I wish I could be more helpful on this, but I suspect I may be telling you things you already know. Here goes... Walborg made so many bags in so many styles that it's hard to find a newspaper ad that corresponds to this specific handbag. However, I can tell you that cameos (and intaglios) as clasps and frame embellishments were a trend in the early- to mid-1960s. I've attached an ad for one from 1964. I know that cameos similar to the one on your bag were used on earlier French-made handbags, but the bag style and the Italy label say 1960s to me. I don't know that identifying the mark on the frame will help you. It's likely the hardware manufacturer's mark. I wrote an article about Walborg and its founder, and, if you take a look at it and scroll down a bit, there's a 1960 newspaper article with a photo of a guy holding a bunch of Walborg beaded bags. It looks like one may have cameos on it, but again, it's a different style than yours. I'm so sorry I don't have more info.
https://vintagepursegallery.blogspot.com/2020/09/special-post-vintage-purse-museum.html