Wallbridge Mining Co. Ltd. [WM-TSX; WC7-FWB] shares rallied Wednesday January 28 in active trading after the company tabled more impressive drill results from its 100%-owned Fenelon Gold property in Quebec.
The company said drilling has intersected 43.47 g/t gold (23.57 g/t gold cut) over 19 metres in the Lower Tabasco Zone at the 100%-owned Fenelon property. The interval is located approximately 120 metres below a drill intersection of 22.73 g/t gold (18.87 g/t gold cut) over 48.01 metres in hole FA-19-086, which was announced in a press release on December 3, 2019. It highlights the excellent potential for similar exceptional, high-grade intersections within the Lower Tabasco Zone, the company said.
Wallbridge shares advanced on the new, rising 17.6% or 13 cents to 87 cents on heavy volume of 4.46 million shares traded, making Wallbridge the most actively traded stock on the TSX Venture Exchange on Wednesday. The shares are currently trading in a 52-week range of 18 cents and 99 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.
Two additional holes from the ongoing 2020 drill program also intersected intervals of visually strong mineralization with abundant visible gold in the Lower Tabasco Zone.
Six drill rigs are currently active on the property. The company said five are focusing on exploration drilling from surface, doing large spaced step-outs to defined the footprint of the Fenelon gold system, and one underground drill rig is doing more closely-spaced definition drilling on the Main Gabbro zones near the existing mine workings.
At total of 75,000 metres were drilled in 2019 and the program continues this year with the same drilling rate of approximately 9,000 metres per month. The projected total this year is 100,000 to 120,000 metres. So far 6,500 metres have been drilled in 2020.
“Today’s announcement continues to confirm the presence of significant high-grade gold mineralization in the Lower Tabasco Zone which remains open at depth and on strike,” said Wallbridge President and CEO Marz Kord.
“A known strike length of 300-400 metres, uncapped weighted average gold grades in excess of 10 g/t over average core lengths of about 15 metres, the approximate 500 metre down-dip extent identified thus far and indications from drill holes like FA-20-110 and FA-20-115, highlight the potential for a significant underground resources,” he said.