Wallbridge Mining Company Limited provides an update on its fully-funded $112 million exploration and development programs for 2020-2021. The main focus is to complete the drilling and underground development necessary to advance the Fenelon Gold Property (“Fenelon” or the “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,” stated 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:
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:
The proposed budget for 2021 is approximately $70M.
About Wallbridge Mining
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.
The recent acquisition of Balmoral Resources has secured for Wallbridge a buffer of several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future mine development flexibility. This acquisition has also significantly expanded Wallbridge’s land holdings in Québec along the Detour-Fenelon Gold Trend (from 10.5 km2 to over 900.0 km2), improving Wallbridge’s potential for further discoveries for over 90-kilometre strike in this under-explored belt.
Wallbridge is also the operator of, and a shareholder in, Lonmin Canada Inc., a privately-held company with a large portfolio of nickel, copper, and platinum-group metals (PGM) projects in Ontario’s Sudbury Basin.
For further information please visit Wallbridge’s website at www.wallbridgemining.com or contact:
Wallbridge Mining Company Limited
Marz Kord, P. Eng., M. Sc., MBA
President & CEO
Tel: (705) 682-9297 ext. 251
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor