QUEBEC – Wallbridge Mining Company of Toronto has filed a 43-101 report for its Fenelon property. The former gold mine is located in the Detour gold trend, 73 km northwest of Matagami.
Some reported numbers are small: a measured and indicated resource of 91,100 tonnes containing 38,000 oz of gold. Others are large: an average grade of 12.97 g/t Au, a 90% increase in tonnage, and a 26% increase in contained ounces. The company says a large part of the resource is near existing underground workings, and the resources lies in the first 150 metres below surface.
The Fenelon property is currently owned 100% by Balmoral Resources, but Wallbridge has signed a definitive purchase agreement. Wallbridge can acquire a 100% undivided interest in the Fenelon mine by issuing 2.38 million shares and making three cash payments totaling $1.25 million. Balmoral will retain a 1% net smelter return on any future production.
Please go to www.WallbridgeMining.com/i/maps/quebec/Fenelon-Fig1_Abitibi.pdf to view a location map of the Fenelon property.