Wallbridge Drilling Identifies Further Growth Potential for Martiniere Gold Resources Assay Highlights Include:
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 Drilling Identifies Further Growth Potential for Martiniere
Gold Resources
Assay Highlights Include:
• 4.07 g/t Au over 24.10 metres, including 67.65 g/t Au over 1.10 metres
• 15.90 g/t Au over 3.00 metres
• 19.31 g/t Au over 1.70 metres
Toronto, Ontario – October 12, 2022 – Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to announce that assay results from
one of the final holes of its 2022 drill program at the Martiniere Gold Project (“Martiniere” or the
“Project”) continue to demonstrate excellent resource growth potential.
Martiniere is located 30 kilometres and within trucking distance of the Company’s flagship Fenelon
gold project (“Fenelon”) and 45 kilometres east of the Detour Lake gold mine on the highly
prospective Detour -Fenelon Gold Trend in Northern Abitibi, Quebec . The 2021 -2022 drilling
program was primarily designed to establish connections between the Martiniere West and Bug
Lake Trends (see Figure 1) and also included several exploration holes, drilling larger-spaced step-
outs on the gold -bearing trends and zones . The results announced today come from such a n
exploration hole, MR-22-036, testing the eastern extent of the gold system. Assay results from the
last two exploration drill holes of the 2022 program are pending.
Attila Péntek, Wallbridge’s Vice President, Exploration, commented:
“The results reported today reveal the presence of gold mineralization several hundred metres east
of the current mineral resource footprint. This is important because it opens up a new direction for
future exploration and resource expansion at Martiniere.”
These new mineralized zones are associated with porphyritic intrusive rocks, similar to the Bug Lake
Porphyry, one of the main controls on gold mineralization at Martiniere.”
All figures and a table with drill hole information of recently completed holes are posted on the
Company’s website under “Curren t Program” at https://wallbridgemining.com/our-
projects/martiniere/.
The 2021-2022 Drill Program at Martiniere
Following an initial drill program of 9,380 metres in 2021, the Company has completed 21,400
metres of additional drilling at Martiniere this year. The results from this program, which now
includes more than 30,000 metres of drilling by the Company, will p rovide significant new data for
an updated mineral resource estimate (“MRE”) at Martiniere scheduled for the first quarter of 2023.
Highlights of the 2021 drill program, as reported in the Company’s press releases dated October
26, 2021 and February 2, 2022, include 3.68 g/t Au over 22.50 metres in MDE-21-326 (Bug Lake
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North), 2.21 g/t Au over 36.60 metres in MDE-21-328 (Bug Lake South ) and 46.76 g/t Au over
2.40 metres in MDE-21-338 (Martiniere Central).
Highlights of the 2022 drill program were reported in the Company’s press release dated August
30, 2022 and include 12.27 g/t Au over 5.60 metres in hole MR-22-026, extending the Martiniere
West zone along strike by over 400 metres to the southwest; 4.75 g/t Au over 5.50 metres in hole
MR-22-020, expanding the Martiniere West zone down-plunge by over 300 metres; and 2.50 g/t Au
over 17.35 metres, near-surface in hole MR-22-029 in the area between the Martiniere West and
Central zones.
About the Martiniere Gold Property
Martiniere currently contains 544,000 ounces of indicated gold resources and 256,000 ounces of
inferred gold resources within a large, mineralized footprint of four-square kilometres. The deposit
has only been meaningfully drilled to a maximum vertical depth of 400 metres and mineralized
shoots remain open down-plunge.
In August, the Company signed a landmark Pre -Development Agreement with its Cree Nation
Partners, who have agreed to support and cooperate on Wallbridge’s activities on the Detour -
Fenelon Gold Trend.
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Figure 1. Detour Fenelon Gold Trend
Figure 2. Martiniere Gold, Plan View
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Table 1. Regional Gold Property, Recent Drill Assay Highlights (1)
Drill Hole From To Length Au Au Cut(2) VG(3) Zone/Corridor
(m) (m) (m) (g/t) (g/t)
MR-22-036 146.40 148.50 2.10 2.54 2.54 New Zone
MR-22-036 215.50 218.50 3.00 15.90 15.90 New Zone
MR-22-036 250.80 252.50 1.70 19.31 19.21 New Zone
MR-22-036 408.90 433.00 24.10 4.07 2.58 New Zone
Including… 408.90 410.00 1.10 67.65 35.00 New Zone
And… 424.00 430.00 7.50 2.46 2.46 New Zone
(1) Table includes only assay results received since the latest press release dated August 30, 2022.
(2) Au cut at : 35 g/t Au.
(3) Intervals containing visible gold ("VG").
(4) Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 0.40 g/t Au within
the 2021 MRE open pit shell and 2.4 g/t Au for outside open pit shell.
Note: True widths are estimated to be 50-80% of the reported core length intervals.
Assay QA/QC and Qualified Persons
Drill core samples from the ongoing drill program at Martiniere are cut and bagged either on-site or
by contractors and transported to SGS Canada Inc. or Bureau Veritas Commodities Canada Ltd. for
analysis. Samples, standards and blanks included for quality assurance and quality control, were
prepared and analyzed at the laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle
split is pulverized to 85% passing 75 microns. 50g samples ar e analyzed by fire assay and AAS or
ICP. At SGS and Bureau Veritas, samples >10g/t Au are automatically analyzed by fire assay with
gravimetric finish or screen metallic analysis. To test for coarse -free gold and 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 techni cal content of this press release is Peter Lauder,
P.Geo., Exploration Manager of Wallbridge.
About Wallbridge Mining
Wallbridge is focused on creating value through the exploration and sustainable development of
gold projects along the Detour-Fenelon Gold Trend while respecting the environment and
communities where it operates.
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Wallbridge’s flagship project, Fenelon Gold (“ Fenelon”), is located on the highly prospective
Detour-Fenelon Gold Trend Property (“Detour-Fenelon Gold Trend Property”) in Northern Abitibi.
A mineral resource estimate completed in 2021 validated the multi -million-ounce potential of the
100%-owned Fenelon and Martiniere properties, incorporating a combined 2.67 million ounces of
indicated gold resources and 1.72 mill ion ounces of inferred gold resources. Fenelon and
Martiniere, located within a 910 km2 exploration land package controlled by Wallbridge, have the
potential to be developed into mines and are close to existing power and transportation
infrastructure.
Wallbridge also holds a portfolio of nickel assets (“ Nickel Assets”) in Ontario and Quebec. In line
with its strategy to unlock the value of its Nickel Assets, Wallbridge announced on July 13, 2022,
that it has entered into a definitive agreement with Archer E xploration Corp. (“Archer”), pursuant
to which, Archer will acquire all of Wallbridge’s property, assets, rights and obligations related to its
Nickel Assets, including Grasset, to create a focused and well -funded publicly traded nickel
exploration and development company.
Wallbridge will continue to focus on its core Detour -Fenelon Gold Trend Property while enabling
shareholders to participate in the potential economic upside in Archer.
Wallbridge Mining Company Limited
Marz Kord, P. Eng., M. Sc., MBA
President & CEO
Tel: (705) 682‒9297 ext. 251
Email: [email protected]
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: [email protected]
Cautionary Note Regarding Forward-Looking Information
This press release contains 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 press release.
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 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 herein includes, but is not limited to, statements regarding the Agreement, Transaction, Distribution (as
previously defined) and the timing and terms of financing activities to be carried out by Archer as previously
announced (the “Financing”), and the intentions of Wallbridge and Archer upon completion of the transaction,
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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 mineral resource estimates (each an “ MRE”) at the Fenelon and Martiniere properties (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 the ir 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 press release is based
upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot
assure shareholders and prospective purchasers of s ecurities 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 acc uracy 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 herein to reflect new events or circumstances, except
as may be required by law. Unless otherwise noted, this press release has been prepared based on
information available as of the date of this press release. 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 ability of the Com pany and Archer to
obtain required approvals and satisfy the closing conditions under the definitive agreement (including
completion of the Financing by Archer), 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 Deposi ts; the accuracy of key assumptions, parameters or
methods used to estimate the MREs; the ability of the Company to obtain required approvals; the evolution of
the global economic climate; metal prices; environmental expectations; community and non -governmental
actions; any impacts of COVID -19 on the Deposits; and, the Company’s ability to secure required funding.
Risks and uncertainties about Wallbridge's business are more fully discussed in the disclosure materials filed
with the securities regulatory authorities in Canada, which are available at www.sedar.com.
Information Concerning Estimates of Mineral Resources
The disclosure in this press release and referred to herein was prepared in accordance with NI 43-101 which
differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). The
terms "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" used in this
press release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and
Petroleum Standards (the " CIM Definition Standards"), which definitions have been adopted by NI 43 -101.
Accordingly, information contained in this press release providin g descriptions of our mineral deposits in
accordance with NI 43 -101 may not be comparable to similar information made public by other U.S.
companies subject to the United States federal securities laws and the rules and regulations thereunder.
Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into
reserves. Pursuant to CIM Definition Standards, "inferred mineral resources" are that part of a mineral
resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and
sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality
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continuity. An inferred mineral resource has a lower level of confidence than that applying t o an indicated
mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the
majority of inferred mineral resources could be upgraded to indicated mineral resources with continued
exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility
or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of
an inferred mineral resource is economically or legally min eable. Disclosure of "contained ounces" in a
resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers
to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade
without reference to unit measures.
Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards
in the SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new mining disclosure rules
under subpart 1300 of Regulation S -K of the United States Securities Act of 1933, as amended (the " SEC
Modernization Rules"), with compliance required for the first fiscal year beginning on or after January 1,
2021. The SEC Modernization Rules replace the historical property disclosure requirements included in SEC
Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes
estimates of "measured mineral resources", "indicated mineral resources" and "inferred minera l resources".
Information regarding mineral resources contained or referenced in this press release may not be comparable
to similar information made public by companies that report according to U.S. standards. While the SEC
Modernization Rules are purpo rted to be "substantially similar" to the CIM Definition Standards, readers are
cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards.
Accordingly, there is no assurance any mineral resources that the Company may report as "measured mineral
resources", "indicated mineral resources" and "inferred mineral resources" under NI 43 -101 would be the
same had the Company prepared the resource estimates under the standards adopted under the SEC
Modernization Rules.