Wallbridge Establishes Underground Access to Area 51 Mineralization at Fenelon and Confirms Continuity and Grade
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 Establishes Underground Access to Area 51 Mineralization at Fenelon
and Confirms Continuity and Grade
Toronto, Ontario – March 24, 2022 – Wallbridge Mining Company L imited (TSX:WM,
OTCQX:WLBMF) (“Wallbridge” or the “Company” ) today announced that it has completed an
underground development program that provides direct access to the Area 51 zone of the Fenelon Gold
Property (“Fenelon” or the “Property”) for the first time, a significant milestone for Fenelon.
Preliminary results of tightly spaced underground drilling, geologic mapping and grade control sampling have
confirmed the geological modeling and interpretation derived fr om surface drilling. This includes
confirmation of a robust network of mineralized veins with strong continuity over a wide section of more than
30 metres, with grade continuity meeting or exceeding expectations for Area 51.
“After completing approximately 1,800 meters of underground dev elopment, we have had our first
opportunity to see and touch Area 51 gold mineralization since our team discovered this zone in 2019, and
everything we’ve observed so far increases our confidence in th e quality and potential of this deposit,” said
Attila Péntek, Wallbridge’s Vice President, Exploration. “Under ground access to Area 51 will allow us to
obtain invaluable data that we need to further grow our existing gold resources and improve our understanding
of the mineralization and grade distribution.”
Wallbridge is focused on advancing Fenelon, as well as the near by Martiniere property, located within the
Company’s 910-square-kilometre land package on an underexplored portion of the highly prolific Abitibi
Greenstone Belt in Northwestern Quebec. Both Fenelon and Martiniere have the potential to support open pit
and underground mining and are located close to existing power and transportation infrastructure.
Program Highlights:
Underground Development Completed
The Company completed approximately 1,800 metres of underground development over the course of 2021
and early 2022, providing access to Area 51 gold mineralization and establishing drilling platforms to be used
in future resource drill programs (see Figs. 1 and 2). Existing workings, which reached a vertical depth of 185
metres below surface, are being maintained for exploration work.
Preliminary Underground In-fill Drill Results
After establishing underground access, three infill drill holes totaling 649 metres were completed at a nominal
25-metre spacing to target the Interstellar 03 Zone of the Area 51 gold system.
In contrast to surface drill holes, which followed a typical south to north drill pattern, these holes were drilled
from east to west crossing the veins. All three holes successfu lly intersected the zone where expected and
confirmed the anticipated orientation and grade distribution of the mineralization, with assay results of 2.23
g/t Au over 25.35 metres, including 11.77 g/t Au over 2.85 metres in hole 21-5080-003, as well as 0.68 g/t
Au over 10.50 metres in 21-5080-001 (see Figs. 2 and 3). Assay results for the third underground ho le are
currently pending.
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Geologic Mapping and Sampling
The new underground exploration drift revealed excellent exposures of typical Area 51 mineralization and its
main host rock, the Jeremie Diorite, over a 30-metre distance. A network of sulfide-rich quartz veins
characteristic of gold-bearing systems is clearly visible on th e walls (see Fig. 4). The individual veins show
excellent continuities of up to several metres across the drift, suggesting the deposit could be suitable for bulk
mining methods.
Muck samples of 12 rounds within the Area 51 mineralized zone, representing 2,836 tonnes of material,
returned an average grade of 1.94 g/t Au, which compares favour ably to the grade profile contained in the
Company’s 2021 mineral resource estimate for Fenelon. This grad e control (muck and chip) sampling will
aid in the interpretation of future mineral resource estimates and evaluation of potential mining methods in
economic studies.
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Figure 1. Fenelon Gold, Plan View
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Figure 2. Fenelon Gold, Plan view of 2021-2022 underground development into Area 51 gold
mineralization
Figure 3. Fenelon Gold, Plan view zoomed in to the area of 2021-2022 underground development
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Figure 4. Fenelon Gold, Photos of typical Area 51 gold mineralization in the new underground
exploration drift
Table 1. Wallbridge Fenelon Gold, Recent Drill Assay Highlights (1)
Drill Hole From To Length Au Au
Cut(2) VG(3) Zone/Corridor Section In‐fill or
Expansion
(m) (m) (m) (g/t) (g/t)
21‐5080‐001 164.60 175.10 10.50 0.68 0.68 Area 51 10125 In‐Fi ll
21‐5080‐003 158.35 183.70 25.35 2.23 2.23 VG Area 51 10125 Expa nsion
Including… 158.35 161.20 2.85 11.77 11.77 VG Area 51 10125 Expa nsion
(1) Table includes only assay results received since the latest press release dated January 12, 2022.
(2) Au cut: High-grade capping is 75g/t Au for Area 51 and 110 g/t Au for Tabasco-Cayenne-Contact Zones.
(3) Intervals containing visible gold ("VG").
(4) Metal factor of at least 5.25 g/t*m and a minimum weighted average composite grade of 0.35 g/t Au for intervals
within/beside the 2021 Mineral Resource Estimate (“MRE”) open pit shell, or metal factor of at least 7.50 g/t*m and a
minimum weighted average composite grade of 1.50 g/t Au for intervals below the depth extent of the 2021 MRE open pit
shell.
Note: True widths are estimated to be 80% of the reported core length intervals.
Assay QA/QC and Qualified Persons
Drill core samples from the ongoing drill program at Fenelon ar e cut and bagged either on-site or by
contractors and transported to SGS Canada Inc., AGAT Laboratori es Ltd. or Bureau Veritas Commodities
Canada Ltd. for analysis. Sampl es, along with standards and bla nks that are included for quality assurance
and quality control, were prepared and analyzed at the laborato ries. Samples are crushed to 90% less than
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2mm. A 1kg riffle split is pulverized to 85% passing 75 microns. 50g samples are analyzed by fire assay and
AAS. At SGS, AGAT and Bureau Veritas samples >10g/t Au are auto matically 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 r equests screen metallic analysis for samples containing visible gold. These
and future assay results may vary from time to time due to re‒a nalysis for quality assurance and quality
control.
As of December 10, 2021, muck and chip samples from Fenelon wer e collected and bagged either by
contractors or Wallbridge personnel and transported to SGS Cana da Inc. for analysis. Samples, along with
standards and blanks that are included for quality assurance and quality control, were prepared and analyzed
at the laboratory. Samples are crushed to 80% less than 2mm. A 250g riffle split is pulverized to 90% passing
75 microns and 30g samples are analyzed by fire assay and ICP.
Prior to this, muck and chip samples were processed at a non-ISO accredited laboratory. Samples, along with
standards and blanks included for quality assurance and quality control, were prepared and analyzed at the
laboratory. Samples were crushed to 80% less than 2mm. A 250g s plit was pulverized to 90% passing 74
microns. 15g samples were analyzed by fire assay and AAS.
The Qualified Person responsible for the technical content of t his press release is Peter Lauder, P.Geo,
Exploration Manager of Wallbridge.
About Wallbridge Mining
Wallbridge is focused on creating value through the discovery, acquisition, development, and production of
gold from a portfolio of exploration and development stage assets located in established mining jurisdictions
within Canada. Wallbridge’s flags hip project, Fenelon Gold, is located on the highly prospective Detour-
Fenelon Gold Trend in Northern Abitibi, Quebec. A Mineral Resource Estimate completed in 2021 validated
the multi-million-ounce potential of Fenelon as well as Wallbri dge’s nearby Martiniere Property,
incorporating a combined 2.67 million ounces of indicated gold resources and 1.72 million ounces of inferred
gold resources. Fenelon and Martiniere, located within a 910-sq uare-kilometre 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 has interests in several copper, nickel and platinum group metal
properties, including a 17.8% interest in Lonmin Canada Inc.
Further information about Wallbridge can be found in the Company’s regulatory filings available on SEDAR
at www.sedar.com and on the Company’s website at www.wallbridgemining.com.
This news release has been authorized by the undersigned on behalf of Wallbridge Mining Company Limited.
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]
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Cautionary Note Regarding Forward-Looking Information
This press release of Wallbridge Mining Company Limited ("Wallbridge" or the "Company") 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”, “s cheduled”, “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”, “w ill”, “could”, “would”, “should” or “might”, “be taken”,
“occur” or “be achieved.”
FLI herein includes, but is not limited to: future drill resu lts; 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 Gold 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 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, perfor mance or achievements expresse d 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 shar eholders 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 Co mpany 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 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 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; the ability of the Company to obtain required approvals; the results of exploration
activities; the evolution of the global economic climate; metal prices; environmental expectations; community and non-
governmental actions; and any impacts of COVID-19 on the Deposits, the Company’s financial position, the Company’s
ability to secure required funding, or operations. 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.
Covid‒19 ‒ Given the rapidly evolving natu re of the Coronavirus (COVID ‒19) pandemic, Wallbridge is actively
monitoring the situation in order to continue to maintain as best as possible the activities while striving to protect the
health of its personnel. Wallbridge' activities will continue to align with the guidance provided by local, provincial and
federal authorities in Canada. The Company has established measures to continue normal activities while protecting
the health of its employees and stakeholders. Depending on th e evolution of the virus, measures may affect the regular
operations of Wallbridge and the participation of staff members in events inside or outside Canada.
Information Concerning Estimates of Mineral Resources
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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 providing 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 continuity. An inferred mineral resource
has a lower level of confidence than that applying to 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 feas ibility 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 mineable. 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 1 933, 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 mineral 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 purport ed 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 assuranc e 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.