Wallbridge Drilling at Fenelon Tabasco Zone Intersects Additional High-Grade Gold Mineralization

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TORONTO, Dec. 16, 2024 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX: WM, OTCQB:WLBMF) (“Wallbridge” or the “Company”) today announced that it has received the final assay results from its 1,303 metre Phase 2 drilling program completed in September 2024 at its 100% owned Fenelon Gold Project (“Fenelon”).

The Phase 2 program comprised four targeted infill holes drilled within an approximate 150 metre by 250 metre area to provide greater definition of gold resources within the upper levels of the high-grade Tabasco zone. Significant highlights include:

• 5.68 g/t Au over 1.5 metres in drill hole FA-24-581
• 3.93 g/t Au over 2.5 metres, 14.66 g/t Au over 1.5 metres in drill hole FA-24-582
• 7.03 g/t Au over 0.5 metres, 2.70 g/t Au over 3.0 metres in drill hole FA-24-583
• 5.92 g/t Au over 2.7 metres in drill hole FA-24-584

“We’re pleased to announce our final drill results for 2024. The grades returned from these latest four holes provide further confirmation of the position and extent of the principal structures that extend upward from the high-grade core of the Fenelon gold resource,” commented Brian W. Penny, Wallbridge Chief Executive Officer. “We look forward to releasing the results of an updated Preliminary Economic Assessment at Fenelon in the first quarter of 2025 and will continue to provide regular updates to the market on our corporate activities,” concluded Mr. Penny.

Earlier this year and during 2023, Wallbridge released a series of results from delineation and infill drilling completed at Fenelon subsequent to the announcement of the 2023 mineral resource estimate (see Wallbridge news releases dated May 22, 2024, February 7, 2024, June 6, 2023, March 6, 2023, January 17, 2023, and Amended and Re-stated: NI 43-101 Technical Report dated December 29, 2023).

Links to a drill hole location map and cross-sections for the drill holes reported in this news release are provided here: Fenelon Gold Project: Q2 2024 Plan View Map & Cross-Sections

Additional details from the recently completed drilling are provided in the summary table below:

Links to tables with complete summary assay results and drillhole location information are provided here: Fenelon Gold Project: Drill Assay Summary and Location Information Dec 2024.

Quality Assurance / Quality Control 

Wallbridge maintains a Quality Assurance/Quality Control (“QA/QC“) program for all its exploration projects using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for samples, regular insertion of blanks and certified reference materials, and completion of secondary check analyses performed at a separate independent accredited laboratory. Drill core is halved and shipped in sealed bags to SGS Canada Inc. in Val d’Or, Quebec where they are re-distributed to other SGS laboratory facilities according to the analytical method being requested by Wallbridge. Gold analyses are routinely performed via fire assay with ICP-OES finish methods. For greater precision and accuracy, samples assaying 10 g/t Au or greater are re-assayed via metallic screen fire assay method or fire assay/gravimetric finish, depending on the amount of sample material remaining available. Samples containing visible gold are submitted directly for analysis by metallic screen fire assay method. 

SGS Natural Resources analytical laboratories operate under a Quality Management System that conforms to the requirements of ISO/IEC 17025. All of SGS’ Canadian analytical sites are accredited by the Standards Council of Canada (SCC) for specific mineral tests listed on the scope of accreditation to the ISO/IEC 17025 standard. ISO/IEC 17025 addresses both the quality management system and the technical aspects of operating a testing laboratory. Physical sample preparation involving accredited test methods as listed on the scope of accreditation may be performed at other sites listed on the SGS Canada Inc – Natural Resources – Minerals group accreditation or at offsite sample preparation laboratories that are monitored regularly for quality control and quality assurance practices, including SGS Canada Inc, Garson, SGS Canada Inc, Val d’Or and SGS Canada Inc, Grand Falls-Windsor. 

Qualified Person 

The Qualified Person responsible for the technical content of this news release is Mr. Mark A. Petersen, M.Sc., P.Geo. (OGQ AS-10796; PGO 3069), Senior Exploration Consultant for 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 in Québec’s Northern Abitibi region while respecting the environment and communities where it operates. 

Wallbridge’s most advanced projects, Fenelon Gold (“Fenelon”) and Martiniere Gold (“Martiniere”) 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 in the Northern Abitibi region of Quebec. 

Wallbridge has reported a positive Preliminary Economic Assessment (“PEA”) at Fenelon that estimates average annual gold production of 212,000 ounces over 12 years. 

For further information please visit the Company’s website at https://wallbridgemining.com/ or contact: 

Wallbridge Mining Company Limited  

Brian Penny, CPA, CMA 
CEO 
Tel: (416) 716-8346  
Email: bpenny@wallbridgemining.com  
M: +1 416 716 8346 

Tania Barreto, CPIR 
Director, Investor Relations 
Email: tbarreto@wallbridgemining.com  
M: +1 289 819 3012 

Cautionary Note Regarding Forward-Looking Information 

The information in this document may contain forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and interpretations as at the date of this document.  

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, but are not limited to, 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”, “be taken”, “occur” or “be achieved.” 

FLI in this document may include, but is not limited to: statements regarding the results of the PEA; the potential future performance of the 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 MRE’s at Fenelon and Martiniere (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, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, 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 document is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained in this document to reflect new events or circumstances. Unless otherwise noted, this document has been prepared based on information available as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information contained herein. 

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying 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 position and general economic conditions; the ability of exploration activities to accurately 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, parameters or methods used to estimate the MREs and in the PEA; the ability of the Company to obtain required approvals; geological, mining and exploration technical problems; failure of equipment or processes to operate as anticipated; the evolution of the global economic climate; metal prices; foreign exchange rates; environmental expectations; community and non-governmental actions; and, the Company’s ability to secure required funding. Risks and uncertainties about Wallbridge’s business are discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedarplus.ca.  

Cautionary Notes to United States Investors 

Wallbridge prepares its disclosure in accordance with NI 43-101 which differs from the requirements of the U.S. Securities and Exchange Commission (the “SEC“). Terms relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources and economic studies used herein are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to US companies. As such, the information presented herein concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.