“These two gold deposits remain open in several directions laterally and at depth, indicating significant expansion potential,” Kord said in a press release. “Our next step is additional drilling to add to these resources before proceeding with an economic study and identifying new mineralization elsewhere on the Detour-Fénelon gold corridor. “
Fenelon, 75 km northwest of Matagami, has an indicated surface resource of 28.1 million tonnes grading 1.45 grams of gold per tonne for 1.3 million ounces. contained gold and an inferred resource of 22.1 million tonnes grading 1.18 grams of gold per tonne for 841,400 ounces. The project’s underground indicated resources amount to 7.9 million tonnes grading 3.23 grams of gold per tonne for 819,300 oz. gold, with an inferred resource of 6.9 million tonnes grading 2.83 grams of gold per tonne for 626,000 ounces.
At Martinière, 30 km west of Fénelon, the updated indicated resource measures 6.6 million tonnes grading 2 grams of gold per tonne for 422,800 ounces of gold and the inferred resource is 1.4 million tonnes at a grade of 1.81 grams of gold per tonne for 81,900 ounces of gold. The underground resource indicated at Martinière is 957,500 tonnes at a grade of 3.93 grams of gold per tonne for 120,900 oz. gold and inferred resources amount to 1.4 million tonnes at a grade of 3.95 grams of gold per tonne for 174,300 ounces.
The resource estimate for Fenelon was based on 1,040 recent and historic holes totaling approximately 358,000 meters, including 650 holes (292,000 meters) that Wallbridge has drilled since acquiring the property from Balmoral Resources in 2016. The estimate update for La Martinière was based on 111 recent and historic holes. drill holes totaling over 40,000 meters.
Wallbridge owns 100% of both projects.
“The resource estimate marks the first meaningful measure of the magnitude of Fenelon,” commented Andrew Mikitchook, analyst at BMO Capital Markets, in a research note. “Overall, we were expecting visibility of 2-5 million ounces of mineralization and the initial resource is clearly approaching the upper end of this range.”
At time of printing, Wallbridge was trading at C48 ¢ in a 52-week range of C47 ¢ to C92 ¢. The company has 817 million common shares outstanding for a market capitalization of C $ 388 million.
BMO’s Mikitchook has a target price on Wallbridge of C $ 1 per share and an outperformance rating at the company.
(This article first appeared in The Northern Miner)