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Press Releases

October 23, 2018
Wallbridge intersects 37.91 g/t gold over 5.26 metres and 21.00 g/t gold over 4.56 metres

Toronto, Ontario -- October 23, 2018 -- Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") is pleased to announce continued positive results from its underground drill program and to provide an update on the ongoing development as part of the 35,000-tonne bulk sample and underground exploration program at its 100%-owned Fenelon Gold Property ("Fenelon").

Highlights

  • Visible gold was observed to be present in 46 of 76 holes drilled to date.
18-1000-002:19.60 g/t gold over 2.09 metres in the Naga Viper zone
18-1000-003:21.00 g/t gold over 4.56 metres in the Naga Viper zone and
37.91 g/t gold over 5.26 metres in the Habanero zone
18-0990-013:13.92 g/t gold over 15.01 metres in a composite of two zones including
10.31 g/t gold over 4.89 metres in the Paprika zone and
24.30 g/t gold over 6.37 metres in the Habanero zone (previously released in
Wallbridge Press Release dated October 09)
18-0990-014:19.37 g/t gold over 1.68 metres in the Habanero zone
18-0990-015:13.25 g/t gold over 1.50 metres in the Chipotle zone

  • Assay results from 30 underground drill holes are pending.
  • Production from the third stope (CH-02) is underway and the fourth stope (NV-02) is being prepared.

Underground drilling to date from the 5213 Level has mainly targeted the high-grade shoots down to 5130 Level (~120 m depth), which is the lowermost level that is planned to be developed during the 2018 bulk sample program.

In the next few weeks drilling will focus below the 5130 Level. A new underground drill station has been developed on the 5180 Level, which will be used to target the main high-grade shoots down-plunge to 200 m depth.

The bulk sample is expected to produce 19,000 to 26,000 ounces of gold with close to 50% of gold priced at C$1,720 per ounce. The expected cash flow upon completion of this bulk sample, net of all bulk sample costs and including the financing costs, is expected to be sufficient to cover the budgeted working capital requirements.

The bulk sample program is designed to test a few stopes in several zones. Overall grade from these planned stopes is estimated to average 18 to 25 g/t gold. The geology team has developed an extensive sampling program to characterize the mineralized material during this bulk sample. Chip samples are collected from a sampling line across each development face and muck samples are also taken in a regular pattern on surface.

A 10,000-metre surface drilling program is now also underway to follow known mineralized zones and expand resources at depth and further away from the mine workings.

A summary of the drill hole results from the underground drilling are reported in Tables 1 and 2 and also shown on the Figures below as well as on the Company website.

Table 1. Wallbridge Fenelon Gold Property 2018 Underground Drill Assay Highlights

Drill Hole

From

To

From

To

Length

True
Width

Au

Au
Capped*

VG**

Zone

Press Release

(m)

(m)

(m)

(m)

(m)

(m)

(g/t)

(g/t)

18-1030-006

27.79

30.20

2.41

2.20

15.91

15.91

VG

Chipotle

July 25, 2018

18-1030-006

Including...

28.50

29.11

0.61

0.56

59.10

59.10

VG

Chipotle

July 25, 2018

18-1030-007

31.26

32.66

1.40

1.08

16.72

16.72

VG

Chipotle

July 25, 2018

18-1030-008

34.47

38.06

3.59

2.76

9.27

9.27

VG

Chipotle

July 25, 2018

18-1030-008

Including...

35.03

36.61

1.58

1.22

17.37

17.37

VG

Chipotle

July 25, 2018

18-1030-009

77.58

81.00

3.42

2.70

35.91

35.91

VG

Paprika

July 25, 2018

18-1030-009

Including...

78.90

80.60

1.70

1.34

63.33

63.33

VG

Paprika

July 25, 2018

18-1030-010

81.00

81.42

0.42

0.32

13.60

13.60

VG

Naga Viper

July 25, 2018

18-1030-011

80.10

85.50

5.40

4.37

10.05

10.05

Naga Viper

Aug 14, 2018

18-1030-012

68.30

71.26

2.96

1.33

10.09

10.09

VG

Chipotle

Aug 14, 2018

18-1035-002

49.20

54.00

4.80

3.26

29.23

28.35

VG

Chipotle

Aug 14, 2018

18-1035-002

Including...

49.97

52.95

2.98

2.03

46.30

44.89

VG

Chipotle

Aug 14, 2018

18-1035-004

24.94

26.02

1.08

0.73

65.70

65.70

VG

Fresno

Aug 14, 2018

18-1035-004

70.00

74.16

4.16

3.27

9.37

9.37

Naga Viper

Sept 19, 2018

18-1035-005

58.77

64.90

6.13

5.86

48.81

24.35

VG

Naga Viper

Aug 28, 2018

18-1035-005

78.65

79.31

0.66

0.53

26.90

26.90

Paprika

Aug 28, 2018

18-1035-007

84.90

85.50

0.60

0.48

15.60

15.60

Habanero

Aug 28, 2018

18-1035-010

30.45

34.08

3.63

2.72

30.47

30.47

VG

Chipotle

Aug 28, 2018

18-1035-010

Including...

32.90

34.08

1.18

0.89

91.94

91.94

VG

Chipotle

Aug 28, 2018

18-1035-010

64.40

65.40

1.00

0.75

28.80

28.80

VG

Paprika

Sept 5, 2018

18-1035-011

27.75

30.00

2.25

1.78

65.76

42.89

VG

Chipotle

Sept 5, 2018

18-1035-011

56.50

60.50

2.95

2.36

11.09

11.09

Naga Viper

Sept 19, 2018

18-1035-012

28.01

28.56

0.55

0.44

28.30

28.30

VG

Chipotle

Aug 14, 2018

18-1035-012

56.41

56.71

0.30

0.29

61.10

61.10

VG

Naga Viper

Aug 14, 2018

18-1035-013

27.36

29.48

2.12

1.77

144.96

78.10

VG

Chipotle

Sept 5, 2018

18-1035-013

41.00

42.00

1.00

0.91

94.54

94.54

VG

Anaheim

Oct 02, 2018

18-1035-013

Including...

27.99

29.15

1.16

0.97

262.18

140.00

VG

Chipotle

Sept 5, 2018

18-1035-013

51.40

58.35

4.28

3.58

40.69

40.09

VG

Naga Viper

Sept 5, 2018

18-1035-014

85.70

86.45

0.75

0.58

10.23

10.23

Naga Viper

Sept 19, 2018

18-1035-015

72.60

74.34

1.74

1.16

15.74

15.74

Chipotle

Sept 5, 2018

18-1035-017

56.00

66.13

10.13

5.51

50.31

25.18

VG

Chipotle

Aug 28, 2018

18-1035-018

52.99

56.50

3.51

2.38

12.68

12.68

VG

Chipotle

Sept 5, 2018

18-1035-018

63.70

69.00

5.30

3.60

9.04

9.04

VG

Chipotle

Sept 5, 2018

18-1035-018

Including...

66.00

66.96

0.96

0.65

35.79

35.79

VG

Chipotle

Sept 5, 2018

18-1035-019

47.00

55.00

8.00

5.56

27.10

24.69

VG

Chipotle

Sept 5, 2018

18-1035-019

59.30

60.30

1.00

0.69

39.10

39.10

VG

Chipotle

Sept 5, 2018

18-1035-019

72.50

77.35

4.85

4.10

137.63

88.38

VG

Naga Viper

Sept 5, 2018

18-1075-001

26.14

28.41

2.27

1.82

18.54

18.54

Naga Viper

Sept 19, 2018

18-1080-001

21.00

21.50

0.50

0.40

611.00

140.00

VG

Naga Viper

Sept 5, 2018

18-1080-003

35.70

37.20

1.50

1.00

19.24

19.24

VG

Naga Viper

Sept 5, 2018

18-1080-003

Including...

35.70

36.18

0.48

0.32

58.20

58.20

VG

Naga Viper

Sept 5, 2018

18-1080-006

19.30

21.00

1.70

1.59

12.80

12.80

VG

Naga Viper

Sept 5, 2018

18-1080-006

Including...

20.48

21.00

0.52

0.49

39.80

39.80

VG

Naga Viper

Sept 5, 2018

18-1080-006

36.88

41.23

4.35

4.08

3.05

3.05

Habanero

Sept 5, 2018

18-1080-006

Including...

40.52

41.23

0.71

0.67

11.10

11.10

Habanero

Sept 5, 2018

18-0990-006

104.52

109.10

3.50

2.33

39.47

23.32

VG

Naga Viper

Sept 19, 2018

18-0990-007

101.30

101.90

0.60

0.40

204.00

140.00

VG

Chipotle

Sept 19, 2018

18-0990-007

106.95

111.00

4.05

2.70

35.21

31.36

VG

Naga Viper

Sept 19, 2018

18-0990-007

132.02

134.97

2.95

2.20

122.35

35.45

VG

Habanero

Sept 19, 2018

18-0990-008

126.81

127.85

1.04

0.78

6.98

6.98

VG

Habanero

Oct 02, 2018

18-0990-009

91.85

98.74

6.89

3.60

5.73

5.73

VG

Naga Viper

Oct 02, 2018

18-0990-009

115.26

115.75

0.49

0.31

242.00

242.00

VG

Paprika

Oct 09, 2018

18-0990-010

94.70

99.25

4.55

3.50

12.42

12.42

VG

Paprika

Sept 19, 2018

18-0990-010

111.40

116.92

5.52

4.99

41.02

41.02

VG

Habanero

Sept 19, 2018

18-0990-010

Including...

112.6

114.23

1.62

1.46

109.79

109.79

VG

Habanero

Sept 19, 2018

18-0990-011

104.41

112.20

7.79

7.17

54.45

41.51

VG

Habanero

Oct 02, 2018

18-0990-013

88.50

91.40

2.90

1.93

5.01

5.01

VG

Naga Viper

Oct 09, 2018

18-0990-013

106.32

121.33

15.01

11.01

13.92

13.92

VG

Current Release

18-0990-013

Including...

106.3

111.71

4.89

3.59

10.31

10.31

VG

Paprika

Current Release

18-0990-013

Including...

6.37

4.67

24.30

24.30

VG

Habanero

Oct 09, 2018

18-0990-014

115.86

117.54

1.68

1.39

19.37

19.37

VG

Habanero

Current Release

18-0990-015

65.20

66.70

1.50

1.21

13.25

13.25

VG

Chipotle

Current Release

18-0990-017

106.83

108.53

1.70

1.02

134.57

127.00

VG

Paprika

Oct 09, 2018

18-0990-017

114.22

118.12

3.90

2.34

11.23

11.23

VG

Paprika

Oct 09, 2018

18-0990-017

124.02

126.73

2.71

1.63

98.90

47.45

VG

Habanero

Oct 09, 2018

18-1000-002

107.75

109.84

2.09

1.10

19.60

19.60

VG

Naga Viper

Current Release

18-1000-003

83.00

87.56

4.56

3.15

21.00

21.00

VG

Naga Viper

Current Release

18-1000-003

109.36

114.62

5.26

3.59

37.91

37.91

VG

Habanero

Current Release

* Au capped at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.
** Intervals containing visible gold ("VG").

Table 2. Wallbridge Fenelon Gold Property 2018 Underground drill hole information*

Drill Hole ID

Local grid
E

Local grid
N

Elevation

Length
(Metres)

Azimuth

Dip

VG**

Note

18-1035-012

10572

10996

5214

69

203

-6

VG

Further Assays pending

18-1075-003

10592

10955

5214

48

208

-25

Further Assays pending

18-0990-018

10532

11019

5215

150

216

-46

VG

Further Assays pending

18-1000-002

10540

11014

5215

156

204

-49

VG

18-1000-003

10540

11014

5215

147

199

-46

VG

18-1000-004

10540

11014

5215

126

205

-45

VG

Assays pending

18-1000-005

10540

11014

5215

135

216

-46

VG

Assays pending

18-1000-006

10540

11014

5215

131

199

-40

VG

Assays pending

18-1000-007

10540

11014

5215

126

202

-38

VG

Assays pending

18-1000-008

10540

11014

5215

111

202

-29

Assays pending

18-1000-009

10540

11014

5215

102

203

-20

VG

Assays pending

18-1010-002

10549

11009

5214

150

201

-50

Assays pending

18-1010-003

10549

11009

5214

132

204

-44

VG

Assays pending

18-1020-005

10556

11005

5214

141

205

-47

VG

Assays pending

18-1020-006

10556

11005

5214

132

204

-44

VG

Assays pending

18-0990-019

10532

11019

5215

162

230

-34

Assays pending

18-0990-020

10532

11019

5215

170

218

-48

VG

Assays pending

18-0990-021

10532

11019

5215

138

220

-35

VG

Assays pending

18-0990-022

10532

11019

5215

184

226

-46

VG

Assays pending

18-0990-023

10532

11019

5215

163

223

-51

Assays pending

18-0990-024

10532

11019

5215

200

217

-55

Assays pending

18-0990-025

10532

11019

5215

216

233

-45

Assays pending

18-0990-026

10532

11019

5215

141

226

-26

Assays pending

18-1160-001

10679

10934

5216

51

200

0

Assays pending

18-1160-002

10679

10934

5216

60

200

-23

Assays pending

18-1130-002

10654

10948

5215

90

201

-47

Assays pending

18-1130-003

10654

10948

5215

81

191

-27

Assays pending

18-1130-004

10654

10948

5215

75

202

-17

Assays pending

18-1120-002

10644

10954

5214

87

202

-44

Assays pending

18-1120-003

10644

10954

5214

75

208

-30

Assays pending

18-1120-004

10644

10954

5214

72

202

-17

Assays pending

18-1110-002

10636

10959

5214

102

204

-41

VG

Assays pending

* Table includes only underground holes drilled since August and for which assays are pending. For earlier holes please refer to tables in previous press releases.
**Intervals containing visible gold ("VG")

Figure 1: Fenelon Gold, 3D View

Figure 2:  Fenelon Gold, Habanero Zone Longitudinal

Figure 3:  Fenelon Gold, Naga Viper Zone Longitudinal

Figure 4:  Fenelon Gold, Cross Section 990

Wallbridge's Fenelon Gold Property is located in northwestern Quebec proximal to the Sunday Lake Deformation Zone ("SLDZ") which hosts the Detour Gold Mine in Ontario, and Balmoral Resources' gold deposits at Martiniere. The Fenelon Gold Property hosts the Discovery Zone gold deposit and surrounding 4 km strike length of a gold-hosting secondary splay of the SLDZ.

Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive pre-feasibility study on the existing resource (see Wallbridge Press Release dated February 02, 2017). In addition, Wallbridge has completed surface exploration drilling campaigns and is currently drilling from underground as part of its 35,000-tonne bulk sample at Fenelon. Drilling to date has significantly extended existing zones and discovered several new parallel zones.

Drill core samples from the ongoing drill program at Fenelon were cut and bagged on site and transported to SGS Canada Inc. Samples, along with standards, blanks, and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns. 50g samples are analyzed by fire assay and AAS. 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 Persons responsible for the technical content of this press release are Marz Kord, P. Eng., M. Sc., MBA, President & CEO and Attila Péntek, P.Geo., Ph.D., Vice President Exploration for Wallbridge Mining Company Limited.

About Wallbridge Mining

Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.

Wallbridge is currently developing its 100%-owned high-grade Fenelon Gold property in Quebec with ongoing exploration and a bulk sample in 2018. Wallbridge is also pursuing other additional advanced-stage projects which would add to the Company's near-term project pipeline. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October 2015. Wallbridge is also continuing partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario, with a focus on its high-grade Parkin project.

Wallbridge also has exposure to exploration for copper and gold in Jamaica and British Columbia through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited, a Wallbridge spin-out of its BC assets).

For Further Information

Please visit the Company's website at www.wallbridgemining.com or contact:

Wallbridge Mining Company Limited
Marz Kord, P. Eng., M. Sc., MBA
President & CEO
Tel: (705) 682-9297 ext. 251
Email:

David Ellis
Investor Relations
Tel: (416) 704-0937
Email:

This press release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.

Wallbridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.