- Wallbridge (WM) has received C$15.9 million in Quebec refundable investment tax credits
- The amount represents an interim advance on the $20 million of Quebec investment tax credits claimed
- The company expects the balance in Q1 2023
- It will use the funds for 2023 exploration of its Detour-Fenelon Gold Trend properties
- Wallbridge Mining is focused on creating value through the exploration of gold projects along Quebec’s Detour-Fenelon Gold Trend
- Wallbridge (WM) closed unchanged, trading at $0.195 per share
Wallbridge (WM) has received C$15.9 million in Quebec refundable investment tax credits.
The funds pertain to the company’s 2021 Quebec Tax Credit Relating to Resources (TCRR), and Quebec Refundable Duties Credit for Losses (RDCL) claimed on its 2021 Quebec income and mining tax returns.
The amount received for the TCRR and the RDCL represents an interim advance on the $20 million Quebec investment tax credits claimed. Wallbridge expects the balance, subject to audit adjustments, to be received in Q1 2023.
“The receipt of the Quebec investment tax credits provides a significant portion of funding for our 2023 program once approved by our board in early 2023. We look forward to outlining to our shareholders our 2023 exploration program on the Detour-Fenelon Gold Trend properties at that time,” stated Marz Kord, Wallbridge’s President and CEO.
A mineral resource estimate (2021) validates the multi-million-ounce potential of the 100-per-cent-owned Fenelon and Martiniere properties, incorporating a combined 2.67 million ounces of indicated gold resources and 1.72 million ounces of inferred gold resources.
These Detour-Fenelon properties have the potential to be developed into mines and reside near transportation infrastructure and sources of hydroelectric power.
Wallbridge Mining is focused on creating value through the exploration of gold projects along Quebec’s Detour-Fenelon Gold Trend. It also holds a 19.9-per-cent interest in Archer Exploration, which holds a portfolio of nickel assets in Ontario and Quebec.
Wallbridge (WM) closed unchanged, trading at $0.195 per share.