WALLBRIDGE MINING, DRILL RESULTS 2020-08-12

Wallbridge Intersects 24.61 g/t Gold over 15.00 Metres in Lower Cayenne Zone at Fenelon Property]

09:14 AM EDT, 08/11/2020 (MT Newswires) -- Wallbridge Mining Company Limited (WM.TO) on Tuesday reported partial assay results of two surface drill holes (FA-20-143 and -148), which are part of its 100,000-metre 2020 drill program at the Fenelon Gold Property. Further assay results from these drill holes from intervals transecting Area 51 gold mineralization are pending.

The company announced an intersection of 24.61 g/t Au over 15.00 metres from the Lower Cayenne Zone, expanding the high-grade domain of this zone by 260 metres down-dip to a vertical depth of 825 metres.

"This impressive gold intersection in hole FA-20-148 demonstrates that Tabasco-style wide, high-grade domains are also present in the Lower Cayenne Shear Zone," said Attila Pentek, Vice President Exploration of Wallbridge. "Being 260 metres below another strong intersection of Lower Cayenne in hole FA-19-059, it opens up another parallel structure at depth for high-grade resource growth potential. At a vertical depth of 825 metres, this is also the deepest intersection of high-grade and high (>200) metal factor gold mineralization so far at Fenelon."

Currently, four of six drill rigs are focused on expanding the Tabasco-Cayenne-Area 51 mineralization on the original Fenelon Gold Property. The company estimates approximately 80,000 metres of drilling will be completed as part of this program by year-end, with 46,000 metres completed to date.

The other two drill rigs are active on the newly-acquired portion of Fenelon to follow-up on the Reaper and Ripley gold discoveries made in 2019 and 2020 by Balmoral Resources. Wallbridge is planning to complete approximately 20,000 metres of drilling in 2020 on the newly-acquired ground, with over 9,000 metres completed to date