Wallbridge Discovers New Visible Gold-bearing Zone at Depth and Reports on Drilling Results

January 15, 2019

Toronto, Ontario -- January 15, 2019 -- Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (“Wallbridge” or the “Company”) is pleased to announce continued positive results from its underground as well as surface drill programs and to provide an update on the ongoing development as part of the 35,000-tonne bulk sample and underground exploration program at its 100%-owned Fenelon Gold property (“Fenelon”).

Highlights

18-5175-002:9.12 g/t gold over 6.95 metres including
 24.63 g/t gold over 2.47 metres in the Naga Viper zone, and
 25.24 g/t gold over 9.33 metres including
 125.44 g/t gold over 1.82 metres in the Habanero zone
18-5175-005:10.39 g/t gold over 4.51 metres in the Chipotle zone
18-5175-021:39.28 g/t gold over 1.71 metres in the Naga Viper zone,
 49.21 g/t gold over 2.20 metres in the Paprika zone, and
 144.77 g/t gold over 6.10 metres in the Habanero zone
  • Highlights of received assay results from the surface exploration drill program are as follows:
FA-18-038:4.70 g/t gold over 2.99 metres in the Habanero zone, and
 

29.90 g/t gold over 1.00 metres confirming the high-grade nature of this deep intersection of what is most likely the depth extension of the Tabasco zone (see Wallbridge Press Release dated November 20, 2018 )

  • Two surface drill holes (FA-018-050 and -051) following-up the deep intersection in FA-18-038 intersected several mineralized shear zones in the same environment. The latter drill hole contained visible gold in a potentially new zone at a vertical 380 m depth, further extending high grade mineralization to depth.
  • Assay results from 12 underground drill holes and 15 surface drill holes are pending.
  • Production from the fifth stope (NV-03) is underway.
  • Approximately 23,000 tonnes of ore has been mined of which 20,000 tonnes have been shipped to the Camflo mill.

“We are extremely pleased with the success of the 2018 exploration program. We confirmed the exceptional grades we can expect in the remaining stopes to be taken during this bulk sample campaign and that of additional proximal ore that will be available for future production. Additionally, the discovery of visible gold-bearing mineralization in FA-18-038, and -051, some of the deepest holes ever drilled on the property, shows the potential for significant resource growth at Fenelon,” stated Marz Kord, President & CEO of Wallbridge.

“The intersections in FA-18-038 released today are very positive as they demonstrate the presence of strong mineralized structures hundreds of metres away from the current mine workings in totally underexplored parts of the property. The intersection in FA-18-051 of multiple wide intervals of favorable host rocks with several mineralized shear zones, one of which had visible gold at vertical depth of 380 metres, is again a milestone in the expansion of the mineralized system at Fenelon,” stated Attila Péntek, Vice-President, Exploration of Wallbridge.

The 2018 underground and surface drill programs were completed before the holidays and drill rigs were de-mobilized. The 2019 drill program (50,000-75,000 m planned) will commence in early February with mobilization of at least one underground and one surface drill rig.

The 2019 underground resource drilling will initially be carried out from the recently established 5130 level (~125 m depth) and will target the main high-grade shoots down-plunge to 200 m depth. The development of an exploration drift is planned for H1 2019 to facilitate resource drilling to greater depth and along strike, including also the Tabasco and Cayenne mineralized corridors.

The 2019 surface exploration drill program will follow known mineralized zones to 300-400 m depth and test targets further away from the mine workings. Along with testing other high priority targets, initially we will be following-up on the deep visible gold-bearing intersections with more closely spaced drilling.

A surface IP survey is also planned for Q1 2019 to test 600 m strike length of the gold-hosting mineralized environment northwest of the main deposit.

The bulk sample program is designed to test a few stopes in several zones. Overall grade from these planned stopes is estimated to average 18 to 25 g/t gold for total estimated production of 19,000 to 26,000 ounces of gold.

A summary of the new drill hole results from the 2018 underground and surface drill programs are reported in Tables 1 to 4 and also shown on the Fig ures below as well as on the Company website.

Table 1. Wallbridge Fenelon Gold Property 2018 Underground Drill Assay Highlights
Drill HoleFromToFromToLengthTrue WidthAuAu Capped*VG**ZonePress Release
 (m)(m)(m)(m)(m)(m)(g/t)(g/t)   
18-1110-00352.5553.67

 

 1.120.994.894.89 Naga ViperCurrent Release
18-5175-00286.2493.19

 

 6.954.619.129.12VGNaga ViperCurrent Release
18-5175-002Including...86.2488.712.471.6324.6324.63VGNaga ViperCurrent Release
18-5175-002114.37123.70

 

 9.335.1325.2419.45VGHabaneroCurrent Release
18-5175-002Including...114.4116.191.821.13125.4495.74VGHabaneroCurrent Release
18-5175-00497.8698.90

 

 1.040.677.977.97 HabaneroCurrent Release
18-5175-00552.9257.43

 

 4.512.4110.3910.39VGChipotleCurrent Release
18-5175-02178.2980.00

 

 1.711.5039.2839.28VGNaga ViperCurrent Release
18-5175-02186.8389.03

 

 2.201.3949.2149.21VGPaprikaCurrent Release
18-5175-021104.45110.55

 

 6.104.18144.7790.43VGHabaneroCurrent Release

 † Table includes only highlight assay results since the latest press release. Earlier highlight intersections of the 2018 program can be found on the Company website:  http://www.wallbridgemining.com/i/maps/fenelon/Fenelon-2018-UG-drilling-highlights.pdf
*Au capped at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.
**Intervals containing visible gold ("VG").

Table 2. Wallbridge Fenelon Gold Property 2018 Underground drill hole information*
Drill Hole IDLocal grid ELocal grid NElevationLength (Metres)AzimuthDipVG/CP**Note
18-1120-0041064410954521472202-17CPFurther Assays pending
18-5175-00110580109865177210239-36CPFurther Assays pending
18-5175-00610580109865177147212-37CPAssays pending
18-5175-00710580109865177205228-43CPAssays pending
18-5175-00810580109865177180220-41CPFurther Assays pending
18-5175-00910580109865177207210-48 Assays pending
18-5175-01010580109865177160195-42CPAssays pending
18-5175-01110580109865177200191-48CPAssays pending
18-5175-02110580109865177132242-19VGFurther Assays pending
18-5175-01210580109865177243204-55CPAssays pending
18-5175-01310580109865177102178-51CPAssays pending

 * Table includes only underground holes for which assays are pending. For earlier holes please refer to tables in previous press releases. 
**Intervals containing visible gold ("VG") or chalcopyrite-bearing mineralized shear zone ("CP").

Table 3. Wallbridge Fenelon Gold Property 2018 Surface Drill Assay Highlights
Drill HoleFromToFromToLengthTrue WidthAuAu Capped*VG**ZonePress Release
 (m)(m)(m)(m)(m)(m)(g/t)(g/t)   
FA-18-037176.52188.93  12.41 n/a †1.181.18 HabaneroCurrent Release
FA-18-038213.39216.38  2.99 n/a †4.704.70 HabaneroCurrent Release
FA-18-038440.46441.46  1.00 n/a †29.9029.90VGTabasco (?)Current Release
FA-18-038568.95570.10  1.15 n/a †1.001.00 New ZoneCurrent Release

*Au capped at 140 g/t following InnovExplo's 2016 Mineral Resource Estimate.
**Intervals containing visible gold ("VG").
† Currently not enough information available to estimate true width.

Table 4. Wallbridge Fenelon Gold Property 2018 Surface drill hole information*
Drill Hole IDLocal grid ELocal grid NElevationLength (Metres)AzimuthDipVG/CP**Note
FA-18-03710458110535260201234-47CPFurther assays pending
FA-18-03810458110535260586240-54VGFurther assays pending
FA-18-0391075210825525726325-50CPFurther assays pending
FA-18-04010459110545261528246-48 Further assays pending
FA-18-0411075210825526220132-62CPAssays pending
FA-18-0421075210825526224310-72CPAssays pending
FA-18-0431075210825526222255-60 Assays pending
FA-18-0441075011305260651195-51CPAssays pending
FA-18-0451024210807525720425-50 Assays pending
FA-18-0461024210807525722525-57 Assays pending
FA-18-04710634111235260620210-60CPAssays pending
FA-18-0481024210807525737217-70 Assays pending
FA-18-0491024210807525718539-51 Assays pending
FA-18-05010242107835257400358-70CPAssays pending
FA-18-05110432110405260670220-51VGAssays pending

* Table includes only surface drill holes for which assays are pending. For earlier holes please refer to tables in previous press releases. 
**Intervals containing visible gold ("VG") or chalcopyrite-bearing mineralized shear zone ("CP").

Figure 1:  Fenelon Gold, Plan view

Figure 2:  Fenelon Gold, Longitudinal

Figure 3: Fenelon Gold, 3D View

Figure 4:  Fenelon Gold, Habanero Zone Longitudinal

Figure 5:  Fenelon Gold, Naga Viper Zone Longitudinal

Wallbridge's Fenelon Gold property is located in northwestern Quebec proximal to the Sunday Lake Deformation Zone ("SLDZ") which hosts the Detour Gold Mine in Ontario, and Balmoral Resources' gold deposits at Martiniere. The Fenelon Gold property hosts the Discovery Zone gold deposit and surrounding 4 km strike length of a gold-hosting secondary splay of the SLDZ.

Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive pre-feasibility study on the existing resource (see Wallbridge Press Release dated February 02, 2017). In addition, Wallbridge has completed surface exploration drilling campaigns and is currently drilling from underground as part of its 35,000-tonne bulk sample at Fenelon. Drilling to date has significantly extended existing zones and discovered several new parallel zones.

Drill core samples from the ongoing drill program at Fenelon were cut and bagged on site and transported to SGS Canada Inc. Samples, along with standards, blanks, and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns. 50g samples are analyzed by fire assay and AAS. 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 Persons responsible for the technical content of this press release are Marz Kord, P. Eng., M. Sc., MBA, President & CEO and Attila Péntek, P.Geo., Ph.D., Vice President Exploration for Wallbridge Mining Company Limited.

About Wallbridge Mining

Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.

Wallbridge is currently developing its 100%-owned high-grade Fenelon Gold property in Quebec with ongoing exploration and a bulk sample. Wallbridge is also pursuing other additional advanced-stage projects which would add to the Company's near-term project pipeline. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October 2015. As part of this strategy, the Company recently optioned the Beschefer Project, an advanced gold property with proven size and grade-potential near Fenelon Gold. Wallbridge is also continuing partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario, with a focus on its high-grade Parkin project.

Wallbridge also has exposure to exploration for copper and gold in Jamaica and British Columbia through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited, a Wallbridge spin-out of its BC assets).

For Further Information

Please visit the Company's website at www.wallbridgemining.com or contact:

Wallbridge Mining Company Limited
Marz Kord, P. Eng., M. Sc., MBA
President & CEO
Tel: (705) 682-9297 ext. 251
Email: mkord@wallbridgemining.com

David Ellis
Investor Relations
Tel: (416) 704-0937
Email: dellis@wallbridgemining.com

This press release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknow

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