Wallbridge Mining Company Limited (TSX: WM) (OTCQX: WLBMF) announced that it has extended gold mineralization at the Company’s 100%-owned Martiniere Gold project 300 metres east of the existing Mineral Resource Estimate footprint. The results build upon step-out hole (MR-22-036) completed in late 2022, which identified the presence of significant gold mineralization east of the main deposit (see press release dated Oct. 12, 2022 and Fig. 1).

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

“We are excited to report that all of our follow-up holes in the M1 Target area to date have encountered gold mineralization, validating the potential to significantly expand the footprint of the Martiniere deposit to the east. Since commencing our exploration work at Martiniere in 2021, we have doubled the MRE at the project, and these results continue to reinforce the large size potential of the Martiniere gold system. In addition, a recently completed high-resolution airborne magnetic survey is providing valuable information to further improve the success of our property-wide targeting as we continue to follow up on these strong results.”

Highlights

• MR-23-041 (a 300-metre undercut of MR-22-036) intersected 5.15 g/t Au over 4.00 metres, including 9.28 g/t Au over 1.55 metres.
• MR-23-042, collared 250 metres to the east of MR-22-036, intersected 1.63 g/t Au over 19.35 metres, including 6.96 g/t Au over 2.30 metres.
• New drill holes confirm increased presence of porphyritic intrusive rocks towards the east, similar to the Bug Lake Porphyry, one of the main controls on gold mineralization at Martiniere.

Martiniere Exploration Program Underway

Prior to the temporary suspension of operations due to forest fires the Company had three drill rigs operating on its Detour-Fenelon Gold Trend property: two at its Martiniere gold project and one that was in the process of moving from Fenelon to Grasset East to test favorable target areas on this eastern, unexplored part of the land package. At Martiniere, additional holes are planned to continue testing the M1 Target following the results announced today.

So far, Wallbridge has completed over 10,000 meters of drilling at Martiniere as part of its 2023 exploration program. Assays results are being released today for three drill holes from the 2023 Martiniere drill program and two holes completed at the end of 2022. Assay results for 14 drill holes testing other exploration targets at Martiniere are currently pending (Fig. 2).

In addition to the drilling campaign, a high-resolution airborne magnetic survey was completed over Martiniere (Fig. 2), which is providing valuable information for drill targeting through the identification of potential host rocks and gold-bearing structures property wide.

Assay QA/QC and Qualified Persons

Drill core samples from the ongoing drill program at Martiniere 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. Martiniere Gold Property, Plan View

Figure 2. Martiniere Gold Project, Total Magnetic Survey (TMI)

Note: There is currently insufficient information available from these new zones to estimate the true widths of intersections.

⁽¹⁾ Table includes only assay results received since the latest press release dated October 12, 2022
⁽²⁾ Au cut (high-grade capping) at: 25 g/t Au
⁽³⁾ Intervals containing visible gold (“VG”)
⁽⁴⁾ Metal factor of at least 0.95 g/t*m

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/martiniere/.

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.