WM.TO · 2022-04-07 12:00:00

Wallbridge Identifies Additional Gold Mineralization Within Fenelon Resource Footprint And Expands Area 51 Zone To The Southwest

Drill Results

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 Identifies Additional Gold Mineralization Within Fenelon Resource Footprint And

Expands Area 51 Zone To The Southwest

Toronto, Ontario – April 07, 2022 – Wallbridge Mining Company L imited (TSX:WM,

OTCQX:WLBMF) (“Wallbridge” or the “Company” ) today reported positive assay results from the

ongoing drill program at the Fenelon gold project (“ Fenelon”), including newly identified areas of

mineralization within and surrounding the existing resource footprint on the Company’s Detour-Fenelon Gold

Trend Property in Northwestern Quebec.

“Today’s results include additional high-quality gold in tercepts inside the 2021 mineral resource estimate

(“MRE”) footprint, demonstrating the potential to continue growing the size and quality of Fenelon’s existing

gold resource. A good example of this is drill hole FA-22-405, which identified a previously unknown area of

near-surface mineralization in the Ta basco zone, including one intercept of 4.89 g/t Au over 11.00 metres”

said Attila Péntek, Wallbridge’s Vice President, Explora tion. “The continuity of the deposit was reinforced

through results such as drill hole FA-20-159-W6, which included 1.73 g/t Au o ver 67.70 metres. Several

intersections reported today also demonstrate that th ere is strong potential to expand the resource laterally,

while the exploration drill holes have provided important information about the geology surrounding the

known deposit, as we look to identify satellite deposits and new mineralized zones.”

Fenelon Resource Drilling

Within 2021 MRE footprint

One of the primary objectives of the Company’s 2022 Fenelon dri ll program, as outlined in Wallbridge’s

News Release dated January 10, 2022 is to delineate additional resour ces within the known footprint of the

deposit to support future economic studies and an updated resource estimate for 2023. The Company has two

to three drill rigs allocated to this program. Recent highlight intersections from this program include:

FA-20-159-W6 1.73 g/t Au over 67.70 metres , including

2 . 6 4 g / t A u o v e r 1 2 . 0 0 m e t r e s, and

7.33 g/t Au over 6.75 metres in the Area 51 zone;

49.07 g/t Au over 1.00 metre,

2.71 g/t Au over 12.40 metres, and

22.83 g/t Au over 2.05 metres in the Tabasco-Cayenne zones.

FA-22-405 4.89 g/t Au over 11.00 metres , including

21.87 g/t Au over 2.00 metres in the Tabasco Zone, at a shallow vertical

depth of only 60 metres in a previously unknown area of mineralization.

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Lateral expansion from 2021 MRE

The current drill program is also focusing on expanding the res ource laterally, in directions where the

mineralization is open. Data from this drilling will support future economic studies in determining the optimal

mining configuration of the project. The Company has three to f our drill rigs allocated to this program and

recent highlight intersections include:

FA-21-379 5.21 g/t Au over 5.00 metres, including

38.00 g/t Au over 0.60 metres, in Area 51, 100 metres southwest of 2021

MRE.

FA-21-382 44.41 g/t Au over 0.50 metres in Area 51, 200 metres southwest of 2021

MRE.

FA-21-390 0.51 g/t Au over 206.60 metres, including

1.15 g/t Au over 9.50 metres, and

2.11 g/t Au over 6.80 metres, and

2.33 g/t Au over 5.40 metres in the Ripley Zone, 1.2 kilometres south of

2021 MRE.

FA-21-384 0.54 g/t Au over 40.50 metres, including

1.23 g/t Au over 6.50 metres in the Ripley Zone, 1.0 kilometre south of

2021 MRE.

Fenelon Exploration Drilling

As part of the ongoing drill program, Wallbridge completed expl oration drilling in late 2021 to gain a better

understanding of the geology surro unding the known Fenelon depo sit and to find suitable geologic

environments that can host new gold zones and satellite deposit s. Lacking surface outcrops, this program is

largely guided by detailed unmanned aerial vehicle (UAV) geophysical magnetic survey data that has proven

very effective in identifying host rocks and potentially gold-bearing structures.

Fifteen of the drill holes released today (FA-21-319, -323, -32 5, -330, -332, -335, -339, -352, -354, -357, -

363, -367, -369, -372, -377) targeted airborne magnetic feature s resembling the signature of the Jeremie

Diorite, one of the main host rocks of the Fenelon deposit. The results will assist in better defining the shape

of this geologic unit and in finding western and northwestern e xtensions of this diorite body that may host

gold mineralization. This program resulted in an improved 3D mo del of the Jeremie Diorite in the area 500

metres to two kilometres west o f the Fenelon deposit and new go ld mineralization was encountered in drill

hole FA-21-357.

Four drill holes released today (FA-21-327, -337, -351, -373) w ere drilled to locate the Sunday Lake

Deformation Zone and to help interpret the geologic and structu ral features up to 2.3 kilometres west of the

Ripley gold zone. New gold mineralization was encountered in drill hole FA-21-327.

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Four drill holes (FA-21-329, -333, -341, -350) were drilled to locate the Sunday Lake Deformation Zone and

to help interpret the geologic and structural features 300 metr es east of the Ripley gold zone. New gold

mineralization was encountered in all four drill holes.

Final assay results from 72 drill holes and partial results of six holes of the 2021/2022 Fenelon drill program

are reported in the Table and Figures below. All figures and a table with drill hole information of recently

completed holes are posted on the Company’s website under “Curr ent Program”

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

Figure 1. Compilation map of the Fenelon-Grasset area

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Figure 2. Fenelon Gold, Plan View

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Figure 3. Fenelon Gold, Vertical Section

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

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

(m) (m) (m) (g/t) (g/t)

Resource Drilling within MRE Footprint

19-0925-008 289.00 290.20 1.20 4.90 4.90 Area 51

21-5075-10265-B No Significant Mineralization (4)

21-5080-10A No Significant Mineralization (4)

21-5080-010A-W1 167.90 173.00 5.10 0.99 0.99 VG Area 51

21-5130-002 342.00 366.00 24.00 0.85 0.85 VG Area 51

Including… 342.00 345.00 3.00 2.05 2.05 Area 51

And… 361.50 366.00 4.50 1.44 1.44 Area 51

21-5130-002 394.50 401.50 7.00 1.16 1.16 Area 51

FA-20-154-W2 No Significant Mineralization (4)

FA-20-154-W3 1156.00 1159.00 3.00 1.92 1.92 Tabasco

FA-20-159-W5 613.50 622.50 9.00 0.73 0.73 Area 51

FA-20-159-W5 624.00 630.00 6.00 2.88 2.88 VG Area 51

Including… 624.00 624.70 0.70 18.25 18.25 VG Area 51

FA-20-159-W6 507.00 532.90 25.90 0.55 0.55 VG Area 51

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

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

(m) (m) (m) (g/t) (g/t)

Including… 524.25 532.90 8.65 0.97 0.97 VG Area 51

FA-20-159-W6 545.00 550.00 5.00 1.84 1.84 Area 51

FA-20-159-W6 568.00 635.70 67.70 1.73 1.73 VG Area 51

Including… 568.00 580.00 12.00 2.64 2.64 VG Area 51

And… 597.00 603.75 6.75 7.33 7.33 VG Area 51

Which Includes… 603.25 603.75 0.50 57.90 57.90 VG Area 51

FA-20-159-W6 743.90 744.90 1.00 4.91 4.91 Area 51

FA-20-159-W6 840.60 845.10 4.50 7.68 7.68 Contact Zone

Including… 840.60 842.00 1.40 21.29 21.29 Contact Zone

FA-20-159-W6 883.00 884.00 1.00 49.07 49.07 Tabasco

FA-20-159-W6 911.50 914.50 3.00 1.98 1.98 Tabasco

FA-20-159-W6 923.55 925.00 1.45 6.47 6.47 VG Tabasco

FA-20-159-W6 941.30 953.70 12.40 2.71 2.71 VG Cayenne

Including… 949.35 951.50 2.15 9.91 9.91 VG Cayenne

FA-20-159-W6 991.00 993.05 2.05 22.83 22.83 VG Cayenne

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

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

(m) (m) (m) (g/t) (g/t)

FA-21-360 63.00 65.50 2.50 2.16 2.16 Area 51

FA-21-360 104.00 104.50 0.50 22.00 22.00 Area 51

FA-21-362 56.50 58.00 1.50 4.39 4.39 Area 51

FA-21-362 169.50 173.50 4.00 1.66 1.66 Area 51

FA-21-365 139.00 151.25 12.25 0.89 0.89 Contact Zone

Including… 139.00 140.05 1.05 6.17 6.17 Contact Zone

FA-22-405 74.00 85.00 11.00 4.89 4.89 VG Tabasco

Including… 77.00 79.00 2.00 21.87 21.87 VG Tabasco

Resource Drilling Proximal to 2021 MRE

FA-21-311-W2 918.00 919.00 1.00 9.68 9.68 VG Area 51

FA-21-311-W2 941.00 941.50 0.50 62.40 62.40 Area 51

FA-21-311-W2 1279.75 1282.15 2.40 2.12 2.12 VG Tabasco

FA-21-311-W4 920.00 922.55 2.55 4.97 4.97 VG Area 51

FA-21-311-W5 1012.00 1013.50 1.50 3.39 3.39 Area 51

FA-21-311-W5 1247.40 1254.30 6.90 1.46 1.46 VG Area 51

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