Wallbridge Mining drills 7.80 g/t gold over 16 metres at Fenelon, Quebec

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Wallbridge Mining Company Ltd. [WM-TSX; WLBMF-OTCQX] reported that continued drilling at the 100%-owned Fenelon gold project in Quebec has identified additional gold mineralized zones outside of the project’s current Mineral Resource Estimate (MRE). These results will be incorporated into the MRE update and preliminary economic assessment (PEA) currently underway at Fenelon.

Attila Pentek, Vice President, Exploration, commented: “Earlier this year, we identified a very favourable environment for gold deposition to the east-southeast of the current Fenelon resource footprint, at vertical depths between 600 metres and 1,000 metres. The intersection, 7.80 g/t gold over 16.0 metres in hole FA-22-411, released today, shows the continuation of high-grade Tabasco-style mineralization in this area, adding to a number of significant intersections already reported in our news release dated July 26, 2022, and underscoring the potential for bulk underground mining zones at Fenelon.”

Highlight assay results at the Tabasco-Cayenne Corridor (above 200-metre vertical depth): Drill hole FA-22-410 returned 4.26 g/t gold over 5.50 metres, including 15.43 g/t gold over 1.40 metres.

Tabasco-Cayenne Corridor (below 200-metre vertical depth): FA-22-411 returned 7.80 g/t gold over 16.00 metres, including 44.10 g/t gold over 2.25 metres. FAM-22-008 returned 3.80 g/t gold over 11.20 metres. FA-22-445 returned 11.07 g/t gold over 2.80 metres.

Area 51, Near Surface (above 200 m vertical depth): FA-22-467 returned 2.38 g/t gold over 16.05 metres, including 6.95 g/t gold over 3.40 metres, and 3.95 g/t gold over 3.15 metres.

FA-22-467 returned 15.03 g/t gold over 1.50 metres. FA-22-436 returned 1.23 g/t gold over 16.20 metres, including 1.76 g/t gold over 9.80 metres. FA-22-436 returned 0.66 g/t gold over 24.60 metres, including 1.14 g/t gold over 11.40 metres. FA-22-440A returned 1.38 g/t gold over 11.40 metres, including 15.80 g/t gold over 0.60 metres.

Area 51 (below 200-metres vertical depth): FAM-22-008 returned 2.66 g/t gold over 39.50 metres, including 22.97 g/t gold over 1.50 metres, and 42.22 g/t gold over 0.50 metres. FA-22-429 returned 65.70 g/t gold over 0.50 metres. FA-22-444 returned 31.33 g/t gold over 1.00 metre. FA-22-444 returned 3.01 g/t gold over 10.55 metres. FA-22-445 returned 10.46 g/t gold over 1.60 metres, including 31.55 g/t gold over 0.50 metres. FAM-22-008 returned 1.84 g/t gold over 12.30 metres.

Ripley Zone: FA-22-461 returned 2.90 g/t gold over 10.50 metres, including 4.92 g/t gold over 3.00 metres, and 4.72 g/t gold over 3.00 metres. FA-22-505 returned 2.48 g/t gold over 7.10 metres.

Fenelon is located within Wallbridge’s 910 km2 land package on the Detour-Fenelon Gold Trend, 80 km east of the Detour Lake gold mine.

Wallbridge’s flagship project, Fenelon Gold, is located on the highly-prospective Detour-Fenelon Gold Trend Property in Quebec’s Northern Abitibi region. A mineral resource estimate completed in 2021 validated the multi-million-ounce potential of the 100%-owned Fenelon and Martiniere properties, incorporating a combined 2.67 million ounces of indicated gold resources and 1.72 million ounces of inferred gold resources. Fenelon and Martiniere have the potential to be developed into mines and are close to existing power and transportation infrastructure.

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 for shareholders, Wallbridge announced on July 13, 2022, that it entered into a definitive agreement for Archer Exploration Corp. [RCHR-CSE] to 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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