Wallbridge Mining – 2022 Exploration Recap at Fenelon and Martinière, Along With A Spinout Of Nickel Assets Into Archer Exploration
Marz Kord, President and CEO of Wallbridge Mining (TSX: WM – OTC: WLBMF), joins us to review the key exploration and development progress made in 2022 at their flagship Fenelon Project, and the Martinière Project, along the Detour-Fenelon trend, in Québec.
We recapped some of the reasons the maiden Mineral Resource Estimate released November 9, 2021 was not as well-received, and that company spent this year shifting focus to drilling deeper with a more intense focus on ounces per vertical meter, moving towards a higher grade bulk-mineable underground mining scenario. We have Marz outline that it has not been about growth of low grade ounces just for growth’s sake, but rather where there is opportunity to expand the high-grade resources, replacing low grade ounces, through more drilling at depth. The key upcoming milestones are this update to the resource estimate in Q1 2023, and then a PEA highlighting the higher-grade bulk-mineable underground mining economics, with support from several satellite open pits at surface.
We wrap up with the recent news from Nov 17th about the spinout of the Company’s nickel assets, that had not been getting any work for years, into Archer Exploration (CSE: RCHR), for an accretive transaction for shareholders. The transaction provided Wallbridge with 66,211,929 common shares of Archer with an aggregate deemed value of approximately $53.6 million (valued using the July 12, 2022, closing price of the Archer Shares), and includes retention of a 2% net smelter royalty on production from the Grasset project. Marz reiterated the company focus is on gold exploration and development along the Detour- Fenelon trend.