Ore production will start at the Fenelon Gold property in northwestern Québec in the third quarter of 2018, according to Wallbridge Mining Co.
In a May 1 news release, the company said work on its 35,000-tonne bulk sample is ahead of schedule. Financing is in place, a camp has been established, and the pit and underground workings have been dewatered.
“The rehabilitation of the existing ramp and levels is expected to be completed in approximately four weeks, at which time diamond drilling from underground and ramp development to lower levels will be conducted concurrently,” said Marz Kord, president and CEO of Wallbridge, in the release.
“Drilling from the existing exploration drift on the 5210 level will in-fill the current resource, delineate stopes as well as test extensions of the resource up and down plunge in the top 150 metres. Deeper drilling will be completed later in the year from the 5150 and 5135 levels once those are developed.”
The company said it has received US$3.2 million from Auramet International LLC – the first advance of a US$8 million in bridge funding – and has repaid a CAD$2.5-million loan to William Day Holdings Ltd., which was used to purchase the Fenelon Gold property.
Wallbridge will also issue a non-brokered private placement for gross proceeds of $1,996,306 by issuing 28,518,657 common shares of the company, to close on or around May 2. William Day will acquire 27,142,857 company shares for $1.9 million.
The company said it plans to conduct 8,000 metres of diamond drilling for the bulk sample to expand the resource along strike and to depth. An additional 10,000 metres of drilling is planned for later in the year to follow known mineralized zones and expand resources at depth and further away from the mine workings.
Based in Sudbury, Wallbridge is the company behind the Broken Hammer deposit, which was completed in October, 2015.
It is pursuing exploration on other nickel, copper and PGM projects in Sudbury, with a focus on the high-grade Parkin project.
