WM.TO · 2021-11-09 12:00:00

Wallbridge Announces Mineral Resource Estimate for Fenelon and Martiniere Deposits on Detour-Fenelon Gold Trend

Resource Estimates

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 Announces Mineral Resource Estimate for Fenelon and Martiniere Deposits on

Detour-Fenelon Gold Trend

 Total combined Indicated Resource of 2.67 million ounces: 43.56 Mt grading 1.91 g/t Au.

 Total combined Inferred Resource of 1.72 million ounces: 31.78 Mt grading 1.69 g/t Au.

 Fenelon has evolved from a small high-grade underground deposit to a multi-million-ounce potential open

pit and underground bulk mineable deposit.

 Significant expansion potential in multiple directions laterally and at depth at both Fenelon and Martiniere.

Toronto, Ontario – November 9, 2021 – Wallbridge Mining Company L i m i t e d ( T S X : W M , O T C Q X : W L B M F )

(“Wallbridge” or the “Company”) is pleased to announce its maiden Mineral Resource Estimate (“MRE”) for the Fenelon

gold property and an updated MRE for the Martiniere gold property, both located on the Company’s 910 km2 land position

on the Detour-Fenelon Gold Trend (see Figure 1) in Northern Abitibi, Quebec.

The table below summarizes the MREs for Fenelon and Martiniere.

Detour Fenelon Gold Trend (effective date of November 9, 2021)

Detour Fenelon Gold

Trend

Category Cut-off

Grade

(g/t Au)

Metric

Tonnes

Grade

(Au g/t)

Troy

Ounces

(oz Au)

Total

Ounces

Fenelon

Indicated in Pit > 0.35 28,132,000 1.45 1,307,600 2,126,900 UG > 1.50 7,885,800 3.23 819,300

Inferred in Pit > 0.35

UG > 1.50

22,102,500

6,888,900

1.18

2.83

841,400

626,000 1,467,400

Martiniere

Indicated in Pit > 0.40 6,583,000 2.00 422,800 543,700 UG > 2.40 957,500 3.93 120,900

Inferred in Pit > 0.40 1,406,700 1.81 81,900 256,200 UG > 2.40 1,379,500 3.95 174,300

Total Combined Indicated 43,558,300 1.91 2,670,600

Total Combined Inferred 31,777,600 1.69 1,723,600

"Our maiden MRE demonstrates how Fenelon has rapidly evolved an d continues to grow. We started with a small high-

grade deposit and now, with the discovery of and subsequent drilling on the Tabasco/Cayenne and Area 51 zones, we have

a multi-million-ounce deposit amenable to potential open pit an d underground bulk mining,” said Marz Kord, President &

CEO of Wallbridge. "Together with an updated MRE for Martiniere , which is located 30 km west of Fenelon, the Fenelon

MRE strengthens our vision of establishing multiple gold producing assets sharing centralized infrastructure on the Detour-

Fenelon Gold Trend. These two gold deposits remain open in multiple directions laterally and at depth indicating significant

potential for expansion. Our next step is additional drilling t o add to these resources prior to proceeding with an economic

study and to identify new mineralization elsewhere on the Detour-Fenelon Gold Trend."

Attila Péntek, Vice President Exploration of Wallbridge, added: “That over 60% of the mineral resource is classified as

Indicated is a testament to the quality of the Fenelon deposit with good geologic continuities and all the zones being situated

close to each other allowing for efficient, cost-effective drilling. We are also very pleased with the increase in the Martiniere

mineral resource from the previous MRE, completed in 2018, and our ongoing drill program has already demonstrated

WALLBRIDGE MINING COMPANY LIMITED TSX| WM

2|Page

excellent potential for Martiniere to become our next significant gold deposit. We are proud of the tremendous effort of our

team and contractors for advancing Fenelon from gold discovery to this significant MRE in less than three years, with the

added challenge of doing so during a pandemic.”

Figure 1. Wallbridge’s Detour-Fenelon Gold Trend land package

Mineral Resource Expansion Potential

There is significant potential to further expand mineral resources at both Fenelon and Martiniere as:

 The current Area 51 gold resource is open to the west and to th e south, where gold mineralization is known to

extend for 800 m, all the way to the Sunday Lake deformation zone (see Figure 2).

 Both Area 51 and Tabasco/Cayenne zones are open below 1,000 m d epth and are known to extend as far as 1,500

m below surface (see Figure 3).

 Several isolated zones at Martiniere could be combined into one or two deposits with more tightly-spaced drilling

(see Figure 4).

 Drilling is extending mineralization to depth at Martiniere (see Figure 5).

Mineral Resource Estimation Methodology

The maiden MRE for Fenelon is based on 1,040 recent and histori c drill holes totaling approximately 358,000 m, variably

spaced from 20 to 200 m on the Gabbro, Tabasco/Cayenne and Area 51 zones. This includes 650 drill holes totaling

approximately 292,000 m drilled by Wallbridge since 2016 on the Tabasco/Cayenne and Area 51 zones.

WALLBRIDGE MINING COMPANY LIMITED TSX| WM

3|Page

The updated MRE for Martiniere is based on 111 recent and histo ric drill holes totaling over 40,000 m, variably spaced

from 20 to 150 m on the Martiniere North, Martiniere West, Bug Lake and Horsefly zones. None of the holes drilled to date

by Wallbridge since the acquisition of Balmoral have been incorporated into the Martiniere MRE.

For both deposits, the geological, litho-structural, and 3D modelling of the mineralized zones was prepared in Leapfrog Geo

and the mineral resource estimates were prepared in Leapfrog Edge using a sub-block model of 6m x 6m x 6m parent blocks.

Gold grades were calculated using the Ordinary Kriging interpolation method for Fenelon and the Inverse Distance-squared

method using hard boundaries for Martiniere.

The mineral resources are categorized as Indicated and Inferred based on drill spacing, as well as geological and grade

continuity. For Fenelon, in the Tabasco/Cayenne Zones, a maximum distance to the closest composite of 35 m for Indicated

and 70 m for Inferred while 25 m was used for Indicated and 50 m for Inferred in all other zones. For Martiniere, maximum

distance to the closest composite was 35 m for Indicated and 70 m for Inferred.

The reasonable prospect for an eventual economical extraction i s met by having used reasonable cut-off grades both for a

potential open pit and underground extraction scenarios, a mini mum width, and constraining volumes (Deswik shapes and

optimized pit-shell). The cut-off calculation is based on the assumed parameters listed below:

Parameters Unit Value

Gold Price US$/oz 1,607.00

Exchange Rate US$/C$ 1.31

Metallurgic Recovery % 96.00

Fenelon

Ore Premium Mining Cost - UG CAD$/t milled 70.00

G&A Cost - Open Pit CAD$/t milled 7.00

G&A Cost - UG CAD$/t milled 8.50

Processing Cost- Open Pit CAD$/t milled 12.90

Processing Cost- UG CAD$/t milled 16.80

Calculated Cut-off Grade – Open Pit Au g/t 0.35

Calculated Cut-off Grade – UG Au g/t 1.50

Martiniere

Ore Premium Mining Cost - UG CAD$/t milled 110.00

G&A Cost - Open Pit CAD$/t milled 7.00

Ore Transport to Process CAD$/t milled 6.00

G&A Cost - UG CAD$/t milled 10.50

Processing Cost- Open Pit CAD$/t milled 12.90

Processing Cost- UG CAD$/t milled 29.00

Calculated Cut-off Grade - Open Pit Au g/t 0.40

Calculated Cut-off Grade - UG Au g/t 2.40

WALLBRIDGE MINING COMPANY LIMITED TSX| WM

4|Page

Fenelon (effective date of November 9, 2021)

Fenelon Gold Category Cut-off Grade Metric

Tonnes

Grade

(Au g/t)

Troy

Ounces Total

(g/t Au) (oz Au) Ounces

Gabbro

Indicated

in Pit > 0.35 555,900 4.15 74,200

79,500 UG > 1.50 66,400 2.49 5,300

Inferred

in Pit > 0.35 - - -

UG > 1.50 - - -

Tabasco/Cayenne

Indicated in Pit > 0.35 12,706,500 1.77 725,000 1,396,700

UG > 1.50 6,296,200 3.32 671,700

Inferred

in Pit > 0.35 6,878,100 1.00 220,900

461,900

UG > 1.50 2,481,200 3.02 241,000

Area 51

Indicated

in Pit > 0.35 14,869,600 1.06 508,400

650,700

UG > 1.50 1,523,200 2.91 142,300

Inferred

in Pit > 0.35 15,224,300 1.27 620,500

1,005,500

UG > 1.50 4,407,500 2.72 385,000

Total Indicated 36,017,800 1.84 2,126,900

Total Inferred 28,991,100 1.57 1,467,400

WALLBRIDGE MINING COMPANY LIMITED TSX| WM

5|Page

Martiniere (effective date of November 9, 2021)

Martiniere Category Cut-off Grade Metric

Tonnes

Grade

(Au g/t)

Troy

Ounces Total

(g/t Au) (oz Au) Ounces

Martiniere

North

Indicated

in Pit > 0.40 137,300 2.81 12,400

39,400 UG > 2.40 225,700 3.72 27,000

Inferred

in Pit > 0.40 153,800 2.79 13,800

44,400

UG > 2.40 283,400 3.36 30,600

Martiniere West

Indicated

in Pit > 0.40 746,300 2.31 55,400

76,800

UG > 2.40 208,400 3.20 21,400

Inferred

in Pit > 0.40 52,700 1.15 1,900

38,300

UG > 2.40 299,000 3.79 36,400

Horsefly

Indicated

in Pit > 0.40 - - -

3,100

UG > 2.40 31,400 3.09 3,100

Inferred

in Pit > 0.40 26,000 2.17 1,800

2,400

UG > 2.40 7,000 2.68 600

Bug Lake

Indicated

in Pit > 0.40 5,699,400 1.94 355,000

424,400

UG > 2.40 492,100 4.39 69,400

Inferred

in Pit > 0.40 1,174,100 1.71 64,400

171,100

UG > 2.40 783,200 4.24 106,700

Total Indicated 7,540,600 2.24 543,700

Total Inferred 2,779,200 2.87 256,200

Note: Numbers may not add due to rounding

Notes on the MREs of the Fenelon and Martiniere gold projects:

1. The Qualified Persons for the current MREs are Mr. Carl Pelleti er, P. Geo. (For Fenelon and Martiniere) and Mr.

Vincent Nadeau-Benoit, P.Geo. (For Fenelon), both from InnovExp lo. The MREs follow 2014 CIM Definition

Standards and the 2019 CIM MRMR Best Practice Guidelines.

2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability.

3. The qualified persons are not awa re of any known environmental, permitting, legal, title-related, taxation, socio-

political or marketing issues, or any other relevant issue, tha t could materially affect the potential development of

mineral resources other than those discussed in the MRE.

4. For Fenelon, a density value of 2.80 g/cm3, supported by measurements, was applied to the bedrock. Sixty-one high-

grade zones and five low-grade envelopes were modelled in 3D us ing a minimum true width of 2.0 m. High-grade

capping was done on raw assay data and established on a per-zon e basis and ranges between 25 g/t and 110 g/t Au

(except Gabbro zones where it ranged from 35 g/t to 330 g/t) for the high-grade zones and ranges between 8 g/t and

35 g/t Au for the low-grade envelopes. Composites (1.5 m) were calculated within the zones and envelopes using

the grade of the adjacent material when assayed or a value of zero when not assayed.

WALLBRIDGE MINING COMPANY LIMITED TSX| WM

6|Page

5. For Martiniere, a density value of 2.80 g/cm3, supported by measurements, was applied to the bedrock. Fifty-nine high-

grade zones and one low-grade envelope were modelled in 3D using a minimum true width of 3.0 m. High-grade capping

was done on raw assay data and established at 35 g/t Au based o n the most numerous zones and extrapolated to all

zones. Composites (1.0 m) were calculated within the zones and envelopes using the grade of the adjacent material

when assayed or a value of zero when not assayed.

6. The reasonable prospect for eventual economic extraction is met by having constraining volumes applied to any blocks

(potential surface or underground extraction scenario) using Whittle and the Deswik Stope Optimizer (DSO) and by the

application of cut-off grades, as shown in the above table, were calculated using a gold price of US $ 1,607 / oz and an

Exchange rate of US $ 1.31 / CAD $.

7. Results are presented in-situ. Ounce (troy) = metric tons x gra de / 31.10348. The numbe r of tonnes and ounces was

rounded to the nearest thousand. Any discrepancies in the total s are due to rounding effects; rounding followed the

recommendations as per NI 43-101.

The sensitivity of the cut-off grades on the mineral resources of the Fenelon and Martiniere gold project is presented

below:

Sensitivity in-pit Fenelon

Cut-off Grade

(g/t Au)

Gabbro Tabasco-Cayenne Area 51

Metric

Tonnes

Grade

(Au g/t)

Troy

Ounces

(oz Au)

Metric

Tonnes

Grade

(Au g/t)

Troy

Ounces

(oz Au)

Metric

Tonnes

Grade

(Au g/t)

Troy

Ounces

(oz Au)

INDICATED

RESOURCES

0.30 586,200 3.95 74,500 14,055,200 1.64 739,100 17,298,700 0.96 533 ,700

0.35 555,900 4.15 74,200 12,706,500 1.77 725,000 14,869,600 1.06 508 ,400

0.40 532,200 4.32 73,900 11,644,000 1.90 712,200 12,911,400 1.17 484 ,900

0.50 492,300 4.63 73,300 10,016,200 2.14 688,800 10,115,800 1.37 444 ,700

1.00 355,200 6.14 70,100 5,625,000 3.26 588,800 4,582,500 2.18 320,9 00

1.50 277,500 7.52 67,100 3,786,600 4.25 517,100 2,816,800 2.79 252,3 00

2.50 199,800 9.69 62,300 2,234,900 5.86 421,000 1,264,500 3.85 156,5 00

INFERRED

RESOURCES

0.30 - - - 7,738,800 0.92 229,900 17,968,700 1.12 649,100

0.35 - - - 6,878,100 1.00 220,900 15,224,300 1.27 620,500

0.40 - - - 6,214,500 1.07 212,900 13,270,000 1.40 597,100

0.50 - - - 4,987,400 1.22 195,200 10,441,800 1.66 556,400

1.00 - - - 2,016,500 1.99 128,900 4,920,600 2.75 435,500

1.50 - - - 1,107,500 2.61 93,000 3,566,100 3.33 382,400

2.50 - - - 459,700 3.60 53,100 1,919,100 4.52 279,100

WALLBRIDGE MINING COMPANY LIMITED TSX| WM

7|Page

Sensitivity underground Fenelon

Cut-off Grade

(g/t Au)

Fenelon (All zones)

Metric

Tonnes

Grade

(Au g/t)

Troy Ounces

(oz Au)

INDICATED

RESOURCES

1.25 9,453,900 2.98 904,500

1.50 7,847,800 3.27 825,600

1.75 6,773,100 3.57 777,500

2.00 5,718,900 3.89 715,000

2.50 4,223,900 4.50 610,700

INFERRED

RESOURCES

1.25 8,891,500 2.47 707,300

1.50 6,926,900 2.78 619,800

1.75 5,730,600 3.05 561,500

2.00 4,685,500 3.32 499,500

2.50 2,982,700 3.96 379,800

Sensitivity in-pit Martiniere

Cut-off Grade

(g/t Au)

Martiniere North Martiniere West Horsefly Bug Lake

Metric

Tonnes

Grade

(Au g/t)

Troy

Ounces

(oz Au)

Metric

Tonnes

Grade

(Au g/t)

Troy

Ounces

(oz Au)

Metric

Tonnes

Grade

(Au g/t)

Troy

Ounces

(oz Au)

Metric

Ton

Grade

(Au

g/t)

Troy

Ounces

(oz Au)

INDICATED

RESOURCES

0.30 150,600 2.59 12,600 809,800 2.16 56,100 - 6,147,600 1.82 360, 000

0.35 144,800 2.68 12,500 778,600 2.23 55,800 - 5,911,400 1.88 357, 600

0.40 137,300 2.81 12,400 746,300 2.31 55,400 - 5,699,400 1.94 355, 000

0.50 124,100 3.06 12,200 681,300 2.49 54,500 - 5,275,700 2.06 348, 900

1.00 74,000 4.63 11,000 493,600 3.15 50,100 - 3,652,600 2.65 310,7 00

1.50 60,400 5.39 10,500 378,100 3.74 45,400 - 2,479,000 3.31 264,0 00

2.40 42,900 6.86 9,500 256,500 4.60 37,900 - 1,314,600 4.58 193,40 0

INFERRED

RESOURCES

0.30 173,700 2.51 14,000 66,400 0.98 2,100 26,000 2.17 1,800 1,275,3 00 1.6 65,500

0.35 161,000 2.68 13,900 59,100 1.06 2,000 26,000 2.17 1,800 1,217,9 00 1.66 64,900

0.40 153,800 2.79 13,800 52,700 1.15 1,900 26,000 2.17 1,800 1,174,1 00 1.71 64,400

0.50 146,600 2.90 13,700 43,100 1.30 1,800 26,000 2.17 1,800 1,088,7 00 1.80 63,100

1.00 91,800 4.22 12,400 15,000 2.57 1,200 24,500 2.25 1,800 795,700 2.20 56,400

1.50 73,500 4.97 11,700 10,800 3.08 1,100 20,800 2.43 1,600 542,900 2.65 46,300

2.40 67,300 5.25 11,400 8,300 3.43 900 10,600 2.94 1,000 262,60 0 3.52 29,700

WALLBRIDGE MINING COMPANY LIMITED TSX| WM

8|Page

Sensitivity underground Martiniere

Cut-off Grade

(g/t Au)

MARTINIERE

Metric

Tonnes

Grade (Au

g/t)

Troy

Ounces (oz

Au)

INDICATED

RESOURCES

2.00 1,274,100 3.57 146,300

2.40 933,500 4.10 122,900

3.00 619,800 4.89 97,400

INFERRED

RESOURCES

2.00 1,847,000 3.42 203,100

2.40 1,396,600 3.84 172,300

3.00 911,800 4.51 132,300

The tables above illustrate the sensitivity of each MRE to different cut-off grades for a potential open-pit and underground

operation scenario with reasonable outlook for economic extract ion. The reader is cautioned that the figures provided in

these tables should not be interpreted as a statement of mineral resources. Quantities and estimated grades for different cut-

off grades are presented for the sole purpose of demonstrating the sensitivity of the resource model to the choice of a specific

cut-off grade.

← Back to feed