Wallbridge Intersects 137.63 g/t Gold Over 4.85 metres

“Our drilling to date has mainly focused on the top 100 metres of the deposit. The successful results to date indicate that our original exploration target of 400 ounces per vertical metre has now increased to a range of 800-1,000 ounces per vertical metre and the continued drilling is proving this up in preparation for the updated resource to be completed after the bulk sample,” stated Marz Kord, President & CEO of Wallbridge Mining Company. “This is very comparable to other well-known, high grade Abitibi gold deposits. The planned 2018 drilling from underground and surface should allow us to define the extension and size potential of the deposit to depth”.

The bulk sample is expected to produce 19,000 to 26,000 ounces of gold with close to 50% of gold priced at C$1,720per ounce. The expected cash flow upon completion of this bulk sample, net of all bulk sample costs and including the financing costs is expected to be sufficient to cover the budgeted working capital requirements.

The bulk sample program is designed to test a few stopes in several zones. Overall grade from these planned stopes is estimated to average 18 to 25 g/t gold. The geology team has developed an extensive sampling program to characterize the mineralized material during this bulk sample. Chip samples are collected from a sampling line across each development face and muck samples are also taken in a regular pattern on surface.

“With most of the stope definition drilling completed, we will now entirely focus on resource expansion. The underground drill rig will continue to target high-grade shoots in the current footprint of the mine workings, whereas our surface rig, which is being mobilized later this month, will be testing zones further away. We are eager to continue exploring the broader environment around the known deposit to discover new high-grade gold zones that can easily be added to future production.” stated Attila Péntek, Vice-President, Exploration of Wallbridge.

Drilling to date from the 5213 level has mainly targeted the Chipotle and Naga Viper zones in the upper 100 m, between levels 5150 and 5213. Stopes that have thus far been drilled-off to the planned 6 to 7 m nominal spacing have provided good confirmation of the geological model and continuity of the high-grade shoots. Drilling is now focusing on defining stopes and expanding resources in the West extension area of the Naga Viper and Habanero zones, including the high-grade shoot discovered last year with intersections that included 260.4 g/t gold over 7.02 metres, 141.2 g/t gold over 7.06 metres and 311.1 g/t gold over 3.06 metres (see Wallbridge Press Release dated December 13, 2017).

Deeper drilling to test the down-plunge of known high-grade shoots is planned for Q4 of 2018 once the lower levels are developed.

A 10,000-metre surface drilling program is also scheduled to start in September to follow known mineralized zones and expand resources at depth and further away from the mine workings.

A summary of the drill hole results from the underground drilling are reported in Tables 1 and 2 and also shown on the Figures below.