Wallbridge Provides Corporate Update

TORONTO, May 12, 2021 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) is pleased to provide an update of its exploration and development activities at the Fenelon Gold Property (“Fenelon” or the “Property”), corporate initiatives and planned spending.

Maiden Resource Estimate (“MRE”)

The Company expects to deliver the Maiden Resource Estimate (“MRE”) on the newly discovered zones (Area 51, Tabasco, and Cayenne) and the Gabbro zones by the end of the third quarter of 2021 as scheduled. The MRE is expected to include both a near-surface and an underground component for all these zones.

Surface Exploration Program

Drilling

Wallbridge is conducting a 170,000-metre drill program in 2021, of which 70,000 metres is planned to be completed by early July 2021, in support of the MRE. A total of 33,962 metres has been drilled as of March 31, 2021.

The decision to use directional drilling to control hole deviation, which is slower but optimizes drill hole spacing and meterage for the MRE in the Tabasco, Cayenne and Area 51 zones, means the rate of drilling in the first quarter was lower than the projected 2021 quarterly average. The Company expects to make up any shortfall in metreage during the second half of the year as the resource focused directional drilling gives way to resource expansion drilling and regional exploration.

Assays

Assay turn-around time (“TAT”) has increased by 25% to 35% over the past few months, primarily due to COVID-related restrictions at the assay labs. The Company has now engaged the services of three laboratories, and does not expect the increase in TAT to adversely affect the timing of the MRE.

Most of the holes drilled at Fenelon intersect multiple gold mineralized zones (Area 51, Tabasco, Cayenne and Gabbro). On average, 70% of core is within mineralized envelopes and is therefore sent for sampling and assaying. For clarity, the Company generally announces the assay results for holes once the assays for the entire hole have been received. Delays in the receipt of assays within a hole, either due to unexpected high grades or the processing sequence used by the labs, can cause delays in reporting the assays from the entire hole.