Toronto, Ontario – October 6, 2021 – Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) is pleased to announce that its maiden mineral resource estimate (“MMRE”) for the Fenelon Gold Property (“Fenelon” or the “Property”)  is progressing well and is scheduled for release by the end of October along with an updated mineral resource estimate (“MRE”) for the Martiniere Gold Property (“Martiniere”). The assay results announced today include the final assays to be included in the MMRE.  Drilling is continuing with up to 11 drill rigs; approximately 45-50,000 additional metres are planned for the remainder of the year. Future assay results will be included in upcoming resource updates.

Maiden Mineral Resource Estimate (“MMRE”)

The MMRE will include assays from over 300,000 metres of drilling from within an approximately 1.0 by 1.5-kilometre area in the central part of the known mineralized footprint at Fenelon, from surface to a maximum depth of approximately 1,000 metres.

The MMRE will encompass:

• near surface potentially open pittable mineralization in Area 51;
• near surface high-grade mineralization adjacent to the existing mine workings from the Gabbro Zones;
• wide zones of potentially bulk mineable underground mineralization from the Tabasco, Cayenne, Contact and Area 51 Zones;

“Our resource estimation at Fenelon is progressing well, and the majority of the results announced today are still part of the maiden resource database,” stated Marz Kord, President & CEO of Wallbridge. “The MMRE is an important milestone for the Company, less than 3 years after the initial discovery of the Area 51 and Tabasco zones, and represents the first major steppingstone in developing one of Quebec’s new large gold deposits. The deposit remains open in multiple directions laterally and at depth and we see a lot of potential to grow this deposit to ultimately become a significant gold producer. Over the remainder of the year, we will ramp- up our exploration drilling efforts to expand the known mineralized footprint at Fenelon in order to better understand the ultimate size potential of this deposit and the surrounding property.”

Tabasco-Cayenne-Contact Zones, Definition Drill Results

Nominal 75 metre-spaced definition drilling of the Tabasco-Cayenne-Contact Zones over a strike length of approximately 800 metres and vertical depths between 300 and 1,000 metres in support of the MMRE was the primary focus of the Company’s drilling campaign between January and August of this year.    

Highlight intersections (> 30 metal factor; metal factor = Au grade multiplied by thickness) since our last news release from this program, include:

• FA-21-283B                    5.97 g/t Au over 8.70 metres in the Tabasco Zone (see Figs. 1, 2 and 7);
•  
• FA-19-096-W1             2.67 g/t Au over 21.85 metres, including
  • 4.63 g/t Au over 8.75 metres in the Tabasco Zone (see Figs. 1, 2 and 6);
•  
• FA-19-096-W2             6.97 g/t Au over 4.60 metres, including
  • 48.54 g/t Au over 0.50 metres in the Cayenne Zone (see Figs. 1, 2 and 6);
•  
• FA-20-159-W2             4.38 g/t Au over 7.75 metres, including
  • 9.01 g/t Au over 3.05 metres in the Cayenne Zone (see Figs. 1, 2 and 7);
•  
• FA-20-205-W1             3.12 g/t Au over 12.45 metres, and
  •      1.99 g/t Au over 16.30 metres in the Tabasco Zone (see Figs. 1, 2 and 8);
•  
• FA-21-261                       3.56 g/t Au over 9.45 metres in the Tabasco Zone (see Figs. 1, 2 and 7);
•  
• FA-21-261-W2              3.03 g/t Au over 11.50 metres, including
  • 45.61 g/t Au over 0.50 metres in the Cayenne Zone (see Figs. 1, 2 and 6);
•  
• FA-21-266-W1             2.21 g/t Au over 25.10 metres, including
  • 3.59 g/t Au over 11.75 metres in the Contact Zone (see Figs. 1 and 2);
•  
• FA-21-293A                  3.72 g/t Au over 9.00 metres, including
  • 5.56 g/t Au over 5.60 metres in the Tabasco Zone (see Figs. 1, 2 and 6)

Area 51, Definition Drill Results

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

Highlight intersections (> 30 metal factor; metal factor = Au grade multiplied by thickness) of Area 51 zones reported today include:

• FA-21-282                               3.80 g/t Au over 10.70 metres, including
  •        11.67 g/t Au over 2.55 metres (see Figs. 1 and 3);
•  
• FA-21-258-W1                     0.83 g/t Au over 36.10 metres, including 
  •        14.50 g/t Au over 0.50 metres, and
  •       3.71 g/t Au over 2.95 metres, and
•                                                        6.91 g/t Au over 5.50 metres (see Fig. 1);
•  
• FA-21-250-W4                   2.10 g/t Au over 84.70 metres, including
  •       5.15 g/t Au over 14.30 metres, which further includes
  •      18.87 g/t Au over 3.20 metres,
•                                                       2.97 g/t Au over 5.10 metres, and
•                                                      17.85 g/t Au over 3.70 metres (see Figs. 1 and 4);
•  
• FA-21-289                           2.29 g/t Au over 32.00 metres, including
  •      4.09 g/t Au over 9.00 metres, and
  •      3.54 g/t Au over 9.20 metres (see Fig. 1);
•  
• FA-21-264A-W1            8.49 g/t Au over 4.45 metres, including
  •   50.06 g/t Au over 0.65 metres, and
•                                                   64.81 g/t Au over 0.50 metres (see Figs. 1 and 5);
•  
• FA-21-264A-W2            31.40 g/t Au over 1.50 metres, and
•                                                   7.90 g/t Au over 3.70 metres, including
  •   16.05 g/t Au over 1.30 metres (see Figs. 1 and 5);
•  
• FA-21-282                        24.79 g/t Au over 1.70 metres, including  
  •    73.70 g/t Au over 0.50 metres (see Figs. 1 and 3);
• FA-21-282-W2              19.93 g/t Au over 2.20 metres (see Figs. 1 and 3);
•  
• FA-21-295                       3.98 g/t Au over 7.50 metres, including  
  •   43.50 g/t Au over 0.50 metres (see Figs. 1 and 3);
•  
• FA-21-298                      2.47 g/t Au over 18.65 metres, including  
  •   42.80 g/t Au over 0.50 metres (see Figs. 1 and 8);

In-fill Sampling Program Results

A systematic campaign of continuous in-fill sampling of historic drill holes to a vertical depth of 250 metres, as well as within modelled mineralized corridors at greater depth was completed in order to collect further information for the open pit constrained portion of the MMRE.

Assay results from the historic drilling in-fill sampling program are highlighted by:

• FA-19-103                    3.88 g/t Au over 9.00 metres, and
  •     3.28 g/t Au over 6.00 metres, including
  •   7.02 g/t Au over 2.00 metres in Area 51 (see Figs. 1 and 7);

• 19-1110-012              5.48 g/t Au over 3.00 metres in the Gabbro Zones (see Fig. 1 and 2);

2021 Drilling Program Update

Approximately 150,000 to 170,000 metres of drilling, including 20,000 to 25,000 metres devoted to regional exploration on the Company’s district-scale, underexplored land package on the Detour-Fenelon Gold Trend, is planned for 2021.

Assay results of 48 drill holes of the 2021 exploration drill program and 3 historic drill holes 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.

Figure 1. Fenelon Gold, Plan View

Figure 2. Fenelon Gold, Tabasco-Cayenne-Gabbro Zones Long Section

Figure 3. Fenelon Gold, Cross Section 9825_E

Figure 4. Fenelon Gold, Cross Section 9900_E

Figure 5. Fenelon Gold, Cross Section 9975_E

Figure 6. Fenelon Gold, Cross Section 10125_E

Figure 7. Fenelon Gold, Cross Section 10200_E

Figure 8. Fenelon Gold, Cross Section 10350_E