Wallbridge Mining Company Limited announced an updated mineral resource estimate for its Fenelon Gold and Martiniere Gold projects, located on the Company's Detour-Fenelon Gold Trend land package in Northern Abitibi, Quebec. The updated MRE for Fenelon is based on 1,350 recent and historic drill holes totaling approximately 537,000 m, variably spaced from 20 to 200 m on the Gabbro, Tabasco/Cayenne, Area 51 and Ripley/Reaper zones. This includes 917 drill holes totaling approximately 460,000 m drilled by Wallbridge since 2016.

The updated MRE for Martiniere is based on 596 recent and historic drill holes totaling over 169,000 m, variably spaced from 20 to 150 m on the Martiniere North, Martiniere West, Martiniere Central, Bug Lake and Horsefly zones. A total of 54 holes drilled to date by Wallbridge since the acquisition of Balmoral have been incorporated into the Martiniere MRE. For both deposits, the geological, litho-structural, and 3D modelling of the mineralized zones was prepared in Leapfrog Geo and the MREs were prepared in Leapfrog Edge using a sub-block model of 4m x 4m x 4m parent blocks.

Gold grades were calculated using the Inverse Distance squared interpolation method using hard boundaries for both deposits. The mineral resources are categorized as Indicated and Inferred based on drill spacing, as well as geological and grade continuity. For Fenelon, in the Tabasco/Cayenne Zones, a maximum distance to the closest composite of 35 m for Indicated and 70 m for Inferred while 25 m was used for Indicated and 50 m for Inferred in all other zones.

For Martiniere, maximum distance to the closest composite was 35 m for Indicated and 70 m for Inferred. The reasonable prospect for an eventual economical extraction is met by having used reasonable cut-off grades both for a potential open pit and underground extraction scenarios, a minimum width, and constraining volumes. The reasonable prospect for an eventual economical extraction will be further evaluated in the upcoming PEA which is expected in Second Quarter 2023.