Release dated February 17, 2021). Assay results as follows:

Additional assay results from this hole are still pending and will be released as soon as they become available. The Company is planning to complete several directional wedges around hole FA-20-120 later this year to assess the significance of the intersected gold mineralization. These will also test the presence of Tabasco-Cayenne-style mineralization along the northern Jeremie Diorite contact as noted above.

2020-2021 Drilling Program Update

In 2021, the Company is planning to complete approximately 170,000 metres of drilling; a maiden mineral resource estimate at Fenelon is anticipated in the third quarter (see Wallbridge Press Release dated January 11, 2021). Approximately 10-15% of the drilling program will be devoted to regional exploration on the Company’s district-scale, underexplored land package on the Detour-Fenelon Gold Trend.

Currently, the Company has nine drill rigs operating at Fenelon. In the coming months, seven drill rigs will be targeting the Fenelon Gold System (Tabasco-Cayenne-Area 51 mineralization) to approximately 1,000 metres vertical depth, carrying out a combination of definition and expansion drilling at a nominal 75-metre drill spacing. Two drill rigs have been focusing on near-surface, open pit resource drilling in the western portion of Area 51. Additional drills may be devoted to Fenelon resource expansion, and regional grassroots exploration at various projects on the Company’s 900 km² Detour-Fenelon Gold Trend land package later in the year.

Assay results of one drill hole of the 2020/2021 exploration drill program are reported in the Table and Figures below. 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://www.wallbridgemining.com/s/fenelon.asp.

Figures accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/20accbfb-7266-48cb-beda-8ab21a4d20a5

https://www.globenewswire.com/NewsRoom/AttachmentNg/2e34d903-c846-47fe-abbd-38dfac08eaf7

⁽¹⁾ Table includes only assay results received since the latest press release dated March 22, 2021.
⁽²⁾ Au cut at 140 g/t.
⁽³⁾ Intervals containing visible gold

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

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 either SGS Canada Inc. or ALS Canada Ltd. for analysis. Samples, along with standards, blanks and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. or ALS Canada Ltd. laboratories. Samples are crushed to 90% or 95% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns or 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS. At SGS, samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis.

To test for coarse free gold and for 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, P.Geo., Senior Geologist of Wallbridge.

About Wallbridge Mining

Wallbridge is currently advancing the exploration and development of its 100%-owned Fenelon Gold property, which is located along the Detour-Fenelon Gold Trend, an emerging gold belt in northwestern Québec. The Company completed approximately 102,000 metres of drilling in 2020 and has begun a fully-funded 170,000-metre drill program and the 2021 portion (4,800 metres) of a 10,000-metre, two-year underground exploration development program in 2021. The Company intends to complete a maiden resource on the Fenelon Gold System in the third quarter of 2021.

Wallbridge now holds several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future mine development flexibility. Wallbridge’s land holdings in Québec along the Detour-Fenelon Gold Trend are over 900.0 km², improving Wallbridge’s potential for further discoveries for over 90-kilometre strike length in this under-explored belt.

Wallbridge is also the operator of, and a 17.8% shareholder in, Lonmin Canada Inc., a privately-held company with a portfolio of nickel, copper, and platinum-group metals projects in Ontario’s Sudbury Basin.