Wallbridge Mining Company Limited
Table 1
Detour-Fenelon Gold Trend 2023 MRE compared to the 2021 MRE
Table 2
Detour-Fenelon Gold Trend 2023 MRE (Economic Parameters)
Table 3
Detour-Fenelon Gold Trend 2023 MRE (Results for the Fenelon deposit per zones)
Table 4
Detour-Fenelon Gold Trend 2023 MRE (Results for the Martiniere deposit per zones)
Table 5
Gold price sensitivity analysis for the Detour-Fenelon Gold Trend 2023 MRE (Fenelon Deposit)
Table 6
Gold price sensitivity analysis for the Detour-Fenelon Gold Trend 2023 MRE (Martiniere Deposit)
Figure 1.
Wallbridge’s Detour-Fenelon Gold Trend land package
Figure 2.
Fenelon Gold, Plan View, 2023 MRE vs. 2021 MRE
Figure 3.
Fenelon Gold, Longitudinal Section, 2023 MRE vs. 2021 MRE
Figure 4.
Martiniere Gold, Plan View, 2023 MRE vs. 2021 MRE
Figure 5.
Martiniere Gold, Longitudinal Section, 2023 MRE vs. 2021 MRE
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Gold grade of Indicated and Inferred resources at Fenelon improves by 85% and 84%, respectively
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Substantial new resources added at Martiniere
TORONTO, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to announce an updated mineral resource estimate (“MRE”) for its Fenelon Gold (“Fenelon”) and Martiniere Gold (“Martiniere”) projects, located on the Company’s Detour-Fenelon Gold Trend land package in Northern Abitibi, Quebec.
Marz Kord, President & CEO of Wallbridge stated:
“Building on the success of our 2021 maiden MRE, the subsequent exploration program has delivered an MRE with significantly improved grade and a larger resource. This confirms our belief that a potential underground bulk mining scenario is the most attractive option at Fenelon, as it has the potential to deliver attractive economics with lower capex, a smaller footprint and faster permitting process than a large open pit. We believe a resource of this size, grade and zone thickness could be analogous to some of the large, bulk-mineable deposits that are already being successfully mined in the Abitibi region today. The updated MRE is a significant milestone as Wallbridge prepares to deliver a preliminary economic assessment for Fenelon in Q2 2023.”
Attila Pntek, Wallbridge’s Vice President, Exploration added:
“Today’s updated mineral resource reflects the Company’s focused and effective drilling and sampling program which has essentially replaced over 800,000 lower grade ounces with 1.3 million higher-grade ounces at Fenelon. This translated into significant increases in gold grade at Fenelon, with an 85% increase in the grade of the Indicated resources and an 84% increase in the grade of Inferred resources, compared to the 2021 Fenelon maiden MRE. We also achieved positive results at Martiniere, where we increased the resource ounces substantially, with a 26% increase in the Indicated category and a 146% increase in the Inferred category. We continue to pursue value-generating growth, with both deposits remaining open in multiple directions, and substantial potential for discoveries along our extensive, underexplored land package. We look forward to carrying our positive exploration momentum into 2023.”
Highlights
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Detour-Fenelon Gold Trend Indicated resources of 3.05 Moz at 3.09 g/t Au (14% increase in ounces and 62% increase in Au grade from 2021).
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Fenelon: Indicated resources are 2.37 Moz at 3.40 g/t Au (11% increase in ounces and 85% increase in Au grade from 2021).
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Martiniere: Indicated resources of 0.68 Moz at 2.35 g/t Au (26% increase in ounces and 5% increase in Au grade from 2021).
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Detour-Fenelon Gold Trend Inferred resources of 2.35 Moz at 2.96 g/t Au (36% increase in ounces and 76% increase in Au grade from 2021).
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Fenelon: Inferred resources are 1.72 Moz at 2.89 g/t Au (17% increase in ounces and 84% increase in Au grade from 2021).
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Martiniere: Inferred resources of 0.63 Moz at 3.17 g/t Au (146% increase in ounces and 11% increase in Au grade from 2021).
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57% of the ounces of the Detour-Fenelon Gold Trend MRE are in the Indicated category.
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MRE will form the foundation for Wallbridge’s upcoming preliminary economic assessment (“PEA”) of Fenelon, which is expected to be completed in Q2 2023.
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Significant expansion potential exists at Fenelon and Martiniere as both gold deposits are open in multiple directions.