WM.TO · 2020-05-19 12:00:00

Wallbridge Intersects 70.84 g/t Au over 5.35 metres and 32.26 g/t Au over 7.05 metres Within the Fenelon Main Gabbro

Drill Results

Wallbridge Intersects 70.84 g/t Au over 5.35

metres and 32.26 g/t Au over 7.05 metres

Within the Fenelon Main Gabbro

TORONTO

May 19, 2020

/CNW/ -

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

("Wallbridge" or the "Company")

is pleased to announce further intersections from the definition

drilling outlining high-grade shoots 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

").

Results announced today include

70.84 g/t Au over 5.35 metres

in hole 20-5150-022,

32.26 g/t Au

over 7.05 metres

in hole 20-5150-027 in the Naga Viper Zone as well as

51.37 g/t Au over 2.10

metres

in hole 19-0985-007 in the Cayenne Zone.

Main Gabbro Definition Drilling Results

"In addition to delivering exceptional results, the definition drilling campaign in the Main Gabbro has

further defined the near surface zones immediately surrounding existing infrastructure. This allows us

to advance the mine planning required with the goal of taking the Main Gabbro into production in the

future while exploration and expansion of Tabasco and Area 51 continues," stated

Francois Demers

Vice President, Mines & Projects of Wallbridge. "Eventual production from the Main Gabbro would

likely be the first step as we continue to drive this multi-phase project forward."

20-5150-022:

70.84 g/t Au over 5.35 metres

in the Naga Viper Zone;

20-5150-027:

32.26 g/t Au over 7.05 metres

in the Naga Viper Zone;

19-0985-007:

51.37 g/t Au over 2.10 metres

in the Cayenne Zone;

19-0985-014:

35.30 g/t Au over 1.05 metres

in the Naga Viper Zone;

19-0985-015:

29.30 g/t Au over 1.10 metres

in the Naga Viper Zone;

20-1120-007:

8.25 g/t Au over 3.25 metres

in the Serrano Zone;

20-1120-009:

23.10 g/t Au over 0.60 metre

in the Serrano Zone.

Main Gabbro Exploration Drilling Results

Results from five short exploration drill holes testing the near-surface western extension of the Main

Gabbro Zones were also announced today and include

12.12 g/t Au over 1.90 metres

in hole FA-

20-112 and

4.38 g/t Au over 1.15 metres

in hole FA-20-114. These intersections are approximately

300 and 140 metres west of the nearest mine workings.

2019/2020 Drill Program

Prior to the

March 23, 2020

temporary suspension of drilling activities due to COVID-19, six drill rigs

were active on the Property: five were focusing on exploration drilling from surface with large-

spaced step-outs to define the footprint of the Fenelon gold system, and one underground drill rig

was focused on 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 a fully-funded 100,000 to 120,000

metres of drilling was originally planned for 2020. So far, up to the

March 23, 2020

temporary

suspension, a total of approximately 26,000 metres have been drilled this year. As previously

announced, exploration activity has resumed at Fenelon, initially with four surface drill rigs; the

Company now estimates completing between 70,000 and 80,000 metres of drilling in 2020.

Assay results of 22 underground holes and five surface 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 at

www.wallbridgemining.com

Table 1. Wallbridge Fenelon Gold Property 2020 Drill Assay Highlights

(1)

Drill Hole

From

Length

Au Cut

(2)

(3)

Zone/Corridor

Section

(m)

(g/t)

19-0985-007

19.80

21.90

2.10

51.37

45.66

Cayenne

10425

19-0985-007

82.90

86.23

3.33

4.46

Chipotle

10425

19-0985-014

85.85

86.90

1.05

35.30

Naga Viper

10425

19-0985-015

82.35

83.45

1.10

29.30

Naga Viper

10425

19-1035-017

No significant assay results*

19-1110-012

No significant assay results*

19-1150-001

No significant assay results*

19-1150-002

No significant assay results*

20-1105-001

29.00

30.40

1.40

8.44

Serrano

10650

20-1105-001

53.55

68.55

15.00

1.50

Serrano

10650

20-1105-001

Including…

67.30

68.55

1.25

10.55

Serrano

10650

20-1105-002

No significant assay results*

20-1120-005

No significant assay results*

20-1120-006

No significant assay results*

20-1120-007

54.30

57.55

3.25

8.25

Serrano

10650

20-1120-008

43.40

49.70

6.30

1.58

Serrano

10650

20-1120-009

51.00

51.60

0.60

23.10

Serrano

10650

20-1120-010

No significant assay results*

20-1120-011

47.00

50.20

3.20

2.21

Serrano

10650

20-1120-012

51.85

52.95

1.10

6.47

Serrano

10650

20-1120-013

46.35

50.70

4.35

2.25

Serrano

10650

20-1120-014

No significant assay results*

20-5150-022

40.70

46.05

5.35

70.84

60.67

Naga Viper

10650

20-5150-022

Including…

42.00

44.10

2.10

123.08

97.18

Naga Viper

10650

20-5150-027

43.95

51.00

7.05

32.26

Naga Viper

10575

20-5150-027

Including…

43.95

45.85

1.90

53.87

Naga Viper

10575

20-5150-027

And…

49.95

51.00

1.05

114.50

Naga Viper

10575

20-5150-028

66.35

69.30

2.95

7.18

Naga Viper

10575

FA-20-111

No significant assay results*

FA-20-112

138.10

140.00

1.90

12.12

Main Gabbro West

10200

FA-20-114

87.95

89.10

1.15

4.38

Main Gabbro West

10275

FA-20-117

No significant assay results*

FA-20-122

No significant assay results*

(1)

Table includes only assay results received since the latest press release dated March 23, 2020.

(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 reported core length intervals.

About the Fenelon Gold Property

The Fenelon Gold Property is located along the Detour-Fenelon Gold Trend, an emerging gold belt

in northwestern

Quebec

related to the Sunday Lake Deformation Zone. This major east-west

structure in the northern Abitibi greenstone belt hosts the Detour Lake mine and is very similar to

other gold trends 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 Jérémie 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 70,000 to 80,000-metre 2020 drill program (revised from

original 100,000 to 120,000-metre guidance due to COVID-19) 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 along

the Detour-Fenelon Gold Trend, an emerging gold belt in northwestern

Quebec

with an ongoing

70,000 to 80,000-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 2, 2020

, Wallbridge and Balmoral

Resources Ltd.

("Balmoral")

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-Fenelon Gold Trend (from 10.5 km

to 739.0 km

), improving the

Company's potential for further discoveries in this under-explored belt. As announced in Wallbridge

Press Release dated

May 8, 2020

, at a special meeting of

Balmoral

securityholders held on

May 7,

2020

Balmoral

securityholders voted overwhelmingly in favour of the resolution approving the

acquisition of

Balmoral

by Wallbridge by way of a plan of arrangement. On

May 13, 2020

Balmoral

announced that it has obtained the final order from the Supreme Court of

British Columbia

approving

the announced plan of arrangement with Wallbridge. It is currently anticipated that the

Balmoral

transaction will close on or about

May 22, 2020

, and that the

Balmoral

shares will be delisted from

trading on the Toronto Stock Exchange on or around

May 25, 2020

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/May2020/19/c2803.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, CPA, CMA, Chief

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

CO: Wallbridge Mining Company Limited

CNW 07:30e 19-MAY-20

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