WALLBRIDGE CONTINUES TO PRODUCE STRONG DRILL RESULTS FROM ITS DEFINITION AND EXPANSION DRILL PROGRAM AT FENELON

Toronto, Ontario – May 06, 2021 – Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) is pleased to announce that its 2021 definition and expansion drill program on the Fenelon Gold Property (“Fenelon” or the “Property”) continues to confirm the grade and geometry of the central portions of the Tabasco-Cayenne and Area 51 Zones and expand the mineralized footprint.

 

Drilling is currently focusing on various areas within the approximately 1.0 km by 1.2 km central portion of the Fenelon Gold System, in order to collect additional information to expand and better define the mineralization in support of a maiden mineral resource estimate planned for Q3 2021 (Fig. 2). Highlight results from these various areas, released today, include:

 

Tabasco-Cayenne-Contact Zone, Definition Drilling: 8.57 g/t Au over 10.35 metres in FA-21-226-W1 and 16.67 g/t Au over 4.55 metres in FA-21-221-W4, with surrounding assays pending (see Figs. 1, 4 and 6);

Area 51, Definition Drilling (near surface above 250 m vertical depth - potential open pit resource): 3.46 g/t Au over 47.50 metres in FA-21-241(see Figs. 3 and 5);

Area 51, Definition Drilling (below 250 m depth): 284 g/t Au over 0.60 metres in FA-21-226-W1 and 2.09 g/t Au over 24.15 metres in FA-20-215 (see Fig. 5 and 6);

Area 51, Near Surface Southwest Expansion Drilling: 34.99 g/t Au over 5.70 metres, including 351.00 g/t Au over 0.55 metres in FA-20-228 (see Fig. 3);

 

“The results released today are from multiple target areas and contain a mix of the various mineralization types within the Fenelon Gold System,” stated Attila Péntek, Vice President Exploration of Wallbridge. “The Tabasco-Cayenne intersections are filling in larger gaps between previous intersections in the western part of the known extent of these zones and confirm good underground bulk mining potential, whereas Area 51 yields strong intersections of potentially bulk mineable zones both near surface and underground. Our definition drill program at 75-metre drill spacing is progressing well and we are on track to complete this in-fill drilling by the summer, in support of the maiden mineral resource estimate later this year.”

 

“In addition, our expansion drill program focusing on growing the known footprint of near surface Area 51 mineralization in support of the open pit component of our 2021 resource estimate has shown good results. Not only have we intersected strong mineralization hosted inside the Jeremie Diorite, but in certain areas the mineralization also extends into the adjacent sedimentary rocks, as exemplified by the high-grade intersection in hole FA-21-228 reported today.”  

 

 Tabasco-Cayenne-Contact Zones, Definition Drill Results

 

Definition and expansion drilling at a nominal 75-metre drill spacing, targeting the Tabasco-Cayenne-Contact Zones has been focusing on a strike length of approximately 800 metres and vertical depths between 300 and 1,000 metres in order to define the geometry and grade of the zones and gain information on the structural controls on gold mineralization.

 

Highlight intersections from this drill program in the Tabasco-Cayenne-Contact Zones, reported today include:

 

FA-21-226-W1 2.29 g/t Au over 29.40 metres, including

5.85 g/t Au over 8.90 metres in the Contact Zone, and

8.57 g/t Au over 10.35 metres, including

29.94 g/t Au over 2.65 metres in the Tabasco Zone (see Figs. 1, and 4);

FA-21-221-W4 16.67 g/t Au over 4.55 metres in the Tabasco Zones (see Figs. 1 and 6);

Note: Further assay results around this interval are pending

FA-20-215 2.54 g/t Au over 32.50 metres, including

3.87 g/t Au over 9.50 metres, and

3.70 g/t Au over 5.85 metres in the Tabasco Zones (see Figs. 1, and 6);

FA-21-230-W1 2.25 g/t Au over 24.80 metres, including

8.15 g/t Au over 4.40 metres in the Tabasco Zone, and

3.61 g/t Au over 8.80 metres,, including

5.88 g/t Au over 4.20 metres in the Cayenne Zone(see Figs. 1, and 4);

FA-19-094-W3 7.21 g/t Au over 5.05 metres in the Cayenne Zone (see Fig. 1);

 

Area 51 Definition Drill Results

 

As our drill holes approach Tabasco-Cayenne, they also transect the Area 51 gold vein network, thereby collecting crucial information from all of these zones as well.

 

Near surface (down to 250 m vertical depth) highlights from Area 51 zones from the holes reported today include:

 

FA-21-241 3.46 g/t Au over 47.50 metres,, including

52.38 g/t Au over 2.50 metres (see Figs. 3 and 5);

Note: Further assay results around this interval are pending

FA-21-230 0.84 g/t Au over 149.00 metres, including

1.29 g/t Au over 14.10 metres and

141 g/t Au over 0.55 metres (see Figs. 3 and 4);

 

Highlight intersections of Area 51 zones from below 250 m vertical depth reported today include:

 

FA-21-226-W1 284 g/t Au over 0.60 metres (see Fig. 5);

Note: Further assay results around this interval are pending

FA-20-215 2.09 g/t Au over 24.15 metres, including

19.92 g/t Au over 2.00 metres (see Fig. 6);

 

Area 51 Expansion Drill Results

 

In recent weeks, two drill rigs have been focusing on expanding the known footprint of near-surface gold mineralization in the western-southwestern portion of Area 51 in order to grow the open pit resource potential.

 

Highlight intersections from this program reported today include:

 

FA-20-228 34.99 g/t Au over 5.70 metres, including

351.00 g/t Au over 0.55 metres (see Fig. 3);

FA-20-240 1.00 g/t Au over 15.00 metres (see Fig. 3);

FA-20-234 0.72 g/t Au over 34.85 metres (see Fig. 3);

 

2020-2021 Drilling Program Update

 

In 2021, the Company is planning to complete approximately 170,000 metres of drilling, with a maiden mineral resource estimate at Fenelon anticipated in the third quarter of 2021 (see Wallbridge Press Release dated January 11, 2021). Approximately 10-15% of the drill program will be devoted to regional exploration on the Company’s district-scale, underexplored land package on the Detour-Fenelon Gold Trend.