Wallbridge Provides Update on its Fully-Funded $112 Million Exploration and Development Programs for 2020-2021
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 Provides Update on its Fully-Funded $112 Million Exploration and Development Programs
for 2020-2021
Toronto, Ontario – October 13, 2020 – Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the
“Company”) today provides an update on its fully-funded $112 million exp loration and development programs for
2020-2021. The main focus is to co mplete the drilling and under ground development necessary to advance the Fenelon
Gold Property (“ Fenelon” or the “ Property”) to a maiden resource estimate by the third quarter of 2021 a s well as
expanding the gold mineralization to greater depths. Work will also be carried out to provide an initial assessment of
exploration targets on the Company’s 900 km2 land package on the Detour-Fenelon Gold Trend.
“I am very pleased with our accomplishments this year,” stated Marz Kord, President and CEO of Wallbridge. “As of
September 30, 2020, we have completed 75,000 metres of drilling and with the closing of our recent financing we have
close to $97 million in the treasury and no debt. This gives us the financial strength to deliver our 2020 and 2021
exploration programs and advance Fenelon to a resource. The dev elopment of the underground drilling platforms will
enable us to explore to greater depths and better evaluate all known mineralized areas at Fenelon, further increasing the
amount of data and the level of c onfidence in our maiden resource. Approximately 10-15% of our drilling will be devoted
to regional exploration on the Company’s district-scale and und erexplored land package on the Detour-Fenelon Gold
Trend over this period.”
The remainder of the 2020 programs consists of:
Completion of a 100,000-metre drilling program (75% complete as of Sept 30, 2020);
Preparation for underground drilling platform development; and
Continuation of technical studies to support resource estimates and future economic studies.
The planned expenditure for the entire 2020 is approximately $4 2 million which will result in forecasted year-end cash
balance of approximately $82 million
The 2021 program consists of:
Completion of approximately 150,000 metres of diamond drilling;
Completion of the maiden resource estimate for Fenelon includin g the Gabbro, Tabasco, Cayenne and
Area 51 zones during the third quarter
Commencement of a 10,000 metre, m ulti-year development program to establish underground drilling
platforms in Area 51 and Tabasco which will allow for:
o Tightly-spaced drilling of Area 51, Lower Tabasco, and Cayenne zones down to 1,500 metre vertical
depth; and
o Mapping and sampling of Area 51, Lower Tabasco and Cayenne zones from underground
The proposed budget for 2021 is approximately $70M.
About Wallbridge Mining
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Wallbridge is currently advancing the exploration and developme nt of its 100%-owned Fenelon Gold property
which is located along the Detour-Fenelon Gold Trend, an emergi ng gold belt in northwestern Québec with an
ongoing, fully-funded 100,000-metre exploration drill program in 2020.
The recent acquisition of Balmoral Resources has secured for Wa llbridge a buffer of several kilometres
surrounding its rapidly expanding Fenelon discovery providing r oom for growth, as well as future mine
development flexibility. This acquisition has also significantl y expanded Wallbridge's land holdings in Québec
along the Detour-Fenelon Gold Trend (from 10.5 km 2 to over 900.0 km2), improving Wallbridge's potential for
further discoveries for over 90-kilometre strike in this under-explored belt.
Wallbridge is also the operator of , and a shareholder in, Lonmi n Canada Inc., a privately-held company with a
large portfolio of nickel, copper, and platinum-group metals (PGM) projects in Ontario's Sudbury Basin.
For further information please visit Wallbridge'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]
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: [email protected]
This press release may contain certain “forward-looking statem ents” within the meaning of applicable Canadian securities
legislation relating to, among other things, the operations of Wallbridge Mining Company Limited (“Wallbridge” or “Company”)
and the environment within which it operates. All statements, other than statements of historical fact, included herein, includ ing,
without limitation, statements regarding future plans and objec tives of Wallbridge, future opportunities and anticipated goals, the
company’s portfolio, treasury, management team, timetable to mineral resource estimation, permitting and the prospective
mineralization of the properties, are forward-looking statemen ts that involve various risks, assumptions, estimates and
uncertainties. Generally, forward-looking information can be id entified by the use of forward-looking terminology such as
“seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget” , “scheduled”, “estimates”, “e xpects”, “forecasts”, “intends” ,
“projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that cert ain
actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved”. There can
be no assurance that such statements will prove to be accurate, and actual results an d future events could differ materially fr om
those anticipated in such statements.
By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and
specific, that contribute to the possibility that the predicted ou tcomes could differ materially from those contained in such
statements. These risks and uncertainties include, but are not lim ited to, delays in obtaining or failures to obtain required
governmental, regulatory, environmental or other required app roval, the actual results of current exploration activities,
fluctuations in prices of commodities, fl uctuations in currency market s, actual results of additio nal exploration and developme nt
activities at the Company’s projects, capita l expenditures, the availability of any additional capital required to advance proj ects,
accidents, or pandemic interruptions.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from thos e
contained in forward-looking information, there may be other fact ors that cause results not to be as anticipated, estimated or
intended. These statements reflect the current internal projectio ns, expectations or beliefs of the Company and are based on
information currently available to the Company.
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The Company does not undertake to update any forward-looking information, except in accord ance with applicable securities
laws. The Company believe that the expectations reflected in th ose forward-looking statements are reasonable but no assurance
can be given that these expectations will prove to be correct and such forward-looking statements included in this press releas e
should not be unduly relied upon by investors as actual results may vary.
Risks and uncertainties about Wallbridge’s busi ness are more fully discussed in the disc losure material filed with the securiti es
regulatory authorities in Canada and available on SEDAR under the Company’s profile at www.sedar.com. Readers are urged to
read these materials and should not place undue reliance on the forward-looking statements contained in this press release.
Covid-19 - Given the rapidly evolving natu re of the Coronavirus (COVID-19) pandem ic, Wallbridge is actively monitoring the
situation in order to continue to maintain as best as possib le the activities while striving to protect the health of its perso nnel.
Wallbridge' activities will continue to align with the guidance provided by local, provincial and federal authorities in Canada. The
company has established measures to continue normal activities while protecting the health of its employees and stakeholders.
Depending on the evolution of the virus, me asures may affect the regular operations of Wallbridge and the participation of staf f
members in events inside or outside Canada.