Wallbridge Mining Company Limited (TSX:WM) is pleased to announce results from its exploration drill program at the Fenelon Gold Property, with an intersection of 17.79 g/t Au over 16.40 metres, including 76.98 g/t Au over 3.30 metres in a newly discovered Eastern extension of the Gabbro Zones. This high-grade zone is located approximately 140 metres along strike to the east of, and 175 metres vertically below, the known part of the Gabbro Zones where Wallbridge completed a 33,500-tonne underground bulk sample in 2019 with an average grade of 18.49 grams per tonne gold. The mineralization is open for expansion with very few historic drill holes in the area.

“We are very excited about this new high-grade discovery hosted within the Main Gabbro, 140 metres away from the known Gabbro Zones,” stated Attila Péntek, Vice President Exploration of Wallbridge. “This eastern extension of the Main Gabbro, one of the important host rocks at Fenelon, has seen very limited drilling in the past only with shallow 100-200-metre holes. This intersection is still close to surface, at a vertical depth of 300 metres, and is open in all directions.”

Fenelon Gold System, Exploration Drill Results

Assay results of five exploration drill holes are being reported today. These holes tested the geology and extensions of known host rocks and mineralized trends several hundred metres away from the central part of the known Fenelon Gold System where definition drilling is underway in preparation for the maiden 2021 mineral resource estimate.

Highlight intersections from the holes reported today include:

The new high-grade zone discovered in hole FA-20-219 consists of sulfide-rich silicified shear zones, similar to those typical of the Gabbro Zones, however instead of chalcopyrite and pyrrhotite being the dominant minerals, there is abundant pyrite, arsenopyrite and sphalerite. The orientation of the zones appears to be similar to that of the Tabasco-Cayenne and Gabbro Zones, striking WNW-ESE. Follow-up holes are planned to determine the significance and extent of this new gold mineralized zone.

2020-2021 Drilling Program Update

In 2021, the Company is planning to complete approximately 170,000 metres of drilling with a maiden mineral resource estimate at Fenelon is anticipated in the third quarter of 2021 (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 eight drill rigs operating at Fenelon. In the coming months, six 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 five drill holes 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.

Figure 1. Fenelon Gold, Tabasco-Cayenne-Gabbro Zones Long Section

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Figure 2. Fenelon Gold, Plan View

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⁽¹⁾ Table includes only assay results received since the latest press release dated March 25, 2021.
⁽²⁾ Au cut at 140 g/t.
⁽³⁾ Intervals containing visible gold (“VG”).
⁽⁴⁾  Metal factor of at least 3 g/t*m and minimum weighted average composite grade of 1 g/t Au

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 2021 drill program at Fenelon are cut and bagged either on site or by contractors and transported to SGS Canada Inc., AGAT Laboratories Ltd. or Bureau Veritas Commodities Canada Ltd. for analysis. In 2020 samples were submitted to either SGS Canada Inc. or ALS 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. At SGS, AGAT 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 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 2021 program of approximately 170,000 metres of drilling and 4,800 metres of underground exploration development (Phase 1 of a 10,000-metre two-year program). The Company intends to complete a maiden mineral 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 (PGM) projects in Ontario’s Sudbury Basin.