- Wallbridge Mining (TSX:WM) was one of the top gainer on the Toronto Stock Exchange on Monday after news on its leading gold project
- Wallbridge stock was up nearly 20 per cent, building upon its 7.4 per cent increase over the past month
- The miner filed a National Instrument 43-101 (NI 43-101) technical report in support of its previously announced preliminary economic assessment for its Fenelon Gold project
- Wallbridge Mining Company Ltd. opened trading at $0.145 per share
Wallbridge Mining (TSX:WM) was one of the top gainers on the Toronto Stock Exchange on Monday after news on its leading gold project.
Wallbridge stock was up nearly 20 per cent, building upon its 7.4 per cent increase over the past month.
Earlier this month, the miner filed a National Instrument 43-101 (NI 43-101) technical report in support of its previously announced preliminary economic assessment (PEA) for its Fenelon Gold Project. This standard of disclosure is crucial for companies and investors to make sure that misleading, erroneous, or fraudulent information is not made public.
Wallbridge’s flagship Fenelon Gold project is on the highly prospective Detour-Fenelon Gold Trend Property in Québec’s Northern Abitibi region.
The project has a current mineral resource estimate with a combined 2.67 million ounces of indicated gold resources and 1.72 million ounces of inferred gold resources.
In June 2023, Wallbridge reported a PEA on its 100-per-cent-owned Fenelon project with an estimated average annual gold production of 212,000 ounces over 12.3 years.
PEA highlights:
- Average annual free cash flow of C$157 million over life of mine
- After-tax net present value (NPV) of C$721 million at base case gold price of US$1,750 and $C/US$ of 1.30
- After-tax NPV of C$1.07 billion at spot gold price of US$1,950 and $C/US$ of 1.34
- Initial capital expenditures of C$645 million
- Sustaining capital expenditures of C$594 million
- Total cash costs of US$749/oz.
- All-in-sustaining costs of US$924/oz.
In a news release, the Wallbridge President and CEO Marz Kord said the team will evaluate alternatives to advance this large, underexplored region over the next few months.
“While doing so, we will continue to test new areas of mineralization at Fenelon. We have a great near-term opportunity to incorporate satellite deposits such as Martiniere into future studies, with the potential for substantial synergies on a district scale. Our 2023 exploration programs will further delineate the size and scale of the Fenelon and Martiniere deposits while also targeting new greenfield discoveries on our land package.”
Wallbridge Mining Company Ltd. is engaged in the acquisition, discovery, development and production of metals focusing on gold, copper, nickel and platinum group metals.
Wallbridge Mining Company Ltd. opened trading at $0.145 per share.
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