Wallbridge Mining Reports Intersects At Tabasco-Cayenne Zones

TORONTO - Wallbridge Mining Company Limited reported assay results from the ongoing 100,000-meter 2020 drilling program on its 100%-owned Fenelon Gold Property continue to establish the high-grade core of the Tabasco-Cayenne shear system with good gold grades over widths consistently measured in the tens of metres. This high-grade core forms a central portion of the larger shear corridor which has so far been drilled over a strike length of 800 meters and a vertical depth of 1,000 meters.

Fenelon Gold System In-fill and Expansion Drilling results from drill hole FA-20-181 fill in a large drilling gap in the core of the Tabasco-Cayenne zones and provide a strong, wide intersection with a much higher “metal factor” (grade multiplied by width = 510-gram meters of gold) than the nearest drill holes 40 to 60 meters away: FA-20-181 - 5.07 g/t Au (4.20 g/t Au Cut) over 100.6 meters, including 6.32 g/t Au over 35.10 meters, which further includes 16.26 g/t Au over 7.65 meters in the Tabasco Zone; and 29.03 g/t Au (17.03 g/t Au Cut) over 7.30 meters in the Cayenne Zone.

“This intersection lines up well with the interpreted plunge of the high-metal factor domain and along with similar previous intersections, such as 4.84 g/t Au over 56.00 meters in FA-20-128 and 4.06 g/t Au over 51.70 meters in FA-20-134. We are beginning to outline a large area of good gold grades over tens of meters of true thickness including several higher grade shear zones indicating good optionality for future underground production scenarios,” said Attila Pentek, Vice President Exploration.

Before intercepting the Tabasco and Cayenne Zones the drill holes pass through the Area 51 vein network located immediately to the south of Tabasco-Cayenne. Highlight intersections from Area 51 veins in these holes are as follows: FA-20-181 - 2.69 g/t Au over 9.00 meters in the Titan Zone; 92.60 g/t Au over 1.00 meter in the Laika Zone and 1.33 g/t Au over 52.80 meters, including 6.87 g/t Au over 3.30 metres in the Andromeda Zone; FA-20-185  11.88 g/t Au over 3.00 meters in the Enterprise Zone; In-fill and expansion drill results continue to define the Fenelon Gold System in preparation for a maiden resource estimate anticipated for the third quarter of 2021, whereas exploration results are demonstrating the connection of the Fenelon Gold System to the Sunday Lake Deformation Zone. Assay results of seven drill holes and wedge cuts of the Fenelon Gold System in-fill and expansion drilling are released today, representing a total of approximately 5,200 meters.

Results of the initial exploration drill program testing the connection of the Fenelon Gold System to the Ripley-Reaper area and the Sunday Lake Deformation Zone are also released today, representing approximately 10,000 meters. Thus far, the initial 13 holes drilled, have demonstrated Area 51-style mineralization with visible gold-bearing quartz-sulfide veining hosted by the Jeremie Diorite and surrounding sedimentary rocks throughout the approximately 800 by 500 meter area tested and consist of wide, low-grade zones containing higher grade veins, such as 0.80 g/t Au over 22.90 meters (including 10.74 g/t Au over 0.75 meters and 16.74 g/t Au over 0.75 meters) in FA-20-183, 0.65 g/t Au over 25.50 meters and 2.64 g/t Au over 6.00 meters in FA-20-187 and 1.56 g/t Au over 8.65 meters in FA-20-172. Further drilling, especially at greater depth and along strike is required to test for higher grade Area 51-style mineralization and the potential extension of Tabasco-Cayenne-style high-grade shear zones into this large area between the currently known footprint of the Fenelon Gold System and the Sunday Lake Deformation Zone.

In October approximately 85,500 meters of the planned 100,000-meter 2020 drilling program have been completed at Fenelon. Currently, five of seven drill rigs are targeting the Fenelon Gold System (Tabasco-Cayenne-Area 51 mineralization), carrying out a combination of 50-100-meter step-outs and tighter-spaced in-fill drilling. Two drill rigs are actively exploring the connection of the Fenelon Gold System to the Ripley-Reaper area and the Sunday Lake Deformation Zone, as well as the extensions of the Tabasco-Cayenne corridor to the west.

Consideration has been given to increasing the scope and size of the 2020 and 2021 drilling programs to be able to fully assess the ultimate size potential of this rapidly growing gold system. In 2021, the Company is planning to complete an approximately 150,000-meter drill program and working toward a maiden resource estimate at Fenelon, anticipated for the third quarter of 2021. Approximately 10-15% of the drilling program will be devoted to regional exploration on the Company’s district-scale, underexplored land package on the Detour-Fenelon Gold Trend.