Wallbridge Mining Co. Ltd. [WM-TSX; WC7-FWB] shares rallied Tuesday October 22 in active trading after the company tabled impressive drill results from its 100%-owned Fenelon Gold property in Quebec.
The results released Tuesday are from an ongoing 70,000-80,000-metre drill program, which is continuing to follow up on the recent Area 51 and Tabasco discoveries, and outline a large gold system on the property.
The company said drill hole FA-19-086, which was described in an earlier press release, assayed 27.00 g/t gold over 38.39 metres in the Tabasco Zone at a vertical depth of 500 metres. This further demonstrates the significant gold endowment of the gold system at depth, Wallbridge said in a press release that was issued following the close of trading on October 21, 2019. Further assay results from this hole are pending.
Meanwhile, on Tuesday, Wallbridge shares rose 10.7% or $0.04 to 41.5 cents on volume of 3.38 million. The shares are currently trading in a 52-week range of 15 cents and 48.5 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, which covers 1,052 hectares and is located 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 and Balmoral Resources Ltd.’s [BAR-TSX, BALMF-OTC] gold deposits at Martiniere.
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.
Subsequent drilling, along with geological and structural modelling combined with a reinterpretation of the deposit have led to an expanded exploration target of an additional 70,000-120,000 ounces of gold.
“We couldn’t be more pleased to receive these exceptional assay results from the Tabasco Zone in hole FA-19-086, which confirmed our visual assessment of the significance of this intersection,” said Wallbridge President and CEO Marz Kord.
“We are very proud of the rapid exploration success we have achieved in 2019: a year ago, we only had a conceptual model of the gold zones below 200 metres vertical depth and now we have several significant, high-grade intersections at 500 to 600 metres depth,” Kord said.
“We have now accelerated the deep exploration to continue following these high-grade zones to depth, in order that we may plan for a greatly expanded drill program in 2020, which will provide us with the data required to complete the property wide resource/reserve estimate in early 2021.”
Of the six drills currently active on the property, four are focusing on exploration drilling from surface, doing large-spaced step-outs to define the footprint of the Fenelon gold system and two underground drill rigs are going for more closely-spaced drilling of the Tabasco zones and Area 51 near the existing mine workings.
A total of 56,000 metres have been drilled in 2019 and the drill program is on track to complete the 70,000-80,000 metres by the end of the year.