Wallbridge Mining Company Limited (TSX:WM) (OTCQX:WLBMF) reported positive assay results from the ongoing drill program at the Company’s Fenelon Gold project, including significant gold mineralization in the Ripley Zone, located one kilometre south of the Fenelon mineral resource footprint. The results demonstrate the potential for this zone to be included in an updated Fenelon mineral resource estimate expected in 2023, as the Company continues to grow the existing resource base at its Detour-Fenelon Gold Trend Property in Northwestern Quebec.

“Based on the results announced today, we believe there is good potential to delineate an underground mineral resource at the Ripley Zone, which could be incorporated into our next Fenelon MRE update,” said Attila Péntek, Wallbridge’s Vice President, Exploration. “In addition, the wide, pervasive mineralization in some of the drill holes, over a strike length of over 800 metres, suggests there could be an opportunity for an open pit resource as well, and we are conducting additional near-surface drilling to evaluate this scenario. We are also drilling in the area between the existing Fenelon deposit and the Ripley Zone to follow up on previous Area 51-style gold intersections as we work to establish a continuous resource base within and along the Jeremie Diorite, one of the primary host rocks of the Fenelon deposit.”

Fenelon Resource Drilling

One of the objectives of the Company’s 2022 Fenelon drill program, as outlined in Wallbridge’s News Release dated January 10, 2022, is to expand the existing resource footprint laterally, in directions where the mineralization is open, while seeking to discover new satellite zones in proximity of the known deposit. Data from this drilling program will support future economic studies in determining the optimal mining configuration of the project.

The drilling conducted in the Ripley Zone, along the Sunday Lake Deformation Zone, approximately one kilometre south of the current Fenelon resource, is part of this resource expansion program and recent highlight intersections from this area include:

Final assay results from six drill holes and partial results of one hole 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.

About the Ripley Zone

The Ripley Zone is located along the northern edge of the SLDZ and is predominantly hosted by the Jeremie Diorite that hosts the Area 51 gold mineralization at Fenelon.

Mineralization in this area was discovered in the summer of 2019 by Balmoral Resources Ltd. following up on Walbridge’s discovery of the Area 51 and Tabasco/Cayenne zones in early 2019. Since the acquisition of Balmoral, the Company has completed limited drilling in this area, and the density of drill hole information was not sufficient to include this zone into the 2021 MRE.

Balmoral’s News Release dated April 30, 2020, reported several drillhole intersections with strong gold mineralization. As per Wallbridge Mining’s reporting standards and procedures, the composites for those same intervals from the Balmoral drillholes will use screen analysis values (where available) instead of the original gravimetric values, which results in a change from the reported Balmoral release.

The discovery drill hole for the Ripley Zone intersected shallow gold mineralization assaying 2.83 g/t Au over 9.65 metres (A52-19-03) near the eastern contact of the Jeremie Diorite. Highlighted intersections from previous drilling include 7.72 g/t Au over 2.77 metres (A52-20-17), 0.38 g/t Au over 164.11 metres (A52-20-18), 0.91 g/t Au over 22.35 metres (FA-20-157), and 0.89 g/t Au over 73.90 metres (FA-20-162).

An intersection in the sediments near the contact with the Jeremie Diorite assaying 157.21 g/t Au over 2.97 metres (A52-20-18) was originally referred to as the “Reaper Zone” but is now considered part of the larger Ripley Zone.

Figure 1. Fenelon, Plan View

https://www.globenewswire.com/NewsRoom/AttachmentNg/8fbefbb8-3636-482f-96e0-f47b00afa284

Figure 2. Fenelon Ripley Zone, Vertical Long Section

https://www.globenewswire.com/NewsRoom/AttachmentNg/af29f8f2-1156-4f8c-9220-7e1aae8333ca

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 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 Peter Lauder, P.Geo, Exploration Manager of Wallbridge.

About Wallbridge Mining

Wallbridge is focused on creating value through the discovery, acquisition, development, and production of gold from a portfolio of exploration and development 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 potential of Fenelon as well as Wallbridge’s nearby Martiniere Property, incorporating a combined 2.67 million ounces of indicated gold resources and 1.72 million ounces of inferred gold 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.