Wallbridge 2024 Drilling Program to Focus on Upgrading Gold Resources at Martiniere and Fenelon as well as Grassroots Exploration - Seite 2

2024 Exploration Program

Approximately 55% of the planned 23,000 metres of drilling will be devoted to infilling and expanding the mineral resource at Martiniere, with the balance allocated to Fenelon and regional grassroots exploration. In addition, funding has been allocated for technical studies at Martiniere and Fenelon for the delivery of a PEA in a realistic timeframe that further evaluates the potential economics of both the Fenelon and Martiniere deposits.

2024 Work Program	Description	Budget
Martiniere ‒ resource and exploration drilling (includes $900,000 of technical and environmental studies)	13,000 metres	$8.9M
Fenelon ‒ expansion of known mineralization and exploration drilling (includes $900,000 of technical and environmental studies)	5,000 metres	$4.5M
Regional exploration ‒ exploration drilling, geophysics and other	5,000 metres	$3.6M
Capital expenditures		$0.2M
General & administrative costs		$4.0M
Total		$21.2M

Martiniere Exploration Program

Martiniere currently has a mineral resource estimate (“MRE”) of 0.68 million ounces of gold in the Indicated category and 0.63 million ounces of gold in the Inferred category (see Wallbridge press release dated January 17, 2023). The budgeted drilling in 2024 will be carried out in two phases: Phase 1 of approximately 7,500 metres is scheduled for March and April 2024, with Phase 2 of approximately 5,500 metres planned for the third quarter of the year.

The Phase 1 program is designed to increase confidence in the MRE by collecting representative material for metallurgical test work and doing down-hole geotechnical imaging to further improve our understanding of the structural controls on gold deposition. Phase 2 will be targeting extensions of known gold zones both laterally and down-plunge at depth in order to further expand the deposit. The Company also plans to sample in-fill drill core (approximately 5,000 metres) from historic drilling programs that has not been previously analyzed to potentially identify further gold mineralization in the deposit area.