Wallbridge Drilling at Fenelon Intersects Near Surface High-Grade Gold Mineralization
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]
118414887 v4
Wallbridge Drilling at Fenelon Intersects Near Surface High-Grade
Gold Mineralization
Toronto, Ontario – May 22, 2024 – Wallbridge Mining Company Limited (TSX: WM ,
OTCQB:WLBMF) (“Wallbridge” or the “Company”) is pleased to announce that it has received final
assay results from its 2, 396 metre drilling program completed in March 2024 at its 100% owned
Fenelon Gold Project (“Fenelon”).
Highlights
Intersected multiple high-grade gold-bearing structures in the Enterprise and Andromeda vein
swarms of the Area 51 zone at depth s ranging between 60 and 150 m etres below surface
including:
• 29.48 g/t Au over 1.4 metres, 37.95 g/t Au over 1.9 metres in drill hole FA-24-578
• 12.09 g/t Au over 0.5 metres, 41.55 g/t Au over 0.5 metres in drill hole FA-24-579
Provided additional infill confirmation of gold grade continuity along Contact and Tabasco zone
structures proximal to the Area 51 zone at relatively shallow depths ranging between 40 and 85
metres below surface with intercepts including:
• 2.15 g/t Au over 4.5 metres, 1.90 g/t Au over 4.1 metres in drill hole FA-24-575
• 3.39 g/t Au over 2.5 metres in drill hole FA-24-580
Deeper mineralization was also intersected in the Area 51 -MIB and Tabasco zones at depths
ranging between 350 and 500 metres below surface including:
• 7.75 g/t Au over 2.4 metres, 11.52 g/t Au over 1.7 metres in drill hole FA-24-578
• 50.13 g/t Au over 0.5 metres in drill hole FA-24-579
Confirmed continuation of gold mineralization along easterly strike projection of the Contact and
Tabasco zone structures near the currently defined limit of the Fenelon mineral resource with 1.52
g/t Au over 8.0 metres in a down-hole extension of drill hole FA-20-194.
Additional highlights from the recently completed drilling are provided in the summary table below.
Wallbridge’s CEO Brian Penny commented: “These new intercepts provide further confirmation of the
continuity and distribution of gold mineralization within the Fenelon mineral resource. This near-surface
mineralization could provide a positive impact on the project, and it will be used to advance the
combined Fenelon-Martiniere preliminary economic assessment (“PEA”) currently in progress.”
Earlier this year and during 2023, Wallbridge released a series of results from delineation and infill
drilling completed at Fenelon subsequent to the announcement of the 2023 mineral resource estimate
(see Wallbridge news releases dated February 7, 2024, June 6, 2023, March 6, 2023, January 17,
2023, and Amended and Re-stated: NI 43-101 Technical Report dated December 29, 2023). Links to
a drill hole location map and cross-sections for the drill holes reported in this news release are provided
here: Fenelon Gold Project: Q1 2024 Plan View Map & Cross-Sections
Subsequent to the completion of its Q1 Fenelon drill program, Wallbridge recently completed a Phase
1 drill program at its Martiniere Project, located 30 kilometres west of Fenelon (see news release dated
March 4, 2024 ). Key objectives of the Phase 1 program include the collection of mineralized material
WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
2 Page
for bulk metallurgical testing, collection of geotechnical data to support rock mass characterization
studies, and infill drilling to upgrade resource classification. The Company will provide an update on
the Martiniere Project once the final results of the Phase 1 program have been received. Additionally,
final preparations are well underway for the commencement of the 2024 regional exploration drilling
program, which is scheduled to begin in early June.
Wallbridge Fenelon Gold Project: Q1 2024 Drill Assay Highlights
Drill Hole From To Length Au Zone - Corridor (m) (m) (m) (g/t)
FA-18-043_ext'n No Significant Results
FA-20-194_ext'n * 918.0 926.0 8.0 1.52 Contact / Tabasco
Including 918.0 920.0 2.0 2.79
* 920.0 924.6 4.6 0.41
* 924.6 926.0 1.4 3.36
FA-24-574 No Significant Results
FA-24-575 40.5 45.0 4.5 2.15 Tabasco / Area 51
* 81.5 85.6 4.1 1.90 Tabasco / Area 51
Including 81.5 83.7 2.2 0.98
* 83.7 85.6 1.9 2.97
FA-24-576 No Significant Results
FA-24-577 No Significant Results
FA-24-578 * 75.5 76.9 1.4 29.48 Area 51- Enterprise
Including 75.5 76.2 0.7 1.01
* 76.2 76.9 0.7 55.91
* 109.3 111.2 1.9 37.95 Area 51- Enterprise
Including * 109.3 110.7 1.4 4.01
* 110.7 111.2 0.5 133.00
120.4 127.6 7.2 1.67 Area 51- Enterprise
Including 120.4 121.5 1.1 4.29
121.5 126.9 5.4 0.25
126.9 127.6 0.7 8.31
158.4 159.0 0.6 19.60 Area 51- Enterprise
299.0 301.8 2.8 1.75 Area 51- Enterprise
Including 299.0 300.0 1.0 3.37
300.0 301.8 1.8 0.85
384.0 386.4 2.4 7.75 Area 51- MIB
Including 384.0 385.7 1.7 10.76
385.7 386.4 0.7 1.12
* 474.2 475.9 1.7 11.52 Area 51- MIB
Including 474.2 474.9 0.7 1.63
* 474.9 475.9 1.0 18.94
486.0 487.0 1.0 7.05 Area 51- MIB
* 515.1 518.2 3.1 3.61 Area 51- MIB
Including 515.1 517.7 2.6 1.49
* 517.7 518.2 0.5 13.62
FA-24-579 * 47.4 47.9 0.5 9.50 Area 51- Andromeda
* 73.3 73.8 0.5 12.09 Area 51- Andromeda
* 80.0 80.5 0.5 12.26 Area 51- Andromeda
* 91.0 91.5 0.5 9.50 Area 51- Andromeda
* 106.4 106.9 0.5 41.55 Area 51- Andromeda
* 459.6 460.1 0.5 50.13 Tabasco
FA-24-580 36.0 38.5 2.5 3.39 Tabasco / Area 51
Including 36.0 37.5 1.5 0.62
37.5 38.5 1.0 7.55
Notes: True widths are estimated to be within 60 to 90% of reported core length intervals.
* Indicates visible gold (VG) observed in drill core
WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
3 Page
A link to a complete summary table of assay results and drillhole information are provided here:
Fenelon Gold Project: Q1 2024 Drill Assay Summary & Q1 Drillhole Information
Quality Assurance / Quality Control
Wallbridge maintains a Quality Assurance/Quality Control ("QA/QC") program for all its exploration projects
using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for
samples, regular insertion of blanks and certified reference materials, and completion of secondary check
analyses performed at a separate independent accredited laboratory. Drill core is halved and shipped in
sealed bags to SGS in Val d’Or, Quebec where they are re -distributed to other SGS laboratory facilities
according to the analytical method being requested by Walbridge. Gold analyses are routinely performed
via fire assay with ICP-OES finish methods. For greater precision and accuracy, samples assaying 10 g/t
Au or greater are re -assayed via metallic screen fire assay method or fire assay/gravimetric finish ,
depending on the amount of sample material remaining available . Samples containing visible gold are
submitted directly for analysis by metallic screen fire assay method.
SGS Natural Resources analytical laboratories operate under a Quality Management System that conforms
to the requirements of ISO/IEC 17025. All of SGS’ Canadian analytical sites are accredited by the Standards
Council of Canada (SCC) for specific mineral tests listed on the scope of accreditation to the ISO/IEC 17025
standard. ISO/IEC 17025 addresses both the quality management system and the technical a spects of
operating a testing laboratory. Physical sample preparation involving accredited test methods as listed on
the scope of accreditation may be performed at other sites listed on the SGS Canada Inc – Natural
Resources – Minerals group accreditation or at offsite sample preparation laboratories that are monitored
regularly for quality control and quality assurance practices, including SGS Canada Inc, Garson, SGS
Canada Inc, Val d’Or and SGS Canada Inc, Grand Falls-Windsor.
Qualified Person
The Qualified Person responsible for the technical content of this news release is Mr. Christopher Kelly,
M.Sc., P.Geo., Senior Geologist for Wallbridge.
Annual General Meeting
Wallbridge’s annual meeting of the shareholders will be held in person at the TMX Market Centre, 120
Adelaide St. West, Toronto, Ont. M5H 1S3 and via live webcast at https://virtual-
meetings.tsxtrust.com/en/1615 on June 26, 2024, at the hour of 4:30 p.m. (Eastern time) (the “Meeting”).
To access the live webcast of the Meeting, shareholders will need to open the following link: https://virtual-
meetings.tsxtrust.com/en/1615. T he password for the live webcast is wallbridge2024 (case sensitive).
About Wallbridge Mining
Wallbridge is focused on creating value through the exploration and sustainable development of gold
projects along the Detour -Fenelon Gold Trend in Québec’s Northern Abitibi region while respecting the
environment and communities where it operates (regional property map provided below).
Wallbridge’s most advanced projects, Fenelon Gold (“ Fenelon”) and Martiniere Gold (“ Martiniere”)
incorporate a combined 3.05 million ounces of indicated gold resources and 2.35 million ounces of inferred
gold resources. Fenelon and Martiniere are located within an 830 square kilometre exploration land
package controlled by Wallbridge.
Wallbridge has reported a positive Preliminary Economic Assessment (“PEA”) at Fenelon that estimates
average annual gold production of 212,000 ounces over 12 years.
Wallbridge also holds a 15. 79% interest in the common shares of NorthX Nickel Corp. (formerly “Archer
Exploration”) as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec. For
further information please visit the Company’s website at https://wallbridgemining.com/ or contact:
WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
4 Page
W
allbridge Mining Company Limited
Brian Penny, CPA, CMA
Chief Executive Officer
Email: [email protected]
M: +1 416 716 8346
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Capital Markets Advisor
Email: [email protected]
M: +1 289 242 3599
Cautionary Note Regarding Forward-Looking Information
The information in this document may contain forward-looking statements or information (collectively, “FLI”) within
the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and
interpretations as at the date of this document.
All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions,
estimates and uncertainties. Generally, FLI can be identified by the use of statements that include, but are not limited
to, words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”,
“expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such
words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should”
or “might”, “be taken”, “occur” or “be achieved.”
FLI in this document may include, but is not limited to: statements regarding the results of the PEA; the potential
future performance of the Common Shares; future drill results; the Company’s ability to convert inferred resources
into measured and indicated resources; environmental matters; stakeholder engagement and relationships;
parameters and methods used to estimate the MRE’s at Fenelon and Martiniere (collectively the “Deposits”); the
prospects, if any, of the Deposits; future drilling at the Deposits; and the significance of historic exploration activities
and results.
FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it
may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of
the Company to be materially different from any future results, performance or achievements expressed or implied by
such FLI. Although the FLI contained in this document is based upon what management believes, or believed at the
time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of
securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause
results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes
responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not
undertake, and assumes no obligation, to update or revise any such FLI contained in this document to reflect new
events or circumstances. Unless otherwise noted, this document has been prepared based on information available
as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information contained
herein.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those described in FLI.
Assumptions upon which FLI is based, without limitation, include: the results of exploration activities, the Company’s
financial position and general economic conditions; the ability of exploration activities to accurately predict
mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration
activities; the legitimacy of title and property interests in the Deposits; the accuracy of key assumptions, parameters
or methods used to estimate the MREs and in the PEA; the ability of the Company to obtain required approvals;
geological, mining and exploration technical problems; failure of equipment or processes to operate as anticipated;
the evolution of the global economic climate; metal prices; foreign exchange rates; environmental expectations;
community and non-governmental actions; and, the Company’s ability to secure required funding. Risks and
uncertainties about Wallbridge's business are discussed in the disclosure materials filed with the securities regulatory
authorities in Canada, which are available at www.sedarplus.ca.
WALLBRIDGE MINING COMPANY LIMITED
TSX| WM
5 Page
Cautionary Notes to United States Investors
Wallbridge prepares its disclosure in accordance with NI 43-101 which differs from the requirements of the U.S.
Securities and Exchange Commission (the "SEC"). Terms relating to mineral properties, mineralization and estimates
of mineral reserves and mineral resources and economic studies used herein are defined in accordance with NI 43-
101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by
the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended. NI 43-101 differs
significantly from the disclosure requirements of the SEC generally applicable to US companies. As such, the
information presented herein concerning mineral properties, mineralization and estimates of mineral reserves and
mineral resources may not be comparable to similar information made public by U.S. companies subject to the
reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations
thereunder.
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]
118414887 v4
Wallbridge Mining Detour – Fenelon Gold Trend Properties
Wallbridge Fenelon Gold Project: Q1 2024 Drill Assay Summary
Drill Hole From To Length Au Zone/Corridor (m) (m) (m) (g/t)
FA‐18‐043_ext'n 222.0 387.0 165.0 0.01
FA‐20‐194_ext'n 793.0 812.5 19.5 0.03
812.5 814.0 1.5 0.75
814.0 918.0 104.0 0.08
FA‐20‐194_ext'n * 918.0 926.0 8.0 1.52 Contact / Tabasco
Including 918.0 920.0 2.0 2.79
* 920.0 924.6 4.6 0.41
* 924.6 926.0 1.4 3.36
926.0 938.0 12.0 0.12
* 938.0 938.5 0.5 1.59 Tabasco
938.5 954.8 16.3 0.15
* 954.8 957.0 2.2 1.28 Tabasco
957.0 963.0 6.0 0.07
963.0 964.5 1.5 1.14 Tabasco
964.5 979.5 15.0 0.09
979.5 984.8 5.3 0.62
984.8 1005.0 20.2 0.08
1005.0 1007.8 2.8 1.49 Cayenne
1007.8 1014.0 6.2 0.04
1014.0 1018.3 4.3 0.61
1018.3 1068.0 49.7 ≤ 0.01(1)
FA‐24‐574 0.0 36.4 36.4 Overburden
36.4 201.0 164.6 0.03
FA‐24‐575 0.0 37.8 37.8 Overburden
37.8 40.5 2.7 0.05
40.5 45.0 4.5 2.15 Tabasco / Area 51
45.0 81.5 36.5 0.07
* 81.5 85.6 4.1 1.90 Tabasco / Area 51
Including 81.5 83.7 2.2 0.98
* 83.7 85.6 1.9 2.97
85.6 106.3 20.7 0.02
106.3 107.7 1.4 1.14 Contact Zone
107.7 141.0 33.3 0.01
FA‐24‐576 0.0 40.6 40.6 Overburden
40.6 43.5 2.9 0.09
43.5 45.0 1.5 0.95 Contact Zone
45.0 201.0 156.0 0.02
FA‐24‐577 0.0 52.5 52.5 Overburden
52.5 153.0 100.5 0.03
153.0 159.9 6.9 0.19
159.9 160.5 0.6 1.37 Area 51‐ Andromeda
160.5 163.3 2.8 0.23
163.3 201.0 37.7 0.04
FA‐24‐578 0.0 54.6 54.6 Overburden
* 54.6 75.5 20.9 0.03
* 75.5 76.9 1.4 29.48 Area 51‐ Enterprise
Including 75.5 76.2 0.7 1.01
* 76.2 76.9 0.7 55.91
Wallbridge Fenelon Gold Project: Q1 2024 Drill Assay Summary
Drill Hole From To Length Au Zone/Corridor (m) (m) (m) (g/t)
76.9 91.8 14.9 0.03
* 91.8 92.7 0.9 1.69 Area 51‐ Enterprise
92.7 105.6 12.9 0.02
105.6 109.3 3.7 0.24
* 109.3 111.2 1.9 37.95 Area 51‐ Enterprise
Including * 109.3 110.7 1.4 4.01
* 110.7 111.2 0.5 133.00
111.2 120.4 9.2 0.04
120.4 127.6 7.2 1.67 Area 51‐ Enterprise
Including 120.4 121.5 1.1 4.29
121.5 126.9 5.4 0.25
126.9 127.6 0.7 8.31
127.6 158.4 30.8 0.05
158.4 159.0 0.6 19.60 Area 51‐ Enterprise
159.0 290.0 131.0 0.02
290.0 291.0 1.0 1.47 Area 51‐ Enterprise
291.0 299.0 8.0 0.16
299.0 301.8 2.8 1.75 Area 51‐ Enterprise
Including 299.0 300.0 1.0 3.37
300.0 301.8 1.8 0.85
301.8 316.0 14.2 0.07
316.0 317.0 1.0 0.70
317.0 330.0 13.0 0.01
330.0 331.0 1.0 0.65
331.0 384.0 53.0 0.02
384.0 386.4 2.4 7.75 Area 51‐MIB
Including 384.0 385.7 1.7 10.76
385.7 386.4 0.7 1.12
386.4 409.7 23.3 0.05
* 409.7 410.2 0.5 4.29 Area 51‐MIB
410.2 442.5 32.3 0.06
442.5 445.1 2.6 1.00
445.1 474.2 29.1 0.04
* 474.2 475.9 1.7 11.52 Area 51‐MIB
Including 474.2 474.9 0.7 1.63
* 474.9 475.9 1.0 18.94
* 475.9 479.0 3.1 0.03
479.0 480.0 1.0 1.39 Area 51‐MIB
480.0 486.0 6.0 0.03
486.0 487.0 1.0 7.05 Area 51‐MIB
487.0 515.1 28.1 0.05
* 515.1 518.2 3.1 3.61 Area 51‐MIB
Including 515.1 517.7 2.6 1.49
* 517.7 518.2 0.5 13.62
518.2 524.5 6.3 0.03
524.5 525.5 1.0 1.85 Area 51‐MIB
525.5 537.0 11.5 0.05
FA‐24‐579 0.0 38.6 38.6 Overburden