The company reported a drill intercept of 100.6m grading 5.07 grams per tonne including 7.3m grading 29.03g/t, in a large drilling gap in the core of the Tabasco-Cayenne zones. The high-grade core forms a central portion of the larger shear corridor drilled over a strike length of 800m and a vertical depth of 1,000m.
"We are beginning to outline a large area of good gold grades over tens of metres of true thickness, including several higher grade shear zones indicating good optionality for future underground production scenarios," said Wallbridge VP exploration Attila Pentek.
Wallbridge has completed about 85,500m of a planned 100,000m of drilling at Fenelon in 2020. It has five drill rigs targeting the Fenelon gold system with a combination of 50-100m step-out holes and tighter-spaced in-fill drilling. Two drill rigs are exploring the connection of the Fenelon to the Ripley-Reaper area and the Sunday Lake Deformation Zone, as well as the extensions of the Tabasco-Cayenne corridor to the west.
The company is considering increasing the scope and size of the 2020 and 2021 drilling programmes to be able to fully assess the size potential of this gold system. In 2021, it is planning to complete 150,000m of drilling and working toward a maiden resource estimate at Fenelon, anticipated by the third quarter.
Shares in Wallbridge Mining Company are trading at C82c, valuing the company at $647 million.