Wallbridge Mining (TSX: WM; US-OTC: WLBMF) is progressing its Fenelon gold project in northwestern Quebec through a 35,000-tonne bulk sample and an 8,000-metre underground drill program. The company says it will begin a 10,000-metre surface drill program in the coming weeks.
The company is targeting the project’s western extension with the current drill campaign. It found visible gold in 41 of the 63 holes it’s drilled so far, with assay results from 31 holes still pending.
The latest highlights from the project include 18.54 grams gold per tonne over 1.82 metres from 26.14 metres down hole in the Naga Viper zone and 204 grams gold over 0.4 metres from 101 metres down hole in the Chipotle zone.
The company also cut 122.35 grams gold over 2.2 metres from 132 metres down hole in the Habanero zone, which it discovered during last year’s surface drill program.
Its main focus so far has been high-grade shoots at about 120 metres below surface. It recently stationed a new drill on the project’s 5180 level that will target shoots as deep as 200 metres below surface.
The company has shipped over 8,000 tonnes of ore to the Camflo mill and says the first batch is nearly processed. In total, it expects the bulk sample will produce 19,000 to 26,000 oz. gold from stopes in several areas of the project. It expects gold grades from these stopes to average 18 grams gold to 25 grams gold.
Wallbridge acquired Fenelon in 2016. It tabled a prefeasibility study for the project the following year.
Shares of Wallbridge are currently valued at 18¢ with a 52-week range of 5¢ to 18¢. The company has a $58 million market capitalization.
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