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Fenelon Project

Fenelon Gold is located in the Nord-du-Québec administrative region, approximately 75 kilometres west-northwest of the town of Matagami, in the province of Québec, Canada and consists of one block of nineteen (19) mining claims and one (1) mining lease for 1,052 hectares. Fenelon is proximal to the Sunday Lake Deformation Zone ("SLDZ") which hosts the Detour Gold Mine in Ontario, and Balmoral Resources' gold deposits at Martinière. Secondary splays of the SLDZ transect the Property over two to four-kilometre strike lengths and have controlled the emplacement of a significant gold system along the Jeremie Pluton and within a mafic-ultramafic sill referred to as the Main Gabbro.

In 2016, Wallbridge purchased Fenelon Gold from Balmoral Resources for a purchase price of $3,700,000. Wallbridge owns a 100% undivided interest in Fenelon Gold (subject to certain royalty provisions) ("the Acquisition").

Since the Acquisition, Wallbridge has updated the mineral resource estimate, completed a positive prefeasibility study which indicated $6,600,000 pre-tax cash flows with a 92% internal rate of return ("IRR"), demonstrating the attractive economics of Fenelon Gold within the top 100 metres of the deposit (see Wallbridge press release dated March 6, 2017).

Wallbridge initiated exploration immediately after Acquisition. The first phase of work was comprised of a review of historic drilling and additional sampling of previously unsampled historic drill core where warranted. This work identified new gold mineralization (e.g. 19.7 g/t Au over 1.90 m in the 2004 drill hole 1050-005) and provided a solid understanding of the geologic and structural controls that formed the basis of a property-wide geologic modeling and targeting exercise in preparation for drill testing.

Since the Acquisition, Wallbridge has completed more than 25,000 metres of exploration drilling at Fenelon Gold. This drilling extended existing zones and discovered several new parallel zones.

Near the end of 2017, Wallbridge decided to proceed with an exploration bulk sample at Fenelon Gold. In early 2018, Wallbridge secured all permits and Certificates of Approval required to allow for the commencement of dewatering of the open pit along with water treatment and discharge as well as underground exploration activities at Fenelon Gold. Mobilization to site occurred during the first quarter of 2018 with the setup of temporary camp facilities followed by contractor mobilization to the mine site. Dewatering of the pit and existing underground infrastructure was completed in the middle of the second quarter of 2018 and underground development began on June 10, 2018.

The bulk sample was completed in H1 2019 and as part of this program approximately 2,100 meters of underground development were completed, establishing four mining horizons and infrastructure required for exploitation of the first 100 vertical meters of the known deposit. The extensive development program was designed to establish all of the infrastructure required to reflect real operating conditions for a 400 tonne per day operation with the goal of de-risking the project and future operations. Further to understanding operating conditions and costs, establishment of this infrastructure up front allows for lower cost of capital in the subsequent phases.

The results of the bulk sample were as follows:
  • The bulk sample established the Fenelon Gold could be mined at good grades using the relatively low-cost bulk mining methods
  • Stope grades ranged from 10.94 to 38.33 g/t gold
  • 33,233 tonnes of ore with a reconciled average grade of 18.49 g/t gold containing 19,755 ounces of gold were processed at the Camflo Mill from the stopes in the bulk sample.
  • 2,277 tonnes of low-grade ore left-over from previous operators with a reconciled grade of 4.23 g/t gold were also processed.
  • All gold has been sold at average realized gold price of CAD$1727.55 per ounce
Production from five stopes as well as low grade ore from a 2004 bulk sample was processed at a toll mill facility located near Val d'Or, Quebec from September 2018 to February 21, 2019. Wallbridge, in its original bulk sample plans, included the historical low-grade ore as part of the first mill run while milling performance was optimized. Lessons learned from the first mill run were applied to the next mill runs to achieve remarkable recoveries of more than 98%.

The 2018 underground drill program commenced in early June and to the end of December a total of 10,913 metres were drilled with visible gold observed to be present in 51 of the 92 drill holes. Initially, drilling has mainly targeted the high-grade shoots down to 5130 Level (~120 m depth), which was the lowermost level being developed during the 2018/2019 bulk sample program. Stopes that were part of the bulk sample were drilled-off to a nominal 6 to 7 metre spacing and the drill results have validated the geological model and proven the continuity of high-grade shoots. Consistent high-grade intersections from this stope in-fill drill program supported the 20 to 23 g/t gold estimated grade for the 35,000-tonne bulk sample with highlights including: 137.63 g/t gold over 4.85 metres and 48.81 g/t gold over 6.13 metres in the Naga Viper zone (drill holes 18-1035-019 and 18-1035-005, respectively) and 50.31 g/t gold over 10.13 metres and 144.96 g/t gold over 2.12 metres in the Chipotle zone (drill holes 18-1035-017 and 18-1035-013, respectively).

The 2018 program also successfully delineated a high-grade shoot in the Habanero Zone, which was discovered as part of the Company's 2017 surface drilling. The high-grade domain in this mineralized structure has shown excellent continuity with over 20 drill intersections yielding grades between 6.29 to 122.35 g/t gold over mineable width. Highlights included: 144.77 g/t gold over 6.10 metres in 18-5175-021, 54.45 g/t gold over 7.79 metres in 18-0990-011, 122.35 g/t gold over 2.95 metres in 18-0990-007, 41.02 g/t gold over 5.52 metres in 18-0990-010. Also, in the West extension area, the Paprika zone has provided some respectable intersections including 134.57 g/t gold over 1.70 metres in 18-0990-017 and 35.91 g/t gold over 3.42 metres in 18-1030-009, whereas the Fresno zone returned 87.63 g/t gold over 2.16 metres in 18-1000-009. In another high-grade shoot located in the East extension area, the Naga Viper zone returned 13.62 g/t gold over 4.27 metres in 18-1110-004 and 6.23 g/t gold over 4.88 metres in 18-1130-004.

Surface exploration drilling was also carried out in the fourth quarter of 2018 with two drill rigs and a total of 6,109 metres were drilled in 17 drill holes. This program was aimed at following known mineralized zones to 300-400 metres depth as well as test for additional zones further away from the mine workings.

Mineralized zones containing chalcopyrite, an indicator mineral for the gold-bearing system, were intersected in nine of the drill holes and visible gold was observed in two drill holes: hole FA-18-038 at a vertical depth of 325 metres and hole FA-18-051 at a vertical depth of 380 metres making these the deepest occurrences of visible gold-bearing mineralization drilled so far at Fenelon Gold. Other deep (500-650 m) holes drilled during this program (FA-18-040, -044 and -047) confirm the depth extensions of gabbroic host lithologies and the mineralized shear zones.

The last hole of the 2018 surface drill program, FA-18-051 intersected an approximately 200 m wide, previously unknown package of favorable mafic-ultramafic host rocks with broad low-grade gold mineralization throughout. This new mineralized system is made up of a stockwork of gold-bearing veins surrounding more focused higher-grade shear zones which are similar to the ones found in the main deposit. Highlights assays from this drill hole are 1.02 g/t gold over 24.59 metres between 501.46 to 526.05 metres downhole, including 3.13 g/t gold over 4.78 metres which includes an interval containing visible gold that assayed 9.90 g/t gold over 0.54 metres, and 12.70 g/t gold over 2.71 metres included within a wider interval of 3.93 g/t gold over 9.96 metres 543.00 to 552.96 metres downhole. This discovery, which was named Area 51, lines up well with a strong break in the airborne magnetic signatures, indicating a significant northwest-southeast trending structure which also appears to control other, so far isolated, historic gold intersections including 34.20 g/t gold over 0.32 m in FA-06-299.

Other highlights of the surface program included 4.70 g/t gold over 2.99 metres intersected by FA-18-038 in the Habanero zone, and 29.90 g/t gold over 1.00 metres intersected between 440.46 and 441.46 metres depth by the same hole in what is interpreted to be the depth extension of the Tabasco zone; 19.18 g/t gold over 0.58 metres intersected by FA-18-040 in the Cayenne zone, extending this zone approximately 100 metres to the Northwest; 3.08 g/t gold over 3.27 metres in a new zone at depth in the Tabasco South area.

The 2019 underground resource drilling will initially be carried out from the recently established 5130 level (~125 m depth) and will target the main high-grade shoots down-plunge to 200 m depth. The development of an exploration drift was completed by the end of February, 2019. This drift will facilitate resource drilling to greater (approx. 350-400 m) depth and along strike, including the Tabasco and Cayenne mineralized corridors, as well as the newly discovered Area 51 mineralized system.

The 2019 surface exploration drill program will follow known mineralized zones to 300-400 m depth and test targets property-wide within the 4 km strike length of the mineralized corridor.

An Orevision surface IP survey to test 600 m strike length of the gold-hosting mineralized environment northwest of the main deposit was completed by Abitibi Geophysics Inc. in February 2019. Results of this study will be incorporated with existing geophysical data into a coherent 3D mode, which will be used to guide geologic modeling and drill targeting.

The 2019 exploration program consists of 50,000-75,000 metres of surface and underground diamond drilling. The 2019 underground resource drilling will initially be carried out from the recently established 5130 level (~125 m depth) and will target the main high-grade shoots down-plunge to 200 m depth.

Wallbridge looks to publish an updated technical report on the Fenelon Gold project in early 2020.

Fenelon Gold, 1:3,000 Scale Plan view

Fenelon Gold, Composite Long Section looking Northeast

Fenelon Gold, Tabasco Zone Long Section looking Northeast

Fenelon Gold, Cross Section 9900_E

Fenelon Gold, Cross Section 9975_E

Fenelon Gold, Cross Section 10050_E

Fenelon Gold, Cross Section 10125_E

Fenelon Gold, Cross Section 10200_E

Fenelon Gold, Cross Section 10275_E

Fenelon Gold, Cross Section 10350_E

Fenelon Gold, Cross Section 10500_E

Wallbridge Fenelon Gold Property 2019 drill hole information

Fenelon Gold - Drill Hole FA-19-086 (619-621 m)

Fenelon Gold - Drill Hole FA-19-086 (606 m)

Fenelon Gold - Drill Hole FA-19-086 (638 m)

Fenelon Gold - Drill Hole FA-19-086 (620 m)

Visible Gold NV-03


Fenelon Gold Pour

Fenelon Gold Pour

Fenelon Gold Pour

Long Section

Fenelon Gold 3D View

Habanero Zone

Naga Viper Zone

UG Drill Assay Highlights

Chipotle Long

5213 Plan

Cross Section 0990

Cross Section 1030

Cross Section 1040

Cross Section 1050

Tabasco Long Section

Abitibi Map

Drill Core FA 17 26

Fenelon Property Compilation Map

Plan View Level 5150

Regional Geology

Photo with example of visible gold at 135.50 metres depth in drill hole FA-17-17

Photo with example of visible gold at 136.75 metres depth in drill hole FA-17-17

Photo with example of visible gold at 125.52 metres depth in drill hole Fa-17-18

Photo with example of visible gold at 121 metres depth in drill hole Fa-17-19

Technical Report on the Pre-feasibility Study for the Fenelon Mine Property March 3, 2017

Technical Report And Mineral Resource Estimate For The Fenelon Mine Property

High Grade Visible Gold

High Grade Visible Gold

High Grade Visible Gold