WM.TO · 2020-03-23 12:00:00

Wallbridge Intersects 19.47 g/t Au over 10.15 metres Continuing Successful Definition Within the Main Gabbro

Drill Results

Wallbridge Intersects 19.47 g/t Au over 10.15

metres Continuing Successful Definition

Within the Main Gabbro

TORONTO

March 23, 2020

/CNW/ -

Wallbridge Mining Company Limited (TSX:WM, FWB:

WC7) ("Wallbridge" or the "Company")

is pleased to announce that it continues to successfully

define high-grade gold mineralization at shallow depths adjacent to the existing mine workings within

the Main Gabbro area on its 100%-owned Fenelon Gold Property ("

Fenelon

" or the "

Property

").

This mineralization can be readily accessed from the existing mine workings and could provide

material for early stage production.

Main Gabbro Definition Drilling Results

Results from the ongoing definition drill program proximal to existing mine workings in the Main

Gabbro announced today include

19.47 g/t Au over 10.15 metres

in hole 19-1035-022,

6.09 g/t Au

over 21.05 metres

in hole 19-1035-025 as well as

17.33 g/t Au over 9.30 metres

in hole 19-0985-

013.

"Although most of the focus in the last few months has been on our exploration success and rapid

growth of the Fenelon gold system, we are also seeing excellent results in our definition drill program

near the existing mine workings, outlining gold ounces that will become important in the early stage

of any future production scenario," stated Attila Péntek, Vice President Exploration of Wallbridge.

19-1035-019A:

5.93 g/t Au over 20.76 metres

in the Chipotle, Anaheim and Naga Viper Zones, including

11.89

g/t Au over 6.65 metres

in the Naga Viper Zone;

19-1035-020:

2.44 g/t Au over 20.45 metres

in the Chipotle, Anaheim and Naga Viper Zones, including

6.77

g/t Au over 5.75 metres

in the Chipotle Zone;

19-1035-022:

21.30 g/t Au (19.47 g/t Au cut) over 10.15 metres

in the Chipotle and Anaheim Zones,

including

155.50 g/t Au over 1.20 metres

in the Anaheim Zone;

19-1035-023:

9.68 g/t Au over 7.70 metres

in the Chipotle and Anaheim Zones;

19-1035-024:

22.95 g/t Au over 4.35 metres

in the Chipotle Zone;

19-1035-025:

11.36 g/t Au over 10.10 metres

in the Chipotle Zone and

6.09 g/t Au over 21.05 metres

, including

34.71 g/t Au over 3.10 metres

in the Naga Viper

Zone;

19-1110-014:

17.33 g/t Au over 9.30 metres

in the Serrano Zone;

19-1110-016:

3.04 g/t Au over 7.86 metres

in the Serrano Zone;

19-1150-003:

3.56 g/t Au over 5.00 metres

in the Serrano Zone;

20-5150-019:

5.57 g/t Au over 5.00 metres

in the Naga Viper Zone

COVID-19 Control Measures

Wallbridge takes the health and safety of its workforce very seriously and has implemented

numerous new health procedures and increased the frequency of those already in place in order to

reduce the risk of COVID-19.

"As we continue to operate the Fenelon camp to support the 2020 diamond drilling program and

progress permitting activities, we must adapt to the new reality that COVID-19 has imposed upon

us," stated

Francois Demers

, Vice President, Mining and Projects of Wallbridge Mining Company

Limited. "We have taken action and put measures in place to protect our employees and contractors

at site and continue to monitor the situation closely."

The Company will continue to monitor the situation and adapt as necessary.

2019/2020 Drill Program

Six drill rigs are currently active on the Property: five are focusing on exploration drilling from

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

underground drill rig is doing 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 the program is

continuing in 2020 with the same drilling rate of approximately 9,000 metres per month for a

projected total of 100,000 to 120,000 metres for the year. So far, a total of approximately 24,000

metres have been drilled in 2020.

Assay results of 37 underground holes of the 2019/2020 exploration drill program are reported in

Table 1 and Figure 1. 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 2019/2020 Drill Assay Highlights

(1)

Drill Hole

From

Length

Au Cut

(2)

(3)

Zone/Corridor

Section

(m)

(g/t)

19-1035-018

0.00

0.85

36.90

Chipotle

10575

19-1035-019A

0.94

21.70

20.76

5.93

Chipotle/Anaheim/Naga Viper

10575

19-1035-019A

Including...

0.94

1.44

0.50

76.50

Chipotle

10575

19-1035-019A

And...

15.05

21.70

6.65

11.89

Naga Viper

10575

19-1035-020

0.40

21.85

20.45

2.44

Chipotle/Anaheim/Naga Viper

10575

19-1035-020

Including...

0.40

6.15

5.75

6.77

Chipotle

10575

19-1035-022

0.50

10.65

10.15

21.30

19.47

Chipotle/Anaheim

10575

19-1035-022

Including...

0.50

2.90

2.40

11.65

Chipotle

10575

19-1035-022

And...

9.45

10.65

1.20

155.50

140.00

Anaheim

10575

19-1035-023

0.00

7.70

9.68

Chipotle/Anaheim

10575

19-1035-023

Including...

0.00

0.90

27.10

Chipotle

10575

19-1035-023

And...

6.95

7.70

0.75

65.90

Anaheim

10575

19-1035-024

2.85

7.20

4.35

22.95

Chipotle

10575

19-1035-025

3.65

13.10

10.10

11.36

Chipotle

10575

19-1035-025

Including...

3.65

4.25

0.60

55.30

Chipotle

10575

19-1035-025

37.15

58.20

21.05

6.09

Naga Viper

10575

19-1035-025

Including...

55.10

58.20

3.10

34.71

Naga Viper

10575

19-1110-013

46.16

61.24

15.08

0.99

Serrano

10650

19-1110-014

52.20

61.50

9.30

17.33

Serrano

10650

19-1110-014

Including...

55.20

59.39

4.19

35.79

Serrano

10650

19-1110-015

52.54

63.89

11.35

1.05

Serrano

10650

19-1110-016

54.00

61.86

7.86

3.04

Serrano

10650

19-1110-016

Including...

58.66

61.86

3.20

6.24

Serrano

10650

19-1150-003

27.65

32.65

5.00

3.56

Serrano

10650

19-1150-004

No Significant Mineralization

10650

19-1150-005

No Significant Mineralization

10650

19-1150-006

No Significant Mineralization

10650

19-1160-001

No Significant Mineralization

10650

19-1160-002

No Significant Mineralization

10650

19-1160-003

No Significant Mineralization

10650

20-1165-001

No Significant Mineralization

10650

20-1165-002

No Significant Mineralization

10650

20-1165-003

No Significant Mineralization

10650

20-5150-011

No Significant Mineralization

10575

20-5150-012

No Significant Mineralization

10575

20-5150-013

No Significant Mineralization

10575

20-5150-014

No Significant Mineralization

10575

20-5150-015

No Significant Mineralization

10575

20-5150-016

43.40

46.10

2.70

2.07

Naga Viper

10575

20-5150-017

No Significant Mineralization

10575

20-5150-018

44.25

46.50

2.25

2.47

Naga Viper

10575

20-5150-019

41.00

46.00

5.00

5.57

Naga Viper

10575

20-5150-020

No Significant Mineralization

10575

20-5150-021

No Significant Mineralization

10575

20-5150-023

No Significant Mineralization

10575

20-5150-024

55.50

56.40

1.30

9.28

Naga Viper

10575

20-5150-025

54.65

58.20

3.55

1.91

Naga Viper

10575

20-5150-026

No Significant Mineralization

10575

20-5150-029

No Significant Mineralization

10575

(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").

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

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

About the Fenelon Gold Property

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 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 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- 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 100,000 to 120,000 metre 2020 drill program 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

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

Quebec

with ongoing 100,000 to 120,000 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 02, 2020

, Wallbridge and Balmoral

Resources 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 Gold Trend (from 10.5 km

to 739.0 km

), improving the Company's potential for further

discoveries in this under-explored belt.

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/March2020/23/c3582.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 06:30e 23-MAR-20

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