WM.TO · 2019-03-25 12:00:00

Wallbridge Intersects Multiple Structures with Gold Mineralization in New Area 51 Discovery and Extends the Main Zone to 650 metre depth at Fenelon Gold Property

Drill Results

Wallbridge Intersects Multiple Structures with

Gold Mineralization in New Area 51 Discovery

and Extends the Main Zone to 650 metre depth

at Fenelon Gold Property

TORONTO

March 25, 2019

/CNW/ -

Wallbridge Mining Company Limited (TSX:WM, FWB:

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

is pleased to announce that the first hole of its 2019

surface drill program has intersected multiple visible gold-bearing shear zones and other abundant

mineralized veins over an approximately 275 metre core length. These multiple structures and gold

occurrences confirm the recently-announced Area 51 discovery (see

Wallbridge Press Release dated

February 21, 2019

) as a significant size target which increases the

ultimate size potential of the gold system at its 100%-owned Fenelon Gold property ("Fenelon" or

the "Property"). Assay results are pending and will be reported when received. In addition,

Wallbridge continues to achieve positive results from the underground drill program targeting the

extensions of the other known zones at Fenelon.

Highlights

Six intersections of visible gold were observed in the first hole of 2019 surface drilling program

(FA-19-052) within Area 51, confirming the significance of this previously unknown mineralized

corridor located approximately

300 m

west of the bulk sample area that was discovered by the

last hole of the 2018 program (FA-18-051).

The Area 51 gold system appears to have formed along the regional contact of a, thus far

unknown, southern extension of the Jeremie Pluton. Geophysical data indicates that this

northwest-southeast-trending contact may extend over 2.5 kilometres on the Property

representing one of the main targets for the 2019 exploration drill program.

The Area 51 and Tabasco mineralized corridors now extend down to 500 metre vertical depth.

The main gabbroic sill and mineralized zones hosted within have now been extended down to

650 metre vertical depth. Chalcopyrite in silicified shear zones indicates the presence of the

gold-bearing system.

Since the last press release (see

Wallbridge Press Release dated

February 21, 2019

highlights of assay results received from the exploration and resource expansion drill programs

at Fenelon are as follows:

Surface Drilling

FA-18-051:

In addition to previously-reported assay results, in-fill sampling has now resulted

in outlining additional mineralized zones within the newly discovered Area 51 gold

system, including 5.16 g/t gold over 3.40 metres and 1.00 g/t gold over 5.65 metres.

Underground Drilling

18-5175-006:

5.74 g/t gold over 2.32 metres in the Naga Viper zone

18-5175-013:

3.38 g/t gold over 6.22 metres, including 5.05 g/t gold over 3.66 metres in the Naga

Viper zone

19-5150-002:

5.41 g/t gold over 3.77 metres, including 12.61 g/t gold over 1.28 metres in the

Naga Viper zone

The 2019 drill program began in late February with one surface and one underground drill rig.

An additional two drill rigs are being added in April to achieve the 50,000 -75,000 metres of

drilling planned for this year.

Visible gold was observed to be present in 5 of 12 underground holes and the one surface hole

(FA-19-052) drilled in 2019 to date.

The balance of assay results from the 2018 drill program, as well as from the 2019

underground and surface drill programs, including hole FA-19-052, are currently pending.

"The goal of our 2019 program of 50,000 – 75,000 metres combined underground and surface

drilling was designed to prove up substantial additional underground gold resources at Fenelon in

preparation for an updated 43-101 resource estimate," stated

Marz Kord

, President & CEO of

Wallbridge. "The Area 51 mineralized corridor is an exciting discovery that confirms the significant

potential to expand the mineralized system at Fenelon. While underground drilling continues to

expand resources to depth, surface drilling will test Area 51 as well as other targets property wide."

"Area 51 has proven to be a very significant mineralized corridor. The remarkable endowment of this

gold-bearing system was indicated by numerous higher-grade shear zones within a low-grade gold

halo over approximately

200 m

core length in hole FA-18-051. The visible gold-bearing shear zones

and other abundant mineralized veins over an approximately 275 metre core length in FA-19-052

increases our confidence in the potential of this discovery," stated Attila Péntek, Vice-President,

Exploration of Wallbridge. "Surface drilling in Area 51 will initially aim for 50 to 100 metre step-outs

on the known gold mineralization to test our concept of a continuous, kilometre-scale gold-bearing

structure."

The 2019 underground resource drilling, designed to extend the known zones below the 2018/2019

bulk sample development to 350 metre depth, is being carried out from the recently established 230-

metre-long exploration drift on the 5130 level (~125 metre depth).

An Orevision surface IP survey to test 600 metre strike length of the gold-hosting mineralized

environment northwest of the main deposit was completed by Abitibi Geophysics Inc. in February.

Results of this study are being incorporated with existing geophysical data into a coherent 3D model,

which will be used to guide geologic modeling and drill targeting.

A summary of the new drill hole results from the ongoing 2018/2019 underground and surface drill

programs are reported in Tables 1 and 2 and also shown on the

Figures

below as well as on the

Company website

Table 1. Wallbridge Fenelon Gold Property 2018/2019 Drill Assay Highlights

(1)

Drill Hole

From

Length

True

Width

Capped

(2)

(3)

Zone

Drill Program

(m)

(g/t)

18-5175-006

51.56

56.05

4.49

3.16

2.15

Chipotle

U/G Resource

18-5175-006

75.41

77.73

2.32

1.62

5.74

Naga Viper

U/G Resource

18-5175-007

91.68

95.76

4.08

2.17

1.39

Naga Viper

U/G Resource

18-5175-012

113.67

122.65

8.98

4.17

1.79

Naga Viper

U/G Resource

18-5175-013

90.68

96.90

6.22

2.87

3.38

Chipotle

U/G Resource

Including...

90.68

94.34

3.66

1.69

5.05

Chipotle

U/G Resource

19-5150-002

55.88

59.65

3.77

1.95

5.41

Naga Viper

U/G Resource

Including...

1.28

0.66

12.61

Naga Viper

U/G Resource

FA-18-042

194.05

195.00

0.95

(4)

1.37

East

Surface Exploration

FA-18-046

No assay results greater than 1 g/t Au

Surface Exploration

FA-18-047

No assay results greater than 1 g/t Au

Surface Exploration

FA-18-048

No assay results greater than 1 g/t Au

Surface Exploration

FA-18-049

112.25

112.55

0.30

2.02

Tabasco

Surface Exploration

FA-18-050

No assay results greater than 1 g/t Au

Surface Exploration

FA-18-051

555.00

555.40

0.40

1.13

Area 51

Surface Exploration

FA-18-051

593.50

596.90

3.40

5.16

Area 51

Surface Exploration

FA-18-051

620.10

625.75

5.65

1.00

Area 51

Surface Exploration

(1)

Table includes only highlight assay results since the latest press release. Earlier highlight intersections of the 2018

program can be found on the Company website:

http://www.wallbridgemining.com/i/maps/fenelon/Fenelon-2018-UG-drilling-highlights.pdf

(2)

Au capped 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.

Table 2. Wallbridge Fenelon Gold Property 2018/2019 drill hole information

(1)

Drill Hole ID

Local grid

Elevation

Length

(Metres)

Azimuth

Dip

VG/CP

(2)

Note

FA-18-044

10750

1130

5260

651

195

-51

Further assays pending

FA-18-051

10432

11040

5260

670

220

-51

Further assays pending

FA-19-052

10121

10605

5258

underway

-62

Assays pending

18-5175-007

10580

10986

5177

205

228

-43

Assays pending

18-5175-011

10580

10986

5177

200

191

-48

Further assays pending

19-5150-001

10595

10950

5147

181

230

-62

Assays pending

19-5150-002

10595

10950

5147

147

222

-48

Assays pending

19-5150-003

10595

10950

5147

102

205

-32

Assays pending

19-5150-004

10595

10950

5147

227

-26

Assays pending

19-5150-005

10595

10950

5147

132

170

-50

Assays pending

19-5150-006

10595

10950

5147

274

178

-63

Assays pending

19-5150-007

10595

10950

5147

182

-20

Assays pending

19-5150-008

10595

10950

5147

102

152

-15

Assays pending

19-5150-009

10595

10950

5147

232

-39

Assays pending

19-5150-010

10595

10950

5147

228

-10

Assays pending

19-1035-002

10502

10851

5134

150

-48

Assays pending

19-1035-003

10502

10851

5134

138

-38

Assays pending

19-1035-004

10502

10851

5134

underway

-46

Assays pending

(1)

Table includes only drill holes for which assays are pending. For earlier holes please refer to tables in previous

press releases.

(2)

Drill holes containing visible gold ("VG") or chalcopyrite-bearing mineralized shear zone ("CP").

Fenelon is located in northwestern

Quebec

proximal to the Sunday Lake Deformation Zone ("SLDZ")

which hosts the Detour Gold Mine in

Ontario

, and Balmoral Resources' gold deposits at Martiniere.

Fenelon hosts the Discovery Zone gold deposit and surrounding 4 km strike length of a gold-hosting

secondary splay of the SLDZ.

Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate

and a positive pre-feasibility study on the existing resource. Wallbridge has undertaken successful

surface exploration drilling campaigns in 2017, 2018 and 2019, and has substantially completed an

underground 35,000-tonne bulk sample at Fenelon. Drilling to date has significantly extended existing

zones and discovered several new parallel zones.

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

for Wallbridge Mining Company Limited.

About Wallbridge Mining

Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue

as well as organic growth through exploration and scalability.

Wallbridge is currently developing its 100%-owned high-grade Fenelon Gold property in

Quebec

with

ongoing exploration and a 35,000-tonne bulk sample. Wallbridge is also pursuing additional

advanced-stage projects which would add to the Company's near-term project pipeline. These

discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently

mining the Broken Hammer deposit in

Sudbury

, which was completed in

October 2015

. As part of

this strategy, the Company recently optioned the Beschefer Project, an advanced gold property with

proven size and grade-potential near Fenelon Gold. Wallbridge is also continuing partner-funded

exploration on its large portfolio of nickel, copper, and PGM projects in

Sudbury, Ontario

, with a

focus on its high-grade Parkin project.

Wallbridge also has exposure to exploration for copper and gold in

Jamaica

and

British Columbia

through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources

Limited, a Wallbridge spin-out of its BC assets).

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/March2019/25/c1880.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 09:42e 25-MAR-19

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