Highlights of the report include an increase in the indicated mineral resource from 231,100 tonnes to 259,500 tonnes at a grade of 5.19 g/t total precious metals (2.10 g/t palladium, 2.32 g/t platinum, and 0.77 g/t gold), 0.88 per cent copper, and 0.10 per cent nickel and 6.95 g/t silver.
The total Probable Mineral Reserve increased from 196,000 tonnes to 205,000 tonnes at a grade of 4.59 g/t total precious metals (1.89 g/t palladium, 2.07 g/t platinum, and 0.63 g/t gold), 0.92 per cent copper, and 0.10 per cent nickel and 6.63 g/t silver.
Improved pit slope walls as a result of a detailed geotechnical study completed by Genivar and a new mine design developed by Roscoe Postle Associates in 2013 resulted in a 7 per cent decrease in total waste by 114,000 tonnes, thus reducing the stripping ratio from 8.7 to 7.8.
"We are excited to see that the results of our efforts to advance the project in the last year have provided us with more confidence in the viability of the project, thereby getting us closer to a production decision and creating a potential source of revenue," president and CEO Marz Kord said in a news release.
The company reports that all permit applications have been submitted and its closure plan has been filed and accepted by the Ministry of Northern Development and Mines. Other permits with the Ministry of Natural Resources are in progress and expected to be received in the next few weeks.
Discussions with milling facilities in Sudbury have not yet resulted in a contract being finalized, and so the company is exploring other processing options, including the possibility of processing the ore outside of Sudbury.
Wallbridge expects to make a production decision in the fourth quarter of 2013.