WM.TO · 2020-01-06 12:00:00

Wallbridge Continues to Grow the High-Grade Domain of the Lower Tabasco Zone at Fenelon

Drill Results

Wallbridge Continues to Grow the High-Grade

Domain of the Lower Tabasco Zone at Fenelon

TORONTO

Jan. 6, 2020

/CNW/ -

Wallbridge Mining Company Limited (TSX:WM, FWB: WC7)

("Wallbridge" or the "Company")

is pleased to announce that hole FA-19-094 has returned assays

32.18 g/t Au (21.56 g/t Au cut) over 9.70 metres

from the Lower Tabasco Zone on its 100%-

owned Fenelon Gold Property ("Fenelon" or the "Property").

This hole, together with previously reported intersections of

22.74 g/t Au (18.87 g/t Au cut) over

48.01 metres

(in hole FA-19-086 located 100 metres up-dip),

20.89 g/t Au (20.89 g/t Au cut) over

8.54 metres

(in hole FA-19-52 located 110 metres up-dip to the southeast) as well as visually

strong mineralization with assays pending in FA-19-103, have defined a high-grade core of the lower

Tabasco Zone (see Fig. 2).

In addition, the first two deep holes on the Lower Tabasco Zone both intersected the zone,

confirming the continuation of the Lower Tabasco Zone to a vertical depth of 850 metres. The two

holes are 240 metres apart along strike, and over 200 metres below intersections in holes -092 and

-096. Hole FA-19-099, the visual description of which was reported in

Wallbridge Press Release dated

December 03, 2019

, returned

5.06 g/t Au over 15.15 metres

Hole FA-19-104 returned a 26-metre core length intersection with visible gold and sulfide

mineralization; assays are pending.

"These latest results confirm the presence of a high-grade core to the Lower Tabasco Zone, which

is currently defined by three holes 80 to 100 metres apart, all with grades of greater than 20 grams

per tonne gold", stated

Marz Kord

, President & CEO of Wallbridge. "In addition, our first two deep

holes have greatly expanded the known limits of the Lower Tabasco Zone. A major focus of our fully

funded 2020 drill program of 100,000 to 120,000 metres, will be to complete the infill drilling

necessary to bring the Lower Tabasco Zone to resource stage by early 2021."

Lower Tabasco Zone Highlights

FA-19-094:

32.18 g/t Au (21.56 g/t Au cut) over 9.70 metres

, including

58.81 g/t Au (38.21 g/t Au cut) over 5.00 metres

This interval is an approximate 100 metre undercut to the intersection of 22.73 g/t Au (18.87 g/t Au cut) over 48.01 metres in hole FA-19-086 (see Figs.1, 2 and

4).

FA-19-092:

4.99 g/t Au over 10.32 metres

, including

10.92 g/t Au over 4.06 metres

(see Figs. 2 and 5)

Further assays around this intersection are pending and may increase the mineralized interval.

FA-19-099:

5.06 g/t Au over 15.15 metres

, including

17.96 g/t Au over 1.60 metres

This interval is an approximate 230 metre undercut to the nearest intersection of the Tabasco Zone in hole FA-19-092 and extends the known vertical extent of

the gold-bearing system at Fenelon by 100 metres, to a vertical depth of 850 metres (see Figs. 1, 2 and 5). Further assays around this intersection are pending

and may increase the mineralized interval.

FA-19-096:

5.53 g/t Au over 11.17 metres

, and

16.79 g/t Au over 2.75 metres

(see Figs.1 and 2)

Further assays around this intersection are pending and may increase the mineralized interval.

FA-19-103:

9-metre core length intersection of the Tabasco Zone with abundant visible gold and sulfide mineralization.

This interval is an approximate 10

metre undercut to the intersection of 5.50 g/t Au over 10.96 g/t Au in hole FA-19-065, over 40 metres from the intersection in FA-19-094 and over 30 metres

from the intersection in FA-19-096 (see Fig. 2).

FA-19-104:

26-metre core length intersection of the Tabasco Zone with visible gold and sulfide mineralization.

This interval is approximately

260 metres

from the nearest intersection of the Tabasco Zone

in FA-19-096 (see Figs. 1, 2 and 3).

FA-19-106:

3-metre core length intersection of the Tabasco Zone with visible gold and sulfide mineralization

(see Figs. 1 and 2).

"We are defining a very sizeable high-grade domain in the Lower Tabasco Zone, which is

surrounded by a continuously well mineralized shear zone grading in the 5-10 g/t Au range," stated

Attila Péntek, Vice President Exploration of Wallbridge. "We are confident that our 2020 in-fill

program will establish a robust high-grade underground resource in the Lower Tabasco Zone.

Notwithstanding this zone, the drill holes also intersected gold mineralization in Area 51 and

elsewhere for which assays are still pending and we look forward to releasing those results in the

near future."

Area 51 - Andromeda Corridor

While mainly targeting the Lower Tabasco Zone, the Company is continuing with its efficient drilling

approach whereby all drill holes cross, and therefore expand and infill, the Area 51 Andromeda

corridor before reaching the Lower Tabasco Zone. All the drill holes completed in the known Fenelon

gold system footprint since the last press release (FA-19-102, -103, -104 and -106) have

intersected significant mineralization with visible gold in Area 51 as well. Of particular note is a near

surface zone with visible gold in FA-19-106 (see Fig. 1) which is an

80 m

extension of the near

surface zone discovered in FA-19-098 (see

Wallbridge Press Release dated

November 14, 2019

2019/2020 Drill Program

Five drill rigs are currently active on the Property: four are focusing on exploration drilling from

surface, doing large-spaced step-outs to define the footprint of the Fenelon gold system, and one

underground drill rig is doing more closely spaced definition drilling of the Main Gabbro zones near

the existing mine workings. A total of 75,000 metres were drilled in 2019 and the program will be

continuing in 2020 with the same drilling rate of approximately 9,000 metres per month for a total of

100,000 to 120,000 metres.

Assay results of Tabasco Zone intersections from five surface holes (FA-19-090, -092, -094, -096

and -099) of the 2019 exploration drill program are reported in Table 1 and the Figures. Assays,

including further results of drill holes reported here, are pending for 31 surface drill holes and 101

underground holes, for a total of approximately 11,000 samples.

All figures and a table with drill hole information of recently completed holes can be found on the

Company website

Figure 1: Fenelon Gold, 1:3,000 Scale Plan view (CNW Group/Wallbridge Mining Company Limited)

Figure 2: Fenelon Gold, Tabasco Zone Inclined Long Section looking Northeast (CNW

Group/Wallbridge Mining Company Limited)

Figure 3: Fenelon Gold, Cross Section 10050_E (CNW Group/Wallbridge Mining Company Limited)

Figure 4: Fenelon Gold, Cross Section 10200_E (CNW Group/Wallbridge Mining Company Limited)

Figure 5: Fenelon Gold, Cross Section 10275_E (CNW Group/Wallbridge Mining Company Limited)

Table 1. Wallbridge Fenelon Gold Property 2019 Drill Assay Highlights

(1)

Drill Hole

From

Length

True Width

Au Cut

(2)

(3)

Zone/Corridor

(m)

(g/t)

FA-19-090

659.00

669.88

10.88

(4)

1.73

Lower Tabasco

FA-19-090

Including...

663.23

665.80

2.57

4.89

Lower Tabasco

FA-19-092

723.00

733.32

10.32

4.99

Lower Tabasco

FA-19-092

Including...

723.00

727.06

4.06

10.92

Lower Tabasco

FA-19-094

717.45

727.15

9.70

32.18

21.56

Lower Tabasco

FA-19-094

Including...

719.10

724.10

5.00

58.81

38.21

Lower Tabasco

FA-19-096

731.45

734.20

2.75

16.79

Lower Tabasco

FA-19-096

743.78

754.95

11.17

5.53

Lower Tabasco

FA-19-099

1009.00

1024.15

15.15

5.06

Lower Tabasco

FA-19-099

Including...

1009.00

1010.60

1.60

17.96

Lower Tabasco

(1) Table includes only highlight assay results received since the latest press release.

(2) Au cut at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.

(3) Intervals containing visible gold ("VG").

(4) Currently not enough information available to estimate true width.

About the Fenelon Gold Property

The Fenelon Gold Property is located proximal to the Sunday Lake Deformation Zone, an emerging

gold belt in northwestern

Quebec

. This major east-west structure in the northern Abitibi greenstone

belt hosts the Detour Lake mine, and is very similar to other breaks controlling world-class gold

camps in the southern Abitibi, yet it remains underexplored due to thick glacial cover.

At Fenelon, secondary splays of the Sunday Lake Deformation Zone have controlled the

emplacement of a significant gold system along and within the Jeremie Pluton. Historically,

exploration has focused on high-grade shear zones hosted in the Main Gabbro, and this is where

Wallbridge completed a bulk sample of 33,500 tonnes grading 18.49 g/t gold.

In late 2018, exploration drilling discovered a new geologic setting with extensive, vein- and shear-

hosted gold mineralization gold mineralization within the pluton, naming it Area 51. The

75,000 m

2019 drill program has proven the connectivity of Area 51 through the sediment-hosted Tabasco and

Cayenne Zones to the Main Gabbro and has significantly expanded the footprint and depth extent of

the Fenelon gold system. The ongoing, fully funded 100,000 to 120,000 metre 2020 drill program is

aiming to further define the size potential of the deposit and complete in-fill drilling in support of a

maiden 43-101 resource estimate.

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 either SGS Canada Inc. or ALS Canada Ltd for analysis. Samples,

along with standards, blanks and duplicates included for quality assurance and quality control, were

prepared and analyzed at SGS Canada Inc. or ALS Canada Ltd. laboratories. Samples are crushed

to 90% or 95% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns or 85%

passing 75 microns. 50g samples are analyzed by fire assay and AAS. At SGS, samples >10g/t Au

are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test

for coarse free gold and for 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 is

Evan Slater

P.Geo., M.Sc., Senior Project Geologist of Wallbridge.

About Wallbridge Mining

Wallbridge is establishing a pipeline of projects that will support sustainable 100,000 ounce-plus

annual gold production as well as organic growth through exploration and scalability.

The Company is currently developing its 100%-owned Fenelon Gold Property, which is located

proximal to the Sunday Lake Deformation Zone, an emerging gold belt in northwestern

Quebec

with

ongoing 100,000 to

120,000 m

exploration drill program in 2020 and a 33,500-tonne bulk sample

and

75,000 m

drilling completed in 2019. Wallbridge is also pursuing additional advanced-stage

projects which would add to the Company's near-term project pipeline. Wallbridge is also the

operator of, and a 20% shareholder in, Loncan Canada Inc., a privately-held company with a large

portfolio of nickel, copper, and PGM projects in

Ontario's

Sudbury

Basin.

This press release may contain forward-looking statements (including "forward-looking

information" within the meaning of applicable Canadian securities legislation and "forward-

looking statements" within the meaning of the US Private Securities Litigation Reform Act of

1995) relating to, among other things, the operations of Wallbridge and the environment in

which it operates. Generally, forward-looking statements can be identified by the use of

words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled",

"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or

variations of such words and phrases or statements that certain actions, events or results

"may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has

relied on a number of assumptions and estimates in making such forward-looking

statements, including, without limitation, the costs associated with the development and

operation of its properties. Such assumptions and estimates are made in light of the trends

and conditions that are considered to be relevant and reasonable based on information

available and the circumstances existing at this time. A number of risk factors may cause

actual results, level of activity, performance or outcomes of such exploration and/or mine

development to be materially different from those expressed or implied by such forward-

looking statements including, without limitation, whether such discoveries will result in

commercially viable quantities of such mineralized materials, the possibility of changes to

project parameters as plans continue to be refined, the ability to execute planned

exploration and future drilling programs, the need for additional funding to continue

exploration and development efforts, changes in general economic, market and business

conditions, and those other risks set forth in Wallbridge's most recent annual information

form under the heading "Risk Factors" and in its other public filings. Forward-looking

statements are not guarantees of future performance and such information is inherently

subject to known and unknown risks, uncertainties and other factors that are difficult to

predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to

identify important risks and factors that could cause actual actions, events or results to

differ materially from those described in forward-looking statements, there may be other

factors and risks that cause actions, events or results not to be as anticipated, estimated or

intended. Consequently, undue reliance should not be placed on such forward-looking

statements. In addition, all forward-looking statements in this press release are given as of

the date hereof.

Wallbridge disclaims any intention or obligation to update or revise any forward-looking

statements, whether as a result of new information, future events or otherwise, save and

except as may be required by applicable securities laws. The forward-looking statements

contained herein are expressly qualified by this disclaimer.

SOURCE

Wallbridge Mining Company Limited

View original content to download multimedia:

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For further information:

please visit the Company's website at www.wallbridgemining.com or

contact: Wallbridge Mining Company Limited, Marz Kord, P. Eng., M. Sc., MBA, President & CEO,

Tel: (705) 682-9297 ext. 251, Email: [email protected]; Brian Penny, Chief Financial

Officer, Tel: (416) 716-8346, Email: [email protected]

CO: Wallbridge Mining Company Limited

CNW 08:47e 06-JAN-20

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