Home > News > Wallbridge updates...

Wallbridge updates fully-funded $112 Million programs for 2020-2021

Oct 13, 2020

In a year from now, Wallbridge Mining is expecting to unveil its first resource estimate. The company has released an update on its fully-funded $112 million exploration and development programs for 2020-2021. The company says the main focus is to complete the drilling and underground development necessary to advance the Fenelon Gold Property to a maiden resource estimate by the third quarter of 2021 as well as expanding the gold mineralization to greater depths.

Work will also be carried out to provide an initial assessment of exploration targets on the Company’s 900 km2 land package on the Detour-Fenelon Gold Trend.

“I am very pleased with our accomplishments this year,” said Marz Kord, President and CEO of Wallbridge. “As of September 30, 2020, we have completed 75,000 metres of drilling and with the closing of our recent financing we have close to $97 million in the treasury and no debt. This gives us the financial strength to deliver our 2020 and 2021 exploration programs and advance Fenelon to a resource. The development of the underground drilling platforms will enable us to explore to greater depths and better evaluate all known mineralized areas at Fenelon, further increasing the amount of data and the level of confidence in our maiden resource. Approximately 10-15% of our drilling will be devoted to regional exploration on the Company’s district-scale and underexplored land package on the Detour-Fenelon Gold Trend over this period.”

The remainder of the 2020 programs consists of:

  • Completion of a 100,000-metre drilling program (75% complete as of Sept 30, 2020);
  • Preparation for underground drilling platform development; and
  • Continuation of technical studies to support resource estimates and future economic studies.

The planned expenditure for the entire 2020 is approximately $42 million which will result in forecasted year-end cash balance of approximately $82 million

The 2021 program consists of:

  • Completion of approximately 150,000 metres of diamond drilling;
  • Completion of the maiden resource estimate for Fenelon including the Gabbro, Tabasco, Cayenne and Area 51 zonesduring the third quarter
  • Commencement of a 10,000 metre, multi-year development program to establish underground drilling platforms in Area 51 and Tabasco which will allow for:
    • Tightly-spaced drilling of Area 51, Lower Tabasco, and Cayenne zones down to 1,500 metre vertical depth; and
    • Mapping and sampling of Area 51, Lower Tabasco and Cayenne zones from underground

The proposed budget for 2021 is approximately $70M.

Wallbridge is currently advancing the exploration and development of its 100%-owned Fenelon Gold property which is located along the Detour-Fenelon Gold Trend, an emerging gold belt in northwestern Québec with an ongoing, fully-funded 100,000-metre exploration drill program in 2020.

Tags: Quebec / Press Releases / Gold / All Articles