Wallbridge 2024 Drilling Program to Focus on Upgrading Gold Resources at Martiniere and Fenelon as well as Grassroots Exploration
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]
Wallbridge 2024 Drilling Program to Focus on Upgrading Gold
Resources at Martiniere and Fenelon as well as Grassroots Exploration
Toronto, Ontari o – January 16, 2024 – Wallbridge Mining Company Limited (TSX: WM,
OTCQX: WLBMF) (“Wallbridge” or the “Company”) today announced a fully -funded 2024
exploration program that prioritizes upgrading gold resources at Martiniere Gold (“ Martiniere”)
and Fenelon Gold (“Fenelon”), as well as the testing of priority grassroots exploration targets on
the Company’s extensive and highly -prospective Det our-Fenelon Gold Trend Property (the
“Property”) in Northern Abitibi, Quebec.
Highlights of 2024 Program
• Drilling program of 23,000 metres, including:
o 13,000 metres of resource and exploration drilling at Martiniere
o 5,000 metres of resource and exploration drilling at Fenelon, and
o 5,000 metres allocated to grassroots exploration drilling elsewhere on the
Property.
• Continuing technical studies to optimize the economics for a combined Fenelon/Martiniere
Preliminary Economic Assessment (“PEA”).
• Exploration costs are fully-funded with cash balance of approximately $29.8 million at year-
end 2023.
“Based on the 2023 PEA, Fenelon alone has the potential to produce 200,000 ounces of gold
annually for 12 years, but we see this as only the beginning of the story . Martiniere’s promising
geology and proximity to Fenelon may offer economic synergies which we need to fully evaluate
in preparation for a combined Fenelon/Martiniere PEA by early 2026. At the same time, we
recognize that the rest of our 830 square kilometre land package has also tremendous potential
for discovery. As such, we will continue to test exploration targets at Fenelon and elsewhere on
our dominant property position on the Detour -Fenelon Gold Trend ,” said Brian Penny, Interim
President & CEO of the Company.
“Our main objective in 2024 is to advance and de -risk Martiniere and test a number of targets
within or near the Fenelon deposit footprint, with the primary objective of finding additional near
surface gold mineralization to potentially improve the economics of the project. Regionally, on our
extensive underexplored land package, we will continue to advance our grassroots exploration
targets and test the most compelling drill -ready targets in search for new discoveries ,” added
Attila Péntek, Vice President Exploration.
2024 Exploration Program
Approximately 5 5% of the planned 23,000 metres of drilling will be devoted to infill ing and
expanding the mineral resource at Martiniere, with the balance allocated to Fenelon and regional
grassroots exploration. In addition, funding has been allocated for technical studies at Martiniere
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and Fenelon for the delivery of a PEA in a realistic timeframe that further evaluates the potential
economics of both the Fenelon and Martiniere deposits.
2024 Work Program Description Budget
Martiniere ‒ resource and exploration drilling
(includes $900,000 of technical and environmental
studies)
13,000 metres $8.9M
Fenelon ‒ expansion of known mineralization and
exploration drilling (includes $900,000 of technical
and environmental studies)
5,000 metres $4.5M
Regional exploration ‒ exploration drilling,
geophysics and other
5,000 metres $3.6M
Capital expenditures $0.2M
General & administrative costs $4.0M
Total $21.2M
Martiniere Exploration Program
Martiniere currently has a mineral resource estimate (“MRE”) of 0.68 million ounces of gold in the
Indicated category and 0.63 million ounces of gold in the Inferred category (see Wallbridge press
release dated January 17, 2023). The budgeted drilling in 2024 will be carried out in two phases:
Phase 1 of approximately 7,500 metres is scheduled for March and April 2024, with Phase 2 of
approximately 5,500 metres planned for the third quarter of the year.
The Phase 1 program is designed to increase confidence in the MRE by collecting representative
material for metallurgical test work and doing down-hole geotechnical imaging to further improve
our understanding of the structural controls on gold deposition. Phase 2 will be targeting
extensions of known gold zones both laterally and down-plunge at depth in order to further expand
the deposit. The Company also plans to sample in-fill drill core (approximately 5,000 metres) from
historic drilling programs that has not been previously analyzed to potentially identify further gold
mineralization in the deposit area.
Technical studies for Martin iere, including metallurgical test work, geomechanics and
hydrogeology are scheduled to start in early 2024.
Fenelon Exploration Program
The PEA for the Fenelon project resulted in an average annual gold production of 212,000 ounces
over a 12-year mine life (see Wallbridge press release dated June 26, 2023) based on the current
MRE of 2.37 million ounces of gold in the Indicated category and 1.72 million ounces of gold in
the Inferred category (see Wallbridge press release dated January 17, 2023). The 5,000 metres
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of drilling planned for Fenelon in 2024 is mainly designed to test gold mineralization in the vicinity
of the PEA mine design where there is potential to improve the project’s overall economics.
Several technical studies are also planned in 2024 at Fenelon with the goal of further enhancing
the economics of the project.
Regional Exploration
Regionally, approximately 5,000 metres of drilling is planned for 2024 with the objective of
discovering new mineralized gold zones on high-priority targets located within Wallbridge’s
massive land package on the highly-prospective Detour-Fenelon Gold Trend. Field work (outcrop
mapping and prospecting) and some geophysical work is also planned.
The Qualified Person responsible for the technical content of this press relea se is Francois
Chabot, Eng., the Company’s Manager of Technical Services.
Figure 1. Wallbridge’s Detour-Fenelon Gold Trend land package highlighting the currently planned
2024 exploration target areas.
About Wallbridge Mining
Wallbridge is focused on creating value through the exploration and sustainable development of
gold projects along the Detour- Fenelon Gold Trend in Québec’s Northern Abitibi region while
respecting the environment and communities where it operates.
Wallbridge’s most advanced projects, Fenelon Gold (“ Fenelon”) and Martiniere Gold
(“Martiniere”) incorporate a combined 3.05 million ounces of indicated gold resources and 2.35
million ounces of inferred gold resources. Fenelon and Martiniere are located within an 830 square
kilometre exploration land package controlled by Wallbridge.
Wallbridge has reported a positive Preliminary Economic Assessment (“ PEA”) at Fenelon that
estimates average annual gold production of 212,000 ounces over 12 years (see Wallbridge press
release of June 26, 2023).
Wallbridge also holds a 15.9% interest in the common shares of Archer Exploration Corp.
(“Archer”) as a result of the sale of the Company’s portfolio of nickel assets in Ontario and
Québec in November of 2022.
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For further information please visit the Company’s website at https://wallbridgemining.com/ or
contact:
Wallbridge Mining Company Limited
Brian Penny, CPA, CMA
Interim CEO
Tel: (416) 716-8346
Email: [email protected]
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Capital Markets Advisor
Email: [email protected]
Cautionary Note Regarding Forward-Looking Information
The information in this document may contain 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 document.
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, but are not limited to, words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”,
“budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”,
"potential", “targets” and 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 in this document may include, but is not limited to: statements regarding the results of the Fenelon PEA;
the potential future performance of Archer common shares; future drill results; the Company’s ability to
convert inferred resources into measured and indicated resources; environmental matters; stakeholder
engagement and relationships; parameters and met hods used to estimate the MRE’s at Fenelon and
Martiniere (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling at the Deposits;
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 document 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 in this document to reflect new events or
circumstances. Unless otherwise noted, this document has been prepared based on information available
as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information
contained herein.
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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 results of exploration activities, the
Company’s financial position and general economic conditions; the ability of exploration activities to
accurately predict mineralization; the accur acy of geological modelling; the ability of the Company to
complete further exploration activities; the legitimacy of title and property interests in the Deposits; the
accuracy of key assumptions, parameters or methods used to estimate the MREs and in the PEA; the ability
of the Company to obtain required approvals; geological, mining and exploration technical problems; failure
of equipment or processes to operate as anticipated; the evolution of the global economic climate; metal
prices; foreign exchange r ates; environmental expectations; community and non- governmental actions;
and, the Company’s ability to secure required funding. Risks and uncertainties about Wallbridge's business
are discussed in the disclosure materials filed with the securities regulat ory authorities in Canada, which
are available at www.sedarplus.ca.
Cautionary Notes to United States Investors
Wallbridge prepares its disclosure in accordance with NI 43-101 which differs from the requirements of the
U.S. Securities and Exchange Commission (the "SEC"). Terms relating to mineral properties, mineralization
and estimates of mineral reserves and mineral resources and economic studies used herein are defined in
accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources
and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on
May 19, 2014, as amended . NI 43- 101 differs significantly from the disclosure requirements of the SEC
generally applicable to US companies. As such, the information presented herein concerning mineral
properties, mineralization and estimates of mineral reserves and mineral resources may not be comparable
to similar information made public by U.S. companies subject to the reporting and disclosure requirements
under the U.S. federal securities laws and the rules and regulations thereunder.