Wallbridge Reports Results from 2026 Fenelon PFS Metallurgical Drilling Program
Wallbridge confirms grades at Fenelon but adds no new tonnes to the resource in the latest pre-feasibility study drilling.
Wallbridge Mining Company Limited (WM) has released final assay results from seven HQ-diameter metallurgical drill holes at its Fenelon Gold Project in Quebec. The drilling program, which totaled 3,144 metres, was conducted primarily to supply material for Preliminary Feasibility Study (PFS) metallurgical testing rather than for step-out or discovery purposes. The holes targeted areas contemplated for underground mining in the company’s March 2025 Preliminary Economic Assessment (PEA).
Key reported intercepts include: - FAL-26-001: 52.30 g/t Au over 2.1 m, including 67.97 g/t over 1.6 m; also 6.49 g/t over 2.8 m and 4.96 g/t over 3.1 m - FAL-26-002A: 8.27 g/t Au over 16.4 m, including 20.10 g/t over 1.0 m, 32.16 g/t over 1.1 m, 7.72 g/t over 6.9 m, and 11.34 g/t over 1.4 m - FAL-26-003: 25.41 g/t Au over 3.6 m, including 63.90 g/t over 1.0 m; also 5.21 g/t over 6.0 m and 3.18 g/t over 3.8 m - FAL-26-004: 11.81 g/t Au over 3.6 m, including 46.30 g/t over 0.8 m - FAL-26-005: 10.67 g/t Au over 5.0 m, including 21.30 g/t over 2.0 m - FAL-26-006: 19.88 g/t Au over 2.0 m; 9.47 g/t over 2.4 m - FAL-26-007: 25.91 g/t Au over 1.6 m
The program generated 635 kg of mineralized material averaging 5.00 g/t Au from within the PEA mine plan and an additional 185 kg averaging 6.92 g/t Au from peripheral intervals. Initial metallurgical results are expected in the latter half of Q4 2026.
Wallbridge Mining Company Limited (WM) is an advanced developer and explorer with a March 2025 Fenelon Preliminary Economic Assessment (PEA) and an established resource of 1.75 million ounces (Moz) Indicated plus 1.65 moz Inferred at Fenelon. Combined with Martiniere, the company holds approximately 2.1 moz Indicated and 2.0 moz Inferred.
The recent release does not alter the deposit’s scale, grade, or economic thesis. It confirms grade continuity in areas already contemplated for underground mining and provides material for metallurgical testing. Higher-grade intervals outside the PEA mine plan are narrow and require follow-up; they are not yet considered resource additions.
The market already prices a large Fenelon resource and a PEA. These are confirmation holes, not discovery holes. For infill and resource-definition drilling, the relevant anchor is the resource grade, not a prior bonanza hole. The reported intervals meet or exceed the 3.91 grams per tonne (g/t) underground resource grade.
The market’s larger catalysts remain metallurgical results, Progress Feasibility Study (PFS) progress, an updated Mineral Resource Estimate (MRE), and the proposed 20:1 consolidation and name change.
Wallbridge Mining Company Limited (WM) is a pre-revenue gold explorer and developer based in Quebec’s Abitibi region, controlling a 598 km² land package along the Detour-Fenelon Gold Trend.
The company’s flagship asset, Fenelon, is at the Preliminary Economic Assessment (PEA) stage. Resource estimates include 15,087 kilotonnes at 3.62 grams per tonne of gold for 1,754,000 ounces in the Indicated category, and 15,028 kilotonnes at 3.41 grams per tonne of gold for 1,649,000 ounces in the Inferred category. The PEA base case, modeled on US$2,200 per ounce gold and a 1.35 CAD/USD exchange rate, projects an after-tax net present value at a 5% discount rate of C$706 million, a 21% internal rate of return, a 16-year mine life, and 96% recovery. Average annual production is estimated at 107,000 ounces, with the first five years averaging 127,000 ounces.
Martiniere is an exploration-stage asset holding 4,703 kilotonnes at 2.29 grams per tonne of gold for 346,000 ounces in the Indicated category, and 3,870 kilotonnes at 3.11 grams per tonne of gold for 387,000 ounces in the Inferred category. Casault and Grasset are earlier-stage exploration properties located along the same trend.
Agnico Eagle and Waratah each hold approximately 19.9% of the company, partially diluted following the May 2026 C$56 million financing. Cash reserves stood at C$74.3 million as of June 30, 2026. The company plans a 20:1 share consolidation and a name change to Sunday Lake Gold, subject to shareholder approval in the third quarter of 2026.