WM.TO · 2020-09-08 12:00:00

Wallbridge Greatly Expands Size Potential of Fenelon Gold System

Corporate Updates

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]

Toronto, Ontario – September 08, 2020 – Wallbridge Mining Compa ny Limited (TSX:WM) (“Wallbridge” or the

“Company”) is pleased to report that initial drilling on the new ground acquired th rough its recent acquisition of

Balmoral Resources Ltd. (“Balmoral”) has greatly expanded the ultimate size potential of the Fenelon Gold System.

Recent drilling has extended gold mineralization 500 metres to the west and 850 metres to the south of Area 51. This

greatly expands the ultimate potential size of the Area 51 vein network gold mineralization on Wallbri dge’s 100%-owned

Fenelon Gold Property (“ Fenelon” or the “ Property”). The Area 51 vein network, along with the Tabasco, Cayenne and

Gabbro Zones, form parts of a large gold system ( “Fenelon Gold System” ) located within and adjacent to the Jeremie

Diorite, which has now been traced for over 1.8 kilometres (see Fig.1).

“The new, greatly expanded, footprint of the Fenelon Gold Syste m, together with our ongoing infill and step-out drilling

program on the original Area 51, Tabasco and Cayenne areas, dic tate that we need to consider a significant increase and

acceleration of our drilling program to define the full potenti al of what is rapidly becoming a very large system with

multi-million ounce resource potential,” stated Marz Kord, President and CEO of Wallbridge. “In the com ing weeks we

will continue to outline the potential of this gold system by a lso exploring the virtually untested extensions of the

Tabasco-Cayenne Zones toward the southeast.”

Highlights:

 Initial drilling yields high-grade intersections expanding Area 51 vein network 500 metres to the west:

FA-20-160 106.0 g/t Au over 0.60 metres

FA-20-165 6.76 g/t Au over 5.65 metres, including 18.89 g/t Au over 1.95 metres

Note: Further assay results are pending from both drill holes.

 Initial drilling to the south of Area 51, on the newly acquired ground, between Area 51 and Balmoral’s

Ripley and Reaper discoveries, has intersected strong Area 51-s tyle gold mineralization in Jeremie Diorite,

including visible gold in four of six holes drilled to date (assay results are pending for these six drill holes)

 These new gold-bearing veins are up to 850 metres south of the last previously known intersections of Area

51-style veins on the original Fenelon Gold Property, which ret urned 121.0 g/t Au over 0.51 metres, 3.79 g/t

Au over 10.25 metres (including 43.19 g/t Au over 0.75 metres) (see Wallbridge Press Release dated

December 3, 2019)

 Drill holes testing the Ripley-Reaper area returned wide, low-grade intersections of Area 51-style gold

mineralization:

FA-20-162 1.12 g/t Au over 43.40 metres, including 3.28 g/t Au over 11.00 metres

FA-20-157 0.91 g/t Au over 22.35 metres, including 1.23 g/t Au over 12.00 metres

“The high-grade assay results from holes FA-20-160 and FA-20-16 5, a 500-metre step-out to the previously known gold

mineralization, are very important in that they demonstrate the continuation of the Area 51 vein network to the west,” said

WALLBRIDGE MINING COMPANY LIMITED TSX| WM

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Attila Péntek, Vice President Exploration of Wallbridge. “Simil arly, our recent exploration drilling has also proven the

continuation of strong Area 51-style mineralization toward the south, up to 850 metres past the last veins intersected by

our previous drilling and extending all the way to the Sunday L ake Deformation Zone, where Balmoral’s Ripley-Reaper

discoveries are located.”

2020 Drilling Program Update

To August 31, 2020 approximately 63,000 metres of the planned f ully-funded 100,000-metre 2020 drilling program have

been completed. Currently, five of six drill rigs are focusing on expanding the Tabasco-Cayenne-Area 51 mineralization

on the original Fenelon Gold Property, carrying out a combinati on of 50-100-metre step-outs and tighter-spaced in-fill

drilling. The sixth drill rig is active on the newly-acquired p ortion of Fenelon to test the connection of the Tabasco-

Cayenne-Area 51 gold system to the Ripley-Reaper Area and the S unday Lake Deformation Zone. Consideration is being

given to increasing the scope and size of the planned 2020 and 2021 drilling programs to be able to fully assess the

ultimate size potential of what is a rapidly growing gold system.

Final assay results of six surface drill holes (FA-20-149, -150, -151, 156, -157, and -162) and partial assay results of two

drill holes (FA-20-160 and -165) of the 2020 exploration drill program on the newly acquired portion of the Fenelon Gold

Property are reported in the Tables and Figure below. 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://www.wallbridgemining.com/s/fenelon.asp.

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Figure 1. Fenelon Gold, Plan View

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Table 1. Wallbridge Fenelon Gold Property (Newly acquired portion) 2020 Drill Assay Highlights (1)

Drill Hole From

(m)

Length

(m)

(g/t)

Au Cut(2)

(g/t)

VG(3)

Zone/Corridor

Section

FA‐20‐149 158.40 165.15 6.75 0.94 0.94 Reaper Zone 10350

FA‐20‐150 No Significant Mineralization*

FA‐20‐151 628.70 629.35 0.65 15.10 15.10 Area 51 South

Extension 9975

FA‐20‐156 703.00 703.75 0.75 10.01 10.01 VG Ripley Zone 9975

FA‐20‐157 399.50 421.85 22.35 0.91 0.91 Ripley Zone 10350

Including… 399.50 411.50 12.00 1.23 1.23 Ripley Zone 10350

FA‐20‐160(4) 512.75 513.35 0.60 106.00 106.00 VG Area 51 West

Extension 9375

FA‐20‐162 233.50 236.50 3.00 2.25 2.25 Ripley Zone 10125

FA‐20‐162 350.00 423.90 73.90 0.89 0.89 Ripley Zone 10125

Including… 350.00 359.50 9.50 1.15 1.15 Ripley Zone 10125

And… 380.50 423.90 43.40 1.12 1.12 Ripley Zone 10125

Which Further

Includes… 407.00 418.00 11.00 3.28 3.28 Ripley Zone 10125

FA‐20‐162 535.00 536.40 1.40 2.69 2.69 Ripley Zone 10125

FA‐20‐165 275.40 281.05 5.65 6.76 6.76 Area 51 West

Extension 9375

Including… 276.90 278.85 1.95 18.89 18.89 Area 51 West

Extension 9375

*metal factor of at least 5 g/t*m and minimum weighted average composite grade of 1 g/t Au

(1) Table includes only highlight assay results of the exploration drill program on the newly acquired portion of the Fenelon Gold Property

(2) Au assays cut at 140 g/t.

(3) Intervals containing visible gold ("VG").

(4) Assays are pending above and below this sample.

Note: True widths are estimated to be 50-80% 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 either SGS Canada Inc. or ALS Canada Ltd. for an alysis. 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% les s 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 gravime tric 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 var y from time to time due to re-analysis for quality assurance

and quality control.

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The Qualified Person responsible for the technical content of t his press release is Luiz Felipe Salim Amaral, P.Geo.,

M.Sc., Project Geologist of Wallbridge.

About Wallbridge Mining

Wallbridge is establishing a pipeline of projects that will sup port sustainable 100,000 ounce-plus annual gold production

as well as organic growth through exploration and scalability.

The Company is currently advanci ng the exploration and developm ent of its 100%-owned Fenelon Gold Property, which

is located along the Detour-Fenelon Gold Trend, an emerging gol d belt in northwestern Québec with an ongoing, fully

funded 100,000-metre exploration drill program in 2020.

As announced on May 22, 2020, Wallbridge has completed the Plan of Arrangement whereby the Company acquired all

of the issued and outstanding shares of Balmoral, in an all-sto ck transaction. The Balmoral transaction secures for

Wallbridge a buffer of several kilometres surrounding its rapid ly expanding Fenelon discovery providing room for

growth, as well as future mine de velopment flexibility. The transaction, along with a recent option agreement signed with

Midland Exploration, also significantly expands Wallbridge's la nd holdings in Québec along the Detour-Fenelon Gold

Trend (from 10.5 km 2 to over 900.0 km 2), improving the Company's potential for further discoveries in this under-

explored belt.

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 17.8% share holder in, Lonmin Canada Inc., a privately-held company

with a large portfolio of nickel, copper, and platinum-group metals (PGM) projects in Ontario's Sudbury Basin.

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]

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 meanin g 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 actua l

results, level of activity, performance or outcomes of such explor ation 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 resu lt

in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans cont inue

to be refined, the ability to execute planned exploration and fu ture drilling programs, the need for additional funding to cont inue

exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth

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in Wallbridge's most recent annual information form under the heading "Risk Fact ors" 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 ca use actual actions, events or results to differ

materially from those described in forwar d-looking statements, there may be other fa ctors 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 revi se any forward-looking statements, whether as a result of new

information, future events or otherwise, save and except as may be required by appli cable securities laws. The forward-looking

statements contained herein are expressly qualified by this disclaimer.

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