Wallbridge Expands Fenelon Gold Mineralization in Area 51 at Depth and South of Ripley

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 Expands Fenelon Gold Mineralization

in Area 51 at Depth and South of Ripley

Toronto, Ontario – June 06, 2023 – Wallbridge Mining Company Limited (TSX:WM,

OTCQX:WLBMF) (“Wallbridge” or the “Company”) today announced that its 2023 exploration

drill program has extended the gold mineralization at its 100% owned Fenelon Gold project

(“Fenelon”) at depth in Area 51 and to the south of the Ripley zone.

Attila Péntek, Wallbridge’s Vice President, Exploration, commented:

“The ongoing drilling campaign at Fenelon continues to return impressive results, both discovering

new gold-bearing areas on the property (see Press Release from May 8, 2023) and continuing to

expand the known deposit as highlighted today. Significantly, today’s results expand the Area 51

system 80 metres from the nearest intersection in the central part of the deposit at depth, while new

results in the Ripley zone have now expanded the known footprint of gold-bearing Jeremie Diorite

to over three kilometres north -south. Our exploration program is consistently growing the overall

mineralized footprint and highlighting the district-scale potential of the Fenelon gold system.

Over the remainder of the year, our exploration activities will continue to focus on further delineating

the potential of our Detour-Fenelon land package. In parallel, we expect to complete a preliminary

economic assessment for the Fenelon deposit this month.”

Composite Highlights

• FA-23-543 intersected high-grade gold mineralization in the Area 51 system down to 940

metres below surface including:

▪ 18.26 g/t Au over 2.70 metres, including

38.63 g/t Au over 1.20 metres,

▪ 14.16 g/t Au over 2.50 metres, and

▪ 20.95 g/t Au over 0.50 metre;

Geological Highlights

A transect of four holes were drilled across the Sunday Lake Deformation Zone (“SLDZ”)

immediately south of the Ripley zone, a new satellite zone of the Fenelon mineral resource (see

February 28, 2023, press release). These holes intersected several intervals of intense deformation

and strong hydrothermal alteration over hundreds of meters that is interpreted to represent the main

deformation corridor of the SLDZ . This structure is in contact with the Timiskaming -type

conglomerate rocks identified on the property last year, which in the southern Abitibi have a strong

spatial association with gold deposits.

In addition to outlining the SLDZ corridor, results indicate the folding of the gold -bearing Jeremie

Diorite immediately to the south of the Ripley Zone, with several gold mineralized intervals present

(see Table 1 below). The interpreted folding of the Jeremie Diorite opens up new directions to the

south and east for follow-up drill testing of this favorable gold-hosting environment.

WALLBRIDGE MINING COMPANY LIMITED

TSX| WM

2|P a g e

Detour-Fenelon Gold Trend Exploration Progress

Currently, the Company has three drill rigs operating on its Detour-Fenelon Gold Trend property:

two at its Martiniere gold project and one that is in the process of being mobilized from Fenelon to

Grasset East to test favorable target areas on this eastern, unexplored part of the land package.

Wallbridge has completed over 13 ,000 metres of drilling at Fenelon and over 10 ,000 meters at

Martiniere as part of its 2023 exploration program. Assay results are being released here for six drill

holes from Fenelon.

In addition to the drilling campaign, other grassroots exploration programs are underway to continue

developing the pipeline of regional targets. In the first quarter of this year, h igh-resolution airborne

magnetic surveys were completed over a group of properties, including Martiniere and Casault, and

a sonic, drill -for-till orientation program was completed at Casault . Field work is also currently

underway on the Harri property, which lies between the Company’s two flagship projects, Fenelon

and Martiniere.

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 SGS Canada Inc. for analysis. Samples, including standards and

blanks for quality assurance and quality control, were prepar ed 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 are analyzed by fire assay and AAS or ICP. Samples >10g/t Au are

automatically analyzed by fire assay wit h 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 f rom

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 Christopher Kelly,

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

WALLBRIDGE MINING COMPANY LIMITED

TSX| WM

3|P a g e

Figure 1. Fenelon Gold Property, Total Magnetic Intensity Reprocessed (TMI)

WALLBRIDGE MINING COMPANY LIMITED

TSX| WM

4|P a g e

Figure 2. Fenelon Gold Property, Vertical Cross Section A-A’, 75m Corridor

WALLBRIDGE MINING COMPANY LIMITED

TSX| WM

5|P a g e

Figure 3. Fenelon Gold Property, Plan View, 880m Vertical Depth and 150m Corridor

WALLBRIDGE MINING COMPANY LIMITED

TSX| WM

6|P a g e

Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights (1, 4)

Drill Hole From To Length Au Au Cut(2) VG(3) Zone/Corridor (m) (m) (m) (g/t) (g/t)

Fenelon Expansion Targets

FA-21-248 599.50 601.00 1.50 6.24 6.24 Area 51

FA-23-543 1131.50 1132.00 0.50 20.95 20.95 VG Area 51

FA-23-543 1146.00 1147.00 1.00 5.79 5.79 Area 51

FA-23-543 1178.30 1181.00 2.70 18.26 18.26 Area 51

Including… 1178.30 1179.50 1.20 38.63 38.63 Area 51

FA-23-543 1204.50 1207.00 2.50 14.16 14.16 VG Area 51

Ripley Targets

FA-23-542 No Significant Mineralization

FA-23-545 No Significant Mineralization

FA-23-547 404.00 405.50 1.50 4.17 4.17 Ripley

FA-23-547 475.50 477.00 1.50 5.10 5.10 Ripley

FA-23-547 742.00 743.50 1.50 3.47 3.47 Ripley

FA-23-549 No Significant Mineralization

Note: True widths are estimated to be 50-80% of the reported core length intervals

(1) Table includes only assay received since the latest press release dated May 8, 2023

(2) Au cut at: 110 g/t for the Tabasco/Contact/Cayenne Zones; 75 g/t Au for the Area 51 zones

(3) Intervals containing visible gold (“VG”)

(4) Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 1.5 g/t Au, matching the

underground resource cut-off grade used in the 2023 MRE

All figures and a table with drill hole information of recently completed holes are posted on the

Company’s website under “Current Program” at https://wallbridgemining.com/our-projects/fenelon-

gold/.

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.

Wallbridge’s flagship project, Fenelon Gold (“ Fenelon”), is located on the highly prospective

Detour-Fenelon Gold Trend Property in Québec’s Northern Abitibi region. An updated mineral

resource estimate completed in January 2023 yielded significantly improved grades and additional

ounces at the 100%-owned Fenelon and Martiniere projects, incorporating 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 km 2 exploration land package controlled by

Wallbridge. The Company believes that these two deposits have good potential for economic

development, especially given their proximity to existing hydro -electric power and transportation

infrastructure. In addition, Wallbrid ge believes that the extensive land package is extremely

prospective for the discovery of additional gold deposits.

WALLBRIDGE MINING COMPANY LIMITED

TSX| WM

7|P a g e

Wallbridge also holds a 19.9% interest in the common shares of Archer Exploration Corp. (“Archer”)

as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec in November

of 2022.

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.

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]

Victoria Vargas, B.Sc. (Hon.) Economics, MBA

Investor Relations Advisor

Email: [email protected]

WALLBRIDGE MINING COMPANY LIMITED

TSX| WM

8|P a g e

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 potential future performance of Archer

common shares; future drill results; the Company’s ability to convert inferred resources into measured and

indicated resources; environmental matters; st akeholder engagement and relationships; parameters and

methods used to estimate the MRE’s at the Fenelon Gold (defined below) and Martiniere (defined below)

properties (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling a t 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 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 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 herein to reflect new events or

circumstances. 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 results of exploration activities, the

Company’s financi al 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 an d 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 the

COVID-19 pandemic on the Deposits, the Company’s financial position, the Company’s ability to secure

required funding, or operations. In addition to the MD&A, 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.sedar.com.

Information Concerning Estimates of Mineral Resources

The disclosure relating to the Deposits and MRE’s in this press release and referred to herein was prepared

in accordance with NI 43 -101 which differs 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