https://wallbridgemining.com/news/october-19-news-release-update-title-and-slug-under-settings/

Wallbridge Intersects 9.06 g/t Gold Over 40.05 Metres, including 16.33 g/t Gold Over 19.85 Metres in High-Grade Core of Lower Tabasco Zone

Toronto, Ontario – October 19, 2020 – Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) is pleased to report the first assay results from the ongoing 15-40 metre spaced infill drilling program to better define the high-grade core of the Lower Tabasco zone on its 100%-owned Fenelon Gold Property (“Fenelon” or the “Property”).  Results of FA-19-086-W1, the first of five wedge cuts correlate well with the results of FA-19-086.

These results confirm the presence of high-grade mineralization 25 metres above the original FA-19-086 intersection of 22.73 g/t Au over 48.01 metres including 32.22 g/t Au over 22.87 metres (see Wallbridge Press Release dated December 3rd, 2019) and mirror the grade distribution in FA-19-086 (see Figs. 1 and 2).

A comparison of the two intersections is shown in Table 1 below.

“Given the expected variability of this style of high-grade gold mineralization, the degree of consistency in terms of style of mineralization and grade distribution shown by these two intersections 25 metres apart could hardly be better,” stated Attila Péntek, Vice President Exploration of Wallbridge.

“Our aggressive, 50 to 100-metre spaced step-out drilling has been successful in expanding the footprint and size potential of the Fenelon Gold System. In order to deliver a robust maiden resource estimate, we are now increasingly doing more in-fill drilling at much tighter, 15 to 40-metre drill spacing to confirm continuity and grade. The visual results of the five wedge cuts completed around hole FA-19-086, and today’s assays from the first wedge cut have demonstrated excellent continuity in Tabasco’s high-grade domain and we are now continuing in-fill drilling in other parts of the Tabasco and Cayenne zones. This tighter spaced drilling has also led to the initial modelling of the Jeremie Fault which is now recognized as an important structural control for gold deposition in the Fenelon Gold System.”

Additional in-fill and step-out results on from the Tabasco and Cayenne zones are as follows:

2020 Drilling Program Update

To September 30, 2020, approximately 75,000 metres of the planned fully-funded 100,000-metre 2020 drilling program have been completed. Currently, five of six drill rigs are focusing on expanding the Tabasco-Cayenne-Area 51 mineralization on the original Fenelon Gold Property, carrying out a combination of 50-100-metre step-outs and tighter-spaced in-fill drilling. The sixth drill rig is actively exploring the connection of the Tabasco-Cayenne-Area 51 gold system to the Ripley-Reaper area and the Sunday Lake Deformation Zone. Consideration has been given to increasing the scope and size of the planned 2020 and 2021 drilling programs to be able to fully assess the ultimate size potential of this rapidly growing gold system (see Wallbridge Press Release dated Oct 13, 2020).

Final assay results of eight (FA-20-144, -146, -154, -155, -159-W1, -161, -167, and -171) and partial assay results of four (FA-19-086-W1, FA-20-140, -153, and -176) surface drill holes of the 2020 exploration drill program are reported in the Table and Figures below. All figures and a table with drill hole information of recently completed holes are posted on the Company’s website under “Current Program” at https://www.wallbridgemining.com/s/fenelon.asp.

Figure 1. Fenelon Gold, Tabasco Long Section

Figure 2. Fenelon Gold, FA-19-086 Wedges, Plan View and Cross Section

Figure 3. Fenelon Gold, Cross Section 9975

Figure 4. Fenelon Gold, Cross Section 10200

Figure 5. Fenelon Gold, Cross Section 10275

Figure 6. Fenelon Gold, Cross Section 10350

Note: True widths are estimated to be 50-80% of the reported core length intervals.

Assay QA/QC and Qualified Persons

Drill core samples from the ongoing drill program at Fenelon are cut and bagged either on site or by contractors and transported to either SGS Canada Inc. or ALS Canada Ltd. for analysis. Samples, along with standards, blanks and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. or ALS Canada Ltd. laboratories. Samples are crushed to 90% or 95% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns or 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS. At SGS, 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 Person responsible for the technical content of this press release is Christopher Kelly, P.Geo., B.Sc., Project Geologist of Wallbridge.

About Wallbridge Mining

Wallbridge is currently advancing the exploration and development of its 100%-owned Fenelon Gold property, which is located along the Detour-Fenelon Gold Trend, an emerging gold belt in northwestern Québec with an ongoing, fully-funded 100,000-metre exploration drill program in 2020.

The recent acquisition of Balmoral Resources has secured for Wallbridge a buffer of several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future mine development flexibility. This acquisition has also significantly expanded Wallbridge's land holdings in Québec along the Detour-Fenelon Gold Trend (from 10.5 km2 to over 900.0 km2), improving Wallbridge's potential for further discoveries for over 90-kilometre strike in this under-explored belt.

Wallbridge is also the operator of, and a shareholder in, Lonmin Canada Inc., a privately-held company with a large portfolio of nickel, copper, and platinum-group metals (PGM) projects in Ontario's Sudbury Basin.

This news release has been authorized by the undersigned on behalf of Wallbridge Mining Company Limited.

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

Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: vvargas@wallbridgemining.com