Dr. Attila Pentek reports

WALLBRIDGE DISCOVERS NEW AREA OF GOLD MINERALIZATION 15 KILOMETRES EAST OF FENELON

Wallbridge Mining Company Ltd. has discovered a new area of gold mineralization at the Grasset East Flexure target area on its 100-per-cent-owned Grasset gold property, located 15 kilometres east of the company's flagship Fenelon gold project. Scattered, gold-bearing quartz veins were intersected in nine of the 19 drill holes completed.

Highlights:

• Widespread gold-bearing quartz veining intersected in nine drill holes, so far over an approximately one-kilometre strike length (targets G1, G2 and G5).
• Small visible gold grains were observed in four drill holes with assay results up to 3.20 grams per tonne Au over 2.50 metres (included in a wider interval of 1.22 g/t Au over 8.50 metres). Assay results are pending for the visible gold-bearing portions of two of these holes, which are similar in appearance to the intervals that have returned assays.
• Drill program was increased from the originally intended 5,000 metres to approximately 10,500 metres in 20 drill holes, with the final hole still being completed. This release reports final assay results from 10 drill holes and results are pending for an additional 10 holes, including the final one still being drilled.

"Our initial drill program on the grassroots Grasset gold property is a good start in this new, unexplored area," said Dr. Attila Pentek, Wallbridge's vice-president, exploration. "To find widespread gold mineralization in our first drill program in this entirely overburden covered area on the eastern end of our 97-kilometre-long property along the Detour-Fenelon gold trend speaks volumes to the vast untested potential of this and other target areas on our over 830-square-kilometre land package."

Targets G1 and G2

The seven drill holes testing this target area have delineated widespread gold-bearing quartz veining at a relatively shallow depth, hosted within Timiskaming-like sediments and mafic volcanics, over a strike length of approximately 600 metres. The drilling has confirmed the presence of folded stratigraphy with targets G1 and G2 located at the hinge of the fold, in good accordance with the magnetic signature.

The first drill hole (GR-23-116) intersected a 70-metre-wide zone of quartz veining and sericite alteration at a vertical depth of only 100 to 150 metres, returning continuous elevated gold assays up to 4.36 g/t Au over 0.95 metre.

Similar geology and mineralization were observed in the other five drill holes, most notably with nine occurrences of visible gold specks in scattered quartz veins over a core length of 150 metres in hole GR-23-130. Assay highlights for this hole include 3.20 g/t Au over 2.50 metres within a wider interval of 1.22 g/t Au over 8.50 metres.

Two additional follow-up holes drilled at the end of the program intersected similar veins (GR-23-132 and GR-23-133), with both holes containing several occurrences of visible gold.

Assays results are pending for GR-23-130 (additional results), GR-23-132 and GR-23-133.

Target G5

Located one kilometre to the west of target G1, drill hole GR-23-119 intersected sporadic gold mineralization assaying up to 4.47 g/t Au over one metre. Two follow-up holes (GR-23-128 and GR-23-131) tested the same structure 1.7 kilometres to the northwest; both intersected a 60- to 100-metre-wide zone of intense shearing with elevated silicification and sulfide mineralization. Assays are pending for both of these holes.

Grasset gold exploration program

The Grasset gold exploration program predominantly focused on the intersection of a large fold structure with a flexure in the Sunday Lake deformation zone (SLDZ), the main structure controlling gold mineralization along the Detour-Fenelon gold trend.

The Grasset East Flexure target area consists of a large conglomerate-wacke basin (Timiskaming-like) in contact with a thick sequence of mafic volcanic rocks. In the southern Abitibi, Timiskaming-type sedimentary units are generally associated with regional-scale fault zones that acted as the main ore-fluid pathways (Timmins and Kirkland Lake camps).

The 2023 drill program is designed to define the geological framework of the Grasset East Flexure target area, and to test structures interpreted from recently collected high-resolution airborne magnetic data. Two main types of environments are targeted:

• Northern contact of Timiskaming-like sedimentary unit with mafic volcanic rocks in areas of interpreted structural complexities (16 drill holes -- targets G1, G2, G5, G6, G7 and G11);
• Interpreted structures and lithological contacts within the northern mafic volcanic package (four drill holes -- targets G3, G8, G9 and G10).

The Grasset East Flexure target area was never drill tested in the past. Originally, the company intended to complete approximately 5,000 metres of diamond drilling on 11 targets over an area of 4.5 kilometres by 3.5 kilometres (see Wallbridge release dated Aug. 24, 2023).

To further investigate this new mineralized area, the size of this inaugural drill program was increased to approximately 10,500 metres. Thus far, a total of 19 drill holes totalling 10,000 metres have been completed, testing 10 of the originally identified 11 targets. Today, the company reports final assay results for 10 drill holes and partial assay results for two drill holes, with results pending for 10 holes, including the final hole still being drilled. The drilling program is expected to be completed later this week.

Assay quality assurance/quality control and qualified persons

Drill core samples from the continuing drill program on the Detour-Fenelon gold trend property are cut and bagged either on site or by contractors and transported to SGS Canada Inc. for analysis. Samples, including standards and blanks for quality assurance and quality control, were prepared and analyzed at the laboratories. Samples are crushed to 90 per cent less than two millimetres. A one-kilogram riffle split is pulverized to 85 per cent passing 75 microns. Fifty-gram samples are analyzed by fire assay and atomic absorption spectroscopy or inductively coupled plasma. Samples greater than 10 g/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 reanalysis for quality assurance and quality control.

The qualified person responsible for the technical content of this press release is Evan Slater, MSc, PGeo, senior geologist of Wallbridge.

About Wallbridge Mining Company Ltd.

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.

We seek Safe Harbor.