Fenelon Gold System Size Potential Expanded

TORONTO – Wallbridge Mining Company Limited reported that initial drilling on the new ground acquired through its recent acquisition of Balmoral Resources Ltd. has greatly expanded the ultimate size potential of the Fenelon Gold System. Recent drilling has extended gold mineralization 500 meters to the west and 850 meters to the south of Area 51. This greatly expands the ultimate potential size of the Area 51 vein network gold mineralization on Wallbridge’s 100%-owned Fenelon Gold Property. The Area 51 vein network, along with the Tabasco, Cayenne and Gabbro Zones, form parts of a large gold system (“Fenelon Gold System”) located within and adjacent to the Jeremie Diorite, which has now been traced for over 1.8 kilometers.

“The new, greatly expanded, footprint of the Fenelon Gold System, together with our ongoing infill and step-out drilling program on the original Area 51, Tabasco and Cayenne areas, dictate that we need to consider a significant increase and acceleration of our drilling program to define the full potential of what is rapidly becoming a very large system with multi-million ounce resource potential,” said Marz Kord, President and CEO. “In the coming weeks we will continue to outline the potential of this gold system by also exploring the virtually untested extensions of the Tabasco-Cayenne Zones toward the southeast.”

To August 31, 2020 approximately 63,000 meters of the planned fully-funded 100,000-meter 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-meter step-outs and tighter-spaced in-fill drilling. The sixth drill rig is active on the newly-acquired portion of Fenelon to test the connection of the Tabasco-Cayenne-Area 51 gold system to the Ripley-Reaper Area and the Sunday Lake Deformation Zone. Consideration is being 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 what is a rapidly growing gold system.