Wallbridge Mining Co. Ltd. said June 13 that it had finished de-watering the Fenelon gold project in Quebec and started underground ramp development along with an 8,000-meter drill program as it gears up to take a 35,000-tonne sample.
Fenelon, a modest sized gold deposit, hosts 96,721 tonnes in proven and probable reserves grading 9.30 g/t of gold for 28,922 contained ounces of gold.
In drilling Fenelon, Wallbridge aims to define stopes and expand resources near mine workings. The company would target high-grade gold it hit in late 2017, which included intercepts such as 260.4 g/t of gold over 7.02 meters.
Later in the year, Wallbridge plans to drill the deposit at greater depth to test for extensions. It also seeks to drill 10,000 meters from surface in the second half.
In a 2017 pre-feasibility study, Wallbridge outlined a small mining project with a posttax net present value of C$2.8 million and a 60% internal rate of return. It pegged initial capital costs at C$5.2 million and a mine life of 18 months based on reserves.