Wallbridge Mining Company Limited (TSX:WM) has identified new gold mineralisation closer to the surface and at higher grades in assay results from resource drilling at its 100%-owned Fenelon Gold Project in Canada.
These results will be incorporated into the MRE update and Preliminary Economic Assessment (PEA).
“A large proportion of the ounces within the 2021 MRE were contained below 200 metres in depth, which we believed was in part due to the lack of drilling,” Vice President, Exploration, Attila Péntek, said.
“Therefore, one of the core objectives of our 2022 exploration programme was to test certain areas within the known MRE footprint to improve the quality of the deposit near surface.
“The delineation of new, strong gold zones, exemplified by the intercepts announced today from the Tabasco Corridor and Area 51, meet this objective and have the potential to provide early, high-quality ounces within the deposit.
“Overall, the results released today align well with our vision for Fenelon as a predominantly underground bulk mining deposit, potentially supplemented by smaller open pits primarily centred on Area 51.
“Additionally, the Ripley Zone, located approximately 900 metres south of Fenelon’s 2021 MRE footprint along the northern edge of the Sunday Lake Deformation Zone, is also developing into a satellite zone, with good potential to add resources in the future.”
Fenelon is located 80 kilometres east of the Detour Lake gold mine, at the centre of Wallbridge’s strategic land package, which covers roughly 910 square kilometres of the most prospective ground on the Detour-Fenelon Gold Trend.
In August, the company announced a landmark Pre-Development Agreement with Cree Nation partners, reiterating their support for exploration and pre-development activities at Fenelon and all necessary environmental and social impact assessment studies relating to the project.
The company expects to publish an updated MRE for Fenelon and the nearby Martiniere project in the first quarter of 2023, followed by the completion of a PEA for Fenelon by the end of the second quarter of 2023.
The Fenelon Gold project is located on the highly prospective Detour-Fenelon Gold Trend Property in Northern Abitibi.
For further information please visit: https://wallbridgemining.com/
