Wallbridge Mining Co. Ltd. [WM-TSX, WC7-FWB] on Thursday April 29 released results from its exploration drill program at the 100%-owned Fenelon gold property in Quebec, where the company plans to spend $79 million this year.
The latest results are from five exploration holes. They tested the geology and extensions of known host rocks and mineralized trends several hundred metres away from the central part of the known Fenelon Gold System where definition drilling is underway in preparation for the maiden 2021 mineral resource estimate.
Highlights included a drill intersection with 17.79 g/t gold over 16.40 metres, including 76.98 g/t gold over 3.30 metres in a newly discovered eastern extension of the Gabbro zones.
This high-grade zone is located approximately 140 metres along strike to the east of, and 175 metres vertically below, the known part of the Gabbro zones where Wallbridge completed a 33,500-tonne underground bulk sample in 2019 with an average grade of 18.49 g/t gold. The mineralization is open for expansion with very few historic drill holes in the area.
“We are very excited about this new high-grade discovery hosted within the Main Gabbro, 140 metres away from the known Gabbro zones,” said Attila Pentek, Vice-President, Exploration. “This eastern extension of the Main Gabbro, one of the most important host rocks at Fenelon, has seen very limited drilling in the past with only 100-200-metre holes,” he said. “This intersection is still close to surface, at a vertical depth of 300 metres, and is open in all directions.”
Wallbridge shares advanced, rising 1.6% or $0.01 to 62 cents on volume of 316,860.
The 85.6 km2 Fenelon Gold property is about 75 km northwest of Matagami and proximal to the Sunday Lake Deformation Zone, which hosts the Detour Gold Mine in Ontario.
Wallbridge has completed an updated resource estimate and a positive pre-feasibility study (PFS) on the existing gold resource, which consists of 38,000 Measured and Indicated ounces, plus 1,900 ounces Inferred.
Exploration has successfully expanded the Fenelon gold system with the discovery of Area 51 in late 2018 and the Lower Tabasco-Cayenne shear system in 2019.
The 2020 drilling program of approximately 102,000 metres successfully expanded the size potential of the Fenelon Gold system to a strike length of 1.8 km. It has begun a fully-funded 170,000-metre drill program. The company is also planning 4,800 metres of underground exploration development, representing 10,000 metres of a two-year program.