Metals Update 02/06/2021

Wallbridge drills 38.1 m of 4.99 g/t Au at Fenelon

Wallbridge Mining Company Ltd. has released assay results from its current drilling program on the Fenelon gold property, which continue to expand the high-grade and high metal factor (Au grade multiplied by thickness) gold mineralization in multiple areas.

Drilling is currently focusing on multiple areas within the approximately 1.0 km by 1.2 km central portion of the Fenelon Gold System, to expand and better define the mineralization in support of the maiden mineral resource estimate (“MMRE”) expected to be released before September 30, 2021. In total, over 200,000 metres of drilling for incorporation into the MMRE has been completed to date.

“We are quite pleased that we continue to expand the high metal factor zones outside of the previously-known footprint, as evident in holes FA-21-226-W1-W1 and FA-21-226-W1-W2,” stated Marz Kord, President & CEO of Wallbridge.

Significant results from the Tabasco-Cayenne-Contact Zone definition drilling, released today, include:

  • 4.99 g/t Au over 38.10 metres, including 15.81 g/t Au over 8.50 metres in FA-21-226-W1-W2;
  • 15.57 g/t Au over 10.80 metres in FA-21-253;
  • 6.28 g/t Au over 26.00 metres in FA-21-226-W1-W1 (see Figs. 1, 4 and 5);

Marz Kord further said: “Drilling between now and the cut-off date for inclusion in the MMRE will focus on maximizing the MMRE by 1) expanding and in-filling the mineralized envelopes underground in the Area 51, Tabasco, Cayenne and Gabbro zones and 2) continuing to drill as much as possible within the 1.8-kilometre strike of the Area 51 mineralization near surface. We expect the underground portion of the MMRE to be higher-grade bulk-mineable gold mineralization, while the near-surface gold mineralized envelope, which remains open in all directions, will make up an open-pit portion. Both near-surface and deep drilling will continue beyond the MMRE cut-off date as we see significant potential to continue to expand the Fenelon Gold System.”

Tabasco-Cayenne-Contact Zones, Definition Drill Results

Definition and expansion drilling at a nominal 75-metre drill spacing, targeting the Tabasco-Cayenne-Contact Zones over a strike length of approximately 800 metres and vertical depths between 300 and 1,000 metres has been the primary focus of this campaign (see Figs. 1 and 2) to better define the geometry and grade of the zones and gain information on the structural controls of the gold mineralization.

Highlight intersections in the Tabasco-Cayenne-Contact Zones, reported today include:

  • FA-21-226-W1-W2 4.99 g/t Au over 38.10 metres, including 15.81 g/t Au over 8.50 metres in the Tabasco Zone (see Figs. 1 and 5);
  • FA-21-253 15.57 g/t Au over 10.80 metres in the Tabasco Zone (see Fig. 1); Note: Further assay results around this interval are pending
  • FA-21-226-W1-W1 6.28 g/t Au over 26.00 metres, including 80.72 g/t Au over 1.70 metres in the Tabasco Zone (see Figs. 1 and 4);
  • FA-21-230 3.10 g/t Au over 37.85 metres, including 7.32 g/t Au over 10.10 metres in the Tabasco Zone (see Figs. 1 and 4);

Area 51 Definition Drill Results

As our drill holes approach Tabasco-Cayenne, they also transect the Area 51 gold vein network, providing crucial information from all of these zones.

Near surface (down to 250 m vertical depth) highlights from Area 51 zones from the holes reported today include:

  • FA-21-220 1.29 g/t Au over 31.50 metres, including 14.28 g/t Au over 2.20 metres (see Figs. 2 and 4);

Highlight intersections of Area 51 zones from below 250 m vertical depth reported today include:

  • FA-21-223A 2.14 g/t Au over 26.10 metres, including 6.72 g/t Au over 3.60 metres, and 2.65 g/t Au over 23.95 metres, including 11.90 g/t Au over 1.50 metres, and 3.11 g/t Au over 19.80 metres, including 10.39 g/t Au over 4.00 metres (see Fig. 2);
  • FA-21-243 2.29 g/t Au over 31.25 metres, including 64.69 g/t Au over 0.60 metres (see Fig. 2 and 3);

Area 51 Expansion Drill Results

In recent months, drilling has also been focusing on expanding the known footprint of near-surface gold mineralization in the western-southwestern portion of Area 51 in order to grow the open pit resource potential.

Today’s results include:

  • FA-21-237 0.86 g/t Au over 36.60 metres (see Fig. 2);

2020-2021 Drilling Program Update

In 2021, the Company is planning to complete approximately 170,000 metres of drilling, approximately 10-15% of which will be devoted to regional exploration on the Company’s district-scale, underexplored land package on the Detour-Fenelon Gold Trend.

Assay results of 17 drill holes of the 2021 exploration drill program are reported in the Table and Figures below. 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://www.wallbridgemining.com/s/fenelon.asp.

Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights (1)          
                                                                                                       
Drill Hole     From   To     LengthAu   Au Cut  (2)VG  (3)Zone/Corridor                     Section    
                 (m)    (m)   (m)  (g/t)   (g/t)                                                      
 
   FA-20-116   232.00 233.50  1.50 4.36    4.36                     Area 51- Orion             10350   
   FA-20-116   291.30 292.00  0.70 9.50    9.50                     Area 51- Titan             10350   
   FA-21-220    47.50  52.00  4.50 2.69    2.69                     Area 51- Orion             9975    
   FA-21-220   143.50 175.00 31.50 1.29    1.17      VG             Area 51- Titan             9975    
  Including    161.00 163.20  2.20 14.28   12.55     VG             Area 51- Titan             9975    
   FA-21-220   712.40 745.50 33.10 1.85    1.85      VG         Contact Zone & Tabasco         9975    
  Including    714.25 728.00 13.75 2.32    2.32      VG         Contact Zone & Tabasco         9975    
     And       743.00 745.50  2.50 6.47    6.47                        Tabasco                 9975    
   FA-21-220   757.00 765.00  8.00 1.99    1.99                        Tabasco                 9975    
  Including    763.50 765.00  1.50 7.54    7.54                        Tabasco                 9975    
   FA-21-220   774.50 785.00 10.50 2.09    2.09      VG                Tabasco                 9975    
  Including    774.50 776.00  1.50 7.72    7.72      VG                Tabasco                 9975    
   FA-21-221   523.50 525.60  2.10 2.51    2.51                    Area 51- Enterprise          10125  
 FA-21-221-W2  868.00 872.50  4.50 4.03    4.03                    Area 51- Enterprise          10050  
 FA-21-221-W2  965.50 968.10  2.60 2.36    2.36                       Contact Zone              10050  
 FA-21-221-W2* 1024.451049.9025.45 2.75    2.75      VG                  Tabasco                10050  
  Including    1040.451045.00 4.55 11.34   11.34     VG                  Tabasco                10050  
 FA-21-221-W3                         No Significant Mineralization (4)                         10125  
  FA-21-223A   273.50 284.00 10.50 0.78    0.78                      Area 51- Laika             10125  
  Including    282.10 283.30  1.20 5.84    5.84                      Area 51- Laika             10125  
  FA-21-223A   323.00 328.50  5.50 2.79    2.79                      Area 51- Laika             10125  
  Including    323.00 325.30  2.30 5.27    5.27                      Area 51- Laika             10125  
                                                                                                       
            Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights (1)             
                                                                                                       
  Drill Hole    From    To   Length Au  Au Cut  (2)VG  (3)          Zone/Corridor             Section  
                                                                                                       
                 (m)    (m)   (m)  (g/t)   (g/t)                                                       
  FA-21-223A   342.50 346.35  3.85 1.36    1.36                     Area 51- Laika             10125   
  FA-21-223A   355.50 358.80  3.30 6.32    6.32      VG             Area 51- Laika             10125   
  Including    357.80 358.80  1.00 14.40   14.40     VG             Area 51- Laika             10125   
  FA-21-223A   372.70 392.50 19.80 3.11    3.11      VG       Area 51- Andromeda & Laika       10125   
  Including    379.00 383.00  4.00 10.39   10.39     VG           Area 51- Andromeda           10125   
Which Includes 381.00 381.85  0.85 40.00   40.00     VG           Area 51- Andromeda           10125   
  FA-21-223A   399.30 404.75  5.45 1.31    1.31      VG             Area 51- Laika             10125   
  FA-21-223A   412.00 438.10 26.10 2.14    2.14                     Area 51- Laika          10125/10200
  Including    415.00 418.60  3.60 6.72    6.72                     Area 51- Laika             10125   
     And       424.30 426.35  2.05 3.97    3.97                     Area 51- Laika          10125/10200
     And       435.75 438.10  2.35 4.47    4.47                     Area 51- Laika             10200   
  FA-21-223A   651.80 675.75 23.95 2.65    2.65      VG             Area 51- Laika             10275   
  Including    674.25 675.75  1.50 11.90   11.90     VG             Area 51- Laika             10275   
  FA-21-223A   972.50 975.50  3.00 3.55    3.55                  Area 51- Enterprise           10350   
  FA-21-223A   1112.001113.00 1.00 5.67    5.67                        Cayenne                 10425   
   FA-21-226   397.00 400.00  3.00 2.40    2.40                     Area 51- Orion             10050   
   FA-21-226   420.75 421.25  0.50 21.22   21.22     VG             Area 51- Titan             10050   
FA-21-226-W1-W11049.001075.0026.00 6.28    3.88      VG      Area 51- MIB & Contact Zone       9975    
  Including    1068.001069.70 1.70 80.72   44.07     VG              Contact Zone              9975    
FA-21-226-W1-W11104.501110.00 5.50 4.23    4.23                        Cayenne                 9975    
  Including    1107.501110.00 2.50 8.47    8.47                        Cayenne                 9975    
                                                                                                       
           Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights   (1)             
                                                                                                       
  Drill Hole    From    To   Length Au  Au Cut  (2)VG  (3)          Zone/Corridor             Section  
                                                                                                       
                 (m)    (m)   (m)  (g/t)   (g/t)                                                       
FA-21-226-W1-W2995.00 1002.50 7.50 1.66    1.66              Area 51- MIB & Contact Zone       10050   
  Including    1000.651002.50 1.85 5.52    5.52              Area 51- MIB & Contact Zone       10050   
FA-21-226-W1-W21038.001076.1038.10 4.99    4.15      VG                Tabasco                 10050   
  Including    1067.001075.50 8.50 15.81   12.04     VG                Tabasco                 10050   
   FA-21-229                         No Significant Mineralization (4)                         9900    
   FA-21-230   566.00 568.00  2.00 3.39    3.39           Area 51- Interstellar & Enterprise   9975    
   FA-21-230   784.00 821.85 37.85 3.10    3.10      VG                Tabasco                 9975    
  Including    787.00 797.10 10.10 7.32    7.32      VG                Tabasco                 9975    
     And       805.50 821.85 16.35 1.98    1.98      VG                Tabasco                 9975    
   FA-21-231                         No Significant Mineralization (4)                         9975    
   FA-21-237    94.00 130.60 36.60 0.86    0.86                     Area 51- Titan             9675    
  Including     94.00  95.50  1.50 7.74    7.74                     Area 51- Titan             9675    
     And       124.75 130.60  5.85 1.92    1.92                     Area 51- Titan             9675    
   FA-21-237   145.00 159.00 14.00 0.72    0.72                     Area 51- Laika             9675    
  Including    154.95 159.00  4.05 1.48    1.48                     Area 51- Laika             9675    
   FA-21-237   167.00 177.85 10.85 0.89    0.89                     Area 51- Laika             9675    
  Including    167.00 168.30  1.30 3.96    3.96                     Area 51- Laika             9675    
   FA-21-241   635.85 636.90  1.05 6.17    6.17      VG                Tabasco                 10050   
   FA-21-243    61.85 101.50 39.65 0.80    0.80      VG           Area 51- Andromeda           9750    
  Including     85.00  87.60  2.60 9.23    9.23      VG           Area 51- Andromeda           9750    
   FA-21-243   317.50 322.00  4.50 1.95    1.95                  Area 51- Enterprise           9750    
   FA-21-243   357.40 359.00  1.60 4.39    4.39                  Area 51- Enterprise           9750    
                                                                                                       
             Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights   (1)             
                                                                                                       
  Drill Hole    From    To   Length Au   Au Cut(2)  VG(3)           Zone/Corridor             Section  
                                                                                                       
                 (m)    (m)   (m)  (g/t)   (g/t)                                                       
   FA-21-243   371.20 402.45 31.25 2.29    2.01      VG           Area 51- Milky Way           9750    
  Including    371.20 371.95  0.75 17.10   17.10                  Area 51- Milky Way           9750    
     And..     401.85 402.45  0.60 64.69   50.00     VG           Area 51- Milky Way           9750    
   FA-21-243   414.50 425.00 10.50 1.83    1.83                   Area 51- Milky Way           9750    
  Including    424.00 425.00  1.00 11.70   11.70                  Area 51- Milky Way           9750    
   FA-21-243   488.50 496.00  7.50 1.92    1.92                      Area 51- MIB              9750    
  Including    488.50 490.00  1.50 7.19    7.19                      Area 51- MIB              9750    
   FA-21-253    550.8  561.6  10.8 15.57   15.57     VG                Tabasco                 10200   

(1) Table includes only assay results received since the latest press release dated May 6, 2021.

(2) Au cut at: 100 g/t Au for the Tabasco/Contact zones; 60 g/t Au for the Cayenne zones; 50 g/t Au for the Area 51 zones.

(3) Intervals containing visible gold (“VG”).

( 4 ) Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 1 g/t Au

* Results reported here contain previously announced intervals that were extended due to further in?fill sampling

Note: True widths are estimated to be 50?80% of the reported core length intervals.

Assay QA/QC and Qualified Persons

Drill core samples from the ongoing 2021 drill program at Fenelon are cut and bagged either on site or by contractors and transported to SGS Canada Inc., AGAT Laboratories Ltd. or Bureau Veritas Commodities Canada Ltd. for analysis. In 2020 samples were submitted to either SGS Canada Inc. or ALS Canada Ltd. for analysis. Samples, along with standards and blanks that 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. At SGS, AGAT and Bureau Veritas samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and for 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 Luiz Amaral, M.Sc., P.Geo., Senior Project Geologist of Wallbridge.