Fenelon In-Fill Sampling Program Continues to Yield Strong Gold Mineralization Assay Highlights Include:
WALLBRIDGE MINING COMPANY LIMITED TSX: WM www.wallbridgemining.com
129 Fielding Road Lively ON P3Y 1L7 t: 705-682-9297 f: 1-888-316-4156 e: [email protected]
Fenelon In-Fill Sampling Program Continues
to Yield Strong Gold Mineralization
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, o ur 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 focus es 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;
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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 a ssay 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
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Figure 2. Fenelon Gold, Drill Core In-Fill Sampling Program, Plan View
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Figure 3. Fenelon Gold, Drill Core In-Fill Sampling Program, Cross Sections
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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 i s Peter Lauder,
P.Geo., Exploration Manager of Wallbridge.
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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 e stimate 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 f ocus 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]
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements or information (collectively, “FLI”) within the meaning
of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections, and
interpretations as at the date of this press release.
All statements, other than statements of historical fact, included herein are FLI that involve various risks,
assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that
include words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”,
“estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and
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variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”,
“could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”
FLI herein includes, but is not limited to, statements regarding the Agreement, Transaction, Distribution (as
previously defined) and the timing and terms of financing activities to be carried out by Archer as previously
announced (the “Financing”), and the intentions of Wallbridge and Archer upon completion of the transaction,
future drill results; the Company’s ability to convert inferred resources into measured and indicated resources;
environmental matters; stakeholder engagement and relationships; parameters and methods used to estimate
the mineral resource estimates (each an “ MRE”) at the Fenelon and Martiniere properties (collectively the
“Deposits”); the prospects, if any, of the Deposits; future drilling at the Depos its; and the significance of
historic exploration activities and results..
FLI is designed to help you understand management’s current views of its near - and longer-term prospects,
and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve
known and unknown risks, uncertainties and other factors which may cause the actual results, performance,
or achievements of the Company to be materially different from any future results, performance or
achievements expressed or implied by such FLI. Although the FLI contained in this press release is based
upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot
assure shareholders and prospective purchasers of securities of the Company that actual results will be
consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated
or intended, and neither the Company nor any other person assumes responsibility for the accuracy and
completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no
obligation, to update or revise any such FLI contained herein to reflect new events or circumstances, except
as may be required by law. Unless otherwise no ted, this press release has been prepared based on
information available as of the date of this press release. Accordingly, you should not place undue reliance on
the FLI or information contained herein.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those described in FLI.
Assumptions upon which FLI is based, without limitation, include the ability of the Company and Arch er to
obtain required approvals and satisfy the closing conditions under the definitive agreement (including
completion of the Financing by Archer), the results of exploration activities, the Company’s financial position
and general economic conditions, the ability of exploration activities to accurately predict mineralization; the
accuracy of geological modelling; the ability of the Company to complete further exploration activities; the
legitimacy of title and property interests in the Deposits; the accur acy of key assumptions, parameters or
methods used to estimate the MREs; the ability of the Company to obtain required approvals; the evolution of
the global economic climate; metal prices; environmental expectations; community and non -governmental
actions; any impacts of COVID -19 on the Deposits; and, the Company’s ability to secure required funding.
Risks and uncertainties about Wallbridge's business are more fully discussed in the disclosure materials filed
with the securities regulatory authorities in Canada, which are available at www.sedar.com.
Information Concerning Estimates of Mineral Resources
The disclosure in this press release and referred to herein was prepared in accordance with NI 43-101 which
differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). The
terms "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" used in this
press release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and
Petroleum Standards (the "CIM Definition Standards"), which definitions have been adopted by NI 43 -101.
Accordingly, information contained in this press release providing description s of our mineral deposits in
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accordance with NI 43 -101 may not be comparable to similar information made public by other U.S.
companies subject to the United States federal securities laws and the rules and regulations thereunder.
Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into
reserves. Pursuant to CIM Definition Standards, "inferred mineral resources" are that part of a mineral
resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and
sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality
continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicate d
mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the
majority of inferred mineral resources could be upgraded to indicated mineral resources with continued
exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility
or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of
an inferred mineral resource is economically or legally mineable. Discl osure of "contained ounces" in a
resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers
to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade
without reference to unit measures.
Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards
in the SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new mining disclosure rules
under subpart 1300 of Regulation S -K of the United States Securities Act of 1933, as amended (the " SEC
Modernization Rules"), with compliance required for the first fiscal year beginning on or after January 1,
2021. The SEC Modernization Rules replace the historical property disclosure requirements included in SEC
Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes
estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources".
Information regarding mineral resources contained or referenced in this press release may not be comparable
to similar information made public by companies that report according to U.S. standards. While the SEC
Modernization Rules are purported to be "s ubstantially similar" to the CIM Definition Standards, readers are
cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards.
Accordingly, there is no assurance any mineral resources that the Company may report as "measured mineral
resources", "indicated mineral resources" and "inferred mineral resources" under NI 43 -101 would be the
same had the Company prepared the resource estimates under the standards adopted under the SEC
Modernization Rules.