Some of the high grades intersected at the Fenelon gold project. (Image: Wallbridge Mining)
QUEBEC – Toronto-based Wallbridge Mining Co. has received the needed permits and approvals to begin bulk sampling at its Fenelon gold project 73 km northwest of Matagami. The board recently approved mining a 35,000-tonne sample.
Preparations are underway to dewater the existing underground workings as well as extend the ramp and level developments. Dewatering of the first level should be complete in April. Wallbridge has hired Marc Leclair to manage the project.
The Fenelon property is proximal to the Sunday Lake deformation zone that hosts the Detour gold mine in Ontario. The Fenelon deposit contains 96,721 tonnes of proven and probable reserves grading 9.30 g/t gold. The pre-feasibility study done in 2017 put the initial capital cost at $5.24 million. The project has a pre-tax net present value (5% discount) of $5.84 million and an internal rate of return of 92%.
Much more information about Fenelon is contained in the December 2017 corporate presentation at www.WallbridgeMining.com.