Wallbridge Continues to Expand Fenelon Gold System in Multiple Directions
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 Continues to Expand Fenelon Gold System in Multiple Directions
Toronto, Ontario – March 6, 2023 – Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to report that new assay results
from the 2022 exploration program at the Company’s 100% -owned Fenelon G old project
(“Fenelon”) have expanded the Area 51, Tabasco and Contact zone s beyond the western and
eastern limits of the 2023 Mineral Resource Estimate (“MRE”) footprint. These results underscore
the potential to further increase the size of the deposit, which remains open in multiple directions.
Attila Péntek, Wallbridge’s Vice President, Exploration, commented:
“Wallbridge continues to grow the footprint of the Fenelon deposit beyond the boundaries of the
MRE (see Wallbridge press release dated January 17, 2023), supporting our 2023 strategy of drilling
larger step-outs on known mineralized zones. Recent results, including those reported today, have
continued to expand gold mineralization, particularly in the southeast, where our updated MRE
already demonstrated significant resource growth. Most of the 2022 assay results have now been
received and reported, with only a few isolated samples pending.”
“Our 2023 drill program is also testing various targets on a regional scale with the objective of
identifying new zones of mineralization and areas of promising geology such as favorable host rocks
and structures. We now have three drill rigs in target areas surrounding the Fenelon deposit until
April, when two of the drills will be mobilized to Martiniere to commence exploration drilling with
larger step-outs on known mineralized zones.”
Recent Highlight Assay Results
Western Extensions
Area 51
FA-22-507 13.83 g/t Au over 5.00 metres, including
30.47 g/t Au over 2.00, and
3.19 g/t Au over 2.50 metres
FA-22-500 13.24 g/t Au over 1.50 metres;
FA-22-468A 3.75 g/t Au over 4.50 metres, including
8.95 g/t Au over 1.50 metres;
FA-22-475 10.20 g/t Au over 1.50 metres;
FA-21-226-W2 3.52 g/t Au over 4.00 metres, including
10.15 g/t Au over 1.00 metres;
FA-21-233 2.13 g/t Au over 5.70 metres;
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FA-21-233 1.71 g/t Au over 7.40 metres;
Tabasco-Cayenne Corridor
FA-22-513 18.10 g/t Au over 2.20 metres, including
55.70 g/t Au over 0.70 metres;
FA-22-484 8.21 g/t Au over 3.50 metres, including
16.50 g/t Au over 1.50 metres;
Eastern Extensions
Area 51
FA-22-504 7.47 g/t Au over 2.85 metres;
FA-22-434-W1 5.22 g/t Au over 4.00 metres, including
17.31 g/t Au over 1.00 metres;
FA-20-115 6.05 g/t Au over 4.50 metres, including
24.09 g/t Au over 1.00 metre from the 2022 historic drill
core infill sampling program;
Tabasco-Cayenne-Contact Zone Corridor
FA-22-511 4.56 g/t Au over 8.55 metres, including
7.28 g/t Au over 5.00 metres;
FA-22-517 5.00 g/t Au over 4.00 metres;
FA-22-517 5.35 g/t Au over 3.00 metres, including
9.16 g/t Au over 1.50 metres;
FA-22-517 1.59 g/t Au over 10.20 metres, including
2.53 g/t Au over 3.80 metres;
FA-22-517 7.11 g/t Au over 2.80 metres;
The results reported in today’s press release are from 41 holes of the 2022 resource drill program
and two assay results (FA-20-115 & FA -20-155) from the 2022 infill sampling program. Two drill
holes from the 2021 program were extended during the 2022 program: FA-21-233 beyond 360
metres and FA-21-300 beyond 322 metres. Three drill holes from the 2022 program have partial
results pending.
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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/.
2023 Exploration Drill Program
At Fenelon, the updated MRE totals 2.37 million ounces of gold in the Indicated category and 1.72
million ounces of gold in the Inferred category, representing a significant increase in gold grade and
an increase in contained ounces compared to the 2021 MRE. Details of the 2023 MRE results can
be found in the Wallbridge press release dated January 17, 2023 and the National Instrument 43-
101 Technical Report filed on SEDAR on March 3, 2023.
This updated MRE will form the basis of Wallbridge’s PEA , scheduled for completion during the
second quarter of 2023. This economic study will guide the next steps Wallbridge will take toward
developing its most advanced gold project.
The 15,000 metres of drilling planned for Fenelon, which remains open laterally and at depth in
multiple directions, will , in part, follow up on recent exploration results (see Wallbridge press
releases dated November 8 and December 8, 2022 and February 28, 2023) that continue to expand
the known gold zones.
In February, Wallbridge mobilized three drills at Fenelon to complete more aggressive step outs on
the known system, and to test grassroots targets on a more regional scale. One of the drills has
been testing a target area to the Northwest of the Fenelon deposit in se arch for extensions of the
Jeremie Diorite, one of the main host rocks at Fenelon. A second drill is undercutting the main Area
51 system at depth and will be completing large step outs (200 -300 metres) towards the west to
continue expanding the system in a completely open area at moderate depths. The third drill is
testing the Ripley system, as described in Wallbridge press release dated February 28, 2023.
In addition, the Company will continue de -risking the project with further technical studies and
environmental and permitting activities.
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Figure 1. Fenelon Gold. A) Fenelon Plan View and B) Plan View-West
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Figure 2. Fenelon Gold. A) Fenelon- Plan View and B) Fenelon- Plan View- East
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Figure 3. Fenelon Gold, Plan View, 825 metres Vertical Depth
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Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights- West (1,4)
Drill Hole From To Length Au Au Cut(2) VG(3) Zone/Corridor
(m) (m) (m) (g/t) (g/t)
FA-21-226-W2 1019.50 1023.50 4.00 3.52 3.52 Area 51
Including… 1022.50 1023.50 1.00 10.15 10.15 Area 51
FA-21-226-W2 1093.50 1099.00 5.50 1.47 1.47 Contact Zone
FA-21-233* 412.80 418.50 5.70 2.13 2.13 VG Area 51
FA-21-233* 739.40 746.80 7.40 1.71 1.71 Area 51
FA-22-462 No Significant Mineralization
FA-22-468A 29.00 41.05 12.05 0.45 0.45 Area 51
FA-22-468A 901.00 905.50 4.50 3.75 3.75 Area 51
Including… 904.00 905.50 1.50 8.95 8.95 Area 51
FA-22-475 107.00 108.50 1.50 10.20 10.20 Area 51
FA-22-475 178.25 179.90 1.65 5.23 5.23 Area 51
FA-22-476 530.50 532.00 1.50 4.08 4.08 Area 51
FA-22-478 No Significant Mineralization
FA-22-484 395.00 398.50 3.50 8.21 8.21 Contact Zone
Including… 397.00 398.50 1.50 16.50 16.50 Contact Zone
FA-22-486 No Significant Mineralization
FA-22-489A No Significant Mineralization
FA-22-493 No Significant Mineralization
FA-22-500 1085.50 1087.00 1.50 13.24 13.24 Area 51
FA-22-502A No Significant Mineralization (4)
FA-22-507 480.00 485.00 5.00 13.83 13.83 VG Area 51
Including… 480.00 482.00 2.00 30.47 30.47 VG Area 51
And**… 482.50 485.00 2.50 3.19 3.19 Area 51
FA-22-510 No Significant Mineralization
FA-22-513 130.50 132.70 2.20 18.10 18.10 Tabasco
Including… 130.50 131.20 0.70 55.70 55.70 Tabasco
FA-22-518 255.50 256.45 0.95 6.84 6.84 Cayenne
FA-22-521 No Significant Mineralization
FA-22-523 No Significant Mineralization
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Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights- West (1,4)
Drill Hole From To Length Au Au Cut(2) VG(3) Zone/Corridor
(m) (m) (m) (g/t) (g/t)
FA-22-524 188.50 189.00 0.50 17.51 17.51 VG Tabasco
FA-22-526 No Significant Mineralization
FA-22-531 No Significant Mineralization
FA-22-532 No Significant Mineralization
FA-22-535 No Significant Mineralization
FA-22-536 18.30 27.50 9.20 0.75 0.75 Cayenne
FA-22-539 82.00 94.70 12.70 0.70 0.70 VG Cayenne
Including… 82.00 88.00 6.00 1.18 1.18 Cayenne
FA-22-541 No Significant Mineralization
(1) Table includes only assay results received since the latest press release dated March 6, 2023.
(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 0.45 g/t Au within the 2022
MRE open pit shell and 1.5 g/t Au for outside open pit shell.
* Original drill hole extended after 360m for FA-21-233.
** Results reported here contain previously announced intervals that were extended with new assay results.
Note: True widths are estimated to be 50-80% of the reported core length intervals.
Table 2. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights- East and 2022 Infill Sampling (1,4)
Drill Hole From To Length Au Au Cut(2) VG(3) Zone/Corridor
(m) (m) (m) (g/t) (g/t)
FA-20-115* 399.50 404.00 4.50 6.05 6.05 Area 51
Including… 402.00 403.00 1.00 24.09 24.09 Area 51
FA-20-155* 431.00 432.00 1.00 12.51 12.51 Area 51
FA-21-300** 129.90 137.50 7.60 0.66 0.66 Contact Zone
FA-21-300** 449.50 452.50 3.00 2.76 2.76 Tabasco
FA-21-300** 569.00 570.30 1.30 8.70 8.70 Tabasco
FA-22-434-W1 511.00 515.00 4.00 5.22 5.22 Area 51
Including… 514.00 515.00 1.00 17.31 17.31 Area 51
FA-22-434-W1 1037.00 1040.50 3.50 1.98 1.98 Area 51
FA-22-434-W1 1133.45 1134.50 1.05 4.69 4.69 Area 51
FA-22-434-W1 1217.50 1220.75 3.25 2.91 2.91 Cayenne
FA-22-473 No Significant Mineralization