Wallbridge drills 14.05 metres of 11.6 g/t gold at Fenelon, Quebec

Wallbridge Mining Company Ltd. [WM-TSX; WLBMF-OTC; WC7-FSE] reports exploration drilling on its 100%-owned Fenelon gold property continues to successfully expand gold mineralization with high-grade intersections at both the eastern and northwestern edges of the area tested by resource drilling to date. The project is located 75 km northwest of Matagami, Quebec.

In the northwest, exploration drilling has successfully expanded the footprint of Area 51, with near-surface intersections including 11.60 g/t gold over 14.05 metres in FA-21-297.

In the east, exploration drilling to follow up the discovery hole of the gabbro zones, east extension (17.79 g/t gold over 16.60 metres in drill hole FA-21-219, has confirmed the presence of strong gold mineralization, with the first follow-up hole (FA-21-305) returning 9.00 g/t gold over 10.00 metres. Assays for the remaining three holes drilled to the east are pending.

“We continue to be impressed by the expansion potential at Fenelon and are now, with all drilling required for our maiden mineral resource estimate (MMRE) completed, excited to ramp up our exploration drilling efforts to confirm extensions of known gold zones and to discover new zones. The drilling results in this news release represent high-grade gold mineralization on the edges of our known mineralized footprint and highlight the excellent potential for future resource growth at Fenelon,” stated Marz Kord, president and CEO.

With the resource drilling in support of the MMRE completed, Wallbridge has ramped up its exploration program at Fenelon to continue expanding the footprint of the known gold system and discover additional gold zones in the vicinity of the Fenelon deposit. Regional drilling on the company’s extensive, underexplored land package is also under way with two drill rigs currently focusing on resource expansion drilling at Martiniere and testing grassroots exploration targets on the adjacent Casault property.

Exploration drilling continues to expand the footprint of Area 51, especially toward the west-northwest, where much of the major host rock, the Jeremie diorite, remains untested. The following two recent highlight intersections from this area occur near surface, at vertical depths of 35 to 45 metres (FA-21-297) and 110-115 metres (FA-21-272). Drill hole FA-21-297 returned 11.60 g/t gold over 14.05 metres, including 201.00 g/t gold over 0.50 metres, and 117.00 g/t gold over 0.50 metres. Hole FA-21-272 returned 3.16 g/t gold over 9.00 metres, including 13.20 g/t gold over 1.50 metres.

Four drill holes were drilled this summer to follow-up on the gabbro zones, east extension discovery, in drill hole FA-21-219, which yielded 17.79 g/t gold over 16.60 metres. All of the holes intersected alteration and mineralization characteristic of the gold-bearing system.

Assay results of an intersection in the first follow-up drill hole (FA-21-305), representing an approximate 120-metre overcut to the original FA-21-219 discovery, confirm the presence of a high-grade mineralized zone in this area. Hole FA-21-305 returned 9.00 g/t gold over 10.00 metres, including 18.56 g/t gold over 3.35 metres.

Assay results for the other three holes are still pending.

In 2021, the company is planning to complete between 150,000 and 170,000 metres of drilling, including 20,000 to 25,000 metres devoted to regional exploration on the company’s district-scale, underexplored land package on the Detour-Fenelon gold trend.

The company intends to complete a maiden mineral resource estimate on the Fenelon gold system in October, 2021.