Wallbridge Mining Company Limited announced a fully-funded 2024 exploration program that prioritizes upgrading gold resources at Martiniere Gold and Fenelon Gold, as well as the testing of priority grassroots exploration targets on the Company?s extensive and highly-prospective Detour-Fenelon Gold Trend Property in Northern Abitibi, Quebec. Drilling program of 23,000 metres, including: 13,000 metres of resource and exploration drilling at Martiniere, 5,000 metres of resource and exploration drilling at Fenelon, and 5,000 metres allocated to grassroots exploration drilling elsewhere on the Property. Continuing technical studies to optimize the economics for a combined Fenelon/Martiniere Preliminary Economic Assessment.

Exploration costs are fully-funded with cash balance of approximately $29.8 million at year-end 2023. Approximately 55% of the planned 23,000 metres of drilling will be devoted to infilling and expanding the mineral resource at Martiniere, with the balance allocated to Fenelon and regional grassroots exploration. In addition, funding has been allocated for technical studies at Martiniere and Fenelon for the delivery of a PEA in a realistic timeframe that further evaluates the potential economics of both the Fenelon and Martiniere deposits.

Martiniere currently has a mineral resource estimate of 0.68 million ounces of gold in the Indicated category and 0.63 million ounces of gold in the Inferred category. The budgeted drilling in 2024 will be carried out in two phases: Phase 1 of approximately 7,500 metres is scheduled for March and April 2024, with Phase 2 of approximately 5,500 metres planned for the third quarter of the year. The Phase 1 program is designed to increase confidence in the MRE by collecting representative material for metallurgical test work and doing down-hole geotechnical imaging to further improve our understanding of the structural controls on gold deposition.

Phase 2 will be targeting extensions of known gold zones both laterally and down-plunge at depth in order to further expand the deposit. The Company also plans to sample in-fill drill core (approximately 5,000 metres) from historic drilling programs that has not been previously analyzed to potentially identify further gold mineralization in the deposit area. Technical studies for Martiniere, including metallurgical test work, geomechanics and hydrogeology are scheduled to start in early 2024.

Fenelon Exploration Program: The PEA for the Fenelon project resulted in an average annual gold production of 212,000 ounces over a 12-year mine life based on the current MRE of 2.37 million ounces of gold in the Indicated category and 1.72 million ounces of gold in the Inferred category. The 5,000 metres of drilling planned for Fenelon in 2024 is mainly designed to test gold mineralization in the vicinity of the PEA mine design where there is potential to improve the project?s overall economics. Several technical studies are also planned in 2024 at Fenelon with the goal of further enhancing the economics of the project.

Regionally, approximately 5,000 metres of drilling is planned for 2024 with the objective of discovering new mineralized gold zones on high-priority targets located within Wallbridge?s massive land package on the highly-prospective Detour-Fenelon Gold Trend. Field work (outcrop mapping and prospecting) and some geophysical work is also planned. The Qualified Person responsible for the technical content of this press release is Francois Chabot, Eng., the Company?s Manager of Technical Services.