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Wallbridge Mining Company Ltd.: New Assay Results Expand Martiniere Gold Zones

Press Release

Toronto, Ontario – August 30, 2022 – Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to announce that positive assay results continue to validate the resource growth potential of the Martiniere Gold Property (“Martiniere” or the “Property”). Martiniere islocated 30 kilometres and within trucking distance of the Company’s flagship Fenelon Gold Project (“Fenelon”) on the highly prospective Detour-Fenelon Gold Trend in Northern Abitibi, Quebec (Figure 1).

New results announced today include: 12.27 g/t Au over 5.60 metres in hole MR-22-026, extending the Martiniere West zone along strike by over 400 metres to the southwest; 4.75 g/t Au over 5.50 metres in hole MR-22-020, extending the Martiniere West zone down-plunge by over 300 metres; and 2.50 g/t Au over 17.35 metres, near-surface in hole MR-22-029 in the area between the Martiniere West and Central zones.

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

“Our 2021-2022 exploration program at Martiniere has provided essential geologic information on the orientation of the gold zones and their host rocks and has demonstrated resource expansion potential in multiple directions. We see excellent opportunities to add to the existing resource, including at shallow depths, as in hole MR-22-029, and the deposit remains largely untested below 400 metres from the surface. We will use the remainder of the year to incorporate this new data, along with pending assays from three more exploration holes, into our geology models, in preparation for an updated Mineral Resource Estimate and planning for our 2023 exploration program at the property.”

About the Martiniere Gold Property

Martiniere currently contains 544,000 ounces of indicated gold resources and 256,000 ounces of inferred gold resources within a large, mineralized footprint of four-square kilometres. The deposit has only been meaningfully drilled to a vertical depth of 400 metres and mineralized shoots remain open down-plunge.

The Company’s 2021-2022 drilling program was primarily aimed at establishing connections between the Martiniere West and Bug Lake Trends, where significant gaps in previous drilling existed, in order to establish a continuous deposit.

Highlight Drill Results

Highlights of the drilling results released today include the following:

Martiniere West Zone

MR-22-026 12.27 g/t Au over 5.60 metres, including

42.55 g/t Au over 1.50 metres;

MR-22-020 4.75 g/t Au over 5.50 metres, including

8.70 g/t Au over 3.00 metres;

MR-22-013 10.46 g/t Au over 1.80 metres;

Martiniere Central Zone

MR-22-029 2.50 g/t Au over 17.35 metres, including

8.34 g/t Au over 3.80 metres;

MDE-21-338 0.80 g/t Au over 21.50 metres, including

7.48 g/t Au over 1.10 metres;

These intersections are in addition to an interval of 46.75 g/t Au over 2.40 metres announced previously in the Wallbridge press release dated February 2, 2022.

MR-22-033 20.48 g/t Au over 1.50 metres;
MR-22-035 0.92 g/t Au over 25.50 metres, including

4.95 g/t Au over 3.00 metres;

1.12 g/t Au over 13.50 metres;

1.65 g/t Au over 13.25 metres;

MR-22-012 2.64 g/t Au over 9.05 metres, including

9.68 g/t Au over 1.70 metres;

Bug Lake North

MR-22-027 1.19 g/t Au over 15.70 metres;
MR-22-034 15.74 g/t Au over 1.50 metres;
MDE-21-339 5.47 g/t Au over 3.00 metres;

Assay results from 40 drill holes of the 2021-2022 Martiniere drill program are reported in the Table and Figures below. Further assays results are pending for three drill holes of the 2022 program. 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/martiniere/.

The 2021-2022 Drill Program at Martiniere

Following an initial drill program of 9,380 metres in 2021, the Company has completed 21,400 metres of additional drilling at Martiniere this year. The results from this program, which now includes more than 30,000 metres of drilling, will provide significant new data for an updated resource estimate at Martiniere.

Highlights of the 2021 drill program, as reported in the Company’s press releases dated October 26, 2021 and February 2, 2022, include 3.68 g/t Au over 22.50 metres in MDE-21-326 (Bug Lake North), 2.21 g/t Au over 36.60 metres in MDE-21-328 (Bug Lake South) and 46.75 g/t Au over 2.40 metres in MDE-21-338 (Martiniere Central).

The three drill rigs operating at Martiniere were redeployed to Fenelon in June where they are providing additional resources for an updated mineral resource estimate focused on defining an underground bulk mineable resource at Fenelon.

Figure 1. Detour Fenelon Gold Trend

Figure 2. Martiniere Gold, Plan View

Figure 3. Martiniere Gold, Martiniere West Trend Long Section

Table 1. Regional Gold Property, Recent Drill Assay Highlights (1)
Drill Hole From
(m)
To
(m)
Length
(m)
Au
(g/t)
Au Cut(2)
(g/t)
VG(3) Zone/Corridor
MDE-21-332 267.50 276.00 8.50 0.68 0.68 Bug Lake North
MDE-21-332 457.00 464.15 7.15 1.89 1.89 Bug Lake North
Including… 458.00 459.00 1.00 7.80 7.80 Bug Lake North
MDW-21-335 89.50 91.00 1.50 3.66 3.66 Martiniere Central
MDE-21-338 182.00 203.50 21.50 0.80 0.80 Martiniere Central
Including… 182.00 183.10 1.10 7.48 7.48 Martiniere Central
MDE-21-338 572.00 583.00 11.00 0.54 0.54 Martiniere Central
MDE-21-338 863.70 864.55 0.85 7.80 7.80 Martiniere Central
MDE-21-339 389.00 392.00 3.00 5.47 5.47 Bug Lake North
Including… 390.00 391.00 1.00 14.54 14.54 Bug Lake North
MR-22-001 No Significant Mineralization (4)
MR-22-002 No Significant Mineralization (4)
MR-22-003 227.50 229.00 1.50 3.67 3.67 Martiniere West
MR-22-003 260.00 271.00 11.00 1.27 1.27 Martiniere West
Including… 260.00 264.30 4.30 2.65 2.65 Martiniere West
MR-22-003 375.70 388.00 12.30 1.02 1.02 Martiniere West
Including… 380.55 385.65 5.10 1.81 1.81 Martiniere West
MR-22-003 420.40 426.50 6.10 1.49 1.49 Martiniere West
Including… 421.00 423.65 2.65 2.92 2.92 Martiniere West
MR-22-004 43.50 44.70 1.20 4.32 4.32 Martiniere West- Extension
MR-22-005 158.85 177.70 18.85 0.63 0.63 Martiniere West- Extension
Including… 172.80 177.70 4.90 1.09 1.09 Martiniere West- Extension
MR-22-006 403.80 404.80 1.00 13.59 13.59 Martiniere West
MR-22-006 452.30 454.50 2.20 4.55 4.55 VG Martiniere West
Including… 453.00 453.50 0.50 15.24 15.24 VG Martiniere West
MR-22-006 530.00 541.15 11.15 0.72 0.72 Martiniere West
MR-22-007 No Significant Mineralization (4)
MR-22-008 575.40 576.30 0.90 5.64 5.64 Martiniere West
MR-22-009 213.00 229.00 16.00 0.79 0.79 Martiniere West
Including… 226.00 229.00 3.00 2.74 2.74 Martiniere West
MR-22-010 203.60 215.75 12.15 0.45 0.45 Bermuda
MR-22-011 475.00 476.00 1.00 12.10 12.10 Martiniere West- Extension
MR-22-012 427.70 436.75 9.05 2.64 2.64 VG Martiniere Central
Including… 432.90 434.60 1.70 9.68 9.68 VG Martiniere Central
MR-22-013 178.50 180.30 1.80 10.46 10.46 Martiniere West- Extension
MR-22-014 224.80 229.15 4.35 3.04 3.04 Martiniere West
Including… 227.50 229.15 1.65 7.24 7.24 Martiniere West
MR-22-015 112.25 119.75 7.50 1.52 1.52 Martiniere West- Extension
MR-22-015 295.00 307.00 12.00 0.50 0.50 Martiniere West- Extension
MR-22-016 35.00 60.25 25.25 0.60 0.60 Bermuda
MR-22-017 464.00 467.00 3.00 1.72 1.72 Martiniere West- Extension
MR-22-018 403.90 407.00 3.10 3.67 3.67 Martiniere West- Extension
Including… 406.00 407.00 1.00 10.39 10.39 Martiniere West- Extension
MR-22-019 No Significant Mineralization (4)
MR-22-020 207.50 218.50 11.00 0.74 0.74 Martiniere West
MR-22-020 413.85 415.15 1.30 6.03 6.03 Martiniere West
MR-22-020 538.50 544.00 5.50 4.75 4.75 Martiniere West
Including… 541.00 544.00 3.00 8.70 8.70 Martiniere West
MR-22-021 233.50 247.00 13.50 0.85 0.85 Martiniere Central
Including… 233.50 238.00 4.50 1.20 1.20 Martiniere Central
MR-22-021 513.90 515.30 1.40 7.62 7.62 Martiniere Central
MR-22-021 529.50 532.70 3.20 2.75 2.75 Martiniere Central
MR-22-022 156.15 157.20 1.05 6.70 6.70 Martiniere Central
MR-22-023A No Significant Mineralization (4)
MR-22-024 458.15 462.00 3.85 1.67 1.67 Martiniere Central
MR-22-025 250.00 256.00 6.00 1.73 1.73 Martiniere Central
Including… 253.00 254.00 1.00 7.58 7.58 Martiniere Central
MR-22-025 274.00 283.00 9.00 1.62 1.62 Martiniere Central
Including… 274.00 275.05 1.05 9.55 9.55 Martiniere Central
MR-22-025 392.05 392.70 0.65 22.60 22.60 Martiniere Central
MR-22-026 357.90 363.50 5.60 12.27 10.25 Martiniere West- Extension
Including… 360.50 362.00 1.50 42.55 35.00 Martiniere West- Extension
MR-22-027 473.00 478.90 5.90 1.77 1.77 Bug Lake North
MR-22-027 504.50 520.20 15.70 1.19 1.19 Bug Lake North
Including… 519.00 520.20 1.20 8.92 8.92 Bug Lake North
MR-22-028 No Significant Mineralization (4)
MR-22-029 62.65 80.00 17.35 2.50 2.50 Martiniere Central
Including… 68.50 72.30 3.80 8.34 8.34 Martiniere Central
MR-22-030 428.50 430.00 1.50 9.00 9.00 Bug Lake South
MR-22-031 No Significant Mineralization (4)
MR-22-032 No Significant Mineralization (4)
MR-22-033 173.50 176.50 3.00 1.72 1.72 Martiniere Central
MR-22-033 464.50 466.00 1.50 20.48 20.48 Martiniere Central
MR-22-034 124.50 126.00 1.50 15.74 15.74 Bug Lake North
MR-22-034 199.00 200.00 1.00 5.60 5.60 Bug Lake North
MR-22-035 151.00 176.50 25.50 0.92 0.92 Martiniere Central
Including… 173.50 176.50 3.00 4.95 4.95 Martiniere Central
MR-22-035 209.50 223.00 13.50 1.12 1.12 Martiniere Central
Including… 221.00 223.00 2.00 3.97 3.97 Martiniere Central
MR-22-035 294.75 308.00 13.25 1.65 1.65 Martiniere Central
Including… 294.75 296.00 1.25 6.46 6.46 Martiniere Central
MR-22-037 No Significant Mineralization (4)
(1) Table includes only assay results received since the latest press release dated February 02, 2022.
(2) Au cut at: 0.35 g/t Au.
(3) Intervals containing visible gold (“VG”).
(4) Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 0.40 g/t Au within the 2021 MRE open pit shell and 2.4 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 Martiniere 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 acquisition, exploration, discovery, development, and production of gold from a portfolio of advanced exploration-stage assets located in established mining jurisdictions within Canada. In doing so, Wallbridge aims to be a partner in sustainable development, supporting the prosperity of employees, First Nations, and local communities while protecting the environment.

Wallbridge’s flagship project, Fenelon, is located on the highly prospective Detour-Fenelon Gold Trend Property in Northern Abitibi. A mineral resource estimate completed in 2021 validated the multi-million-ounce potential of Fenelon and Martiniere, 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 has interests in a portfolio of nickel assets. These include a 100% interest in the Grasset Property in Quebec, and a 20.4% interest in Lonmin Canada Inc., which owns 100% of the Denison nickel, copper and PGM project southwest of Sudbury, Ontario. In keeping with the Company’s focus on gold and in line with its strategy to unlock the value of its nickel assets, on July 13, 2022 Wallbridge announced that it has entered into a definitive agreement with Archer Exploration Corp., pursuant to which, Archer will acquire all of Wallbridge’s property, assets, rights and obligations related to its portfolio of nickel assets 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.This news release has been authorized by the undersigned on behalf of Wallbridge Mining Company Limited.

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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