Wallbridge expands Fenelon gold system in multiple directions

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Wallbridge Mining Company Ltd. [WM-TSX; WLBMF-OTC; WC7-FSE] reported positive assay results from the continuing drill program at the 100%-owned Fenelon gold project at its Detour-Fenelon gold trend property in northwestern Quebec. The results announced today continue to demonstrate significant expansion potential both within and beyond the known footprint of the Fenelon gold deposit as outlined in the 2021 mineral resource estimate (MRE).

“The resource expansion drilling completed at Fenelon since the beginning of the year has met our expectations, confirming the potential to add resources in close proximity to the 2021 MRE that can be included in the next resource update,” said Attila Pentek, Vice President, Exploration. “Over the coming months, we will continue to focus on areas with the strongest potential to add high-quality gold ounces, which will inform our decisions regarding the optimal mine configuration for Fenelon in upcoming economic studies.”

Fenelon is located 80 km east of Agnico Eagle’s Detour Lake gold mine at the centre of Wallbridge’s strategic land package, which covers roughly 910 km2 of the most prospective ground on the Detour-Fenelon Gold Trend. Thus far, the company has added near surface mineralization in Area 51 through its 2022 drill program at Fenelon, extending this zone to the southwest. It has also established underground access to Area 51, confirming anticipated grades and continuity at depth. In addition, drilling has extended the Tabasco and Cayenne zones at depth, and identified strong gold mineralization in the Ripley zone, south of the main Fenelon deposit.

Highlights of the drilling results released today include the following: Within the 2021 MRE Footprint, drill hole FA-21-380 returned 2.53 g/t gold over 27.50 metres in the Interstellar 3 zone of Area 51, 80 metres below the underground exploration drift completed earlier this year, demonstrating good continuity of this zone.

There is lateral expansion from the 2021 MRE. At the East-Southeast Area 51/Contact Zone, FA-22-409 returned 2.14 g/t gold over 15.50 metres, including 4.83 g/t gold over 2.10 metres, and 5.20 g/t gold over 4.00 metres near the Contact Zone in a new Area 51 Zone southeast of the MRE.

FA-22-421 returned 1.35 g/t gold over 19.50 metres, including 6.76 g/t gold over 3.00 metres in a new Area 51 Zone southeast of the MRE. 21-5130-003 returned 0.95 g/t gold over 24.00 metres along the Contact Zone close to the eastern edge of the MRE. FA-22-394-W1 returned 37.55 g/t gold over 0.55 metres in a new Area 51 Zone southeast of the MRE.

At the West-Southwest Area 51/Contact Zone, FA-22-399 returned 1.19 g/t gold over 49.25 metres, including 9.43 g/t gold over 3.50 metres near the Contact Zone within Area 51, west of the MRE.

FA-20-171-W1 returned 46.90 g/t gold over 0.50 metres, extending Area 51 mineralization west of the MRE. FA-21-382 returned 16.69 g/t gold over 1.30 metres, extending Area 51 mineralization southwest of the MRE. FA-21-385 45.94 g/t gold over 0.50 metres, extending Area 51 mineralization west of the MRE.

Final assay results from 29 drill holes and partial results for three holes of the 2021/2022 Fenelon drill program are reported. See complete assays on company website.

A mineral resource estimate completed in 2021 validated the multi-million-ounce gold potential of Fenelon as well as Wallbridge’s nearby Martiniere property, incorporating a combined 2.67 million ounces of indicated resources and 1.72 million ounces of inferred resources. Fenelon and Martiniere, located within a 910 km2 exploration land package controlled by Wallbridge, have the potential to be developed into mines, and are close to existing power and transportation infrastructure.

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