Wallbridge Mining (TSX: WM) this morning provided an update on its ongoing exploration program for the Fenelon Gold Property, located in Quebec. The company is currently working towards establishing a maiden resource for the property, which it expects to have compiled by the third quarter of 2021.
With the Fenelon property being the main focus for the firm, Wallbridge currently is in the process of completing a 100,000 metre drill campaign during the current 2020 exploration program. To date, drilling is 75% complete, with 75,000 metres having been drilled on the property. Preparation is being conducted for underground drilling platform development, as while technical studies continue to be conducted to support future resource estimates and feasibility studies.
The underground drill platforms are being establish so as to enable the company to drill to greater depths and obtain a stronger resource estimate with a higher degree of confidence. These platforms are being established as part of the 2020 drill campaign, which is expected to have total expenditures in the area of $42 million.
Heading into 2021, the company will look to complete a 150,000 metre drill campaign, with an estimated expense of $70 million. Maiden resource estimates are expected to be compiled in the third quarter, with estimates for Gabbro, Cayenne, Tabasco, and Area 51 expected to be delivered.
Furthermore, a 10,000 metre campaign is expected to be conducted on underground drilling at Tabasco and Area 51, which will enable the company to conduct drilling to depths of 1,500 metres at the two target areas, as well as for the Cayenne zone.
Wallbridge currently estimates that 10 to 15% of drilling conducted over the multi-year drill plan will be conducted on regional targets across the Detour-Fenelon Gold Trend.
Following the 2020 and 2021 exploration programs, the company expects to continue to have significant reserves thanks in part to recent financings conducted. Presently, the company has no debt and $97 million in the bank.
Wallbridge Mining last traded at $0.98 on the TSX.
Information for this briefing was found via Sedar and Wallbridge Mining Company. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses
