WM.TO · 2020-10-14 12:00:00

Wallbridge Continues to Define and Expand Area 51 Mineralization in the Fenelon Gold System

Drill Results

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]

Toronto, Ontario – October 14, 2020 – Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the

“Company”) is pleased to report continuing positive drill results from Area 51 on Wallbridge’s 100%-owned Fenelon

Gold Property (“Fenelon” or the “Property”). Results of the 75-metre step-out drilling have further exte nded the Area 51

gold zones to the west and southeast, while in-fill drilling in Area 51 continues to defin e the distribution of gold

mineralization consisting of numerous narrow, high grade veins within vein network zones tens of metres in width.

“Our systematic step-out drilling is now revealing strong Area 51-style mineralization continuing to the west on the new

drill section 9750E,” said Attila Péntek, Vice President, Explo ration of Wallbridge. “The mineralization is wide open to

the west towards the intersecti on in FA-20-160 approximately 40 0 metres away. Similarly, the intersection of the newly

discovered Hubble zone on section 10425E provides continuity in the southeast and a possible connection to the Area 51

mineralization recently discovered all the way to the Sunday Lake Deformation Zone.”

Highlight intersections from step-out drilling to the west on Section 9750E (see Figs. 1 and 2) include:

 2.62 g/t Au over 25.00 metres, including

12.48 g/t Au over 4.80 metres in FA-20-167

 5.02 g/t Au over 7.45 metres, including

9.73 g/t Au over 3.50 metres in FA-20-171

 1.81 g/t Au over 55.00 metres, including

3.73 g/t Au over 7.60 metres and

24.91 g/t Au over 2.00 metres also in FA-20-171

Additional assay results from FA-20-160, an exploration hole dr illed 400 metres west of section 9750E (previously

reported as 106 g/t Au over 0.60 metres in Wallbridge Press Release dated Sept 08, 2020 ), now confirm a total

intersection of 13.03 g/t Au over 5.35 metres, including the 106 g/t Au over 0.60 metres reported previously (see Fig.

1).

Highlight intersections from step-out drilling to the east on Section 10425E (see Figs. 1 and 9) include:

 1.13 g/t Au over 43.50 metres, including

27.08 g/t Au over 1.00 metres in FA-20-146

 2.45 g/t Au over 11.35 metres, including

4.60 g/t Au over 4.55 metres in the newly discovered Area 51 Hubble Zone in FA-20-153

Highlight intersections from in-fill and expansion drilling on Sections 9900E to 10350E include:

 1.53 g/t Au over 120.50 metres, including

3.49 g/t Au over 24.00 metres, which includes 9.35 g/t Au over 5.00 metres, and

2.45 g/t Au over 21.50 metres in FA-20-159-W1 (see Figs. 1 and 6)

 1.43 g/t Au over 37.45 metres, including

47.70 g/t Au over 0.60 metres in FA-20-140 (see Figs. 1 and 7)

WALLBRIDGE MINING COMPANY LIMITED TSX| WM

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 1.44 g/t Au over 27.30 metres, including

8.13 g/t Au over 3.85 metres in FA-20-138 (see Figs. 1 and 5)

 4.40 g/t Au over 9.15 metres, including

25.6 g/t Au over 0.65 metres in FA-20-154 (see Figs. 1 and 4)

 10.03 g/t Au over 3.00 metres, including

16.6 g/t Au over 1.50 metres in FA-20-152 (see Figs. 1 and 3)

“Our infill drilling in Area 51 c ontinues to show the character istics of potentially bulk mineab le mineralization over large

widths with the optionality of selective mining of higher grade s from some of the zones,” stated Marz Kord, President and

CEO of Wallbridge. “Further infill drilling will increase our u nderstanding of the high-grade domains within the larger

mineralized intervals, as we work toward a maiden resource estimate for the Fenelon gold system.”

2020 Drilling Program Update

To September 30, 2020 approximately 75,000 metres of the planne d fully-funded 100,000-metre 2020 drilling program

have been completed. Currently, five of six drill rigs are foc using on expanding the Tabasco-Cayenne-Area 51

mineralization on the original Fenelon Gold Property, carrying out a combination of 50-100-metre step-outs and tighter-

spaced in-fill drilling. The sixth drill rig is active on explo ring the connection of the Tabasco-Cayenne-Area 51 gold

system to the Ripley-Reaper Area and the Sunday Lake Deformatio n Zone. Consideration has been given to increase the

scope and size of the planned 2020 and 2021 drilling programs to be able to fully assess the ultimate size potential of what

is a rapidly growing gold system (see Wallbridge Press Release dated Oct 13, 2020).

Partial assay results of 16 surface drill holes (FA-20-138, -140, -144, -146, -147, -152, -153, 154, -155, -159, -159-W1, -

160, -161, -167, -168, and -171) of the 2020 exploration drill program are reported in the Tables and Figures below. All

figures and a table with drill hole information of recently com pleted holes are posted on the Company’s website under

“Current Program” at https://www.wallbridgemining.com/s/fenelon.asp.

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Figure 1. Fenelon Gold, Plan View

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Figure 2. Fenelon Gold, 9750_E Cross Section

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Figure 3. Fenelon Gold, 9900 Cross Section

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Figure 4. Fenelon Gold, 9975 Cross Section

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Figure 5. Fenelon Gold, 10050 Cross Section

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Figure 6. Fenelon Gold, 10200 Cross Section

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