Sudbury’s Wallbridge Mining is starting a prefeasibility study for its recently acquired Fenelon Gold Mine property in northwestern Quebec.
The Sudbury junior miner announced Oct. 19 that it has made the final payment of $2.5 million to Balmoral Resources toward the purchase of the property, located 75 kilometres northwest of the city of Matagami.
InnovExplo and SNC-Lavalin have been contracted to complete the prefeasibility study, which will focus on the development and mining of the top of the deposit.
The study is expected to be completed by year’s end. Permitting of the Fenelon project is ongoing.
Wallbridge expects the production permits to be received in the first quarter of 2017.
“In the next few months, our focus will be on completing the prefeasibility study and permitting of the project,” said Wallbridge CEO Marz Kord in an Oct. 19 news release.
“Upon confirming positive economics, we expect to be in a position to make a production decision in the second quarter of 2017, proceed with building the site infrastructure and dewatering of the existing ramp and soon after with production from the top 100 metres of the deposit.”
Wallbridge has an exploration program in the works to follow up on gold intersections that show potential to expand the resource along depth and strike.
More exciting news is expected in the near future, the company said, with pending announcements for “several other advanced stage projects which could become the company's next production platforms.”
