First Assay Results After Resumption Of Activities At Fenelon Gold Property

TORONTO - Wallbridge Mining Company Limited reported the first assay results received since the resumption of activities after the suspension of work due to COVID-19, and provide an update of the ongoing 80,000-100,000 meter 2020 drill program at its 100%-owned Fenelon Gold Property.

Highlights: Main Gabbro in-fill drilling continues to define high-grade shoots near existing mine workings; 20-1100-011: 4.88 g/t Au over 18.95 meters, including 96.90 g/t Au over 0.70 meter in the Serrano Zone; 20-1100-010: 5.84 g/t Au over 6.80 meters, including 37.70 g/t Au over 1.00 meter in the Serrano Zone; Tabasco-Cayenne step-out drilling extends mineralization over 100 meters down-plunge; FA-20-134: 4.06 g/t Au over 51.70 meters. This intercept includes 8.41 g/t Au over 19.15 meters (which further includes 41.01 g/t Au over 3.65 meters) as announced in Wallbridge’s press release dated May 20, 2020, and new assay results including 4.44 g/t Au over 9.75 meters received since the resumption of activities after the COVID-19 suspension; Area 51 in-fill drilling continues to demonstrate near surface, potentially open pittable zones; FA-20-125: 15.73 g/t Au over 3.00 meters in the Andromeda Zone; FA-20-136: 1.17 g/t Au over 38.50 meters, including 47.40 g/t Au over 0.50 meter in the Titan Zone; FA-20-135: 1.38 g/t Au over 16.70 meters, including 2.85 g/t Au over 4.70 meters in the Andromeda and Interstellar Zones; & FA-20-131: 1.16 g/t Au over 16.50 meters, including 7.50 g/t Au over 1.50 meters in the Andromeda Zone

“We are excited to have ramped up the drilling program to six drill rigs again and thank all the employees, service providers and local communities for working together to safely execute our exploration activities in these challenging times amidst the COVID-19 pandemic,” said Attila Péntek, Vice President Exploration. “In addition to continuing our expansion and in-fill drilling in the Tabasco-Cayenne-Area 51 gold system, we are very pleased with the first results of our near surface in-fill drill program testing the Titan and Andromeda zones in Area 51. With several potentially bulk mineable zones showing good continuities near surface, as seen in figures 3 and 4 of this release, an open pit component to a future resource is starting to become more and more tangible. With approximately 15,000 meters of drilling completed since the resumption of drilling activities, the assay labs are again processing a pipeline of our samples and we are looking forward to a steady flow of assay results.”

As announced previously, exploration activities at Fenelon were temporarily suspended from March 23 to Mid-May, 2020 due to COVID-19. The program has been gradually restarted 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, doing a combination of 50-100-meter step-outs and tighter-spaced in-fill drilling. The Company estimates approximately 80,000 meters of drilling will be completed as part of this program by year-end, with 35,000 meters completed to date.

The other two drill rigs are active on the newly-acquired portion of the Fenelon Gold Property to follow-up on the Reaper and Ripley gold discoveries made in 2019 and 2020 by the Balmoral Resources Ltd. exploration team 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 meters of drilling in 2020 on the new ground acquired from Balmoral, with over 3,000 meters completed to date.