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Wallbridge Adds New, Near-Surface Gold Zones in Tabasco and Area 51, Hits Higher-Grade Intercepts in Nearby Ripley Zone

Sep 29, 2022

Wallbridge Mining Company Limited is pleased to report that assay results from resource drilling at its 100%-owned Fenelon Gold Project (“Fenelon” or the “Project”) have identified new gold mineralization closer to the surface and at higher grades, as compared to the Project’s 2021 maiden Mineral Resource Estimate (“MRE”). These results will be incorporated into the MRE update and Preliminary Economic Assessment (“PEA”).

Attila Péntek, Wallbridge’s Vice President, Exploration, commented:

“A large proportion of the ounces within the 2021 MRE were contained below 200 metres in depth, which we believed was in part due to the lack of drilling. Therefore, one of the core objectives of our 2022 exploration program was to test certain areas within the known MRE footprint to improve the quality of the deposit near surface. The delineation of new, strong gold zones, exemplified by the intercepts announced today from the Tabasco Corridor and Area 51, meet this objective and have the potential to provide early, high-quality ounces within the deposit.

“Overall, the results released today align well with our vision for Fenelon as a predominantly underground bulk mining deposit, potentially supplemented by smaller open pits primarily centred on Area 51.

“Additionally, the Ripley Zone, located approximately 900 metres south of Fenelon’s 2021 MRE footprint along the northern edge of the Sunday Lake Deformation Zone, is also developing into a satellite zone, with good potential to add resources in the future.” 

Fenelon is located 80 kilometres east of the Detour Lake gold mine, at the centre of Wallbridge’s strategic land package, which covers roughly 910 square kilometres of the most prospective ground on the Detour-Fenelon Gold Trend.

In August, the Company announced a landmark Pre-Development Agreement with Cree Nation partners, reiterating their support for exploration and pre-development activities at Fenelon and all necessary environmental and social impact assessment studies relating to the project.

The Company expects to publish an updated MRE for Fenelon and the nearby Martiniere project in the first quarter of 2023, followed by the completion of a PEA for Fenelon by the end of the second quarter of 2023.

Highlight Drill Results

Area 51, Near Surface (<200 m Vertical Depth)

FA-22-4654.35 g/t Au over 18.50 metres including

 52.36 g/t Au over 0.50 metres and

 8.53 g/t Au over 6.00 metres;


FA-22-42914.67 g/t Au over 5.00 metres;


FA-22-4422.75 g/t Au over 8.00 metres;


FAM-22-0024.07 g/t Au over 4.60 metres;


FAM-22-0111.09 g/t Au over 17.00 metres

 2.09 g/t Au over 8.00 metres, and

 2.00 g/t Au over 10.00 metres;


FA-22-4483.51 g/t Au over 5.50 metres;


Tabasco Corridor, Near Surface (<200 m Vertical Depth)

FA-22-4565.69 g/t Au over 14.80 metres, including

 13.51 g/t Au over 5.40 metres


FA-22-4312.01 g/t Au over 21.40 metres, including

 2.89 g/t Au over 11.60 metres;


Area 51 (Below 200 m Vertical Depth)

FAM-22-0093.93 g/t Au over 19.00 metres, including

 12.15 g/t Au over 5.50 metres;


Tabasco Corridor (Below 200 m Vertical Depth)

FA-22-399 7.08 g/t Au over 3.50 metres, including

 18.53 g/t Au over 1.00 metres in the Cayenne Zone;


Ripley Zone

FA-22-4395.33 g/t Au over 6.40 metres


FA-22-4473.48 g/t Au over 4.20 metres, included in a wider mineralized envelope within the Jeremie Diorite, grading 0.88 g/t Au over 52.40 metres;


Gabbro Zones

FAM-22-006 9.75 g/t Au over 5.50 metres, including

 86.51 g/t Au over 0.50 metres;


Assay results from 21 exploration drill holes (FA-22 series) and 10 holes drilled for geomechanical purposes in support of economic studies (FAM- series) are reported in the Table and Figures below. All figures and a table with drill hole information of recently completed holes are posted on the Company’s website under “Current Program” at https://wallbridgemining.com/our-projects/fenelon-gold/.

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