Shares in Canada’s Wallbridge Mining gained on Tuesday, as the company announced “exceptional” drilling results at its Fenelon gold property, including 70.84 g/t gold over 5.35 m.
The results come from definition drilling outlining high-grade shoots at shallow depths adjacent to the existing mine workings in the Main Gabbro area on the Fenelon property, located in north-western Quebec.
Besides the 70.84 g/t gold in hole 20-5150-022, the company also announced 32.26 g/t over 7.05 m in hole 20-5150-027 in the Naga Viper zone, as well as 51.37 g/t over 2.1 m in hole 19-0985-007 in the Cayenne zone.
"In addition to delivering exceptional results, the definition drilling campaign in the Main Gabbro has further defined the near surface zones immediately surrounding existing infrastructure. This allows us to advance the mine planning required with the goal of taking the Main Gabbro into production in the future while exploration and expansion of Tabasco and Area 51 continues," states Wallbridge VP for mines and projects, Francois Demers.
"Eventual production from the Main Gabbro would likely be the first step as we continue to drive this multi-phase project forward."
Prior to March 23, when drilling was temporary suspended owing to Covid-19, six drill rigs were active on the property: five were focusing on exploration drilling from surface with large-spaced step-outs to define the footprint of the Fenelon gold system, and one underground drill rig was focused on more closely-spaced definition drilling of the Main Gabbro zones near the existing mine workings.
A total of 75 000 m were drilled in 2019, and a fully-funded 100 000 m to 120 000 m of drilling was originally planned for 2020. So far, up to the March 23 temporary suspension, a total of 26 000 m have been drilled.
Exploration activity has resumed at Fenelon, initially with four surface drill rigs. The company now estimates completing between 70 000 and 80 000 m of drilling in 2020.
Wallbridge’s stock jumped 9% in early morning trade on Tuesday to an intra-day high of C$1.07 a share, before closing at C$1.04 a share.