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Wallbridge Mining delivers positive PEA for Fenelon, Quebec

June 29, 2023
in Business
Wallbridge Mining delivers positive PEA for Fenelon, Quebec
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Wallbridge Mining Company Ltd. [WM-TSX; WLBMF-OTCQX] reported positive results from the preliminary economic assessment (PEA) completed on its still-growing, 100%-owned Fenelon gold project located in the Abitibi greenstone belt, along the Detour-Fenelon gold trend, Quebec.

Tony Makuch, chairman, stated: “Projects such as Fenelon, with a projected annual production profile of more than 200,000 gold ounces, located in a mining-friendly jurisdiction with established infrastructure, having substantial exploration upside and access to clean hydroelectric energy are highly desirable yet exceedingly rare in the mining industry today. We are extremely pleased that the PEA on Fenelon alone is demonstrating robust economics at this early stage. We expect further improvements as we continue to add to the resource base through our exploration efforts at Fenelon and elsewhere on our very large land position in the northern Abitibi greenstone belt.”

All results herein are reported in Canadian dollars unless otherwise indicated.

PEA summary: Average annual gold production of 212,000 ounces over 12.3 years; average annual free cash flow of $157-million over life of mine (LOM); after-tax NPV (net present value) of $721-million at base case gold price of US$1,750/oz and Canadian dollar/United States dollar of 1.30.

After-tax NPV of $1,070-million at spot gold price of US$1,950 and Canadian dollar/United States dollar of 1.34; initial capital expenditures of $645-million; sustaining capital expenditures of $594-million; total cash costs of US$749/oz; all-in sustaining costs of US$924/oz.

Marz Kord, president and CEO, commented: “Wallbridge acquired the original Fenelon property in 2016 with a small historic resource based on sporadic geological work by previous owners. Since then, we have been very successful in delineating a multimillion-ounce gold resource, which remains open in virtually all directions. Fenelon has now reached another milestone with a robust PEA that demonstrates a viable path to development and attractive economic returns based on conservative assumptions. The PEA was designed to be rigorous, using current cost data from contractors, suppliers and mining companies operating in the region to arrive at realistic projections. It represents a compelling starting point to build upon as we scope out the full opportunity at Fenelon and Martiniere, the two most advanced projects on our large, underexplored property.

“Over the next few months, we will evaluate alternatives to advance Fenelon. 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.”

The project is approximately 75 km from the town of Matagami in Quebec and is accessible via a 24-km forestry road from Hwy. 810. The existing Fenelon camp site includes a welcome centre, 155-room dormitories, dry, kitchen, dining room, game room, workshop and First Nation cultural centre.

The positive results of the PEA study warrants advancing the project to the next study stages.

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