Wallbridge Reports Strong Intercepts From The Area 51 Gold System At Fenelon

Toronto, Ontario – May 20, 2020 – Wallbridge Mining Company Limited (TSX:WM) ("Wallbridge" or the "Company") is pleased to announce that it continues to outline strong gold mineralization over a 600 by 500 metre area within the Area 51 vein network, which occurs in the hangingwall to the Tabasco-Cayenne shear system on its 100%-owned Fenelon Gold Property ("Fenelon" or the "Property") (see Fig.1).

 

The results announced today continue to show the grade characteristics typical of the Jérémie Pluton-hosted Area 51 veins, allowing the future evaluation of various potential mining scenarios:

"We continue to expand the Area 51 gold system, both east (now on section 10425) and West (now on section 9825) with strong intersection both near surface and also at depth in close proximity to the Tabasco zones. Geophysical information and initial drill results by Balmoral indicate that Area 51 mineralization may extend far into the surrounding Balmoral ground and we are looking forward to discovering the extensions of this gold system on the soon-to-be consolidated land package with drilling planned to start up there this summer," stated Attila Péntek, Vice President, Exploration of Wallbridge. "The geologic interpretation and 3D modeling carried out by our geology team, working remotely during this temporary suspension due to COVID-19, has provided us with a much-improved understanding of the controls on gold mineralization in the Fenelon gold system. This will enable us to better target these zones and evaluate potential mining scenarios."

 

Highlights

 

Andromeda Corridor

 

19-0915-020: 3.17 g/t Au over 9.00 metres and 7.18 g/t Au over 6.00 metres (see Fig. 8);

 

19-0915-024: 2.18 g/t Au over 19.50 metres, including 3.56 g/t Au over 7.50 metres (see Fig. 9);

 

19-0915-025: 78.21 g/t Au over 0.70 metre (see Fig. 8);

 

19-0915-026: 3.11 g/t Au over 10.15 metres, including 23.26 g/t Au over 0.85 metres (see Fig. 7);

 

FA-20-108: 1.38 g/t Au over 29.25 metres, including 4.30 g/t Au over 4.50 metres (see Fig. 8);

 

Enterprise & Interstellar Corridors

 

FA-19-097: 1.52 g/t Au over 42.12 metres, including 2.39 g/t Au over 16.12 metres (see Fig. 2);

 

FA-20-115: 2.06 g/t Au over 38.50 metres, including 9.28 g/t Au over 6.50 metres (see Fig. 7);

 

FA-20-116: 1.70 g/t Au over 58.50 metres (together with Andromeda Zone 4) (see Fig. 9), including

5.77 g/t Au over 14.85 metres, which further includes 17.82 g/t Au over 4.50 metres;

 

FA-20-118: 307.74 g/t Au over 0.50 metre (see Fig. 3);

 

Laika Corridor

 

FA-20-107: 19.55 g/t Au over 4.10 metres (see Fig. 10);

 

FA-20-129: 1.18 g/t Au over 28.55 metres (see Fig. 7);

 

MIB & Milky Way Corridors

 

FA-19-097: 1.18 g/t Au over 37.98 metres, including 35.39 g/t Au over 0.70 metre (see Fig. 2);

 

FA-20-109: 1.53 g/t Au over 40.90 metres, including 13.38 g/t Au over 2.25 metre (see Fig. 3);

 

FA-20-113: 1.01 g/t Au over 82.40 metres, including 7.02 g/t Au over 2.40 metres (see Fig. 4);

 

FA-20-134: 1.07 g/t Au over 36.90 metres, including 7.07 g/t Au over 2.10 metres (see Fig. 4);

 

Orion Corridor

 

FA-20-106: 2.22 g/t Au over 14.75 metres (see Fig. 4);

 

FA-20-107: 1.14 g/t Au over 22.05 metres (see Fig. 10);

 

FA-20-128: 1.71 g/t Au over 21.00 metres and 121.00 g/t Au over 0.60 metre (see Fig. 4);

 

Titan Corridor

 

FA-20-110: 4.57 g/t Au over 5.40 metres and 2.44 g/t Au over 13.50 metres (see Fig. 5);

 

FA-20-137: 1.18 g/t Au over 24.00 metres, including 9.55 g/t Au over 1.50 metres (see Fig. 5);

 

19-970-007: 3.08 g/t Au over 9.40 metres, including 5.17 g/t Au over 4.70 metres (see Fig. 10);

 

Area 51 Geologic Modelling

 

The Area 51 mineralization has now been modelled in detail based on available assay results and other geologic observations collected (structural orientation of veins, vein density data, alteration mapping, shear intensity), establishing 27 zones modelled and grouped into eight mineralized corridors. These new models will enable Wallbridge to better target these zones and evaluate potential mining scenarios. Geophysical information and initial drill results by Balmoral indicate that the Area 51 mineralization may extend far into the Balmoral land package and will represent one of the high priority targets for the 2020 drill program.

 

2019/2020 Drill Program

 

Prior to the March 23, 2020 temporary suspension of drilling activities due to COVID-19, six drill rigs were active on the Property: five were focusing on exploration drilling from surface with large-spaced step-outs to define the footprint of the Fenelon Gold System, and one underground drill rig was focused on more closely-spaced definition drilling of the Main Gabbro Zones near the existing mine workings. A total of 75,000 metres were drilled in 2019, and a fully-funded 100,000 to 120,000 metres of drilling was originally planned for 2020. So far, up to the March 23, 2020 temporary suspension, a total of approximately 26,000 metres have been drilled this year. As previously announced, exploration activity has resumed at Fenelon, initially with four surface drill rigs; the Company now estimates completing between 70,000 and 80,000 metres of drilling in 2020.

 

Partial assay results of 23 surface holes and six underground holes of the 2019/2020 exploration drill program are reported in Table 1 and Figures below. Further assays are pending for some of the drill holes and intersections of the Tabasco-Cayenne shear system are reported in separate releases. All figures and a table with drill hole information of recently completed holes can be found at https://www.wallbridgemining.com/s/fenelon.asp.