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Press Releases

June 24, 2019
Wallbridge Resource Drilling Continues to Intersect High-Grade Gold at Fenelon Property

Toronto, Ontario -- June 24, 2019 -- Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") today announced continued high-grade gold assays from the ongoing resource drill program at its 100%-owned Fenelon Gold property ("Fenelon" or the "Property").

Drilling in Fenelon's Main Gabbro area continues to successfully follow high-grade shoots, particularly in the Naga Viper and Cayenne zones in proximity and below the existing underground workings. Since the last press release (see Wallbridge Press Release dated May 21, 2019), 7,500 metres of resource drilling has been completed and assay results from 13 resource drill holes have been received with highlights as follows:

19-0970-001: 64.69 g/t gold over 0.50 metre (0.45 metre estimated true width) in the Naga Viper zone,
19-1035-003: 16.66 g/t gold over 2.33 metres (2.12 metre estimated true width) in the Naga Viper zone,
18-1035-019: 14.67 g/t gold over 1.00 metre (0.70 metre estimated true width) in the Habanero zone
19-0985-003: 17.93 g/t gold over 0.65 metre (0.50 metre estimated true width) in the Naga Viper zone,
  • The Naga Viper zone continues to be intersected in all underground drill holes targeting the Main Gabbro with the occurrence of visible gold noted in several of the holes. Assays are currently pending for three of these visible gold-bearing intervals.
  • Visible gold was also observed in several intersections of the Cayenne zone, just south of the Main Gabbro. Assays are currently pending for two of these intervals.
"These extensions of high-grade shoots in the Naga Viper zone have good potential for adding resources in the vicinity of the existing mine workings, which will be important in the first phase of commercial gold production at Fenelon," stated Attila Péntek, Vice President Exploration of Wallbridge.

One underground drill rig is currently active on tightly-spaced resource drilling, completing 15 to 30 metre step-outs on known mineralization within the Main Gabbro down to 350 metres depth, below the area where the Company completed the 2018/2019 bulk sample. In addition to the resource expansion program, over 13,000 metres of exploration drilling have been completed in 2019 and these results will be announced in separate press releases from the resource drilling results. Assays are pending for 25 resource drill holes, including five with visible gold; results from the 13 underground drill holes of the 2019 resource drill program and one 2018 drill hole received to date are reported in Tables 1 and 2 and also shown on the Figure below as well as on the Company website.


Figure 1: Main Gabbro Zones Longitudinal C-C'

Table 1. Wallbridge Fenelon Gold Property 2018/2019 Drill Assay Highlights (1)
Drill Hole From To From To Length True Width Au Au Capped(2) VG(3) Zone
  (m) (m) (m) (m) (m) (m) (g/t) (g/t)    
18-1035-019 91.00 92.00     1.00 0.70 14.67 14.67   Habanero
19-1035-003 93.67 96.00     2.33 2.12 16.66 16.66   Naga Viper
19-0925-003 49.70 51.69     1.99 1.98 1.48 1.48   Naga Viper
19-0925-005 No assays greater than 1g/t Au
19-0940-001 No assays greater than 1g/t Au
19-0940-002 No assays greater than 1g/t Au
19-0955-001 54.66 57.00     2.34 2.32 1.44 1.44   Naga Viper
19-0955-002 9.00 10.30     1.30 1.07 1.42 1.42   Cayenne
19-0955-002 27.80 28.20     0.40 0.33 6.80 6.80 VG Cayenne
19-0955-003 No assays greater than 1g/t Au
19-0955-004 No assays greater than 1g/t Au
19-0970-001 80.25 80.75     0.50 0.45 64.69 64.69 VG   Naga Viper
19-0970-003 No assays greater than 1g/t Au
19-0985-003 101.15 101.80     0.65   17.93 17.93     Naga Viper

(1) Table includes only highlight assay results received since the latest press release.
(2) Au capped at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.
(3) Intervals containing visible gold ("VG").
(4) Currently not enough information available to estimate true width.

Table 2. Wallbridge Fenelon Gold Property 2018/2019 drill hole information (1)
Drill Hole ID Local grid E Local grid N Elevation Length (Metres) Azimuth Dip VG/CP(2) Note
18-1035-019 10571 10997 5214 100 193 -36 VG Final Assays Received
19-1035-001 10502 10852 5134 177 25 -57 CP Additional Sampling Underway
19-1035-003 10502 10852 5134 138 23 -38 VG Final Assays Received
19-1035-007 10502 10852 5134 180 55 -38 CP Assays pending
19-1035-008 10502 10852 5134 243 64 -39 CP Assays pending
19-1035-009 10502 10852 5134 255 70 -38 CP Assays pending
19-1035-010 10502 10852 5134 267 71 -48 CP Assays pending
19-1035-011 10502 10852 5134 261 66 -52 CP Assays pending
19-1035-012 10502 10852 5134 249 60 -57 CP Assays pending
19-1035-013 10502 10852 5134 279 60 -63 CP Assays pending
19-1035-014 10502 10852 5134 198 54 -46 VG Assays pending
19-1035-015 10502 10852 5134 213 52 -55 CP Assays pending
19-0925-001 10399 10906 5134 111 24 -56 CP Final Assays Received
19-0925-003 10399 10906 5134 75 24 -17 CP Final Assays Received
19-0925-005 10397 10902 5135 48 190 -55   Final Assays Received
19-0925-010 10399 10907 5134 90 360 -10   Assays pending
19-0925-011 10399 10907 5134 90 360 -25   Assays pending
19-0925-012 10399 10907 5134 102 360 -40 VG Assays pending
19-0925-013 10399 10906 5134 132 360 -55 CP Assays pending
19-0925-014 10399 10906 5134 201 360 -68 CP Assays pending
19-0925-015 10399 10906 5134 201 330 -53 CP Assays pending
19-0940-001 10417 10897 5134 110 24 -53 CP Final Assays Received
19-0940-002 10417 10897 5134 103 24 -15 CP Final Assays Received
19-0955-001 10430 10890 5134 105 21 -4 CP Final Assays Received
19-0955-002 10430 10890 5134 102 24 -44 VG Final Assays Received
19-0955-003 10430 10890 5134 135 24 -55 CP Final Assays Received
19-0955-004 10430 10890 5134 138 24 -64 CP Final Assays Received
19-0970-001 10444 10883 5134 117 24 -37 VG Final Assays Received
19-0970-002 10444 10883 5134 114 24 -46 VG Assays pending
19-0970-003 10444 10883 5134 156 24 -63 CP Final Assays Received
19-0985-001 10457 10876 5134 117 24 -35 CP Assays pending
19-0985-002 10457 10876 5134 117 24 -44 VG Assays pending
19-0985-003 10457 10876 5134 135 24 -52 VG Assays pending
19-0985-004 10457 10876 5134 168 24 -61 CP Assays pending
19-1000-001 10471 10869 5133 120 24 -32   Assays pending
19-1000-002 10471 10869 5133 132 24 -50   Assays pending
19-1000-003 10471 10869 5133 164 24 -60 CP Assays pending
19-1000-004 10471 10869 5133 111 30 -22 CP Assays pending
19-1000-005 10471 10869 5133 123 35 -40 CP Assays pending
19-1000-006 10471 10869 5133 147 37 -52 VG Assays pending

(1) Table includes only drill holes for which assay results are announced in this press release or are pending. For earlier holes please refer to tables in previous press releases.
(2) Drill holes containing visible gold ("VG") or chalcopyrite-bearing mineralized shear zone ("CP").

Fenelon 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 Martinière. Secondary splays of the SLDZ transect the Property over two to four-kilometre strike lengths and have controlled the emplacement of a significant gold system along the Jeremie Pluton and within a mafic-ultramafic sill referred to as the Main Gabbro.

Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive pre-feasibility study on the resource that existed in the Main Gabbro prior to any drilling by the Company. Wallbridge has undertaken successful surface exploration drilling campaigns in 2017, 2018 and 2019, and has recently completed an underground 35,000-tonne bulk sample at Fenelon. Drilling to date has significantly extended existing zones, located additional parallel zones, and discovered a new gold system associated to the Jeremie Pluton referred to as Area 51.

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 recently-completed 35,000-tonne bulk sample. Wallbridge is also pursuing additional advanced-stage projects which would add to the Company's near-term project pipeline. 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: [email protected]

Brian Penny
Chief Financial Officer
Tel: (416) 716-8346
Email: [email protected]

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.