WM.TO · 2019-06-24 12:00:00

Wallbridge Exploration Drilling Intersects 3.93 g/t Gold over 20.72 metres, including 55.95 g/t Gold over 1.24 metres at Fenelon Gold Property

Drill Results

Wallbridge Exploration Drilling Intersects 3.93

g/t Gold over 20.72 metres, including 55.95 g/t

Gold over 1.24 metres at Fenelon Gold

Property

TORONTO

June 24, 2019

/CNW/ -

Wallbridge Mining Company Limited (TSX:WM, FWB: WC7)

("Wallbridge" or the "Company")

is pleased to announce that its surface and underground

exploration drilling continues to intersect significant high-grade, visible gold-bearing zones within

broad mineralized intervals at its 100%-owned Fenelon Gold Property ("Fenelon" or the "Property").

The results released here significantly advance the 2019 exploration goal of expanding the known

footprint and demonstrating the large size potential of the Fenelon Gold System (see

Wallbridge Press Release dated

June 24, 2019

Highlights:

Since the last press release (see

Wallbridge Press Release dated

May 21, 2019

), assay

results of four exploration drill holes were received with highlights as follows:

19-0925-005A:

3.93 g/t gold over 20.72 metres

, including

55.95 g/t gold over 1.24 metres

in the Tabasco corridor.

FA-19-054:

3.61 g/t gold over 18.96 metres

, including

9.31 g/t gold over 2.83 metres

and

6.19 g/t gold over 2.59 metres

in the Tabasco corridor. This

intersection is hosted in the sedimentary package between the Jeremie Pluton and the Main Gabbro, where such wide mineralized shear zones have not

been encountered before. Further sampling is now underway around this intersection to fully define the extents of this new mineralized environment;

Further up-hole, broad stockwork mineralization was intersected in the Jeremie Pluton (Area 51 corridor), grading

0.31 g/t gold over 114.18 metres

FA-19-059:

3.28 g/t gold over 17.60 metres

(including

7.74 g/t gold over 1.85 metres

and

72.35 g/t gold over 0.43 metres)

included within a broad stockwork

mineralization grading

1.02 g/t gold over 78.32 metres

within the Area 51 corridor.

Further assay results (including one interval with visible gold) are pending within Area 51, therefore the long interval reported above might be updated in the

future.

7.32 g/t gold over 7.63 metres

, including

41.82 g/t gold over 0.60 metres

in the Tabasco corridor;

Further assay results are pending for a visible gold-bearing intersection further down hole hosted in the Main Gabbro (see Fig. 4).

FA-19-065 intersected stockwork, Area 51-style gold mineralization within and adjacent to the

Jeremie Pluton

over almost the entire 960 metre core length

with

five occurrences of

visible gold noted

. Assay results are pending.

FA-19-067 intersected stockwork gold mineralization within the Jeremie Pluton

over

approximately 400 metres core length

with

seven occurrences of visible gold observed

Drilling of this hole is still underway and assay results are pending.

FA-19-052: high-grade intersection recalculated to

6.71 g/t gold over 27.35 metres

(from

15.93 g/t gold over 11.22 metres) within the previously reported intersection of

2.81 g/t gold

over 98.91 metres

in the Area 51 corridor.

With very little drilling, Wallbridge has confirmed the existence of significant gold mineralization

in the newly-discovered Area 51 corridor over 900 metres of a potential 2.5-kilometre strike

length. The 100-200 metre step-outs provide an understanding of the geology, the continuity of

the mineralized system and an indication of the structural controls. Tighter spaced drilling will be

conducted in subsequent phases of the exploration program to develop the mineral resources.

Even though the gold mineralization in Area 51 exhibits important differences (i.e. host rock,

mineralogy, mineralization style, structural control) compared to the previously known shear

zones in the Main Gabbro area, drilling indicates that these zones and host environments are

connected and all form part of the large Fenelon Gold System.

"The widely-spaced exploration drilling has been very successful in discovering high-grade shear

zones, like the ones grading 72.35 g/t gold over 0.43 metres and 55.95 g/t gold over 1.24 metres in

this release, surrounded by extensive, low grade mineralization. Together they form tens of metres

of wide mineralized zones grading in the range of 3.0 to 4.0 g/t gold which in the future could be

mined using underground bulk mining methods," stated

Marz Kord

, President & CEO of Wallbridge.

"Our overall approach to drilling many of these exploration holes has been very efficient, often

resulting in multiple ore-grade intersections, such as in FA-19-059."

"An unexpected surprise was the intersection of 3.61 g/t gold over 18.96 metres in hole FA-19-054

within a mineralized shear zone cutting through sediments at a vertical depth of 450 metres. Such

significant mineralization has previously not been observed to be hosted by the sedimentary package

at Fenelon, highlighting the fact that we now have multiple mineralization styles and host lithologies

within the rapidly growing footprint of the Fenelon Gold System," stated Attila Péntek, Vice President

Exploration of Wallbridge. "Our drilling has now identified a new, ENE-WSW structural trend, as

shown in Figure 1, which is an important structural control on our high-grade mineralization.

Assay results are reported below for three surface drill holes (FA-19-054, FA-19-055 and FA-19-

059) and one underground drill hole (19-0925-005A) from the 2019 exploration drill program. Since

the last press release (see

Wallbridge Press Release dated

May 21, 2019

), a total of over 13,000

metres have been drilled as part of the exploration drill program and assay results are pending for

15 surface drill holes and four underground holes, including eight with visible gold. Three rigs (two

surface, one underground) are currently active on exploration drilling, doing large-spaced step-outs

to define the footprint of the Fenelon Gold System. Further approximately 7,500 metres have been

drilled as part of the 2019 resource drill program and these results will be announced in separate

press releases from the exploration results.

A summary of the new drill hole results from the ongoing 2019 exploration drill program are reported

in Tables 1 and 2 and also shown on the

Figures

below as well as on the

Company website

Table 1. Wallbridge Fenelon Gold Property 2018/2019 Drill Assay Highlights

(1)

Drill Hole

From

Length

True Width

Capped

(2)

(3)

Zone/Corridor

(m)

(g/t)

FA-19-052

317.54

319.70

2.16

4.33

Area 51

FA-19-054

211.90

212.88

0.98

7.88

Area 51

FA-19-054

256.25

257.26

1.01

1.41

Area 51

FA-19-054

293.82

408.00

114.18

0.31

Area 51

FA-19-054

Including…

293.82

315.32

333.57

359.05

380.44

298.18

318.52

334.59

360.27

381.71

4.36

1.80

Area 51

FA-19-054

3.20

0.81

Area 51

FA-19-054

1.02

1.43

Area 51

FA-19-054

1.22

3.25

Area 51

FA-19-054

1.27

7.58

Area 51

FA-19-054

445.60

447.40

1.80

0.98

Area 51

FA-19-054

503.27

504.22

0.95

1.21

Area 51

FA-19-054

556.91

558.20

1.29

2.46

Area 51

FA-19-054

568.43

587.39

18.96

3.61

Tabasco

FA-19-054

569.24

571.18

1.94

6.35

Tabasco

FA-19-054

2.90

3.01

Tabasco

FA-19-054

Including…

572.47

576.64

583.30

585.89

575.37

579.47

585.89

587.39

2.83

9.31

Tabasco

FA-19-054

2.59

6.19

Tabasco

FA-19-054

1.50

1.03

Tabasco

FA-19-055

226.60

227.40

0.80

2.44

Area 51

FA-19-055

275.25

302.50

27.25

0.33

Area 51

FA-19-055

Including…

301.00

302.50

1.50

1.11

Area 51

FA-19-055

324.90

336.40

11.50

0.48

Area 51

FA-19-055

Including…

335.12

336.40

1.28

1.24

Area 51

FA-19-055

353.55

354.63

1.08

1.04

Area 51

FA-19-059

42.00

42.75

0.75

1.59

Area 51

FA-19-059

267.00

268.42

1.42

1.89

Area 51

FA-19-059

276.00

276.62

0.62

1.16

Area 51

FA-19-059

1.02

386.15

78.32

1.02

Area 51

FA-19-059

Including…

307.40

323.54

332.38

342.30

368.55

309.72

324.12

333.80

343.27

386.15

2.32

2.62

Area 51

FA-19-059

0.58

5.05

Area 51

FA-19-059

1.42

1.53

Area 51

FA-19-059

0.97

4.50

Area 51

FA-19-059

17.60

3.28

Area 51

FA-19-059

Which includes…

368.55

370.40

1.85

7.74

Area 51

FA-19-059

And...

385.72

386.15

0.43

72.35

Area 51

FA-19-059

472.88

476.19

1.95

1.26

Area 51

FA-19-059

545.00

552.63

7.63

7.32

Tabasco

FA-19-059

Including…

547.46

548.06

0.6

41.82

Tabasco

19-0925-005A

130.07

131.03

0.96

1.05

Tabasco

19-0925-005A

173.00

207.87

34.87

2.39

Area 51

19-0925-005A

Including…

187.15

207.87

20.72

3.93

Area 51

19-0925-005A

Which includes…

187.15

188.35

1.20

3.03

Area 51

19-0925-005A

And...

192.21

193.45

1.24

55.95

Area 51

19-0925-005A

And...

198.10

199.05

0.95

3.03

Area 51

19-0925-005A

And...

207.00

207.87

0.87

3.40

Area 51

19-0925-005A

260.60

271.95

11.35

0.47

Area 51

19-0925-005A

Including…

271.16

271.95

0.79

4.35

Area 51

19-0925-005A

378.92

380.35

1.43

1.02

Area 51

19-0925-005A

517.50

519.00

1.50

1.27

Area 51

(1)

Table includes only highlight assay results received since the latest press release.

(2)

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

(3)

Intervals containing visible gold ("VG").

(4)

Currently not enough information available to estimate true width.

Table 2. Wallbridge Fenelon Gold Property 2018/2019 drill hole information

(1)

Drill Hole ID

Local

grid E

Local

grid N

Elevation

Length

(Metres)

Azimuth

Dip

VG/CP

(2)

Note

19-0925-005A

10397

10902

5135

552

190

-55

Final Assays Received

19-0925-006

10397

10902

5135

420

180

-41

Further Assays pending

19-0925-007

10397

10902

5135

495

180

-5

Further Assays pending

19-0925-008

10397

10902

5135

120

180

-25

Assays pending

19-0925-009

10397

10902

5135

500

180

Assays pending

FA-18-040

10459

11054

5261

803

246

-48

Additional Sampling Underway

FA-18-051

10432

11040

5260

670

220

-51

Final Assays Received

FA-19-052

10121

10605

5258

833

-62

Final Assays Received

FA-19-053

10432

11043

5260

966.4

262

-48

Further assays pending

FA-19-054

10195

10553

5258

777

360

-55

Further assays pending

FA-19-055

10732

10561

5261

415

260

-45

Final Assays Received

FA-19-056

10195

10629

5258

666

360

-55

Further assays pending

FA-19-057

10732

10561

5261

487

200

-45

Assays pending

FA-19-058

10195

10553

5258

303

190

-55

Further assays pending

FA-19-059

10269

10578

5258

774

360

-61

Further assays pending

FA-19-060

10621

10606

5260

435

260

-45

Assays pending

FA-19-061

10191

10704

5257

670

360

-55

Assays pending

FA-19-062

10265

10653

5258

649

359

-58

Assays pending

FA-19-063

10119

10528

5258

927

360

-55

Assays pending

FA-19-064

10264

10726

5258

601

360

-55

Assays pending

FA-19-065

10119

10528

5258

900

-65

Assays pending

FA-19-066

10337

10675

5258

565

360

-55

Assays pending

FA-19-067

10043

10579

5258

Underway

360

-55

Assays pending

FA-19-068

10338

10601

5258

Underway

360

-55

Assays pending

(1)

Table includes only drill holes for which assay results are announced in this press release or are pending. For earlier holes please refer to tables in previous press

releases.

(2)

Drill holes containing visible gold ("VG") or chalcopyrite-bearing mineralized shear zone ("CP").

Fenelon is located in northwestern

Quebec

proximal to the Sunday Lake Deformation Zone ("SLDZ")

which hosts the Detour Gold Mine in

Ontario

, and Balmoral Resources' gold deposits at Martinière.

Secondary splays of the SLDZ transect the Property over two to four-kilometre strike lengths and

have controlled the emplacement of a significant gold system along the Jeremie Pluton and within a

mafic-ultramafic sill referred to as the Main Gabbro.

Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate

and a positive pre-feasibility study on the resource that existed in the Main Gabbro prior to any

drilling by the Company. Wallbridge has undertaken successful surface exploration drilling campaigns

in 2017, 2018 and 2019, and has recently completed an underground 35,000-tonne bulk sample at

Fenelon. Drilling to date has significantly extended existing zones, located additional parallel zones,

and discovered a new gold system associated to the Jeremie Pluton referred to as Area 51.

Drill core samples from the ongoing drill program at Fenelon were cut and bagged on site and

transported to SGS Canada Inc. Samples, along with standards, blanks, and duplicates included for

quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. laboratories.

Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106

microns. 50g samples are analyzed by fire assay and AAS. 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 Persons responsible for the technical content of this press release are

Marz Kord

, P.

Eng., M. Sc., MBA, President & CEO and Attila Péntek, P.Geo., Ph.D., Vice President Exploration

for Wallbridge Mining Company Limited.

About Wallbridge Mining

Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue

as well as organic growth through exploration and scalability.

Wallbridge is currently developing its 100%-owned high-grade

Fenelon Gold

property in

Quebec

with

ongoing exploration and a recently-completed 35,000-tonne bulk sample. Wallbridge is also pursuing

additional advanced-stage projects which would add to the Company's near-term project pipeline.

Wallbridge is also continuing partner-funded exploration on its large portfolio of nickel, copper, and

PGM projects in

Sudbury, Ontario

, with a focus on its high-grade Parkin project.

Wallbridge also has exposure to exploration for copper and gold in

Jamaica

and

British Columbia

through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources

Limited, a Wallbridge spin-out of its BC assets).

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/June2019/24/c9680.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, Chief Financial

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

CO: Wallbridge Mining Company Limited

CNW 10:14e 24-JUN-19

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