Fenelon gold project, Canada
Name of the Project
Fenelon gold project.
Location
Quebec, Canada.
Client
Wallbridge Mining.
Project Description
A prefeasibility study has demonstrated the attractive economics of the Fenelon project.
The project has measured and indicated resources of 91 900 t grading 12.89 g/t of gold and in situ inferred resources of 6 500 t grading 12.97 g/t of gold. Proven and probable mineral reserves have been esti-mated at 90 295 t grading 10.43 g/t of gold.
The project is expected to have peak productivity at 400 t/d.
The project has an 18-month mine life for the known reserves located above 100 m deep and in close proximity to the existing ramp.
Jobs to be Created
Not stated.
Net Present Value/Internal Rate of Return
The project has a net present value, at a 5% discount rate, of $5.84-million and an internal rate of return of 92%, with a payback of 12 months.
Value
The project has an initial capital cost of $5.24-million.
Duration
Mine development is expected to be completed in 11 months. The start date depends on the receipt of production permits from various regulatory agencies.
Latest Developments
The next key step in the development of Fenelon is the continuation of the permitting process and exploration around the existing deposit to add potential ounces and extend mine life.
Wallbridge intends to make a production decision in the second quarter of 2017.
Key Contracts and Suppliers
None stated.
On Budget and on Time?
Not stated.
Contact Details for Project Information
Wallbridge Mining VP for corporate communications Linda Zubal, tel +1 705 682 9297 ext 263 or email lzubal@wallbridgemining.com.
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