Dr. Attila Pentek reports

WALLBRIDGE GRASSROOTS EXPLORATION DRILLING ADDS TO GRASSET GOLD POTENTIAL

Wallbridge Mining Company Ltd. has released final assay results of the inaugural 2023 drill program at its 100-per-cent-owned Grasset gold property, which expanded the known gold mineralization discovered in the first holes reported on Nov. 13, 2023.

Highlights:

• First drill program by Wallbridge on a prospective 20-kilometre strike length of the Sunday Lake deformation zone (SLDZ) at Grasset gold, identified multiple grassroots gold occurrences under glacial overburden cover.
• Drilling along the northern contact of the SLDZ intersected gold mineralization in 12 of 20 holes over a five-kilometre strike length (Hinge zone, and targets G5 and G11) in a similar geologic setting to Agnico Eagle's Detour Lake mine.
• New assays received from the 2023 drill program expanded upon the gold mineralization previously reported within the Hinge zone (targets G1 and G2), with intervals including 12.11 grams per tonne (g/t) gold (Au) over 0.50 metre and 4.99 g/t Au over 1.20 metres.

"Grasset Gold covers approximately 20-kilometres of strike length with favourable geology along the northern contact of the SLDZ, a similar setting to the company's Fenelon and Martiniere gold deposits, and Agnico Eagle's Detour Lake mine," said Attila Pentek, Wallbridge's vice-president, exploration.

"We are encouraged by the widespread nature of gold mineralization intersected in 60 per cent of the drill holes in our inaugural program on the property, especially given the 50 to 80 metres of overburden coverage. Today's results build upon those of the previous news release and, together, highlight the contact of the Timiskaming-like conglomerate basin and the mafic volcanics, which now has been intersected over five kilometres on the property, as an important control for gold mineralization. We are now continuing to evaluate structures which have the potential to host economic mineralization within this prospective environment."

Hinge zone (targets G1 and G2)

Results from holes GR-23-132, GR-23-133 and additional results for GR-23-130 further delineate the gold mineralization at the Hinge zone, which was discovered by the first drill hole testing this target area, as reported in the company's news release dated Nov. 13, 2023. The zone is hosted within Timiskaming-like sediments and mafic volcanics over a strike length of approximately 600 metres, and at shallow depths starting at the bedrock surface. This mineralization is characterized by a broad envelope (up to 200 metres core length) of anomalous gold values with discrete higher-grade intervals, like 1.17 g/t Au over 7.10 metres, including 12.11 g/t Au over 0.50 m in GR-23-132, and 4.99 g/t Au over 1.20 metres in GR-23-133 reported today, and the previously released 1.22 g/t Au over 8.50 metres, including 3.20 g/t Au over 2.50 metres in GR-23-130.

Target G5

Target G5 is located one kilometre to two kilometres to the west of the Hinge zone, and shows a strong break in the magnetic fabrics and a change in the geometry of the break. This represents a geologically favourable area for gold deposition, with the previously released hole GR-23-119 intersecting multiple gold-bearing intervals assaying up to 4.47 g/t Au over one metre.

GR-23-134, testing 800 metres west of GR-23-119 and 1.5 kilometres west of the Hinge zone, intersected anomalous gold mineralization within the same Timiskaming-like conglomerate with up to 2.04 g/t Au over 1.50 metres returned.

Drill holes GR-23-128 and GR-23-131, drilled another 900 metres to the northwest of GR-23-134, intersected wide intervals of intense shearing with elevated silicification and sulphide mineralization, albeit with no significant gold grades. This zone of shearing was present in mafic volcanics north of the Timiskaming-like conglomerate, with the contact having been intercepted earlier than anticipated in the holes, suggesting this favourable geology is further to the south and remains to be tested in the future.

Target G11

Two holes, GR-23-129A and GR-23-135, were drilled two km to three km farther west of G5 to continue testing the Timiskaming-like conglomerate basin closer to the Fenelon property. The two holes were nearly completely within the conglomerate unit and intersected sporadic gold mineralization up to 3.61 g/t Au over 1.50 m, intercepted by GR-23-129A.

Grasset gold exploration program

The Grasset gold exploration program predominantly focused on the intersection of a large fold structure with a flexure in the 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 was 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.

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 10,750 metres in 20 drill holes, testing 10 of the originally identified 11 targets. Today, the company reports final assay results from this program.

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 Christopher Kelly, 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 in Quebec's Northern Abitibi region while respecting the environment and communities where it operates.

Wallbridge's most advanced projects, Fenelon gold and Martiniere gold incorporate 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-square-kilometre exploration land package controlled by Wallbridge.

Wallbridge has reported a positive preliminary economic assessment at Fenelon that estimates average annual gold production of 212,000 ounces over 12 years (see Wallbridge press release of June 26, 2023).

Wallbridge also holds a 15.9-per-cent interest in the common shares of Archer Exploration Corp. as a result of the sale of the company's portfolio of nickel assets in Ontario and Quebec in November of 2022.

We seek Safe Harbor.