TORONTO, May 08, 2023 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) today announced that its 2023 exploration drill program has greatly expanded the footprint of the gold mineralization at its 100%-owned Fenelon gold project (“Fenelon”). The initial drill results have identified new, near-surface gold mineralization 1 kilometre to the northwest and 2.5 kilometres to the east of the 2023 Mineral Resource Estimate (“MRE”).

Encouraging initial drill results were returned at Target 1 and Target 5, two of the six high-priority grassroots exploration targets located outside the main resource area that were identified as part of the Company’s 2023 exploration program and described in the March 8, 2023, news release. Drilling is continuing with additional results pending.

Attila Péntek, Wallbridge’s Vice President, Exploration, commented:

“The Target 1 intersection, located in a newly-discovered Jeremie Diorite body, has now opened up a new area for future exploration and shows the excellent potential to significantly expand the known extent of the mineralized footprint of our flagship project. The area extending several kilometres east of the Fenelon deposit had been identified as having the right geologic ingredients for gold deposition. Our initial results at Target 5 confirm our exploration thesis here.”

One of two holes drilled at Target 1 intersected 0.96 g/t Au over 21.05 metres, including 3.45 g/t Au over 2.20 metres (hole FA-23-546), starting at a vertical depth of only 40 metres, in a previously unknown offshoot of the Jeremie Diorite located approximately one kilometer northwest of the Fenelon mineral resource. The Jeremie Diorite is a key host rock for gold mineralization in multiple prolific zones at Fenelon.

At Target 5, located approximately two kilometres to the east of the Fenelon deposit, two holes were drilled to follow up on favorable geology and anomalous gold mineralization encountered in historic holes. Hole FA-23-551 intersected a 150-meter-wide corridor beginning at a vertical depth of 100 metres and defined by multiple gold-mineralized silicified shear zones with assay results up to 14.90 g/t Au over 0.50 metres. This corridor is interpreted to represent a splay of the Sunday Lake Deformation Zone which is the main control for gold mineralization along the Detour-Fenelon Gold Trend. Follow-up drilling will aim to define the geometry and structural controls of the mineralized zones.

Fenelon Exploration Progress

Exploration drilling over the course of 2022 and 2023 continues to reinforce the district-scale potential at Fenelon and Wallbridge’s surrounding properties. To date in 2023, Wallbridge has completed 16 holes totaling over 11,000 metres of drilling at Fenelon as part of its 2023 exploration program. Assays results have been received and are being released here for three holes.

Wallbridge has also identified and now prioritized for drill testing two additional regional targets near the Fenelon deposit for follow-up testing:

• Target 7, located on the same NW-trending splay of the Sunday Lake Deformation Zone as Target 5.
• Target 8, located to the north of the Fenelon deposit with geophysical characteristics comparable to those of Target 1.

Figure1.Fenelon Gold Property,Total Magnetic Intensity (TMI)

https://www.globenewswire.com/NewsRoom/AttachmentNg/1c750f66-dad2-466e-bed6-02691b603eba

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://wallbridgemining.com/our-projects/fenelon-gold/.

Assay QA/QC and Qualified Persons

Drill core samples from the ongoing drill program at Fenelon are cut and bagged either on-site or by contractors and transported to SGS Canada Inc. for analysis. Samples, standards and blanks are included for quality assurance and quality control, were prepared and analyzed at the laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS or ICP. Samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and additional quality assurance and quality control, Wallbridge requests screen metallic analysis for samples containing visible gold. These and future assay results may vary from time to time due to re-analysis for quality assurance and quality control.

The Qualified Person responsible for the technical content of this press release is Lucas Briao Koth, M.Sc., P.Geo., Senior Project Geologist of Wallbridge.

About Wallbridge Mining

Wallbridge is focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend while respecting the environment and communities where it operates.

Wallbridge’s flagship project, Fenelon Gold (“Fenelon”), is located on the highly prospective Detour-Fenelon Gold Trend Property in Québec’s Northern Abitibi region. An updated mineral resource estimate completed in January 2023 yielded significantly improved grades and additional ounces at the 100%-owned Fenelon and Martiniere projects, incorporating a combined 3.05 million ounces of indicated gold resources and 2.35 million ounces of inferred gold resources. Fenelon and Martiniere are located within an 830 km² exploration land package controlled by Wallbridge. The Company believes that these two deposits have good potential for economic development, especially given their proximity to existing hydro-electric power and transportation infrastructure. In addition, Wallbridge believes that the extensive land package is extremely prospective for the discovery of additional gold deposits.

Wallbridge also holds a 19.9% interest in the common shares of Archer Exploration Corp. (“Archer”) as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec in November of 2022.

Wallbridge will continue to focus on its core Detour-Fenelon Gold Trend Property while enabling shareholders to participate in the potential economic upside in Archer.

For further information please visit the Company’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: mkord@wallbridgemining.com

Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: vvargas@wallbridgemining.com

Cautionary Note Regarding Forward-Looking Information

Thispressreleasecontainsforward-lookingstatementsorinformation(collectively,“FLI”)withinthemeaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections, and interpretations as at the date of this press release.

All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”,“would”,“should”or“might”,“betaken”,“occur”or“beachieved.”

FLI herein includes, but is not limited to, statements regarding the potential future performance of Archer common shares, future drill results; the Company’s ability to convert inferred resources into measured and indicated resources; environmental matters; stakeholder engagement and relationships; parameters and methods used to estimate the mineral resource estimates (each an “MRE”) at the Fenelon and Martiniere projects (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling at the Deposits; and the significance of historic exploration activities and results.

FLI is designed to help you understand management’s current views of its near- and longer-term prospects, anditmay not be appropriate for other purposes. FLI by their nature are based onassumptions andinvolve knownandunknownrisks,uncertaintiesandotherfactorswhichmaycausethe actualresults,performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this press release is based uponwhatmanagementbelieves,orbelievedatthetime,tobereasonableassumptions,theCompanycannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistentwithsuchFLI,astheremaybeotherfactorsthatcauseresultsnottobeasanticipated,estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completenessofanysuchFLI.Exceptasrequiredbylaw,theCompanydoesnotundertake,andassumesno obligation,to update orrevise any suchFLIcontained hereintoreflectnewevents orcircumstances,except as may be required by law. Unless otherwise noted, this press release has been prepared based on informationavailableasofthedateofthispressrelease.Accordingly,youshouldnotplaceunduerelianceon the FLI or information contained herein.

Furthermore,shouldoneor moreoftherisks,uncertaintiesorother factorsmaterialize,orshouldunderlying assumptions prove incorrect, actual results may vary materially from those described in FLI.

Assumptions upon which FLI is based, without limitation, include the results of exploration activities, the Company’s financial positionand general economic conditions;the ability ofexploration activities toaccurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Deposits; the accuracy of key assumptions,parametersormethodsusedtoestimatetheMREs;theabilityoftheCompanytoobtainrequired approvals;theevolutionoftheglobaleconomicclimate;metalprices;environmentalexpectations;community and non-governmental actions; any impacts of COVID-19 on the Deposits; and, the Company’s ability to securerequiredfunding.RisksanduncertaintiesaboutWallbridge'sbusinessaremorefullydiscussedinthe disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedar.com.

Information Concerning Estimates of Mineral Resources

ThedisclosureinthispressreleaseandreferredtohereinwaspreparedinaccordancewithNI43-101which differssignificantlyfromtherequirementsoftheU.S.SecuritiesandExchangeCommission(the"SEC").The terms"measuredmineralresource","indicatedmineralresource"and"inferredmineralresource"usedinthis pressreleaseareinreferencetotheminingtermsdefinedintheCanadianInstituteofMining,Metallurgyand PetroleumStandards(the"CIM Definition Standards"),whichdefinitionshavebeenadoptedbyNI43-101. Accordingly,informationcontainedinthispressreleaseprovidingdescriptionsofourmineraldepositsin accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.

Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, "inferred mineral resources" are that part of a mineral resourceforwhichquantityandgradeorqualityareestimatedonthebasisoflimitedgeologicalevidenceand sampling.Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity.An inferred mineral resource has a lower level of confidence than that applying to an indicated mineralresourceandmustnotbeconvertedtoamineralreserve.However,itisreasonablyexpectedthatthe majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.Under Canadianrules,estimatesofinferredmineralresourcesmaynotformthebasisoffeasibility or pre-feasibility studies, except in rare cases.Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable.Disclosure of "contained ounces" in a resourceispermitteddisclosureunderCanadianregulations;however,theSECnormallyonlypermitsissuers toreportmineralizationthat doesnotconstitute"reserves"bySECstandardsasinplacetonnageandgrade without reference to unit measures.

Canadianstandards,includingtheCIMDefinitionStandardsandNI43-101,differsignificantlyfromstandards intheSECIndustryGuide7.EffectiveFebruary25,2019,theSECadoptednewminingdisclosurerules undersubpart1300ofRegulationS-KoftheUnitedStatesSecuritiesActof1933,asamended(the"SEC Modernization Rules"), with compliance required for the first fiscal year beginning on or after January 1, 2021.TheSECModernizationRulesreplacethehistoricalpropertydisclosurerequirementsincludedinSEC IndustryGuide7.AsaresultoftheadoptionoftheSECModernizationRules,theSECnowrecognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". Informationregardingmineralresourcescontainedorreferencedinthispressreleasemaynotbecomparable tosimilarinformationmadepublicbycompaniesthatreportaccordingtoU.S.standards.WhiletheSEC Modernization Rules are purported to be "substantially similar" to the CIM Definition Standards, readers are cautionedthattherearedifferencesbetweentheSECModernizationRulesandtheCIMDefinitionsStandards. Accordingly,thereisnoassuranceanymineralresourcesthattheCompanymayreportas"measuredmineral resources","indicatedmineralresources"and"inferredmineralresources"underNI43-101wouldbethe same had the Company prepared the resource estimates under the standards adopted under the SEC Modernization Rules.

Figure 1

Fenelon Gold Property, Total Magnetic Intensity (TMI)

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