Wallbridge Reports Strong Gold Intersections from Area 51 at Fenelon, Highlighting Significant Underground Resource Potential
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 Reports Strong Gold Intersections from Area 51 at Fenelon, Highlighting Significant
Underground Resource Potential
Toronto, Ontario – August 13, 2020 – Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the
“Company”) is pleased to report strong gold intersections from Area 51 at its 100%-owned Fenelon Gold Property
(“Fenelon” or the “ Property”), which further confirm the significant underground, high-grade resource potent ial of this
mineralized environment. Area 51, along with the Main Gabbro, t he Tabasco and Cayenne Zones, forms part of a large
gold system ( “Fenelon gold system” ) which is targeted by the Company’s ongoing, fully-funded 100,000-metre 2020
drill program in support of a maiden resource estimate anticipated for mid-2021.
The Company today reports final assay results of four surface drill holes (FA-20-139, -143, -145, -14 8), which are in
addition to assay results from holes FA-20-143 and -148 release d in Wallbridge press release dated Aug 11, 2020 ,
including 24.61 g/t Au over 15.00 metres in the Lower Cayenne Zone.
Highlights
Area 51 is continuing to provide robust gold intersections highlighting significant underground, high-grade
resource potential, in addition to the optionality of bulk mining scenarios:
FA-20-143 13.10 g/t Au over 3.45 metres in the Laika Zone (see Fig. 5)
5.04 g/t Au over 6.75 metres, including 26.72 g/t Au over 1.15 metres in the Enterprise Zone (see
Figs. 2 and 4)
33.90 g/t Au over 0.80 metre and 3.65 g/t Au over 14.40 metres, including 44.75 g/t Au over 1.00
metre in the Milky Way Zone (see Fig. 4)
FA-20-148 5.32 g/t Au over 21.50 metres (including 10.59 g/t Au over 7.00 metres) and 5.63 g/t Au over 9.50
metres in the Andromeda Zone (see Figs. 2, 6 and 7)
“Area 51, discovered in early 2019, has now been modelled as a network of 28 mineralized zones, with varying strike
lengths of 300 to 500 metres, from surface down to around 600 m etres depth. Strong intersections of high-grade gold
mineralization in these veins demonstrate the potential for a s ignificant underground resource in addition to the potential
of an open pit resource,” stated Marz Kord, President & CEO of Wallbridge.
“Some of the highlights are 21.5 metres of 5.32 g/t (including 7.00 metres of 10.59 g/t Au) in hole FA-20-148 reported
here, 4.10 metres of 19.55 g/t in FA-20-107, 3.88 metres of 20.05 g/t in hole 19-0915-011, 14.85 metres of 5.77 g/t in hole
FA-20-116, 15.65 metres of 5.89 g/t in hole FA-19-100, 11.70 me tres of 7.48 g/t in hole 19-0915-022, just to name a
few*,” stated Marz Kord. “Our drilling to date has demonstrated the size potential of the Lower Tabasco Zone on which
we will continue to expand and infill. The Area 51, as so far u nderstood, may have the same or more potential endowment
than our Lower Tabasco Zone adding to the significance of the entire Fenelon deposit.”
“The strong gold intersections reported from a number of zones in Area 51 confirm the significant size potential of
underground, high-grade mineraliza tion, which will form an impo rtant part of the maiden resource of the combined
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Fenelon gold system,” stated Attila Péntek, Vice President Expl oration of Wallbridge. “As ou r surface holes continue to
transect the entire gold system through Area 51, Tabasco and Ca yenne, our drill program remains very efficient in
discovering new mineralization a nd in-filling known zones. Hole s FA-20-143 and -148 released today are excellent
examples, with numerous mineralized intersections in both holes.”
*For details on the above-mentioned drill intersections, please refer to see Wallbridge press releases dated Jan 20, Mar 4
and May 20, 2020.
2020 Drilling Program Update
As announced previously, exploration activities at Fenelon were temporarily suspended from March 23 to mid-May, 2020
due to COVID-19 restrictions. The program has been gradually re started in close consultation with the local communities
ensuring the safety of all stakeholders.
Currently, four of six drill rigs are focusing on expanding the Tabasco-Cayenne-Area 51 mineralization on the original
Fenelon Gold Property, carrying out a combination of 50-100-met re step-outs and tighter-spaced in-fill drilling. The
Company estimates approximately 80,000 metres of drilling will be completed as part of this program by year-end, with
approximately 46,000 metres completed to date.
The other two drill rigs are active on the newly-acquired porti on of Fenelon to follow-up on the Reaper and Ripley gold
discoveries made in 2019 and 2020 by Balmoral Resources Ltd. ( “Balmoral”), and to test the extensions of the Tabasco-
Cayenne-Area 51 gold system onto this adjacent ground. Wallbridge is planning to complete approximately 20,000 metres
of drilling in 2020 on the newly-acquired ground, with over 9,000 metres completed to date.
Final assay results of the four surface holes of the 2020 explo ration drill program are reported in the Tables and Figures
below. All figures and a table with drill hole information of r ecently completed holes are posted on the Company’s
website under “Current Program” at https://www.wallbridgemining.com/s/fenelon.asp.
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Figure 1. Fenelon Gold, Plan View
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Figure 2. Fenelon Gold, Plan views at 100 and 500 m depth
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Figure 3. Fenelon Gold, Cross Section 9825_E
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Figure 4. Fenelon Gold, Cross Section 9900_E
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Figure 5. Fenelon Gold, Cross Section 9975_E
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Figure 6. Fenelon Gold, Cross Section 10275_E