WM.TO · 2021-01-20 12:00:00

Wallbridge Reports Strong Intersections from its Fenelon Definition and Expansion Drilling

Drill Results

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]

Toronto, Ontario – January 20, 2021 – Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the

“Company”) is pleased to announce that new assay results from the definit ion drilling program on the Fenelon Gold

Property (“Fenelon” or the “Property”) continue to confirm the high “metal factor” (grade multiplied by core length)

continuity of the Tabasco-Cayenne shear system. The results rep orted today include a wide intersection of 3.48 g/t Au

over 54.00 metres in FA-20-197 from the western part of the gold system, with higher grade su b-intervals of 8.91 g/t Au

over 5.60 metres, 11.80 g/t Au over 2.25 metres, and 14.53 g/t Au over 2.90 metres.

Fenelon Gold System, Tabasco/Cayenne Zone Definition Drilling

Definition drilling to a 50-60 metre nominal spacing continues to outline the high metal factor core of the Tabasco-

Cayenne shear system, which forms part of the larger shear corr idor and has thus far been drilled over a strike length of

800 metres to a vertical depth of 1,000 metres. The high metal factor domain is measured in the tens of metres, as also

highlighted by the recent intersection of 5.07 g/t Au over 100. 60 metres in hole FA-20-181 (see Wallbridge Press Release

dated November 19, 2020 ). As the holes approach the T abasco-Cayenne zones, they also t ransect the Area 51 gold vein

network.

“The robust assay results released today from the western part of the known gold system continue to demonstrate

significant gold endowment and good continuities in Taba sco-Cayenne and Area 51, and provide us with crucial

information on the relationship between these zones,” stated Attila Péntek, Vice President Exploration of Wallbridge. “In

this western part of the gold system, the Tabasco and Cayenne Zones come closer to each other and upon entering the

Jeremie Diorite, transitions from shear zone-hosted to Area 51 vein network-style mineralization.”

Highlight intersections from the definition drilling in the Tabasco-Cayenne Zones include:

FA-20-197 3.48 g/t Au over 54.00 metres , including

8.91 g/t Au over 5.60 metres,

11.80 g/t Au over 2.25 metres, and

14.53 g/t Au over 2.90 metres in the Tabasco Zone, and

3.24 g/t Au over 11.75 metres in the Cayenne Zone (see Figs. 1, 6 and 7);

FA-20-158 3.07 g/t Au over 7.00 metres and

10.38 g/t Au over 3.00 metres in a transition from Tabasco Zone to Area 51 (see Figs. 1

and 4);

FA-20-177 11.15 g/t Au over 3.60 metres in the Cayenne Zone (see Fig. 5);

This drill hole had to be terminated prematurel y, only 5 metres past this intersection, due

to mechanical issues and therefore did not entirely cross the Tabasco-Cayenne

mineralized horizon.

FA-20-188 37.45 g/t Au over 2.60 metres in the Cayenne Zone (see Fig. 8);

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FA-20-193 2.59 g/t Au over 18.80 metres , including

21.45 g/t Au over 1.95 metres in a transition from Area 51 to Tabasco Zone (see

Figs. 1 and 4);

Area 51 Intersections from the Tabasco/Cayenne Definition Drill Holes

As the Tabasco/Cayenne definition drill holes approach the Tabasco/Cayenne shear system, they pass through the Area 51

vein network, which is characterized by wide mineralized zones consisting of a number of h igher grade veins hosted

mainly in the Jeremie Diorite and underlying sediments.

Highlight intersections from Area 51 from the holes reported today include:

FA-20-197 8.17 g/t Au over 3.75 metres (see Fig. 7);

FA-20-188 1.49 g/t Au over 72.50 metres , i n c l u d i n g

67.20 g/t Au over 0.50 metre, and

3.98 g/t Au over 7.50 metres, (see Fig. 8);

FA-20-193 1.13 g/t Au over 77.35 metres , including

13.62 g/t Au over 4.25 metres (see Fig. 4);

Fenelon Tabasco-Cayenne Expansion Drilling

Expansion drilling on Area 51 and the Tabasco-Cayenne zones usi ng large (75 to 200 metres) step-outs at depth and

toward the east has been continuing with 1 to 2 drill rigs.

Drill hole FA-20-202 intersected what is currently the easternm ost known expression of the Tabasco zone with typical,

sulfide-rich, silicified shear zones that assayed 2.77 g/t Au over 6.00 metres, including 4.58 g/t Au over 2.25 m etres.

This intersection represents an approximate 150 metre eastern s tep-out on known mineralization in the Tabasco zone and

follow-up drilling in the vicinity of this intersection and at further depth is currently underway.

Drill holes FA-20-203 and -205 have intersected strong, visible gold-bearing zones in the eastern part of the known

Tabasco-Cayenne shear system with assays currently pending (see Fig. 1).

“The gold system is wide open toward the east, and intersecti ons such as the ones in FA-20-202 as well -203 and -205

with assays pending provide us confirmation of significant expansion potential also in this area,” stated Mr. Péntek.

2020-2021 Drilling Program Update

In 2020, Wallbridge completed approximately 102,000 metres of e xploration and resource drilling at Fenelon, achieving

its 2020 target despite the temporary suspension of activities in the spring due to the COVID pandemic. For the majority

of the year, six drill rigs were operating and a seventh drill was mobilized to the project at the end of November.

In 2021, the Company is planning to complete approximately 170 ,000 metres of drilling with a maiden resource estimate

at Fenelon anticipated in the third quarter ( see Wallbridge Press Release dated January 11, 2021 ). Approximately 10-15%

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of the drilling program will be de voted to regional exploration on the Company’s district-scale, underexplored land

package on the Detour-Fenelon Gold Trend.

Currently, drilling is ramping up and by the end of January the Company will have nine drill rigs turning. Six drill rigs are

targeting the Fenelon Gold System (Tabasco-Cayenne-Area 51 mine ralization) to approximately 1,000 metre vertical

depth, carrying out a combination of 75-100-metre step-outs and tighter-spaced (50-60-metr e) in-fill and definition

drilling. Two drill rigs will be f ocusing on near-surface, open pit resource drilling in the western portion of Area 51. One

drill rig will be devoted to regional, grassroots exploration a t various projects on the Company’s 900 km 2 Detour-Fenelon

Gold Trend land package.

Assay results of nineteen drill holes of the 2020 exploration drill program are reported in the Tables and Figures below.

All figures and a table with drill hole information of recently 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, Tabasco Long Section

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Figure 2. Fenelon Gold, Plan View

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Figure 3. Fenelon Gold, Cross Section 9750_E

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Figure 4. Fenelon Gold, Cross Section 9825_E

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Figure 5. Fenelon Gold, Cross Section 9900_E

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