Wallbridge Intersects 9.06 g/t Gold Over 40.05 Metres, including 16.33 g/t Gold Over 19.85 Metres in High-Grade Core of Lower Tabasco Zone

Wallbridge Mining Company Limited (TSX:WM) is pleased to report the first assay results from the ongoing 15-40 metre spaced infill drilling program to better define the high-grade core of the Lower Tabasco zone on its 100%-owned Fenelon Gold Property. Results of FA-19-086-W1, the first of five wedge cuts correlate well with the results of FA-19-086.

FA-19-086-W1	9.06 g/t Au (8.82 g/t Au Cut) over 40.05 metres, including
	4.74 g/t Au over 7.20 metres and
	16.33 g/t Au (15.84 g/t Au Cut) over 19.85 metres, which further includes 38.67 g/t Au (37.45 g/t Au Cut) over 7.90 metres
Note: Further assay results are pending from this drill hole. Drill hole composites reported as “cut” contain higher grade samples that have been cut to 140 g/t Au.

These results confirm the presence of high-grade mineralization 25 metres above the original FA-19-086 intersection of 22.73 g/t Au over 48.01 metres including 32.22 g/t Au over 22.87 metres (see Wallbridge Press Release dated December 3^rd, 2019) and mirror the grade distribution in FA-19-086 (see Figs. 1 and 2).

A comparison of the two intersections is shown in Table 1 below.

Table 1. Comparison of Tabasco zone intersections in hole FA-19-086 and wedge cut FA-086-W1
	FA-19-086 Original Hole					FA-19-086-W1, Wedge Cut 25 metres above
	From (m)	To (m)	Length (m)	Au (g/t)	Au Cut (g/t)	From (m)	To (m)	Length (m)	Au (g/t)	Au Cut (g/t)
Total Intersection	595.67	643.68	48.01	22.73	18.87	603.50	643.55	40.05	9.06	8.82
Including…	595.67	606.58	10.91	30.78	30.32	603.50	610.70	7.20	4.74	4.74
And…	606.58	616.37	9.79	0.81	0.81	610.70	623.70	13.00	0.34	0.34
And…	616.37	639.24	22.87	32.22	24.33	623.70	643.55	19.85	16.33	15.84
Which includes…	616.37	625.50	9.13	68.81	49.06	635.65	643.55	7.90	38.67	37.45

“Given the expected variability of this style of high-grade gold mineralization, the degree of consistency in terms of style of mineralization and grade distribution shown by these two intersections 25 metres apart could hardly be better,” stated Attila Péntek, Vice President Exploration of Wallbridge.

“Our aggressive, 50 to 100-metre spaced step-out drilling has been successful in expanding the footprint and size potential of the Fenelon Gold System. In order to deliver a robust maiden resource estimate, we are now increasingly doing more in-fill drilling at much tighter, 15 to 40-metre drill spacing to confirm continuity and grade. The visual results of the five wedge cuts completed around hole FA-19-086, and today’s assays from the first wedge cut have demonstrated excellent continuity in Tabasco’s high-grade domain and we are now continuing in-fill drilling in other parts of the Tabasco and Cayenne zones. This tighter spaced drilling has also led to the initial modelling of the Jeremie Fault which is now recognized as an important structural control for gold deposition in the Fenelon Gold System.”

Additional in-fill and step-out results on from the Tabasco and Cayenne zones are as follows:

FA-20-159-W1	2.77 g/t Au over 36.00 metres in the Tabasco Zone, including
	6.32 g/t Au over 2.00 metres and
	22.38 g/t over 3.00 metres; and
	45.10 g/t over 1.00 m in the Cayenne Zone (see Figs. 1 and 4);

FA-20-155	1.78 g/t Au over 49.50 metres, including
	9.24 g/t Au over 7.50 metres in the Cayenne Zone (see Figs. 1 and 4);

FA-20-153	3.11 g/t Au over 15.70 metres, including
	5.87 g/t Au over 5.00 metres in the Tabasco Zone (see Figs. 1 and 6);

FA-20-161	1.01 g/t Au over 42.00 metres, including
	4.48 g/t Au over 4.50 metres in the Tabasco Zone (see Figs. 1 and 3);

2020 Drilling Program Update

To September 30, 2020, approximately 75,000 metres of the planned fully-funded 100,000-metre 2020 drilling program have been completed. Currently, five of six drill rigs are focusing on expanding the Tabasco-Cayenne-Area 51 mineralization on the original Fenelon Gold Property, carrying out a combination of 50-100-metre step-outs and tighter-spaced in-fill drilling. The sixth drill rig is actively exploring the connection of the Tabasco-Cayenne-Area 51 gold system to the Ripley-Reaper area and the Sunday Lake Deformation Zone. Consideration has been given to increasing the scope and size of the planned 2020 and 2021 drilling programs to be able to fully assess the ultimate size potential of this rapidly growing gold system (see Wallbridge Press Release dated Oct 13, 2020).

Final assay results of eight (FA-20-144, -146, -154, -155, -159-W1, -161, -167, and -171) and partial assay results of four (FA-19-086-W1, FA-20-140, -153, and -176) surface drill holes of the 2020 exploration drill program are reported in the Table and s 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 Long Section

https://www.globenewswire.com/NewsRoom/AttachmentNg/2eab5bf0-067b-4f78-8977-39e2ac83e947

Figure 2. Fenelon Gold, FA-19-086 Wedges, Plan View and Cross Section

https://www.globenewswire.com/NewsRoom/AttachmentNg/0f9c0e44-af2d-41bc-86e7-ed04cb73ad23

Figure 3. Fenelon Gold, Cross Section 9975

https://www.globenewswire.com/NewsRoom/AttachmentNg/38d10dc4-d61f-40a5-ab2c-63ff9d7dd7d3

Figure 4. Fenelon Gold, Cross Section 10200

https://www.globenewswire.com/NewsRoom/AttachmentNg/cb8a8cf3-f2e7-4fac-9985-04bf423c5340

Figure 5. Fenelon Gold, Cross Section 10275

https://www.globenewswire.com/NewsRoom/AttachmentNg/f46f944d-10fb-47e4-bf64-80cffdfd9d4c

Figure 6. Fenelon Gold, Cross Section 10350

https://www.globenewswire.com/NewsRoom/AttachmentNg/1ddf84fb-c187-4623-b30b-0514470c1bcf

Table 2. Wallbridge Fenelon Gold Property 2020 Drill Assay Highlights ⁽¹⁾
Drill Hole	From (m)	To (m)	Length (m)	Au (g/t)	Au Cut⁽²⁾(g/t)	VG⁽³⁾	Zone/Corridor	Section
FA-19-086-W1	603.50	643.55	40.05	9.06	8.82	VG	Tabasco	10200E
Including…	603.50	610.70	7.20	4.74	4.74	VG	Tabasco	10200E
And…	623.70	643.55	19.85	16.33	15.84	VG	Tabasco	10200E
Which includes…	635.65	643.55	7.90	38.67	37.45	VG	Tabasco	10200E
FA-20-140	953.80	968.50	14.70	1.24	1.24		Tabasco	10275E
Including…	953.80	955.95	2.15	4.00	4.00		Tabasco	10275E
And…	966.00	968.50	2.50	2.78	2.78		Tabasco	10275E
FA-20-140	991.00	996.00	5.00	1.26	1.26		Tabasco	10275E
FA-20-140	1010.50	1012.00	1.50	6.30	6.30		Tabasco	10275E
FA-20-144	1055.50	1086.00	30.50	1.21	1.21	VG	Tabasco	10275E
Including…	1057.00	1061.00	4.00	3.21	3.21		Tabasco	10275E
And…	1077.00	1078.00	1.00	15.37	15.37	VG	Tabasco	10275E
FA-20-146	915.00	918.00	3.00	2.72	2.72		Tabasco	10425E
FA-20-153	1030.30	1046.00	15.70	3.11	3.11		Tabasco	10350E
Including…	1041.00	1046.00	5.00	5.87	5.87		Tabasco	10350E
Which includes…	1041.00	1042.00	1.00	22.99	22.99		Tabasco	10350E
FA-20-154	1133.30	1164.50	31.20	1.23	1.23	VG	Tabasco	9975E
Including…	1133.30	1136.65	3.35	2.26	2.26		Tabasco	9975E
And…	1162.05	1163.65	1.60	10.07	10.07	VG	Tabasco	9975E
FA-20-155	943.00	992.50	49.50	1.78	1.78	VG	Tabasco	10200E
Including…	943.00	950.50	7.50	9.24	9.24	VG	Tabasco	10200E
Which includes…	946.00	947.20	1.20	50.90	50.90	VG	Cayenne	10200E
And…	991.00	992.50	1.50	7.28	7.28		Cayenne	10200E
FA-20-159-W1	868.00	904.00	36.00	2.77	2.77	VG	Tabasco	10200E
Including…	873.00	875.00	2.00	6.32	6.32		Tabasco	10200E
And…	886.00	889.00	3.00	22.38	22.38	VG	Tabasco	10200E
FA-20-159-W1	916.00	917.50	1.50	7.44	7.44		Tabasco	10200E
FA-20-159-W1	980.00	982.00	2.00	3.45	3.45		Cayenne	10200E
FA-20-159-W1	1010.50	1012.00	1.50	3.56	3.56		Cayenne	10200E
Table 2. Wallbridge Fenelon Gold Property 2020 Drill Assay Highlights ⁽¹⁾
Drill Hole	From (m)	To (m)	Length (m)	Au (g/t)	Au Cut⁽²⁾ (g/t)	VG⁽³⁾	Zone/Corridor	Section
FA-20-159-W1	1023.00	1024.00	1.00	45.10	45.10		Cayenne	10200E
FA-20-161	1041.00	1083.00	42.00	1.01	1.01	VG	Tabasco	9975E
Including…	1060.50	1074.00	13.50	2.19	2.19	VG	Tabasco	9975E
Which includes…	1069.50	1074.00	4.50	4.48	4.48	VG	Tabasco	9975E
FA-20-167	997.70	998.20	0.50	11.51	11.51	VG	Cayenne	9750E
FA-20-167	1006.50	1007.00	0.50	11.60	11.60	VG	Cayenne	9750E
FA-20-171	1028.30	1029.00	0.70	9.46	9.46		Tabasco	9750E
FA-20-176	1144.00	1150.45	6.45	1.36	1.36	VG	Tabasco	10200E
FA-20-176	1159.00	1168.00	9.00	1.06	1.06		Tabasco	10200E
FA-20-176	1171.50	1176.55	5.05	1.13	1.13		Tabasco	10200E
⁽¹⁾ Table includes only assay results received since the latest press release on Tabasco-Cayenne results dated August 11, 2020.
⁽²⁾ Higher grade assays have been cut to 140 g/t Au.
⁽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., B.Sc., Project 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 with an ongoing, fully-funded 100,000-metre exploration drill program in 2020.

The recent acquisition of Balmoral Resources has secured for Wallbridge a buffer of several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future mine development flexibility. This acquisition has also significantly expanded Wallbridge’s land holdings in Québec along the Detour-Fenelon Gold Trend (from 10.5 km² to over 900.0 km²), improving Wallbridge’s potential for further discoveries for over 90-kilometre strike in this under-explored belt.

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

Posted October 20, 2020

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