Wallbridge Mining – A Company in Transition

With PDAC 2024 around the corner, I thought it would be a good time to summarize Wallbridge Mining Company Limited’s (Wallbridge) (WM on the TSX and WLBMF on the OTC) progression at their Detour-Fenelon land package. I originally wrote an article in June 2022 before PDAC (https://www.miningperspectives.com/wallbridge-mining-when-finding-too-much-gold-becomes-a-problem/) and wrote another in August 2022 (https://www.miningperspectives.com/wallbridge-mining-all-in-on-developing-a-quebec-gold-mining-camp/). A lot has changed with the Wallbridge story since then and I think it’s a good time for an update.


Wallbridge focused their 2022 exploration program on expanding the gold mineralized footprint at Fenelon and Martiniere in preparation for an updated resource estimate and eventual Preliminary Economic Assessment (PEA). In August, Wallbridge issued a press release indicating that drilling results confirmed the expansion of the Martiniere West gold zone along strike by over 400 m with an intercept of 12.27 g/t Au over 5.6 m and at depth by over 300 m with an intercept of 2.5 g/t Au over 17.35 m [1]. Wallbridge also reported intercepts within the Martiniere Central and Bug Lake North Zones (see Figure 1).

Figure 1: Drill intercepts at Martiniere as per the August 30, 2022 press release [1].

In September, Wallbridge announced that they had commissioned an update to the mineral resources at Fenelon and Martiniere in addition to initiating a PEA considering Fenelon only [2]. The updated mineral resource estimate would form the basis of the PEA. It was noted that the upcoming resource estimate would consider modelling Fenelon as an underground bulk mineable deposit rather than an open pit deposit which formed the basis of the resource estimate released on November 9, 2021 [3]. On September 28, 2022, Wallbridge released assay results from drilling completed at Fenelon where gold mineralization within 200 m of the surface was identified in the Tabasco Corridor and Area 51 zones highlighted with intercepts of 2.01 g/t Au over 21.4 m and 4.35 g/t Au over 18.5 m from the Tabasco Corridor and Area 51 zones respectively (see Figure 2 below) [4]. High grade assay results from the Ripley zone were also reported and it was noted that the Ripley zone was turning into a satellite zone at Fenelon.

Figure 2: Drill intercepts at Fenelon as per the September 28, 2022 press release [4].

In October, Wallbridge announced the assay results for one of the final holes at Martiniere with a highlighted intercept of 4.07 g/t over 24.1 m located a few hundred meters outside of the existing resource footprint at Bug Lake South [5]. Later in October, Wallbridge reported additional assay results from their in-fill sampling program where additional areas of gold mineralization from the Contact zone, Area 51, and the Tabasco zone outside of the resource estimate were identified [6]. In November, Wallbridge announced additional assay results which extended Tabasco-style mineralization beyond the existing mineral resource and confirmed the potential for underground bulk mining opportunities with highlights of 2.66 g/t Au over 39.5 m within 200 m of the surface at Area 51 and 7.8 g/t Au over 16 m in the Tabasco-Cayenne Corridor [7]. On November 18, 2022, Wallbridge announced the completion of the sale of their nickel assets to Archer Exploration Corp. where Wallbridge would retain approximately 18 million Archer shares (about 19.9% of the company) and the remainder of the shares (approximately 48 million shares) would be distributed to Wallbridge shareholders [8]. Drill hole intercepts of additional gold mineralized zones at Fenelon were released in a December 8, 2022 press release where near surface mineralization close to, or within the existing resource estimate was identified [9]. Highlights from this press release included 2.66 g/t Au over 46.7 m and 4.19 g/t Au over 24 m both inside the Tabasco-Cayenne Corridor and within 200 m of the surface.  


Wallbridge announced an updated mineral resource estimate for the Fenelon and Martiniere deposits on January 17, 2023 [10]. The updated mineral resource estimate at Fenelon resulted in 2,369,600 ounces of gold in the indicated category at 3.4 g/t and 1,718,400 ounces of gold in the inferred category at 2.89 g/t. The updated mineral resource estimate at Martiniere resulted in 684,300 ounces in the indicated category at 2.35 g/t and 632,300 ounces in the inferred category at 3.17 g/t. Additional details are presented in Table 1. This updated mineral resource for Fenelon increased the indicated category gold grade by 85% and the inferred category resource by 84% relative to the previous resource estimate. The updated mineral resource for Martiniere increased the size of the indicated category and inferred category by 26% and 146% respectively.

Table 1: Detour-Fenelon Gold Trend (Fenelon and Martiniere) 2023 Mineral Resource Estimate as Compared to the 2021 Mineral Resource Estimate [10].

Following the updated resource estimate, Wallbridge released a separate press release detailing the company’s exploration plans and budget [11]. In addition to the planned PEA release later in the year, Wallbridge announced an exploration program designed to expand existing gold mineralization (with a primary focus at Martiniere and a secondary focus at Fenelon) and to complete drilling in new areas across the Detour-Fenelon land package which have been refined with geophysics and other prospecting techniques (see Figure 3 and Figure 4). Wallbridge also noted that funding was allocated for technical studies at both Fenelon and Martiniere including environmental, metallurgical, permitting studies, and road improvement commitments.

Figure 3: Map of Fenelon, Harri, and Grasset properties with 2023 areas of targeted exploration [11].

Figure 4: Map of Martiniere, Casault, and Harri properties with 2023 areas of targeted exploration [11].  

In February, Wallbridge announced results from their 2022 drilling program which expanded the Ripley zone towards the southwest [12]. During March, Wallbridge released additional assays from the 2022 drilling program which expanded gold mineralization from the Area 51, Tabasco, and Contact zones beyond the 2023 mineral resource estimate footprint [13]. Wallbridge announced on March 8, 2023 that the 2023 drill program, focusing on regional exploration across their Detour-Fenelon land package, had commenced and provided additional information regarding the specific targets to be drilled in the vicinity of the Fenelon deposit [14]. These targets (depicted in Figure 5) were identified based on geophysics and geological data. Target 1 was interpreted to be similar to the Jeremie Diorite (hosts Area 51); Targets 3 and 5 were thought to be western and eastern extensions respectively of the Jeremie Fault, an important structural control for Fenelon gold mineralization.

Figure 5: Regional exploration targets of focus to be drilled in 2023 from the March 8, 2023 press release [14].

An exploration update for the activities at Martiniere was released on April 12, 2023 where several targets to expand mineralization around the existing resource were identified (see Figure 6) [15].  Additional regional targets on the broader Martiniere property were also introduced.  

Figure 6: Targets to be drilled around the Martiniere deposit in 2023 [15].

In early May, Wallbridge reported new gold zone discoveries from drilling exploration targets at Fenelon [16]. Initial drilling results from Target 1 (see Figure 5) intersected 0.96 g/t Au over 21.05 m and confirmed the presence of a new zone of Jeremie Diorite about 1 km to the northwest of the Fenelon mineral resource. A hole drilled at Target 5 intersected 14.9 g/t Au over 0.5 m which was interpreted to be an offshoot of the Sunday Lake Deformation Zone (SLDZ), the main control for gold mineralization in the region.

All exploration activities along the Detour-Fenelon Gold Trend were ceased temporarily as of June 5, 2023 in response to an emergency order from the Quebec government due to forest fire impacts [17]. Drilling results expanding the Area 51 and Ripley zones were released in June where Area 51 gold mineralization expanded down to 940 m below surface and the Ripley zone’s footprint expanded to over 3 km from north to south [18]. Assay results reported on June 8, 2023 noted the expansion of mineralization at Martiniere 300 m to the east of the existing resource (from Target 1 in Figure 6 above) highlighted by an intercept of 1.63 g/t Au over 19.25 m [19].

The results of the PEA for the Fenelon gold project was released to the market in June 26, 2023 where a 212,000 ounce per year for 12.3 years was presented considering an initial capital expenditure of $645 million CAD, and an All-in-sustaining costs of $924 USD/ounce [20]. The PEA resulted in an after-tax Net Present Value of $1,070 million at spot gold of $1950 USD (considering 1.34 CAD/USD exchange rate) and an after-tax Internal Rate of Return of 24%. The PEA contemplated an underground mine with a production rate of 7,000 tonnes per day with ore being extracted from three separate zones, Tabasco-Cayenne (68.5% of ounces to be mined), Area 51 (31.1% of ounces to be mined), and Gabbro zones (0.4% of ounces to be mined). Since the daily throughput exceeds 5,000 tonnes per day, Wallbridge noted that the Fenelon project would need to be in compliance with the Federal government’s Impact Assessment Act. This is in addition to the environmental assessment/environmental and social impact assessment requirements relevant to the territory of James Bay and Northern Québec. Of note, Wallbridge has several years worth of baseline data collected at the Fenelon project however it was noted that gaps exist in the current data set and work was in progress to fill these gaps. It should also be noted that woodland caribou in Quebec are designated as vulnerable within Quebec and are a threatened species at the federal level. The protection of woodland caribou within the Fenelon project area remained uncertain as of the date of the PEA press release. In the summary of the PEA, additional steps were identified which are required to advance Fenelon to a pre-feasibility study level as taken from the June 26, 2023 press release [20]:

Wallbridge reported on July 13, 2023 that the fire ban on accessing and resuming exploration activities was partially lifted [21]. On August 24, 2023, Wallbridge reported the commencement of drill testing at Grasset Gold, a regional target 15 km east of Fenelon [22]. Wallbridge announced plans to drill 11 targets within a 4.5 km by 3.5 km area accounting for approximately 5,000 m, an area interpreted to be a flexure in the SLDZ and a favourable location for hosting gold in greenstone belts. In September, Wallbridge released assay results from drilling targets at Martiniere which successfully expanded gold mineralization at Targets M1, M3, and M4 (formerly Targets 1,3, and 4, see Figure 6) by 200 m to the south (at Target M1) and over 300 m at depth (at Target M3) [23]. In October, it was announced that Marz Kord, CEO of Wallbridge, retired from his role as CEO effective immediately [24]. The CFO Brian Penny was appointed the role of interim CEO. In November, Wallbridge reported the intersection of gold bearing mineralization at Grasset Gold in nine of the nineteen holes completed at Targets G1, G2, and G5 (see Figure 7). This press release was highlighted by an intercept of 1.22 g/t Au over 8.5 m from Targets G1 and G2 [25]. It was announced that the drill program increased to 10,500 m to further investigate this mineralized area.

Figure 7: Location of exploration targets which were drilled in 2023 at the Grasset gold property [25].    


Wallbridge’s 2024 exploration plans are fully funded [26]. The company intends to complete 23,000 meters of drilling split across infill and exploration drilling at Martiniere, Fenelon, and their grassroots targets across the Detour-Fenelon Gold Trend. Over half of this drilling is to be completed at Martiniere which aligns with the company’s other goal to continue with technical studies (including metallurgical testing, geomechanics, and hydrogeology) and optimize to the economics of a combined PEA to include both Martiniere and Fenelon. It was noted that this combined PEA is expected to be completed by early 2026. 2024 exploration targets are summarized in Figure 8 from the January 16, 2024 press release.  

Figure 8: Wallbridge’s Land Package and 2024 Exploration Targets as per the January 16, 2024 press release [26].

In January, Wallbridge released the remainder of the outstanding assays from the Grasset Gold property where Attila Péntek, Wallbridge’s Vice President of Exploration noted that “…gold mineralization was intersected in 60% of the drill holes [completed] in our inaugural program on the property…” [27]. It was noted that Targets G1 and G2 (see Figure 7 above) were renamed as the Hinge Zone with a highlighted intercept of 12.11 g/t Au over 0.5 m in a broader intercept of 1.17 g/t Au over 7.1 m as per the January 18, 2024 press release [27]. Wallbridge reported that as of January 31, 2024, Brian Penny and Mary Montgomery (both who had been serving as interim CEO and CFO respectively) were appointed as permanent CEO and CFO of Wallbridge respectively [28]. It was also noted that Attila Péntek would resign from his position of Vice President of Exploration effective March 31, 2024. Final assay results from the Fenelon 2023 drilling program were released in February and Wallbridge reported that one drill rig had resumed drilling at Fenelon, focusing on near surface targets adjacent to the existing limits of the Fenelon resource estimate [29].  

Looking Forward

As of September 30, 2023, Wallbridge had a working capital of $28.6 million. Wallbridge also owns approximately 15.9% of Archer Exploration (previously owned 19.9% however Archer completed a raise in November 2023 where Wallbridge did not participate) which is worth approximately $648,000 CAD (as of February 23, 2024). Considering Wallbridge’s updated resource estimates for Fenelon and Martiniere of 3,054,000 oz in the indicated and 2,350,700 oz in the inferred category respectively (see Table 1 above), a rough valuation can be calculated. Using a price per ounce of gold of $30 USD for the indicated category, $20 USD for the inferred category [30], and a USD/CAD exchange rate of 1 to 1.35 (as of February 23, 2024), Wallbridge’s resource estimates can be estimated to be worth approximately $187 million CAD. As of February 23, 2024, Wallbridge has a market capitalization of approximately $71.1 million CAD.     

Wallbridge is entering a new phase of development as a company. With the next major milestone of delivering a combined PEA for Martiniere and Fenelon by early 2026 and with departures in the senior management team, Wallbridge is in a transitory state. I look forward to seeing how Wallbridge reduces risk through the completion of technical studies at Martiniere/Fenelon and for drilling results across the Detour-Fenelon land package.    

Disclosure: I have a beneficial long position in the shares of one or more of the companies discussed in this article, either through stock ownership, options, or other derivatives. I wrote this article without external assistance and it expresses my personal opinions. I was not compensated for this article and I have no business relationship with any company whose stock is mentioned in this article. I am not a registered investment advisor; readers are encouraged to complete their own due diligence and to contact their own licensed investment advisor(s) before making any investment decisions.  


[1] Wallbridge Mining Company Limited, “New Assay Results Expand Martiniere Gold Zones,” 30 August 2022. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=748e999d523d227e22304d0dccd749c4a874e89bf2ffc101556003a612a272d5.

[2] Wallbridge Mining Company Limited, “Wallbridge Commissions Updated Detour-Fenelon Gold Trend Resource Estimate and Commences Work on Preliminary Economic Assessment,” 8 September 2022. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=4340dcc6647b897d5ccfb45baea0e1e63f476ed7cb31f171b50dee4fa8bb3ea9.

[3] Wallbridge Mining Company Limited, “Wallbridge Announces Mineral Resource Estimate for Fenelon and Martiniere Deposits on Detour-Fenelon Gold Trend,” 9 November 2021. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=a15689d3e4b7f791070b37c858703c4e51c9c240867f86f5221bf3950a1d3449.

[4] Wallbridge Mining Company Limited, “Wallbridge Adds New, Near-Surface Gold Zones in Tabasco and Area 51, Hits Higher-Grade Intercepts in Nearby Ripley Zone,” 28 September 2022. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=e670bfcb603e70dfac73fe72943ed0dbbe04338678c715f6b413d6f76b19a26b.

[5] Wallbridge Mining Company Limited, “Wallbridge Drilling Identifies Further Growth Potential for Martiniere Gold Resources,” 12 October 2022. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=98ca2535d37ad7b6ee18f4125de392a620757446380ab74fe5f5ee1fdaf32c67.

[6] Wallbridge Mining Company Limited, “Fenelon In-Fill Sampling Program Continues to Yield Strong Gold Mineralization,” 20 October 2022. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=5d0423701f05afc2d48966fcac0de2bd210df859d8dfc5d9d3b0c0efbd25b9b4.

[7] Wallbridge Mining Company Limited, “Wallbridge Extends Tabasco-style Gold Mineralization at Fenelon,” 8 November 2022. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=4a59e98be7d825be48f2485ddb08d8d373ee6ae6d1230cecc8731c5a2ada8e96.

[8] Wallbridge Mining Company Limited, “Wallbridge Announces Successful Completion of Sale of Nickel Assets to Archer Exploration,” 18 November 2022. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=8d6201f12b2b57acebec6b3a05282568fb38c35e8255dad3e8bb55e0a70a0784.

[9] Wallbridge Mining Company Limited, “Wallbridge Continues to Add Near Surface Gold Mineralization at Fenelon and Expands New Southeast Zones,” 8 December 2022. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=bf7f8b1398cb63d9fd2a96e9ff3d832b6d4e09cc42065b5f57892e2ea9fffc2b.

[10] Wallbridge Mining Company Limited, “Wallbridge Mineral Resource Estimate Delivers Significant Increase in Grade at Detour-Fenelon Gold Trend Property,” 17 January 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=815c6180bc4c479a9133a022d71a0fe4453b2f18a3e97b3b7768bb105531bfcb.

[11] Wallbridge Mining Company Limited, “Wallbridge Announces 2023 Budget and Exploration Program for Detour-Fenelon Gold Trend Land Package,” 17 January 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=ce81a1a1f8d96465b925027df638c452137cfa45ea19fbd87b7be1774605b311.

[12] Wallbridge Mining Company Limited, “Wallbridge Expands Ripley Zone, Mobilizes Drill to Further Test Gold Potential along Sunday Lake Deformation Zone,” 28 February 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=83d210df0face4c121ce5dbed0009129d718f2b25614e0b5e24658d7ed4f1e88.

[13] Wallbridge Mining Company Limited, “Wallbridge Continues to Expand Fenelon Gold System in Multiple Directions,” 6 March 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=20a91ec93a3a43dbc4cbb89c80fa1a7daf92b6f59684a6d6fab6c2a8edbce401.

[14] Wallbridge Mining Company Limited, “Wallbridge Commences Drill Program Testing New, Property-wide Exploration Targets at Fenelon,” 8 March 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=e3a05c8666c8fbbffa5c90de3b324be0d2e6329ed4bf72be691ce11ef157ebfa.

[15] Wallbridge Mining Company Limited, “Wallbridge Commences 2023 Exploration Program at Martiniere,” 12 April 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=a95454f42598fb76f1d44a20244f4a292367ebe4267c5d5781896e53edc435dd.

[16] Wallbridge Mining Company Limited, “Wallbridge Identifies Two New Gold Zones at Fenelon,” 8 May 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=8426bb3a5e17f2b303ec62b1962b24ad50284c6b3a74aec45779f9436ce5b436.

[17] Wallbridge Mining Company Limited, “Wallbridge Temporarily Evacuates Fenelon Camp, Suspends Exploration Due to Quebec Forest Fire Risk,” 5 June 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=7cfe381a859a8d069313b2f4748628de5e75166582546da287a1db89cba7127b.

[18] Wallbridge Mining Company Limited, “Wallbridge Expands Fenelon Gold Mineralization in Area 51 at Depth and South of Ripley,” 6 June 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=cb9a9c410fd55023c1f977ba2c3fac2f9c6edb4eec59937b451af2d376b728be.

[19] Wallbridge Mining Company Limited, “Wallbridge Extends Martiniere Gold Mineralization to the East,” 8 June 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=2b2dfa3463bacb634d5a01bcf5039b5e4523aafeee26d0c5d6bdd0b1a04151c4.

[20] Wallbridge Mining Company Limited, “Wallbridge Mining Delivers Positive Preliminary Economic Assessment for the Fenelon Gold Project in Quebec,” 26 June 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=fca99ad65289104627f4f7fb0eec9cbb0b03ff432ac9e6fd0b8a38f60c5d17d6.

[21] Wallbridge Mining Company Limited, “Wallbridge Resumes On-Site Exploration and Drilling Activities Following Temporary Suspension Due to Quebec Forest Fire Risk,” 13 July 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=8c54ab35b9b07d83ea04020ca72b8907fe954feaeb10e1a8d81e92666d480187.

[22] Wallbridge Mining Company Limited, “Wallbridge Commences Phase-One Drill Testing of Grasset Gold Targets,” 24 August 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=2be9ee13d8a077b92e60bf45c255d2dcf39e9e31eb6f7727952e6dabb0c6fe7a.

[23] Wallbridge Mining Company Limited, “Wallbridge Expands Mineralized Footprint at Martiniere,” 25 September 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=a8f23784c0f120b47aaaaf877d74b392ebc4a8d9917f6d88a9aa564eb5c67367.

[24] Wallbridge Mining Company Limited, “Wallbridge Announces Board and Senior Management Changes,” 10 October 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=135a67c0e88b4b8259186b32cfaa21384c653a6ba3467289abfe5604fcf62b50.

[25] Wallbridge Mining Company Limited, “Wallbridge Discovers New Area of Gold Mineralization 15 kilometres East of Fenelon,” 13 November 2023. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=2c0f5444d8b2f777a541ab3e865498af0d778065401acdb99f38615a5393459c.

[26] Wallbridge Mining Company Limited, “Wallbridge 2024 Drilling Program to Focus on Upgrading Gold Resources at Martiniere and Fenelon as well as Grassroots Exploration,” 16 January 2024. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=25be349401daa440ba098510bc6fac936538a307e769e0bb97dbe0e2ded28450.

[27] Wallbridge Mining Company Limited, “Wallbridge Grassroots Exploration Drilling Adds to Grasset Gold Potential,” 18 January 2024. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=4829517e338644a608ec87c05216d8a16556f6fa001e8e347bc8705c06881d09.

[28] Wallbridge Announces Senior Leadership Changes, “Wallbridge Announces Senior Leadership Changes,” 31 January 2024. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=4dccec20e403584aebffabb3ff212df9e132979d3eb86f1a2bf2bc54c9c6842a.

[29] Wallbridge Mining Company Limited, “Wallbridge Demonstrates Potential to Expand Gold Resources and Commences 2024 Drill Program at Fenelon,” 7 February 2024. [Online]. Available: https://www.sedarplus.ca/csa-party/records/document.html?id=c0da1e515cb99556a6e9f4ca05b86a2fe841ca99e7d08e0f67a0a35297800274.

[30] Casey Research, “Valuing a junior miner’s gold in the ground,” 1 February 2010. [Online]. Available: https://stockhouse.com/opinion/independent-reports/2010/02/01/valuing-a-junior-miner-s-gold-in-the-ground

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