Wallbridge sees rapidly-growing gold system at Fenelon
Wallbridge Mining Co. Ltd. [WM-TSX; WC7-FWB] on Wednesday October 14 released more impressive drill results from its 100%-owned Fenelon Gold property in Quebec, which it says has the potential to host a multi-million-ounce gold deposit.
The company said results from step-out drilling have further extended the Area 51 gold zones to the west and southeast, while in-fill drilling in Area 51 continues to define the distribution of gold mineralization consisting of numerous narrow, high grade veins within vein network zones tens of metres in width.
Highlight intersections from in-fill and expansion drilling include 1.53 g/t gold over 120.50 metres, including 3.49 g/t gold over 24 metres, which includes 9.35 g/t gold over 5.00 metres.
“Our infill drilling in Area 51 continues to show the characteristics of potentially bulk mineable mineralization over large widths with the optionality of selective mining of higher grades from some of the zones,” said Wallbridge President and CEO Marz Kord.
“Further infill drilling will increase our understanding of the high-grade domains within the larger mineralized intervals, as we work toward a maiden resource estimate for the Fenlon gold system,” he said.
Wallbridge shares were unchanged at 94 cents on Wednesday on volume of 784,791. The shares are currently trading in a 52-week range of $1.35 and 32.5 cents.
Wallbridge has said it is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.
Its portfolio includes the Fenelon Gold property in northwestern Quebec, about 75 km northwest of Matagami. The project is proximal to the Sunday Lake Deformation Zone, which hosts the Detour Gold Mine in Ontario.
Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive pre-feasibility study (PFS) on the existing gold resource, which consists of 38,000 ounces in the measured and indicated category, plus a further 1,900 ounces of inferred material.
Its exploration efforts have successfully expanded the Fenelon gold system with the discovery of Area 51 in late 2018 and the Lower Tabasco-Cayenne shear system in 2019.
By September 30, 2020, drill crews had completed 75,000 metres of a fully-funded 100,000-metre 2020 drilling program. Currently five of six drill rigs are focusing on expanding the Tabasco-Cayenne-Area 51 mineralization on the original Fenelon Gold property. They are carrying out a combination of 50-100-metre step-outs and tighter-spaced infill drilling.
The sixth drill is active on exploring the connection of the Tabasco-Ceyenne-Area 51 gold system to the Ripley-Reaper Area and the Sunday Lake Deformation Zone.
Wallbridge said consideration ahs been given to increase the scope and size of the planned 2020 and 2021 drilling programs to be able to fully assess the ultimate size potential of what is a rapidly growing gold system.