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Wallbridge Mining (TSX: WM, OTCQX: WLBMF) has announced its fully-funded 2025 technical studies and exploration programs for its Fenelon Gold and Martiniere Gold projects in northwestern Quebec. The company plans to complete an updated Preliminary Economic Assessment (PEA) for Fenelon in Q1 2025, evaluating a phased development approach with lower initial production rates to reduce costs.
The company's cash balance stood at $21.2 million as of December 31, 2024. For 2025, 65-80% of planned drilling will focus on the Martiniere gold system, with 10,000-15,000 meters of drilling planned. The remaining 20-35% will be allocated to regional exploration, including 3,000-5,000 meters of drilling to discover new gold mineralization zones along the Detour-Fenelon gold trend within their 830 km² property.
Drilling at Martiniere will be conducted in two phases, with a pause between May and July for the Caribou calving season.
Wallbridge Mining Company (TSX:WM, OTCQB:WLBMF) has entered into an option agreement with Formation Metals Inc. (CSE:FOMO) for the sale of its N2 property. Under the agreement, Formation can acquire 100% ownership of the property through a structured payment plan totaling $550,000 in cash, 4 million common shares of Formation, and completion of $5 million in work expenditures over six years.
The payment schedule includes annual cash installments ranging from $50,000 to $100,000, share issuances of 1 million shares at signing and at years 1, 2, and 6, and work commitments distributed across years 1-3 and 6, with the largest work commitment of $2.8 million due in the final year.
Wallbridge Mining (TSX: WM, OTCQB:WLBMF) announced final assay results from its 1,303-metre Phase 2 drilling program at the Fenelon Gold Project. The program, completed in September 2024, consisted of four targeted infill holes within a 150x250 metre area of the high-grade Tabasco zone.
Key highlights include:
- 5.68 g/t Au over 1.5 metres (FA-24-581)
- 3.93 g/t Au over 2.5 metres and 14.66 g/t Au over 1.5 metres (FA-24-582)
- 7.03 g/t Au over 0.5 metres and 2.70 g/t Au over 3.0 metres (FA-24-583)
- 5.92 g/t Au over 2.7 metres (FA-24-584)
The company plans to release an updated Preliminary Economic Assessment for Fenelon in Q1 2025.
Wallbridge Mining announced results from its Phase 2 exploration drilling program at the Martiniere gold project, revealing multiple high-grade gold intercepts. Key findings include 15.63 g/t Au over 11.0m at Horsefly, 5.78 g/t Au over 3.9m at BL North, and 4.22 g/t Au over 4.5m at Dragonfly. The program, completed in September 2024, comprised 22 diamond drill holes totaling 8,141m. Combined with Phase 1, the company drilled 17,140m in 51 exploration holes during 2024. Results will be incorporated into an updated mineral resource estimate planned for Q1 2025.
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