Wallbridge Mining drills 4.35 g/t gold over 18.5 metres at Fenelon, Quebec

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Wallbridge Mining Company Ltd.’s [WM-TSX; WLBMF-OTC; WC7-FSE] assay results from resource drilling at its 100%-owned Fenelon gold project 75 km northwest of Matagami, Quebec have identified new gold mineralization closer to the surface and at higher grades, as compared with the project’s 2021 maiden mineral resource estimate (MRE). These results will be incorporated into the MRE update and preliminary economic assessment (PEA).

Attila Pentek, Wallbridge’s Vice President, Exploration, commented:”A large proportion of the ounces within the 2021 MRE were contained below 200 metres in depth, which we believed was in part due to the lack of drilling. Therefore, one of the core objectives of our 2022 exploration program was to test certain areas within the known MRE footprint to improve the quality of the deposit near surface. The delineation of new, strong gold zones, exemplified by the intercepts announced today from the Tabasco Corridor and Area 51, meet this objective and have the potential to provide early, high-quality ounces within the deposit.

“Overall, the results released today align well with our vision for Fenelon as a predominantly underground bulk mining deposit, potentially supplemented by smaller open pits primarily centred on Area 51.

“Additionally, the Ripley Zone, located approximately 900 metres south of Fenelon’s 2021 MRE footprint along the northern edge of the Sunday Lake Deformation Zone, is also developing into a satellite zone, with good potential to add resources in the future.”

Fenelon is located 80 km east of the 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.

In August, the company announced a landmark Pre-Development Agreement with Cree Nation partners, reiterating their support for exploration and pre-development activities at Fenelon and all necessary environmental and social impact assessment studies relating to the project.

The Company expects to publish an updated MRE for Fenelon and the nearby Martiniere project in the first quarter of 2023, followed by the completion of a PEA for Fenelon by the end of the second quarter of 2023.

Highlight Drill Results, Area 51, Near Surface (<200 m Vertical Depth): FA-22-465 returned 4.35 g/t gold over 18.50 metres including 52.36 g/t gold over 0.50 metres and 8.53 g/t gold over 6.00 metres. FA-22-429 returned 14.67 g/t Au over 5.00 metres.

FA-22-442 returned 2.75 g/t Au over 8.00 metres. FAM-22-002 returned 4.07 g/t Au over 4.60 metres. FAM-22-011 returned 1.09 g/t Au over 17.00 metres, 2.09 g/t Au over 8.00 metres and 2.00 g/t Au over 10.00 metres. FA-22-448 returned 3.51 g/t Au over 5.50 metres.

Tabasco Corridor, Near Surface (<200 m Vertical Depth): FA-22-456 returned 5.69 g/t Au over 14.80 metres, including 13.51 g/t Au over 5.40 metres. FA-22-431 returned 2.01 g/t Au over 21.40 metres, including 2.89 g/t Au over 11.60 metres.

Area 51 (Below 200 m Vertical Depth): FAM-22-009 returned 3.93 g/t Au over 19.00 metres, including 12.15 g/t Au over 5.50 metres.

Tabasco Corridor (Below 200 m Vertical Depth): FA-22-399 returned 7.08 g/t Au over 3.50 metres, including 18.53 g/t Au over 1.00 metres in the Cayenne Zone.

Ripley Zone: FA-22-439 returned 5.33 g/t Au over 6.40 metres. FA-22-447 returned 3.48 g/t Au over 4.20 metres, included in a wider mineralized envelope within the Jeremie Diorite, grading 0.88 g/t Au over 52.40 metres.

Gabbro Zones: FAM-22-006 returned 9.75 g/t Au over 5.50 metres, including 86.51 g/t Au over 0.50 metres.

Wallbridge also holds a portfolio of nickel assets in Ontario and Quebec. In line with its strategy to unlock the value of its Nickel Assets, Wallbridge announced on July 13, 2022, that it has entered into a definitive agreement with Archer Exploration Corp., pursuant to which, Archer will acquire all of Wallbridge’s property, assets, rights and obligations related to its Nickel Assets, including Grasset, to create a focused and well-funded publicly traded nickel exploration and development company.

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