Project Overview
The Fenelon project lies along the Detour Gold Trend of northwestern Québec, proximal to the Sunday Lake Deformation Zone and is wholly owned and operated by Wallbridge Mining Company Limited (“Wallbridge”).
Fenelon is Wallbridge’s flagship asset and is located within a strategic 830-square-kilometer land package on the Detour-Fenelon Gold Trend, 80 kilometers east of Agnico Eagle’s Detour Lake gold mine.
Since the acquisition of Fenelon in 2016 from Balmoral Resources, Wallbridge has completed over 300,000 meters of surface and underground drilling and underground bulk sampling at the project. The drill programs have successfully expanded the footprint of the Fenelon mineralized system along strike and at depth, including new discoveries within the Area 51 and Lower Tabasco-Cayenne zones.
Wallbridge is continuing to aggressively explore and develop Fenelon. An updated mineral resource estimate for the project was released in January 2023 which outlined 2.37 million ounces of indicated gold resources and a further 1.72 million ounces of inferred gold resources. This updated resource was also at a grade 85% higher than the previous mineral resource estimate for the project. A preliminary economic assessment of Fenelon that captures this larger resource estimate is expected to be completed in Q2 2023. Wallbridge has indicated that they envision Fenelon as an underground bulk mining operation that has the potential to deliver attractive economics with lower capital costs, a smaller environmental footprint and faster permitting than a large open pit mine.
Wallbridge continues to pursue production permitting activities, launching its Environment and Social Impact Study along with beginning consultations with First Nations and surrounding communities. In August 2022, Wallbridge signed a pre-development agreement with the surrounding Cree communities for its exploration and development activities along the Detour-Fenelon Gold Trend properties.