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Hot result at Tabasco for Wallbridge

Wallbridge Mining has reported 40.05m at 9.06g/t gold in the first assays from infill drilling in the Lower Tabasco zone at its Fenelon project in Quebec.
Hot result at Tabasco for Wallbridge Hot result at Tabasco for Wallbridge Hot result at Tabasco for Wallbridge Hot result at Tabasco for Wallbridge Hot result at Tabasco for Wallbridge

Wallbridge Mining is considering expanding the C$112M exploration programme at its Fenelon gold project in Quebec

Staff reporter

It said the first of five wedge cuts, which also intersected 19.85m at 16.33g/t including 7.9m at 38.67g/t, confirmed the presence of high-grade mineralisation 25m above a December intercept, which had graded 48.01m at 22.73g/t.

The company said it had given consideration to increasing the scope and size of its planned, fully-funded C$112 million 2020-21 exploration programmes, to be able "to fully assess the ultimate size potential of this rapidly growing gold system".

It's aiming to establish a maiden resource for Fenelon by the third quarter of next year.

About 10-15% of the total drilling programme was earmarked for regional exploration at its district-scale land package over the Detour-Fenelon gold trend, which was expanded through its recent acquisition of neighbour Balmoral Resources.

Wallbridge is backed by Kirkland Lake Resources (9.9%) and Eric Sprott (20.7%).

It had raised $63.8 million in an oversubscribed bought-deal financing, priced at $1.15 per share, earlier this month. 

Wallbridge shares (TSX: WM) have increased four-fold this year, from 32.5c to $1.35.

They closed up 1% yesterday to 93c, valuing it at $733.4 million (US$556 million).