Wallbridge shares take off on new Fenelon drill results

Wallbridge Mining (TSX: WM) on Tuesday reported additional assay results from the ongoing drill program at its Fenelon gold property in Quebec. The recent drilling follows up on the Area 51 and Tabasco discoveries previously outlined by the company.

One drill hole returned 27 g/t Au over 38.39 metres in the Tabasco zone at a vertical depth of 500 metres, which the company says further demonstrates the significant gold endowment of the system at depth. Further assay results of surrounding batches from this hole are pending.

“We couldn’t be more pleased to receive these exceptional assay results from the Tabasco zone,” president and CEO Marz Kord stated. “We are very proud of the rapid exploration success we have achieved in 2019: A year ago we only had a conceptual model of the gold zones below 200 metres vertical depth and now we have several significant, high-grade intersections at 500 to 600 metre depth. We have now accelerated the deep exploration to continue following these high-grade zones to depth.”

Kord added that the company may plan for a “greatly expanded drill program” in 2020, which will provide the data required to complete a property wide resource/reserve estimate in early 2021.

Shares of Wallbridge Mining shot up more than 20% at Tuesday’s market open. Trading volume increased nearly four-hold to 3.97 million shares. The company’s current market capitalization is approximately C$201.6 million.