Wallbridge Mining Co. Ltd. [WM-TSX, WC7-FWB] on Thursday April 29 released outcomes from its exploration drill program at the 100%-owned Fenelon gold property in Quebec, where the firm plans to use $79 million this year.
Basically the most modern outcomes are from 5 exploration holes. They tested the geology and extensions of identified host rocks and mineralized trends loads of hundred metres away from the central section of the identified Fenelon Gold System where definition drilling is underway in preparation for the maiden 2021 mineral handy resource estimate.
Highlights integrated 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 stumbled on eastern extension of the Gabbro zones.
This high-grade zone is positioned approximately 140 metres alongside strike to the east of, and 175 metres vertically below, the identified section of the Gabbro zones where Wallbridge finished a 33,500-tonne underground bulk sample in 2019 with a imply grade of 18.49 g/t gold. The mineralization is initiate for expansion with only a few ancient drill holes in the space.
“We are very alive to on this fresh high-grade discovery hosted throughout the Main Gabbro, 140 metres away from the identified Gabbro zones,” acknowledged Attila Pentek, Vice-President, Exploration. “This eastern extension of the Main Gabbro, undoubtedly one of an critical host rocks at Fenelon, has viewed very miniature drilling previously with handiest 100-200-metre holes,” he acknowledged. “This intersection is soundless end to floor, at a vertical depth of 300 metres, and is initiate in all directions.”
Wallbridge shares evolved, rising 1.6% or $0.01 to 62 cents on volume of 316,860.
The 85.6 km2 Fenelon Gold property is set 75 km northwest of Matagami and proximal to the Sunday Lake Deformation Zone, which hosts the Detour Gold Mine in Ontario.
Wallbridge has finished an updated handy resource estimate and a clear pre-feasibility peep (PFS) on the gift gold handy resource, which consists of 38,000 Measured and Indicated ounces, plus 1,900 ounces Inferred.
Exploration has efficiently expanded the Fenelon gold machine with the discovery of Home 51 in tiring 2018 and the Lower Tabasco-Cayenne shear machine in 2019.
The 2020 drilling program of approximately 102,000 metres efficiently expanded the scale doable of the Fenelon Gold machine to a strike length of 1.8 km. It has begun an completely-funded 170,000-metre drill program. The firm is additionally planning 4,800 metres of underground exploration construction, representing 10,000 metres of a two-year program.