Wallbridge Mining Company Ltd.’s [WM-TSX; WLBMF-OTCQX] 2023 exploration drill program has extended the gold mineralization at its 100%-owned Fenelon gold project in Quebec at depth in Area 51 and to the south of the Ripley zone.
Attila Pentek, Wallbridge’s Vice President, Exploration, commented: “The ongoing drilling campaign at Fenelon continues to return impressive results, both discovering new gold-bearing areas on the property and continuing to expand the known deposit as highlighted today. Significantly, today’s results expand the Area 51 system 80 metres from the nearest intersection in the central part of the deposit at depth, while new results in the Ripley zone have now expanded the known footprint of gold-bearing Jeremie Diorite to over 3 km north-south. Our exploration program is consistently growing the overall mineralized footprint and highlighting the district-scale potential of the Fenelon gold system.
“Over the remainder of the year, our exploration activities will continue to focus on further delineating the potential of our Detour-Fenelon land package. In parallel, we expect to complete a preliminary economic assessment for the Fenelon deposit this month.”
Composite Highlights: FA-23-543 intersected high-grade gold mineralization in the Area 51 system down to 940 metres below surface including 18.26 g/t gold over 2.70 metres, including 38.63 g/t gold over 1.20 metres; 14.16 g/t gold over 2.50 metres and 20.95 g/t gold over 0.50 metres.
Currently, the Company has three drill rigs operating on its Detour-Fenelon Gold Trend property: two at its Martiniere gold project and one that is in the process of being mobilized from Fenelon to Grasset East to test favorable target areas on this eastern, unexplored part of the land package.
Wallbridge has completed over 13,000 metres of drilling at Fenelon and over 10,000 meters at Martiniere as part of its 2023 exploration program. Assay results are being released here for six drill holes from Fenelon.
In addition to the drilling campaign, other grassroots exploration programs are underway to continue developing the pipeline of regional targets. In the first quarter of this year, high-resolution airborne magnetic surveys were completed over a group of properties, including Martiniere and Casault, and a sonic, drill-for-till orientation program was completed at Casault. Field work is also currently underway on the Harri property, which lies between the company’s two flagship projects, Fenelon and Martiniere.
Fenelon Gold is located on the highly prospective Detour-Fenelon Gold Trend Property in Quebec’s Northern Abitibi region. An updated mineral resource estimate completed in January 2023 yielded significantly improved grades and additional ounces at the 100%-owned Fenelon and Martiniere projects, incorporating a combined 3.05 million ounces of indicated gold resources and 2.35 million ounces of inferred gold resources.
Fenelon and Martiniere are located within an 830 km2 exploration land package controlled by Wallbridge. The Company believes that these two deposits have good potential for economic development, especially given their proximity to existing hydro-electric power and transportation infrastructure. In addition, Wallbridge believes that the extensive land package is extremely prospective for the discovery of additional gold deposits.
Wallbridge also holds a 19.9% interest in the common shares of Archer Exploration Corp. [RCHR-CSE] as a result of the sale of the company’s portfolio of nickel assets in Ontario and Quebec in November 2022.