Wallbridge Reports Initial Results from 2026 Martiniere Drill Program Expanding Mineralization along Dragonfly Corridor
TORONTO, May 11, 2026 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX: WM, OTCQB:WLBMF) (“Wallbridge” or the “Company”) is pleased to announce the results for the first two holes completed as part of its 2026 Phase 1 drilling campaign at its 100% owned Martiniere gold project (“Martiniere”). The Phase 1 campaign is focused on the Dragonfly zone which forms the core of the Bug Lake deformation corridor and hosts the majority of the Martiniere mineral resource.
HIGHLIGHTS*
| MR-26-141 | 2.20 g/t Au over 2.8 m | ||
| MR-26-141A | 5.22 g/t Au over 1.3 m | ||
| MR-26-142 | 2.01 g/t Au over 12.8 m | Including 5.29 g/t Au over 1.6 m | |
| 2.82 g/t Au over 4.1 m | |||
| 3.11 g/t Au over 18.4 m | Including 3.47 g/t Au over 2.3 m | ||
| 3.58 g/t Au over 1.9 m | |||
| 19.10 g/t Au over 0.9 m | |||
| 3.54 g/t Au over 4.3 m | |||
| 3.75 g/t Au over 4.8 m | Including 7.17 g/t Au over 1.7 m | ||
| 5.33 g/t Au over 0.7 m | |||
| 4.53 g/t Au over 13.5 m | Including 22.60 g/t Au over 1.0 m | ||
| 3.73 g/t Au over 6.3 m | |||
| 6.95 g/t Au over 2.0 m | |||
| 3.84 g/t Au over 3.0 m | Including 5.04 g/t Au over 2.0 m | ||
| * True widths are estimated to be 70-90% of the reported core length intervals. | |||
“The initial results from our 2026 program once again provide further confirmation of the scale potential emerging at Martiniere,” commented Brian Penny, Chief Executive Officer of Wallbridge. “Drilling along the Dragonfly corridor continues to intersect multiple mineralized structures over significant widths, reinforcing our geological model of Martiniere as a large and robust gold system that remains open for continued expansion both laterally and at depth. We look forward to continuing to unlock the potential at Martiniere over the remainder of the program and will report results as they become available.”
Martiniere 2026 Drilling Program
On March 16, 2026, the Company announced the commencement of a 17,000 metre exploration drilling program at Martiniere. The program is being executed in two phases, with Phase 1 currently nearing its scheduled completion on May 14, 2026. Phase 1 comprises six holes totaling approximately 4,000 metres.
The primary objective of the 2026 program is to further evaluate Martiniere’s growth potential through widely spaced step-out drilling targeting the projected extensions of the principal structures controlling gold mineralization beyond the limits of the currently defined mineral resource.
The six Phase 1 holes were drilled along an approximate 350 metre section of the Dragonfly shear corridor. Summary descriptions of the results for the first two holes reported here are provided below. Results for the remaining four holes will be reported once all final assays have been received.
- MR-26-141 (Section A-A’): Collared approximately 250 metres south of the underground mineral resource and designed to test the down-dip projection of the system, excessive down-hole deviation early in the original hole MR-26-141 resulted in the hole being abandoned and re-collared as MR-26-141A, which was successfully completed. Prior to abandonment, hole MR-26-141 intersected a 2.8 metre shear-hosted interval grading 2.2 g/t Au at a down-hole depth of 68.5 metres.
- MR-26-141A (Section A-A’): Collared within a few metres of abandoned hole MR-26-141, hole MR-26-141A intersected several narrow mineralized intervals, including 5.22 g/t Au over 1.3 metres along the sheared contact between a felsic porphyry dike and a pillowed basalt unit. Additional lower grade gold mineralization was intersected along the sheared margins of multiple porphyry dikes emplaced along the Dragonfly shear corridor.
- MR-26-142 (Section B-B’): Collared along the eastern margin of the Bug Lake South resource area and drilled northward to test a gap between previously-completed drill holes along the Dragonfly corridor. The hole intersected a series of sub-parallel mineralized structures, returning intervals including 2.01 g/t Au over 12.8 metres, 3.11 g/t Au over 18.4 metres, 3.75 g/t Au over 4.8 metres, 4.53 g/t Au over 13.5 metres, and 3.84 g/t Au over 3.0 metres.
The majority of the defined resource area at Martiniere is hosted along the Bug Lake deformation corridor, a broad structural corridor comprising a series of northwest-striking, southwest-dipping shear zones spatially associated with felsic intrusive dikes developed within a large drag-fold structure adjacent to the regional-scale Lac du Doigt fault. The Lac du Doigt fault is interpreted to represent an important structural control on the emplacement and distribution of gold mineralization at Martiniere and currently marks the northern limit of systematic exploration drilling completed to date.
Similar to other major structural corridors in the Abitibi greenstone belt, including the Sunday Lake Deformation Zone that extends across the Company’s approximately 600 km² Detour–Fenelon property and hosts the Detour Lake Mine approximately 45 kilometres west of Martiniere, the Lac du Doigt fault is interpreted to have acted as a deep-seated conduit for hydrothermal fluid flow and gold mineralization.
Since early 2025, exploration drilling targeting the geologic continuity of the broader mineralized system has intersected significant gold mineralization over an area measuring approximately 2,000 metres along strike, by 800 metres in width, and to a vertical depth of at least 800 metres below surface. The system remains open to continued expansion laterally to the southeast and north, as well as at depth.
The Martiniere mineral resource (published March 27, 2025) is estimated to contain 346,000 ounces of gold averaging 2.29 g/t Au in the Indicated category and 387,000 ounces of gold averaging 3.11 g/t Au in the Inferred category. The mineral resource estimate includes all drilling completed prior to December 31, 2024. (For details see the current mineral resource statement provided in the NI43-101 Technical Report dated March 27, 2025 available on the Company’s website at www.wallbridgemining.com and on www.sedarplus.ca).
Gold mineralization at Martiniere is primarily hosted within mafic volcanic rocks and younger felsic porphyry dikes, occurring within discrete shear and breccia zones characterized by pyritic silica flooding, quartz-carbonate veining, and silica-sericite alteration. Mineralization is commonly concentrated along sheared intrusive contacts and within zones of increased deformation throughout the broader Bug Lake deformation corridor.
A table of gold assay highlights is provided below:
| Martiniere Project 2026 Phase 1 – Initial Drill Assay Highlights1 | ||||||||
| From3 | To3 | Length3, 4 | Au | |||||
| Drill Hole | VG*2 | (m) | (m) | (m) | (g/t) | |||
| DRAGONFLY | ||||||||
| MR-26-141 | * | 68.5 | 71.3 | 2.8 | 2.20 | |||
| MR-26-141A | 259.6 | 260.9 | 1.3 | 5.22 | ||||
| MR-26-142 | 404.0 | 416.8 | 12.8 | 2.01 | ||||
| Including | 404.0 | 408.0 | 4.0 | 0.81 | ||||
| 408.0 | 409.6 | 1.6 | 5.29 | |||||
| 409.6 | 412.8 | 3.2 | 0.89 | |||||
| 412.8 | 416.8 | 4.1 | 2.82 | |||||
| 430.2 | 432.0 | 1.9 | 3.79 | |||||
| 469.1 | 487.5 | 18.4 | 3.11 | |||||
| Including | 469.1 | 474.8 | 5.7 | 1.29 | ||||
| 474.8 | 477.0 | 2.3 | 3.47 | |||||
| 477.0 | 480.5 | 3.5 | 1.17 | |||||
| 480.5 | 482.4 | 1.9 | 3.58 | |||||
| 482.4 | 483.3 | 0.9 | 19.10 | |||||
| 483.3 | 487.5 | 4.3 | 3.54 | |||||
| 496.5 | 501.3 | 4.8 | 3.75 | |||||
| 496.5 | 497.8 | 1.3 | 1.49 | |||||
| 497.8 | 501.3 | 3.6 | 4.54 | |||||
| 560.5 | 574.0 | 13.5 | 4.53 | |||||
| Including | 560.5 | 561.5 | 1.0 | 22.60 | ||||
| 561.5 | 567.8 | 6.3 | 3.73 | |||||
| 567.8 | 572.0 | 4.3 | 0.32 | |||||
| 572.0 | 574.0 | 2.0 | 6.95 | |||||
| 614.0 | 617.0 | 3.0 | 3.84 | |||||
| Notes | ||||||||
| 1 | Highlighted assay composites have been selected based on a combination of criteria, including observable mineralization and/or having a Metal Factor >5 gm*m (MF = Au g/t * Interval length), and/or a minimum interval length of 1.5 metres, | |||||||
| 2 | Asterisk * denotes visible gold (VG) observed in drill core. | |||||||
| 3 | Reported drill hole depths and interval lengths have been rounded to the nearest 0.1 metres. As a result, interval lengths may vary slightly from differences calculated directly from drill hole depths reported here. | |||||||
| 4 | True widths are estimated to be 70-90% of the reported core length intervals. | |||||||
For more information, please refer to the links below for a drill hole location map, representative cross sections, and assay summaries of complete drill holes.
Martiniere Gold Project: 2026 Phase 1 Drill Hole Location Map Plan View
Martiniere Gold Project: 2026 Phase 1 Longitudinal Section A-A’
Martiniere Gold Project: 2026 Phase 1 Cross Section B-B’
Martiniere Gold Project: 2026 Phase 1 Drill Assay Summary and Drill Hole Location Information
The Martiniere project is a key component of the Company’s ~600 km2 Detour-Fenelon Gold Trend property, Northern Abitibi, Quebec. Martiniere is located 30 kilometres west of the Company’s flagship Fenelon gold project and 45 kilometres east of Agnico Eagle’s Detour Lake gold mine, currently Canada’s largest producing gold mine.
Wallbridge Mining Detour - Fenelon Gold Trend Properties
Quality Assurance / Quality Control
Wallbridge maintains a Quality Assurance/Quality Control ("QA/QC") program for all its exploration projects using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for samples, regular insertion of blanks and certified reference materials, and completion of secondary check analyses performed at a separate independent accredited laboratory. Drill core is halved, sampled, and shipped in sealed bags to Activation Laboratories Ltd. (ActLabs) in Val d’Or, Quebec, where samples are routinely analysed via fire assay with atomic absorption spectroscopy (‘AAS’) finish methods. For greater precision and accuracy, samples assaying 10 g/t Au or greater are re-distributed to other ActLabs facilities where they are re-assayed via metallic screen fire assay or fire assay/gravimetric finish, depending on the amount of sample material remaining available. Samples containing visible gold are routinely submitted directly for analysis by metallic screen fire assay method. Activation Laboratories Ltd. operates under a Quality Management System that conforms to the requirements of ISO/IEC 17025.
Qualified Person
The Qualified Person responsible for the technical content of this news release is Mr. Mark A. Petersen M.Sc., P.Geo. (OGQ AS-10796; PGO 3069), Senior Exploration Consultant for Wallbridge.
About Wallbridge Mining
Wallbridge is focused on creating value through the exploration and sustainable development of gold projects in Quebec’s Abitibi region while respecting the environment and communities where it operates. The Company holds a contiguous mineral property position totaling 598 square kilometres that extends approximately 82 kilometres along the Detour-Fenelon gold trend. The land position is host to the Company’s flagship PEA stage Fenelon Gold Project, and its earlier exploration stage Martiniere Gold Project, as well as numerous greenfield gold projects.
For further information please visit the Company’s website at https://wallbridgemining.com/ or contact:
Wallbridge Mining Company Limited
| Brian Penny, CPA, CMA Chief Executive Officer Email: bpenny@wallbridgemining.com M: +1 416 716 8346 | Tania Barreto, CPIR Director, Investor Relations Email: tbarreto@wallbridgemining.com M: +1 416 289 3012 |
Cautionary Note Regarding Forward-Looking Information
The information in this document may contain forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and interpretations as at the date of this document.
All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include, but are not limited to, words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”
FLI in this document may include, but is not limited to: statements regarding current and future exploration and drilling results; parameters and methods used to estimate mineral resource estimate (“MRE") at Martiniere; the prospects, if any, for the expansion of the Martiniere MRE; and the significance of historic exploration activities and results.
FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this document is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained in this document to reflect new events or circumstances. Unless otherwise noted, this document has been prepared based on information available as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information contained herein.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.
Assumptions upon which FLI is based, without limitation, include: the results of exploration activities, the Company’s financial position and general economic conditions; the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Company’s mineral projects; the accuracy of key assumptions, parameters or methods used to estimate MREs and PEAs; the ability of the Company to obtain required approvals; geological, mining and exploration technical problems; failure of equipment or processes to operate as anticipated; the evolution of the global economic climate; metal prices; foreign exchange rates; environmental expectations; community and non-governmental actions; and, the Company’s ability to secure required funding. Risks and uncertainties about Wallbridge's business are discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedarplus.ca.
Cautionary Notes to United States Investors
Wallbridge prepares its disclosure in accordance with NI 43-101 which differs from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). Terms relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources and economic studies used herein are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to US companies. As such, the information presented herein concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.
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