Wallbridge Demonstrates Potential to Expand Gold Resources and Commence s 2024 Drill Program at Fenelon
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]
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Wallbridge Demonstrates Potential to Expand Gold Resources and
Commence s 2024 Drill Program at Fenelon
Toronto, Ontario – February 7, 2024 – Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (“Wallbridge ” or the “Company ”) today announced final results from the 2023
drill program that add near-surface mineralization adjacent to the Fenelon mineral resource and
expand the mineralized area to the north and east at its 100% -owned Fenelon Gold project
(“Fenelon ”). After a short winter break , one drill rig has been mobilized and drilling has
commenced.
Highlights
• Exploration drilling completed in 2023 has intercepted significant gold mineralization 1 km
to the north (Target F1) and 2.5 km to the east (Target F5) of the Fenelon deposit, which
remains open both laterally and at depth.
• Results, such as 17.05 g/t Au over 2.75 m in hole FA-23-569, 80.51 g/t Au over 0.50 m in
hole FA-23-566, and 4.36 g/t Au over 7.50 m in hole FA-23-568, demonstrate the potential
to add near-surface, high-quality gold ounces proximal to the currently defined limits of
the Fenelon resource.
• The 2024 drill program has commenced at Fenelon with the objective to expand the limits
of near- surface gold resources in the vicinity of the 2023 Preliminary Economic
Assessment (“PEA”) mine design, offering the potential to improve the project’s overall
economics.
“The positive results of the 2023 program demonstrate the ability to add near -surface gold
mineralization in close proximity to the Fenelon resource, and to confirm the presence of new
areas of prospective gold mineralization within a few kilometres of the deposit,” said Attila Péntek,
Wallbridge’s Vice President, Exploration.
“This is in line with our stated goal to upgrade known gold resources and test priority grassroots
exploration targets in 2024.”
Resource Step-out Drilling
Nine drill holes totaling 3,156 metres, including extensions to two previously drilled holes, targeted
near-surface Area 51 gold zones adjacent to the PEA mine design which, due to lower drilling
density, are not included in the current design.
The drilling mainly focused on the MIB (five holes) and Andromeda (four holes) mineralized zones
within Area 51 ( Figure 3). In both zones , positive drilling results , presented below, successfully
expanded zones of known gold mineralization, further supporting the potential to increase gold
resources. Additionally, follow-up infill sampling in hole FA- 22-507 returned a new significant
intercept in the Enterprise zone:
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Andromeda (Area 51):
FA-23-569: 17.05 g/t Au over 2.75 metres;
1.37 g/t Au over 28.50 metres, including
3.71 g/t Au over 4.00 metres, and
3.06 g/t Au over 4.20 metres;
11.81 g/t Au over 0.65 metres;
FA-23-570: 0.97 g/t Au over 13.60 metres , including
2.28 g/t Au over 2.90 metres;
1.36 g/t Au over 7.50 metres , including
3.21 g/t Au over 2.30 metres;
12.04 g/t Au over 1.00 metre;
FA-23-571: 2.01 g/t Au over 5.00 metres;
FA-23-572: 13.78 g/t Au over 1.00 metres;
MIB (Area 51):
FA-23-566: 80.51 g/t Au over 0.50 metre ;
29.42 g/t Au over 0.50 metre ;
FA-23-568: 4.36 g/t Au over 7. 50 metres, including
17.55 g/t Au over 1.50 metres ;
FA-23-568: 5.90 g/t Au over 1.80 metres ;
FA-21-291: 23.20 g/t Au over 0.50 metres ;
Enterprise (Area 51):
FA-22-507: 2.34 g/t Au over 6.00 metres;
Exploration Drilling
An additional five holes totalling 2,660 metres were drilled in the fall of 2023 to follow-up on the
discovery of two new gold zones , Targets F1 and F5, which were first reported on May 8, 2023.
The results for these and the remaining holes from the earlier program are reported below.
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In Target F1, drilling continued to delineate the geometry of the newly discovered Jeremie Diorite
body and the gold mineralization originally intersected in hole FA-23-546, which yielded 0.96 g/t
Au over 21.05 metres. Hole FA-23-565 intersected Area 51- style gold mineralization, returning
8.71 g/t Au over 0.60 metre along strike of the original intersection in hole FA-23-546.
At Target F5, east of the Fenelon deposit, the drill holes continued to test favorable host rocks
and gold-bearing structures encountered by previous drill programs. Hole FA-23-551, previously
reported, intersected several instances of gold mineralization over a 150-metre corridor, including
14.90 g/t Au over 0.50 metre. Hole FA-23-563, reported below, intersected a wide zone of low -
grade gold mineralization along a NW-SE trending structure, parallel to one of the main structural
orientations at the Fenelon deposit. This gold zone, associated with strong alteration within and
around an intermediate intrusion, yielded an average of 0.52 g/t Au over 18.45 metres. Additional
gold mineralization was intersected in holes FA-23-562 and FA-23-563 in Target F5 and in hole
FA-23-555A in Target F7, 1 km further east, as reported in Table 1.
Today, the Company reports final assay results for 24 drill holes, which include 9 resource step-
out delineation holes and 15 first pass exploration holes to test new targets, along with infill sample
results for 1 drill hole.
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129 Fielding Road Lively ON P3Y 1L7 t: 705-682-9297 f: 1-888-316-4156 e: [email protected]
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Figure 1. Wallbridge’s Detour-Fenelon Gold Trend land package
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Figure 2. Fenelon Gold Project, Plan View , 2023 Exploration Drill Program
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Figure 3. Fenelon Gold Project, Plan View, Top 400m Vertical Depth. 2023 Resource Drill Program
WALLBRIDGE MINING COMPANY LIMITED TSX: WM www.wallbridgemining.com
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Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights (1)
Drill Hole From To Length Au Au Cut(2) Zone/Corridor (m) (m) (m) (g/t) (g/t)
2023 Resource Drill Results (3)
Area 51 Infill Drilling- Andromeda
FA-23-569 51.25 54.00 2.75 17.05 17.05 Area 51
FA-23-569 99.50 128.00 28.50 1.37 1.37 Area 51
Including… 99.50 103.50 4.00 3.71 3.71 Area 51
And... 123.80 128.00 4.20 3.06 3.06 Area 51
FA-23-569 200.50 202.00 1.50 3.61 3.61 Area 51
FA-23-569 400.00 400.65 0.65 11.81 11.81 Area 51
FA-23-570 172.40 186.00 13.60 0.97 0.97 Area 51
Including… 172.40 175.30 2.90 2.28 2.28 Area 51
FA-23-570 244.50 252.00 7.50 1.36 1.36 Area 51
Including… 247.70 250.00 2.30 3.21 3.21 Area 51
FA-23-570 263.50 264.50 1.00 12.04 12.04 Area 51
FA-23-571 66.00 71.00 5.00 2.01 2.01 Area 51
FA-23-572 104.20 109.50 5.30 1.05 1.05 Area 51
FA-23-572 406.50 407.50 1.00 13.78 13.78 Area 51
Area 51 Infill Drilling- MIB
FA-23-566 63.00 64.50 1.50 4.35 4.35 Area 51
FA-23-566 113.50 114.00 0.50 80.51 65.00 Area 51
FA-23-566 149.50 151.00 1.50 3.45 3.45 Area 51
FA-23-566 243.00 243.50 0.50 29.42 29.42 Area 51
FA-23-566 263.50 265.30 1.80 3.01 3.01 Area 51
FA-23-567 No Significant Mineralization
FA-23-568 154.00 161.50 7.50 4.36 4.36 Area 51
Including... 154.00 155.50 1.50 17.55 17.55 Area 51
FA-23-568 199.70 201.50 1.80 5.90 5.90 Area 51
FA-21-271 EXT No New Significant Mineralization
FA-21-291 EXT 437.00 437.50 0.50 23.20 23.20 Area 51
Area 51 Infill Sampling- Enterprise
FA-22-507 (Infill) 452.00 458.00 6.00 2.34 2.34 Area 51
2023 Exploration Drill Results (4)
Target F1
FA-23-557 305.00 306.50 1.50 0.97 0.97 New Zones
FA-23-557 343.00 344.50 1.50 2.20 2.20 New Zones
FA-23-558 141.00 142.00 1.00 1.55 1.55 New Zones
FA-23-558 434.00 435.00 1.00 1.08 1.08 New Zones
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Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights (1)
Drill Hole From To Length Au Au Cut(2) Zone/Corridor (m) (m) (m) (g/t) (g/t)
FA-23-558 444.00 444.50 0.50 7.19 7.19 New Zones
FA-23-558 490.00 491.40 1.40 2.23 2.23 New Zones
FA-23-560 328.10 328.65 0.55 1.82 1.82 New Zones
FA-23-561 358.00 358.80 0.80 1.34 1.34 New Zones
FA-23-565 273.50 274.10 0.60 8.71 8.71 New Zones
FA-23-573 No Significant Mineralization
Target F2/3- West
FA-23-550 No Significant Mineralization
FA-23-553 No Significant Mineralization
Target F5
FA-23-562 558.50 560.00 1.50 1.33 1.33 New Zones
FA-23-563 212.00 213.50 1.50 3.18 3.18 New Zones
FA-23-563 268.55 287.00 18.45 0.52 0.52 New Zones
Including… 275.00 281.00 6.00 0.90 0.90 New Zones
Target F6- East
FA-23-554 No Significant Mineralization
FA-23-555A 160.00 162.50 2.50 0.99 0.99 New Zones
FA-23-556A No Significant Mineralization
Target F8
FA-23-559 No Significant Mineralization
Target SLDZ
FA-23-564 No Significant Mineralization
Note: True widths are typically estimated to be 50-80% of the reported core length intervals.
(1) Table includes only assay results received since the latest press release dated June 06, 2023.
(2) Au cut at: 100 g/t Au for the Tabasco/Contact /Cayenne zones; 65 g/t Au for the Area 51 zones.
(3) Resource drill hole intercepts are based on a metal factor (Au grade * intercept thickness) of at least 5 g/t*m.
(4) Exploration drill hole intercepts are based on a metal factor (Au grade * intercept thickness) of at least 1 g/t*m.