WM.TO · 2020-05-20 12:00:00

Wallbridge Expands Tabasco-Cayenne Shear Zone Gold Mineralization at Fenelon

Drill Results

Wallbridge Expands Tabasco-Cayenne Shear

Zone Gold Mineralization at Fenelon

TORONTO

May 20, 2020

/CNW/ -

Wallbridge Mining Company Limited (TSX:WM)

("Wallbridge" or the "Company")

is pleased to announce that the wide-spaced step out drilling at

its 100%-owned Fenelon Gold Property ("

Fenelon

" or the "

Property

") has continued to expand the

mineralization in the Tabasco-Cayenne shear system along strike and down dip. These new

intersections continue to demonstrate the excellent widths and grade of this zone, and include:

56.00 metres of 4.84 g/t Au

in FA-20-128,

19.15 metres of 8.41 g/t Au

in FA-20-134,

8.50 metres of 9.76 g/t Au

in FA-20-116, and

6.00 metres of 16.93 g/t Au

in FA-20-123.

The shear zones remain open to depth and along strike, and the wide-spaced step-out drilling to

expand this mineralized system will continue to be the focus of the 2020 exploration drill program,

which has now resumed.

"We are seeing impressive intersections in the western and eastern ends of the so far tested 500 to

600 metre strike length of the Tabasco system and are defining a shallow westerly plunge to the

wider gold-rich core of the zone," stated Attila Péntek, Vice President Exploration of Wallbridge.

"The intersections on sections 9975_E and 10350_E significantly expand the known extent of the

Tabasco shear system and our next drill holes will continue to test the limits of this extensive shear

zone system, which remains open in all directions. When we suspended drilling due to COVID-19,

hole FA-20-133 was just metres away from reaching the target depth of the Tabasco zone. In

addition, the already significant intersection in FA-20-134 still has some assays pending due to

delays in processing related to the suspension of activities. We are pleased that we have been able

to resume activities at site and continue drilling and processing these drill holes."

Highlights

FA-20-128:

4.84 g/t Au over 56.00 metres

on Section 9975_E (see Figs.

and

), including

5.29 g/t Au over 10.60 metres

38.57 g/t Au over 1.55 metres

, and

13.29 g/t Au over 5.65 metres

;

FA-20-134:

8.41 g/t Au over 19.15 metres

on Section 9975_E (see Figs.

and

), including

41.01 g/t Au over 3.65 metres;

further assays are pending around this mineralized intersection and results will be released when they become available.

FA-20-123:

16.93 g/t Au over 6.00 metres

on Section 10350_E (see Figs.

and

), including

99.24 g/t Au over 1.00 metres;

FA-20-119:

4.65 g/t Au over 17.65 metres

on Section 10125_E (see Figs.

and

), including

24.41 g/t Au over 2.55 metres;

FA-20-116:

9.76 g/t Au over 8.50 metres

on Section 10350_E (see Figs.

and

), including

36.55 g/t Au over 2.00 metres;

FA-20-115:

3.19 g/t Au over 24.95 metres

on Section 10200_E (see Fig.

and

), including

6.90 g/t Au over 8.20 metres;

2019/2020 Drill Program

Prior to the

March 23, 2020

temporary suspension of drilling activities due to COVID-19, six drill rigs

were active on the Property: five were focusing on exploration drilling from surface with large-

spaced step-outs to define the footprint of the Fenelon gold system, and one underground drill rig

was focused on more closely-spaced definition drilling of the Main Gabbro Zones near the existing

mine workings. A total of 75,000 metres were drilled in 2019, and a fully-funded 100,000 to 120,000

metres of drilling was originally planned for 2020. So far, up to the

March 23, 2020

temporary

suspension, a total of approximately 26,000 metres have been drilled this year. As previously

announced, exploration activity has resumed at Fenelon, initially with four surface drill rigs. The

Company now estimates completing between 70,000 and 80,000 metres of drilling in 2020.

Assay results of 12 surface holes of the 2020 exploration drill program are reported in Table 1 and

Figures

below. Further assays are pending for some of the drill holes and intersections of the

Tabasco-Cayenne shear system are reported in separate releases. All figures and a table with drill

hole information of recently completed holes can be found at

https://www.wallbridgemining.com/s/fenelon.asp

Table 1. Wallbridge Fenelon Gold Property 2020 Drill Assay Highlights

[1]

Drill Hole

From

Length

Au Cut

(2)

(3)

Zone/Corridor

Section

(m)

(g/t)

FA-20-108

839.70

842.60

2.90

2.85

Tabasco

10275

FA-20-109

688.30

707.20

18.90

1.20

Tabasco

9900

FA-20-109

Including…

697.50

698.12

0.62

12.31

Tabasco

9900

FA-20-109

748.10

761.60

13.50

1.29

Cayenne

9900

FA-20-109

Including…

754.30

755.20

0.90

12.15

Cayenne

9900

FA-20-109

853.00

857.85

4.85

3.68

Cayenne

9900

FA-20-115

624.00

648.95

24.95

3.19

Tabasco

10200

FA-20-115

Including…

625.00

633.20

8.20

6.90

Tabasco

10200

FA-20-115

And…

646.50

647.75

1.25

10.64

Tabasco

10200

FA-20-115

732.00

733.00

1.00

9.28

Cayenne

10200

FA-20-116

726.50

735.00

8.50

9.76

Tabasco

10350

FA-20-116

Including…

732.00

734.00

2.00

36.55

Tabasco

10350

FA-20-118

729.00

737.40

8.40

1.50

Area 51 - Tabasco

9900

FA-20-118

802.00

814.65

12.65

1.25

Tabasco

9900

FA-20-118

824.85

826.60

1.75

9.97

Tabasco

9900

FA-20-119

824.60

842.25

17.65

4.65

Tabasco South

10050

FA-20-119

Including…

824.60

826.00

1.40

12.36

Tabasco South

10050

FA-20-119

And…

837.20

839.75

2.55

24.41

Tabasco South

10050

FA-20-119

904.60

915.45

10.85

2.27

Tabasco

10050

FA-20-119

Including…

904.60

907.50

2.90

6.22

Tabasco

10050

FA-20-123

915.00

921.00

6.00

16.93

Tabasco

10350

FA-20-123

Including…

917.50

918.50

1.00

99.24

Tabasco

10350

FA-20-126

770.00

779.40

9.40

5.57

Tabasco South

9900

FA-20-126

805.00

810.10

5.10

5.54

Tabasco South

9900

FA-20-126

878.05

890.00

11.95

3.40

Tabasco

9900

FA-20-126

Including…

880.55

881.10

0.55

38.60

Tabasco

9900

FA-20-127

957.30

962.30

5.00

2.33

Cayenne

10125

FA-20-128

844.00

900.00

56.00

4.84

Tabasco

9975

FA-20-128

Including…

844.75

855.35

10.60

5.29

Tabasco

9975

FA-20-128

And…

871.95

873.50

1.55

38.57

Tabasco

9975

FA-20-128

And…

894.35

900.00

5.65

13.29

Tabasco

9975

FA-20-129

1011.00

1037.50

26.50

2.58

Tabasco

10125

FA-20-129

Including…

1034.50

1037.50

3.00

12.33

Tabasco

10125

FA-20-134

1001.45

1020.60

19.15

8.41

Tabasco

9975

FA-20-134

Including…

1001.45

1005.1

3.65

41.01

Tabasco

9975

(1)

Table includes only highlight assay results received since the latest press release on Tabasco results dated March 4, 2020.

(2)

Au cut at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.

(3)

Intervals containing visible gold ("VG").

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

About Fenelon

Fenelon is located along the Detour-Fenelon Gold Trend, an emerging gold belt in northwestern

Quebec

related to the Sunday Lake Deformation Zone. This major east-west structure in the

northern Abitibi greenstone belt hosts the Detour Lake mine and is very similar to other breaks

controlling world-class gold camps in the southern Abitibi, yet it remains underexplored due to thick

glacial cover.

At Fenelon, secondary splays of the Sunday Lake Deformation Zone have controlled the

emplacement of a significant gold system along and within the Jérémie Pluton. Historically,

exploration has focused on high-grade shear zones hosted in the Main Gabbro, where Wallbridge

completed a bulk sample of 33,500 tonnes grading 18.49 g/t gold.

In late 2018, exploration drilling discovered a new geologic setting with extensive vein- and shear-

hosted gold mineralization along and within the pluton, naming it Area 51. The 75,000-metre 2019

drill program has significantly expanded the footprint and depth extent of Area 51 as well as the

Tabasco and Cayenne shear zones, thereby demonstrating the large size potential of the Fenelon

gold system. The ongoing, fully funded 70,000 to 80,000-metre 2020 drill program (revised from

original 100,000 to 120,000-metre guidance due to COVID-19) is aiming to further define the size

potential of the deposit and complete in-fill drilling in support of a maiden 43-101 resource estimate.

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 either SGS Canada Inc. or ALS Canada Ltd. for analysis. Samples,

along with standards, blanks and duplicates included for quality assurance and quality control, were

prepared and analyzed at SGS Canada Inc. or ALS Canada Ltd. laboratories. Samples are crushed

to 90% or 95% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns or 85%

passing 75 microns. 50g samples are analyzed by fire assay and AAS. At SGS, samples >10g/t Au

are automatically 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 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 technical content of this press release is

Evan Slater

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

About Wallbridge Mining

Wallbridge is establishing a pipeline of projects that will support sustainable 100,000 ounce-plus

annual gold production as well as organic growth through exploration and scalability.

The Company is currently developing its 100%-owned Fenelon gold property, which is located along

the Detour-Fenelon Gold Trend, an emerging gold belt in northwestern

Quebec

with an ongoing

70,000 to 80,000-metre exploration drill program in 2020 and a 33,500-tonne bulk sample and

75,000 metres of drilling completed in 2019. Wallbridge is also pursuing additional advanced-stage

projects which would add to the Company's near-term project pipeline. Wallbridge is also the

operator of, and a 16.5% shareholder in, Loncan Canada Inc., a privately-held company with a large

portfolio of nickel, copper, and PGM projects in

Ontario's

Sudbury

Basin.

As announced in Wallbridge press release dated

March 2, 2020

, Wallbridge and Balmoral

Resources Ltd.

("Balmoral")

have entered into a definitive agreement, whereby Wallbridge will,

among other things, acquire all of the issued and outstanding shares of Balmoral, in an all-stock

transaction. The

Balmoral

transaction secures for Wallbridge a buffer of several kilometres

surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future

mine development flexibility. The transaction also significantly expands Wallbridge's land holdings in

Quebec

along the Detour-Fenelon Gold Trend (from 10.5 km

to 739.0 km

), improving the

Company's potential for further discoveries in this under-explored belt. As announced in Wallbridge

Press Release dated

May 8, 2020

, at a special meeting of

Balmoral

securityholders held on

May 7,

2020

Balmoral

securityholders voted overwhelmingly in favour of the resolution approving the

acquisition of

Balmoral

by Wallbridge by way of a plan of arrangement. On

May 13, 2020

Balmoral

announced that it has obtained the final order from the Supreme Court of

British Columbia

approving

the announced plan of arrangement with Wallbridge. It is currently anticipated that the

Balmoral

transaction will close on or about

May 22, 2020

, and that the

Balmoral

shares will be delisted from

trading on the Toronto Stock Exchange on or around

May 25, 2020

This press release may contain forward-looking statements (including "forward-looking

information" within the meaning of applicable Canadian securities legislation and "forward-

looking statements" within the meaning of the US Private Securities Litigation Reform Act of

1995) relating to, among other things, the operations of Wallbridge and the environment in

which it operates. Generally, forward-looking statements can be identified by the use of

words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled",

"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or

variations of such words and phrases or statements that certain actions, events or results

"may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has

relied on a number of assumptions and estimates in making such forward-looking

statements, including, without limitation, the costs associated with the development and

operation of its properties. Such assumptions and estimates are made in light of the trends

and conditions that are considered to be relevant and reasonable based on information

available and the circumstances existing at this time. A number of risk factors may cause

actual results, level of activity, performance or outcomes of such exploration and/or mine

development to be materially different from those expressed or implied by such forward-

looking statements including, without limitation, whether such discoveries will result in

commercially viable quantities of such mineralized materials, the possibility of changes to

project parameters as plans continue to be refined, the ability to execute planned

exploration and future drilling programs, the need for additional funding to continue

exploration and development efforts, changes in general economic, market and business

conditions, and those other risks set forth in Wallbridge's most recent annual information

form under the heading "Risk Factors" and in its other public filings. Forward-looking

statements are not guarantees of future performance and such information is inherently

subject to known and unknown risks, uncertainties and other factors that are difficult to

predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to

identify important risks and factors that could cause actual actions, events or results to

differ materially from those described in forward-looking statements, there may be other

factors and risks that cause actions, events or results not to be as anticipated, estimated or

intended. Consequently, undue reliance should not be placed on such forward-looking

statements. In addition, all forward-looking statements in this press release are given as of

the date hereof.

Wallbridge disclaims any intention or obligation to update or revise any forward-looking

statements, whether as a result of new information, future events or otherwise, save and

except as may be required by applicable securities laws. The forward-looking statements

contained herein are expressly qualified by this disclaimer.

SOURCE

Wallbridge Mining Company Limited

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/May2020/20/c5968.html

%SEDAR: 00010252E

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]; Brian Penny, CPA, CMA, Chief

Financial Officer, Tel: (416) 716-8346, Email: [email protected]

CO: Wallbridge Mining Company Limited

CNW 07:30e 20-MAY-20

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