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Fenelon In-Fill Sampling Program Continues to Yield Strong Gold Mineralization

Press Release

Assay Highlights Include:

  • 72.00 g/t Au over 1.50 metres
  • 5.95 g/t Au over 4.50 metres
  • 15.12 g/t Au over 1.00 metre

Toronto, Ontario – October 20, 2022 – Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to report that new assay results from the in-fill sampling program at its 100%-owned Fenelon Gold Project (“Fenelon” or the “Project”) have yielded additional gold mineralization from previously unsampled sections of drill core within and adjacent to the Project’s existing Mineral Resource Estimate (“MRE”).  The results from this program will be incorporated into the MRE update and Preliminary Economic Assessment (“PEA”) currently underway at Fenelon.

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

“Launched earlier this year, our systematic in-fill sampling program continues to deliver excellent results, providing a cost-efficient method of identifying additional gold mineralization that can be incorporated into the next MRE update for Fenelon, expected in the first quarter of 2023, followed by a PEA for the project by the end of the second quarter of next year.”

“The high-grade interval of 72.00 g/t Au over 1.50 metres from the Contact Zone in hole FA-20-195, one of the northwestern-most intersections of this zone, is very important because it underscores the potential for additional resource growth in this direction. In addition, the intersection of 15.12 g/t Au over 1.00 metre from FA-06-270 is at a very shallow depth in the Tabasco Zone, allowing for further expansion of mineralization in an area where recent intersections have also revealed strong gold mineralization.”

Wallbridge has prioritized more than 30,000 metres of previously unsampled drill core for in-fill sampling in 2022. This evaluation focuses on intervals that occur within or adjacent to known mineralized zones. To date, results for approximately 23,500 metres have been received.
Assay result highlights announced today include:

FA-20-195 72.00 g/t Au over 1.50 metres in the Contact Zone, 170 metres northwest of the MRE outline, at a vertical depth of 680 metres;
FA-21-230-W1 5.95 g/t Au over 4.50 metres, including
17.10 g/t Au over 1.50 metres in Area 51, outside of the MRE;
FA-06-270 15.12 g/t Au over 1.00 metre in the Tabasco Zone, near surface at a vertical depth of only 35 metres, outside of the MRE.

In-fill assay results of previously unsampled core from four exploration drill holes drilled between 2006 and 2021 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/.

Fenelon is located within Wallbridge’s 910-square-kilometre land package on the Detour-Fenelon Gold Trend, 80 kilometres east of the Detour Lake gold mine.

Figure 1. Detour Fenelon Gold Trend
Figure 2.  Fenelon Gold, Drill Core In-Fill Sampling Program, Plan View
Figure 3.  Fenelon Gold, Drill Core In-Fill Sampling Program, Cross Sections

Table 1. Wallbridge Fenelon Gold Property, 2022 In-fill Assay Highlights (1)
Drill Hole From To Length Au Au Cut(2) VG(3) Zones
  (m) (m) (m) (g/t) (g/t)
FA-06-270 44.00 45.00 1.00 15.12 15.12 Tabasco
FA-17-10 166.00 169.90 3.90 2.11 2.11 Gabbro East
FA-20-195 870.00 871.50 1.50 72.00 72.00 VG Contact Zone
FA-21-230-W1 495.00 499.50 4.50 5.95 5.95 Area 51
Including… 498.00 499.50 1.50 17.10 17.10 Area 51
  1. Table includes only assay results received since the latest press release dated September 28th, 2022
  2. Au cut at: 110 g/t Au for the Tabasco/Contact /Cayenne zones; 75 g/t Au for the Area 51 zones.
  3. Intervals containing visible gold (“VG”).
  4. Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 0.35 g/t Au within the 2021 MRE open pit shell and 1.5 g/t Au for outside open pit shell.

Note: True widths are estimated to be 50‒80% of the reported core length intervals.

Assay QA/QC and Qualified Persons

Drill core samples from the ongoing drill program at Fenelon are cut and bagged either on-site or by contractors and transported to SGS Canada Inc. or Bureau Veritas Commodities Canada Ltd. for analysis. Samples, standards and blanks are included for quality assurance and quality control, were prepared and analyzed at the laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS or ICP. At SGS and Bureau Veritas, samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and 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 Person responsible for the technical content of this press release is Peter Lauder, P.Geo., Exploration Manager of Wallbridge.

About Wallbridge Mining

Wallbridge is focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend while respecting the environment and communities where it operates.

Wallbridge’s flagship project, Fenelon Gold (“Fenelon”), is located on the highly prospective Detour-Fenelon Gold Trend Property (“Detour-Fenelon Gold Trend Property”) in Northern Abitibi. A mineral resource estimate completed in 2021 validated the multi-million-ounce potential of the 100%-owned Fenelon and Martiniere properties, incorporating a combined 2.67 million ounces of indicated gold resources and 1.72 million ounces of inferred gold resources. Fenelon and Martiniere, located within a 910 km2 exploration land package controlled by Wallbridge, have the potential to be developed into mines and are close to existing power and transportation infrastructure.

Wallbridge also holds a portfolio of nickel assets (“Nickel Assets”) in Ontario and Quebec. In line with its strategy to unlock the value of its Nickel Assets, Wallbridge announced on July 13, 2022, that it has entered into a definitive agreement with Archer Exploration Corp. (“Archer”), pursuant to which, Archer will acquire all of Wallbridge’s property, assets, rights and obligations related to its Nickel Assets, including Grasset, to create a focused and well-funded publicly traded nickel exploration and development company.

Wallbridge will continue to focus on its core Detour-Fenelon Gold Trend Property while enabling shareholders to participate in the potential economic upside in Archer.

Wallbridge Mining Company Limited

Marz Kord, P. Eng., M. Sc., MBA
President & CEO
Tel: (705) 682‒9297 ext. 251
Email: [email protected]

Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: [email protected]

IBF4

 

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