WM.TO · 2019-08-07 12:00:00

Wallbridge Proves Excellent Continuity at Area 51 and Intersects 5.50 g/t Gold Over 10.96 Metres in Tabasco at Fenelon

Drill Results

Wallbridge Proves Excellent Continuity at Area

51 and Intersects 5.50 g/t Gold Over 10.96

Metres in Tabasco at Fenelon

TORONTO

Aug. 7, 2019

/CNW/ -

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

("Wallbridge" or the "Company")

is pleased to announce that its exploration drilling program

continues to show excellent along strike and down-dip continuity of numerous gold zones over

hundreds of metres in Area 51 at its 100%-owned Fenelon Gold Property ("Fenelon" or the

"Property").

In addition, drilling on the Tabasco Zone located between the mine workings and the Area 51

discovery is demonstrating excellent continuity of this zone. The intersection of 5.50 g/t gold over

10.96 metres reported today has extended this zone down to 600 metres depth confirming the

significance of this zone and the strong continuation of the Fenelon gold system at depth.

The results released today significantly advance the 2019 exploration goal of expanding the known

footprint and demonstrating the large size potential of the Fenelon Gold System.

Highlights:

Area 51 corridor

FA-19-065:

A broad envelope of continuous, stockwork-style gold mineralization in Area 51 grading

0.98 g/t gold over 191.90 metres,

including:

2.43 g/t gold over 42.80 metres which includes:

5.00 g/t gold over 12.71 metres (

including

68.05 g/t gold over 0.43 metres)

and,

6.56 g/t gold over 3.09 metres;

This intersection is located approximately 100 metres southwest of the previously released intersection (see

Wallbridge Press Release dated April 23, 2019

) of

1.46 g/t gold

over 227.80 metres

in FA-19-052, which includes of

2.81 g/t gold over 98.91 metres

(

see Figure 1

Tabasco zone

FA-19-065:

5.50 g/t gold over 10.96 metres,

including

10.28 g/t gold over 5.07 metres

at a vertical depth of 600 metres where the Tabasco zone cuts across the

Jeremie Pluton. This intersection represents a 100 metre down-dip extension of this zone (see Figures

and

"We are confirming the continuity of numerous high-grade gold-bearing structures within Area 51

along strike and down-dip, making these zones prime targets for future resource growth amenable

to an underground mining scenario", stated

Marz Kord

, President & CEO of Wallbridge. "In addition,

a potential open-pit type resource scenario in Area 51 will be pursued with additional drilling due to

the evidence of strong near-surface mineralization in holes FA-19-067 and FA-19-073 along with

significant, broad, low grade intersections in excess of 100 metres, like the ones highlighted above."

"The zones at Fenelon tend to widen and get richer as they transition from the sediments into more

favourable host rocks, like the Jeremie Pluton and the Main Gabbro," stated Attila Péntek, Vice

President Exploration of Wallbridge. "This is again evident from the higher grade, thicker intersection

of the Tabasco zone in FA-19-065 announced today, along with the Cayenne intersection in FA-19-

059 announced in a previous press release. We now have demonstrated strong mineralization in

multiple zones at 600 metre vertical depth, which is the deepest we have drilled the gold system so

far. We are looking forward to drilling undercuts to these recent successful drill holes to follow the

gold system even deeper.

"Our exploration drilling continues to prove up significant gold endowment in Area 51 along the edge

of the Jeremie Pluton from surface down to 600 metres depth. Drill holes FA-19-073 and FA-19-075

intersecting a network of visible gold-bearing veins in Area 51, has proven our recent interpretation

of a second, ENE-WSW mineralized trend that now extends hundreds of metres into the pluton

itself."

Summary of Drill Results:

Since the last press release (see

Wallbridge Press Release dated July 09, 2019

), highlights of received assay results are as follows:

Tabasco zone

FA-19-065:

5.50 g/t gold over 10.96 metres,

including

10.28 g/t gold over 5.07 metres

at a vertical depth of 600 metres where the Tabasco zone cuts across

the Jeremie Pluton. This intersection represents a 100 metre down-dip extension of this zone.

FA-19-061:

2.46 g/t gold over 3.90 metres,

at shallow (275 metre vertical) depth in the sediments.

Area 51 corridor

FA-19-065:

A broad envelope of continuous, stockwork-style gold mineralization in Area 51 grading

0.98 g/t gold over 191.90 metres,

with the following higher-

grade subintervals:

5.00 g/t gold over 12.71 metres (

including

68.05 g/t gold over 0.43 metres)

and

6.56 g/t gold over 3.09 metres

included within a wide zone

2.43 g/t gold over 42.80 metres,

2.99 g/t gold over 3.86 metres, 5.60 g/t gold over 0.90 metre,

and

5.70 g/t gold over 1.21 metre;

Additional intersections in Area 51 include

7.18 g/t gold over 0.69 metres and 14.15 g/t gold over 0.85 metres

FA-19-063:

5.55 g/t gold over 4.31 metres

26.54 g/t gold over 1.02 metre

and

6.60 g/t gold over 1.01 metre;

This is in addition to other intersections in this hole reported in the previous press release (see

Wallbridge Press Release dated July 09, 2019

). Assay

results of further in-fill samples near these intersections are pending.

FA-19-071:

Several mineralized zones in the Area 51 and Tabasco corridors which are interpreted to be the up-dip extensions of visible gold-bearing zones in hole

FA-19-067 and -072 further below on the same drill section. Assay results are pending.

FA-19-072:

Several significant mineralized zones, three containing visible gold, within widespread stockwork-style mineralization in Area 51 and in the Tabasco

and Cayenne corridors where they cut across the Main Gabbro. Assay results are pending.

FA-19-073:

Network of visible gold-bearing veins near surface within Area 51. These zones represent an approximately 80 m extension of the newly recognized

ENE-WSW mineralized trend in to the Jeremie Pluton. Several additional zones in the Tabasco and Cayenne corridors. Assay results are pending.

FA-19-074:

Several mineralized zones, one containing visible gold, in the Area 51 and Tabasco corridors which are interpreted to be up-dip extensions of the

zones observed in holes FA-19-067, -071, and -072 further below on the same drill section. Assay results are pending.

FA-19-075:

Network of visible gold-bearing veins and shear zones near surface within Area 51, so far over an approximate core length of 320 metres. Drilling is

currently underway and assay results are pending.

FA-19-076:

Several mineralized zones in the Area 51 and Tabasco corridors which are interpreted to be the up-dip extensions of visible gold-bearing zones in hole

FA-073 further below on the same drill section. Drilling is currently underway and assay results are pending.

Wallbridge currently has four drill rigs operating on the Property with over 32,000 total metres drilled

so far in 2019, including 21,000 metres of exploration drilling and 11,000 metres of resource drilling.

The program is on track to complete 60,000-70,000 metres by the end of the year. Three rigs (two

surface, one underground) are active on exploration drilling, doing large-spaced step-outs to define

the footprint of the Fenelon Gold System and one underground drill rig is working on resource

drilling, testing the Naga Viper, Cayenne and Tabasco zones near the existing mine workings.

Assay results are reported below for three surface drill holes (FA-19-061, FA-19-063, and FA-19-

065) from the 2019 exploration drill program. Assay results are pending for 21 surface drill holes and

five underground holes, including 23 intervals with visible gold. With the widespread gold

mineralization, especially in Area 51, over hundreds of metres of core lengths, the processing,

sampling and assaying of the drill holes takes considerable time. Even though the Company is

making all possible efforts to accelerate this process, the reporting of meaningful, complete

composites is in most cases only possible once all assay results are received. Results of the 2019

resource drill program have been and will continue to be announced in press releases separate from

the exploration results.

A summary of the new drill hole results from the ongoing 2019 exploration drill program 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 2019 Drill Assay Highlights

(1)

Drill Hole

From

Length

True Width

Au Capped

(2)

(3)

Zone/Corridor

(m)

(g/t)

FA-19-061

94.36

96.42

2.06

2.32

Area 51

FA-19-061

246.00

248.05

2.05

1.99

Area 51

FA-19-061

307.15

308.65

1.50

1.70

Area 51

FA-19-061

348.23

352.13

3.90

2.46

Tabasco

FA-19-061

423.60

424.54

0.94

1.24

Cayenne

FA-19-061

435.50

436.90

1.40

1.39

Cayenne

FA-19-063

46.33

47.29

0.96

1.30

Area 51

FA-19-063

109.99

111.00

1.01

6.60

Area 51

FA-19-063

200.46

201.48

1.02

26.54

Area 51

FA-19-063

395.09

399.40

4.31

5.55

Area 51

FA-19-065

36.00

37.50

1.50

1.38

Area 51

FA-19-065

111.00

111.37

0.37

2.02

Area 51

FA-19-065

153.59

154.10

0.51

7.17

Area 51

FA-19-065

179.78

180.93

1.15

3.44

Area 51

FA-19-065

202.10

202.60

0.50

1.09

Area 51

FA-19-065

271.56

272.25

0.69

7.18

Area 51

FA-19-065

277.20

277.82

0.62

1.14

Area 51

FA-19-065

286.50

287.35

0.85

14.15

Area 51

FA-19-065

296.28

296.76

0.48

1.41

Area 51

FA-19-065

303.78

304.25

0.47

3.41

Area 51

FA-19-065

321.95

513.85

191.90

0.98

Area 51

FA-19-065

Including…

322.71

324.00

1.29

3.15

Area 51

FA-19-065

333.76

334.66

0.90

5.60

Area 51

FA-19-065

336.73

338.00

1.27

4.13

Area 51

FA-19-065

348.00

349.21

1.21

5.70

Area 51

FA-19-065

360.00

361.75

1.75

3.28

Area 51

FA-19-065

369.71

370.43

0.72

3.03

Area 51

FA-19-065

387.00

390.86

3.86

2.99

Area 51

FA-19-065

Which includes...

390.53

390.86

0.33

24.59

Area 51

FA-19-065

And…

414.76

416.17

1.41

3.41

Area 51

FA-19-065

433.38

476.18

42.80

2.43

Area 51

FA-19-065

Which includes…

433.38

436.47

3.09

6.56

Area 51

FA-19-065

463.47

476.18

12.71

5.00

Area 51

FA-19-065

Which includes...

466.59

467.02

0.43

68.05

Area 51

FA-19-065

And…

493.24

494.12

0.88

4.06

Area 51

FA-19-065

506.90

508.18

1.28

3.11

Area 51

FA-19-065

512.45

513.85

1.40

3.69

Area 51

FA-19-065

522.96

525.00

2.04

1.14

Area 51

FA-19-065

605.60

606.43

0.83

5.10

Area 51

FA-19-065

623.13

623.75

0.62

1.30

Area 51

FA-19-065

635.70

637.00

1.30

6.72

Area 51

FA-19-065

647.18

648.10

0.92

1.03

Area 51

FA-19-065

660.83

662.11

1.28

2.25

Area 51

FA-19-065

674.89

685.85

10.96

5.50

Tabasco

FA-19-065

Which includes...

674.89

679.96

5.07

10.28

Tabasco

(1)

Table includes only highlight assay results received since the latest press release.

(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 2019 drill hole information

(1)

Drill Hole ID

Local grid E

Local grid N

Elevation

Length (Metres)

Azimuth

Dip

VG/CP(2)

Note

19-0925-006

10397

10902

5135

420

180

-41

Further Assays pending

19-0925-008

10397

10902

5135

516

180

-25

Assays pending

19-0925-009

10397

10902

5135

500

180

Assays pending

19-1000-007

10473

10863

5134

489

178

-5

Assays pending

19-1000-008

10473

10863

5134

183

178

-40

Assays pending

FA-18-038

10458

11053

5260

915

240

-54

Further assays pending

FA-18-040

10459

11054

5261

803

246

-48

Final Assays Received

FA-19-053

10432

11043

5260

978

262

-48

Final Assays Received

FA-19-054

10195

10553

5258

783

360

-55

Further assays pending

FA-19-056

10195

10629

5258

666

360

-55

Further assays pending

FA-19-057

10732

10561

5261

487

200

-45

Assays pending

FA-19-059

10269

10578

5258

780

360

-61

Further assays pending

FA-19-060

10621

10606

5260

424

260

-45

Assays pending

FA-19-061

10191

10704

5257

663

360

-55

Final Assays Received

FA-19-062

10265

10653

5258

649

359

-58

Assays pending

FA-19-063

10119

10528

5258

927

360

-55

Further assays pending

FA-19-064

10264

10726

5258

601

360

-55

Assays pending

FA-19-065

10119

10528

5258

960

-65

Further assays pending

FA-19-066

10337

10675

5258

565

360

-55

Assays pending

FA-19-067

10043

10579

5258

942

360

-55

Assays pending

FA-19-068

10338

10601

5258

640

360

-55

Assays pending

FA-19-069

10269

10578

5258

658

360

-57

Assays pending

FA-19-070

10122

10605

5258

893

360

-55

Assays pending

FA-19-071

10047

10732

5258

694

360

-56

Assays pending

FA-19-072

10048

10657

5258

939

360

-55

Assays pending

FA-19-073

9971

10633

5258

858

360

-55

Assays pending

FA-19-074

10044

10808

5258

686

360

-55

Assays pending

FA-19-075

10050

10501

5258

Underway

360

-55

Assays pending

FA-19-076

9973

10784

5258

Underway

360

-55

Assays pending

19-5140-001

10525

10992

5140

585

247

-51

Assays pending

19-5140-002

10529

10997

5138

402

-30

Assays pending

(1)

Table includes only drill holes for which assay results are announced in this press release or 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 Martinière.

Secondary splays of the SLDZ transect the Property over two to four-kilometre strike lengths and

have controlled the emplacement of a significant gold system along the Jeremie Pluton and within a

mafic-ultramafic sill referred to as the Main Gabbro.

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

and a positive pre-feasibility study on the resource that existed in the Main Gabbro prior to any

drilling by the Company. Wallbridge has undertaken successful surface exploration drilling campaigns

in 2017, 2018 and 2019, and has recently completed an underground 35,000-tonne bulk sample at

Fenelon. Drilling to date has significantly extended existing zones, located additional parallel zones,

and discovered a new gold system associated to the Jeremie Pluton referred to as Area 51.

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 recently-completed 35,000-tonne bulk sample. Wallbridge is also pursuing

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

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/August2019/07/c4824.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 07:30e 07-AUG-19

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