Wallbridge Extends Fenelon Mineralization by 400 metres to Depth with 17.23 g/t Au over 4.00 metres in Initial Deep Exploration Hole

TORONTO, March 25, 2021 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) is pleased to announce that its first deep exploration hole on the Fenelon Gold Property (“Fenelon” or the “Property”) has intersected 17.23 g/t Au over 4.00 metres extending the known mineralization by 400 metres to a depth of 1.6 km.

“This was our first ever deep drill hole testing the mineralization at depths of between 1.5-1.8 km below surface, 400 to 700 metres deeper than any previous hole on the Property. We are very encouraged by these results,” stated Attila Péntek, Vice President Exploration of Wallbridge. “Not only did we confirm the presence of the Jeremie Diorite, one of our main gold-hosting environments, but we also intersected high-grade gold-bearing mineralization that is notably similar to the Area 51 gold vein network higher up in the system, significantly expanding the footprint of the mineralized system at Fenelon. We are looking forward to following-up these initial results with further deep holes later this year that will aim to connect this mineralization back up to the known portion of Area 51 and also test the Tabasco-Cayenne horizon, which due to early termination of the drillhole remains untested.”

Fenelon Gold System, Depth Extension

Drill hole FA-20-120A was designed to test the Fenelon Gold System at a depth of between 1.5 and 1.8 kilometres, over 500 metres below the deepest extent of past drilling. Drilling of the hole was suspended last March due to the COVID shutdown and resumed in January of this year, when winter conditions allowed, through a wedge cut FA-20-120A-W1 (see Wallbridge Press Release dated February 17, 2021). Assay results as follows:

FA-20-120A-W1	17.23 g/t Au over 4.00 metres, including
		65.08 g/t Au over 1.00 metres; and
	8.70 g/t Au over 0.70 metres, and
	5.76 g/t Au over 1.00 metres (see Figs. 1 and 2);

Additional assay results from this hole are still pending and will be released as soon as they become available. The Company is planning to complete several directional wedges around hole FA-20-120 later this year to assess the significance of the intersected gold mineralization. These will also test the presence of Tabasco-Cayenne-style mineralization along the northern Jeremie Diorite contact as noted above.