WM.TO · 2019-12-03 12:00:00

Wallbridge Extends the Lower Tabasco Zone by 230 Metres Down-Dip and Receives First High-Grade Assays from Orion Veins

Drill Results

Wallbridge Extends the Lower Tabasco Zone

by 230 Metres Down-Dip and Receives First

High-Grade Assays from Orion Veins

TORONTO

Dec. 3, 2019

/CNW/ -

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

("Wallbridge" or the "Company")

is pleased to announce that hole FA-19-99 of the ongoing

75,000-metre 2019 drill program on its 100%-owned Fenelon Gold Property ("Fenelon" or the

"Property") has intersected visible gold and abundant sulfide mineralization over a 16-metre core

length. This extends the Lower Tabasco Zone a further

230 m

down-dip to a vertical depth of 850

metres. In addition, complete assay results have now been received for drill hole FA-19-086,

surrounding the previously reported 27.00 g/t Au over 38.39 metres (see

Wallbridge Press Release dated

October 21, 2019

). The complete intersection is now reported

22.73 g/t Au (18.87 g/t Au cut) over 48.01 metres

High grade assays were also received from drill holes testing the newly discovered Orion Corridor

located over 400 metres to the southeast, further demonstrating the exceptional gold endowment in

this gold system over the entire one kilometre strike length explored so far.

"It is quite remarkable that our current initial wide-spaced drilling with holes spaced 75 metres to

more than 200 metres apart continues to consistently intersect mineralization, given the typical size

of ore shoots in typical Archean gold systems. The results to date show the exceptional quality of

Fenelon and increases our continued understanding of the deposit," stated

Marz Kord

, President &

CEO of Wallbridge. "The recent drilling, particularly our 230-metre undercut in the Lower Tabasco

zone, suggests that at depth this zone appears to follow the contact of Jeremie Pluton in a sub-

vertical manner, suggesting that further deep drilling in this area is warranted."

Lower Tabasco Zone Highlights

FA-19-099:

16-metre core length intersection of the Tabasco zone with visible gold and abundant sulfide mineralization

. This interval is an approximate 230

metre undercut to the nearest intersection of the Tabasco zone in hole FA-19-092 and extends the known vertical extent of the gold-bearing system at Fenelon by

100 metres, to a vertical depth of 850 metres (see Figs.

and

). Assay results are pending.

FA-19-086:

Further gold-bearing assay results have been received surrounding the interval of 27.00 g/t Au over 38.39 metres announced in

Wallbridge Press Release dated October 21, 2019

. The intersection, which is interpreted to be the confluence of the Tabasco zone with one of the Andromeda

corridor zones, is now updated as follows (see Figs.

and

22.73 g/t Au (18.87 g/t Au cut) over 48.01 metres

, including

34.14 g/t Au (33.62 g/t Au cut) over 9.81 metres

, and

32.22 g/t Au (24.33 g/t Au cut) over 22.87 metres

Note: Drill hole composites reported as "cut" contain higher grade samples that have been cut to 140 g/t Au. There is currently not enough information available to

estimate true widths.

"We are very pleased with the visual results of drill hole FA-19-099, our first attempt at testing the

Fenelon gold system down to 1,000 metres vertical depth," stated Attila Péntek, Vice President

Exploration of Wallbridge. "In addition to extending the Lower Tabasco zone by an astounding 230

metres down-dip from the nearest intersection in FA-19-092, we also observed strong mineralization

in the Orion and Andromeda corridors of Area 51 and in the Cayenne corridor north of the Tabasco

zone, demonstrating the excellent potential to keep extending the deposit to greater depth. In

addition, the first high-grade intersections from the Orion corridor, reported today, are encouraging

us to continue testing this newly discovered portion of Area 51 in 2020."

A summary of the results for the Area 51 Andromeda Corridor, the Area 51 Orion Corridor, and the

Upper Tabasco Zone is presented below.

Area 51 – Andromeda Corridor

FA-19-075:

A broad envelope of vein network gold mineralization within and along the Jeremie Pluton starting near surface and grading

0.50 g/t Au over 215.23 metres

(see

Figs.

and

), which includes:

1.20 g/t Au over 44.00 metres

, including

41.39 g/t Au over 0.34 metres

3.98 g/t Au over 4.11 metres

, including

14.86 g/t Au over 0.61 metres

FA-19-078:

22.76 g/t Au over 0.93 metres

, and

11.33 g/t Au over 1.00 metres.

These intersections are in addition to assay results reported from this drill hole in

Wallbridge Press Release dated November 14, 2019

FA-19-086:

10.62 g/t Au over 2.98 metres

, and

7.98 g/t Au over 2.05 metres

(see Figs.

and

FA-19-099:

Several mineralized zones, one with visible gold, over several hundred metres of core length. Assay results are pending (see Fig.

Area 51 – Orion Corridor

FA-18-044EXT:

3.79 g/t Au over 10.25 metres

, including

43.19 g/t Au over 0.75 metres.

Further assay results are pending (see Figs. 1,

and

19-0970-006:

121.00 g/t Au over 0.51 metres, and

31.37 g/t Au over 0.50 metres.

Further assay results are pending (see Figs.

and

Upper Tabasco Zone

FA-19-068:

1.69 g/t Au over 19.50 metres

, including

5.61 g/t Au over 2.54 metres

(see Figs.

and

Of the five drill rigs currently active on the Property, three are focusing on exploration drilling from

surface, doing large-spaced step-outs to define the footprint of the Fenelon gold system, and two

underground drill rigs are doing more closely spaced drilling of the Main Gabbro zones, Tabasco and

Area 51 near the existing mine workings. A total of 70,000 metres have been drilled to date in 2019

and the drill program is on track to complete approximately 75,000 metres by the end of the year.

Assay results for seven surface holes and three underground holes (for a total of over 5,000 metres)

of the 2019 exploration drill program are reported in Table 1 and the

Figures

. Assays, including

further results of holes FA-19-075, FA-19-078, FA-18-044EXT and 19-0970-006, are pending for 26

surface drill holes and 78 underground holes, for a total of approximately 33,000 metres.

All figures and a table with drill hole information of recently completed holes can be found on the

Company website

Table 1. Wallbridge Fenelon Gold Property 2019 Drill Assay Highlights

(1)

Drill Hole

From

Length

True Width

Au Cut

(2)

(3)

Zone/Corridor

(m)

(g/t)

19-0925-018

No assays greater than 1 g/t Au

19-0970-006

605.04

605.55

0.51

(4)

121.00

Area 51/Orion

19-0970-006

665.50

666.00

0.50

31.37

Area 51/Orion

19-1000-009

12.18

12.65

0.47

1.22

Area 51/Orion

19-1000-009

143.35

146.80

3.45

2.03

Area 51/Orion

19-1000-009

165.00

166.40

1.40

4.36

Area 51/Orion

FA-18-044-EXT

707.50

709.00

1.50

2.41

Area 51/Orion

FA-18-044-EXT

769.00

772.69

3.69

1.35

Area 51/Orion

FA-18-044-EXT

Including...

772.00

772.69

0.69

4.94

Area 51/Orion

FA-18-044-EXT

791.11

794.05

2.94

3.35

Area 51/Orion

FA-18-044-EXT

Including...

793.00

794.05

1.05

5.06

Area 51/Orion

FA-18-044-EXT

820.81

821.67

0.86

1.54

Area 51/Orion

FA-18-044-EXT

832.50

842.75

10.25

3.79

Area 51/Orion

FA-18-044-EXT

Including...

842.00

842.75

0.75

43.19

Area 51/Orion

FA-18-044-EXT

865.90

868.00

2.10

3.39

Area 51/Orion

FA-19-066

106.60

107.66

1.06

1.47

Area 51/Andromeda

FA-19-066

198.10

198.60

0.50

1.37

Area 51/Andromeda

FA-19-066

442.70

444.20

1.50

2.33

Area 51/Andromeda

FA-19-068

147.65

149.07

1.42

1.70

Area 51/Andromeda

FA-19-068

166.63

168.39

1.76

1.74

Area 51/Andromeda

FA-19-068

222.18

223.37

1.19

1.81

Area 51/Andromeda

FA-19-068

295.43

296.10

0.67

6.95

Area 51/Andromeda

FA-19-068

386.80

389.19

2.39

2.30

Area 51/Andromeda

FA-19-068

401.50

421.00

19.50

1.69

Upper Tabasco

FA-19-068

Including...

401.50

404.04

2.54

5.61

Upper Tabasco

FA-19-075

53.70

268.93

215.23

0.50

Area 51/Andromeda

FA-19-075

Including...

153.57

268.93

115.36

0.68

Area 51/Andromeda

FA-19-075

Which includes…

207.54

251.54

44.00

1.20

Area 51/Andromeda

FA-19-075

And…

207.54

207.88

0.34

41.39

Area 51/Andromeda

FA-19-075

And…

215.43

215.76

0.33

6.13

Area 51/Andromeda

FA-19-075

And…

247.43

248.04

0.61

14.86

Area 51/Andromeda

FA-19-075

And…

251.21

251.54

0.33

13.47

Area 51/Andromeda

FA-19-075

288.48

289.83

1.35

1.28

Area 51/Andromeda

FA-19-077

120.16

120.50

0.34

11.10

Area 51/Andromeda

FA-19-077

211.00

212.30

1.30

4.65

Area 51/Andromeda

FA-19-077

334.25

338.67

4.42

1.34

Area 51/Andromeda

FA-19-077

430.96

432.56

1.60

13.57

Area 51/Andromeda

FA-19-077

Including...

430.96

431.85

0.89

22.76

Area 51/Andromeda

FA-19-077

451.79

453.29

1.50

1.18

Area 51/Andromeda

FA-19-077

487.00

488.34

1.34

1.86

Upper Tabasco

FA-19-077

492.10

493.76

1.66

1.24

Upper Tabasco

FA-19-078

502.31

512.50

10.19

3.22

Area 51/Andromeda

FA-19-078

Including...

502.31

503.24

0.93

22.76

Area 51/Andromeda

FA-19-078

And…

511.50

512.50

1.00

11.33

Area 51/Andromeda

FA-19-078

520.40

520.96

0.56

1.00

Area 51/Andromeda

FA-19-078

535.93

536.49

0.56

1.37

Area 51/Andromeda

FA-19-078

543.74

544.85

1.11

1.58

Area 51/Andromeda

FA-19-078

569.25

574.30

5.05

1.40

Area 51/Andromeda

FA-19-078

585.00

586.10

1.10

5.01

Area 51/Andromeda

FA-19-078

598.52

599.50

0.98

1.80

Area 51/Andromeda

FA-19-078

602.37

603.28

0.91

1.37

Area 51/Andromeda

FA-19-078

618.64

622.64

4.00

1.56

Area 51/Andromeda

FA-19-078

635.40

636.33

0.93

4.09

Area 51/Andromeda

FA-19-086

204.21

207.06

2.85

3.11

Area 51/Andromeda

FA-19-086

Including...

204.21

204.72

0.51

14.76

Area 51/Andromeda

FA-19-086

265.91

267.00

1.09

1.01

Area 51/Andromeda

FA-19-086

294.98

295.86

0.88

2.28

Area 51/Andromeda

FA-19-086

319.92

321.00

1.08

2.94

Area 51/Andromeda

FA-19-086

360.00

365.52

5.52

1.55

Area 51/Andromeda

FA-19-086

Including...

365.02

365.52

0.50

6.87

Area 51/Andromeda

FA-19-086

372.00

372.64

0.64

2.81

Area 51/Andromeda

FA-19-086

379.20

379.81

0.61

4.19

Area 51/Andromeda

FA-19-086

465.40

466.50

1.10

3.64

Area 51/Andromeda

FA-19-086

486.00

493.76

7.76

2.18

Area 51/Andromeda

FA-19-086

Including...

488.30

489.00

0.70

18.05

Area 51/Andromeda

FA-19-086

514.50

516.55

2.05

7.98

Area 51/Andromeda

FA-19-086

533.11

534.00

0.89

1.80

Area 51/Andromeda

FA-19-086

554.59

555.97

1.38

1.04

Area 51/Andromeda

FA-19-086

577.83

580.81

2.98

10.62

Area 51/Andromeda

FA-19-086

587.45

588.77

1.32

1.95

Area 51/Andromeda

FA-19-086

595.67

643.68

48.01

22.73

18.87

Lower Tabasco

(5)

FA-19-086

Including...

596.77

606.58

9.81

34.14

33.62

Lower Tabasco

(6)

FA-19-086

And…

616.37

639.24

22.87

32.22

24.33

Lower Tabasco

(6)

FA-19-086

Which includes…

617.51

620.04

2.53

201.73

130.47

Lower Tabasco

(7)

FA-19-086

And…

637.44

637.94

0.50

57.17

Lower Tabasco

(7)

FA-19-086

664.61

667.58

2.97

2.04

Cayenne

FA-19-086

709.17

710.18

1.01

1.86

Cayenne

(1)

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

(2)

Au cut 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.

(5)

Interval includes 27.00 g/t Au over 38.39 metres previously reported in

Wallbridge Press Release dated October 21, 2019

(6)

Interval changed from that previously reported in

Wallbridge Press Release dated October 21, 2019

(7)

Interval previously reported in

Wallbridge Press Release dated October 21, 2019

The Fenelon Gold Property is located proximal to the Sunday Lake Deformation Zone, an emerging

gold belt in northwestern

Quebec

. 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 overburden cover.

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

emplacement of a significant gold system along the Jeremie Pluton. Historically, exploration has

focused on high-grade shear zones hosted in the Main Gabbro, and this is 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 network gold

mineralization within the pluton, naming it Area 51. The ongoing

75,000 m

drill program is proving the

connectivity of Area 51 through the sediment-hosted Tabasco and Cayenne zones to the Main

Gabbro and is continuing to expand the footprint and depth extent of the Fenelon gold system.

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

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

proximal to the Sunday Lake Deformation Zone, an emerging gold belt in northwestern

Quebec

with

ongoing

75,000 m

exploration drill program in 2019 and a recently-completed 33,500-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 the operator of, and a 20% shareholder in,

Loncan Canada Inc., a privately-held company with a large portfolio of nickel, copper, and PGM

projects in

Ontario's

Sudbury

Basin.

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:

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%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 07:00e 03-DEC-19

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