Wallbridge Mining Company has announced a positive prefeasibility study (PFS) for its Fenelon gold mine project, located about 75 kilometres north of Mattagami in Quebec.
According to its National Instrument 43-101 resource report, prepared by InnovExplo and SNC-Lavalin, the mineralization includes:
• Measured (in situ): 27,000 tonnes, at 13.94 grams per tonne, contained 12,100 ounces
• Measured (broken): 3,100 tonnes, at 6.14 grams per tonne, contained 600 ounces
• Indicated: 91,000 tonnes, at 12.89 grams per tonnes, contained 25,300 ounces
• Inferred (in situ): 6,500 tonnes, at 9.15 grams per tonne, contained 1,900 ounces
Proven and probable reserves include a total of 90,295 mined tonnes, 96,721 recovered tonnes, 899,570 recovered grams, and 28,922 new ounces.
Under the model, ore would be crushed on site and trucked to a milling facility for processing. The company would employ a small on-site team to supervise the work, but otherwise would hire contractors. The $5.24-million mine mine would have a lifespan of 18 months.
Wallbridge said it would make a production decision by the second quarter of 2017.
“With a high margin pre-tax return of 92 per cent, the PFS supports that Fenelon is well placed to become one of the high-margin, low-cost producers in the camp,” company CEO Marz Kord said in a release.
“The next key step in the development of Fenelon is the continuation of the permitting process as well as exploration around the existing deposit to add potential ounces and extend mine life."
Kord said the company would raise development capital through a variety of options, including offtake agreements.
Wallbridge said it is additionally working on a consultation plan with the Cree, Algonquin and Jamesian communities within which the project is located. Environmental work is ongoing.
