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drbubb

Wallbridge (WM.t) and its Fenelon Mine

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Bullboard Comments

re sprott

sorry but i'm on the fence with sprott bying so much, there can be a time were he can control this game,what if he decides to make an offer for a buyout, say at .50 we may not be able to stop him and at this point it might be considered a good price, but i don't want to sell so low especially if they prove more reserves,we could easily be over a $1.00 or more,these big guys don't care about us the small fish
 
KL / Kirkland Lake Gold ... update : C$34.34
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Sprott Thoughts

It is very interesting to listen to Eric Sprott's Keynote talk at Jekyll Island in 2017. He goes on about Fosterville and how the grades increase with depth. He also says that he made a mistake in only owning 17% of Newmarket Gold, which owned Fosterville, when Kirkland Lake bought Newmarket. Sound familiar? He said you need to "see the future early". I take all of this to mean that Eric sees something like Fosterville at Fenelon, just maybe not as big, but still worth buying up now when it is pretty cheap. Next year or so Kirkland Lake Gold buys it out after the high grades prove out.

RE:Sprott Thoughts

I’m inclined to agree. So far results from Fenelon (apparently) are second highest grades recorded in history. If you look st the assay results there are sooo many holes that drilled above 10g/t. If they can prove they are sitting on let’s say 10million + ounces then this becomes a new ball game altogether. 

Read more at https://stockhouse.com/companies/bullboard?symbol=t.wm&postid=29477016#8pv72d1yiteVVc0o.99

 

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Wallbridge drills 20.01 m of 2.55 g/t Au at Beschefer

Mr. Marz Kord reports

WALLBRIDGE INTERSECTS 2.55 G/T GOLD OVER 20.01 METRES CONFIRMING CONTINUITY OF GOLD-BEARING STRUCTURE AT BESCHEFER

Wallbridge Mining Company Ltd. has provided positive results from its initial drill program at the recently optioned Beschefer gold property in Quebec.

Highlights

  • The majority of assays from the company's first drill program at the Beschefer project, consisting of five drill holes for a total of approximately 1,600 metres, have now been received.
  • All holes intersected significant gold mineralization in the B-14 shear zone, proving excellent geological continuity of this gold-bearing structure:
    • BE-18-048: 2.55 grams per tonne gold over 20.01 metres, including 3.47 g/t gold over 10.28 metres and 5.90 g/t gold over 2.16 metres;
    • BE-18-049: 0.93 g/t gold over 20.25 metres, including 2.05 g/t gold over 5.17 metres;
    • BE-18-050: 1.28 g/t gold over 8.15 metres;
    • BE-18-051: 3.40 g/t gold over 2.29 metres;
    • BE-18-052: 1.45 g/t gold over 6.42 metres and 0.84 g/t gold over 10.20 metres.
  • Drill hole BE-18-049 also intersected a narrow, high-grade shear zone above the B-14, assaying 20.22 g/t Au over 0.50 metre. Further sampling of secondary shear zones above the B-14 is currently under way.

"We are pleased with the assay results of our initial drill program confirming the presence of a very continuous, up to 20 m wide, gold-bearing structure," stated Attila Pentek, vice-president, exploration, of Wallbridge. "Even though we did not intersect high-grade domains in this structure like some of the historic drilling, we certainly achieved our goal of proving the continuity and predictability of the B-14 structure. As a next step, we are working on an updated 3-D geological model of the project to better understand the controls on gold deposition and are planning a more substantial drill program to outline the high-grade domains and establish an initial resource."

About the Beschefer project

The Beschefer project covers 647 hectares and is located in the Northern Abitibi greenstone belt, 14 kilometres east of the past-producing polymetallic Selbaie mine, 45 km northeast of the Casa Berardi mine and 28 km from Wallbridge's Fenelon gold property. Historically, the area has mainly been explored for volcanogenic massive sulphide deposits similar to the Matagami camp and the Selbaie mine.

Gold mineralization was discovered in the B-14 zone in 1995 by Billiton Canada Inc. but the property saw very limited exploration before the involvement of Excellon between 2011 and 2013. Excellon completed approximately 17,000 metres of drilling, extending the B-14 mineralization down to almost 600-metre vertical depth, discovering the upper shear zone and intersecting the highest-grade intersections on the property, including 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over 8.75 metres. Excellon's primary focus is on production and exploration at its Platosa mine and Miguel Auza property in Mexico. Up to Wallbridge's current program there has been no exploration at Beschefer since 2013.

. . . Wallbridge entered into an option agreement to acquire 100% of Beschefer as part of its strategy of building a gold production pipeline in the emerging Sunday Lake-Selbaie Belt (see Wallbridge press release dated October 17, 2018).

RE:Dropping

Lordluvaduck wrote: I'm confused about this stock, as every time news of gold intersections are announced, the price begins to drop. I was expecting it to hover .31 today with this release.
This news is nothing special with very low grades for the depths they are at. Keep in mind this is the side project, and not Fenelon. If this type of grade was found at Fenelon, we would be seeing a much larger drop. 

.2 /

The sky is not falling, the grades are ok- on the big picture - ,keep drilling find the sweet spots. I don't understand why you would call grades very low when many mines operate on these grades . they become good fillers for the higher grades -give it time pay day is coming

.3 /

As I and others have stated; Beschever only a side play at this point. Rookies seldom hit a home run first at bat.Gold mineralization is a positive. Miners know that more drilling is required.
Gold price is up; Fenelon grades are world class so far, Nothing is guaranteed but is 
looking good. GLTA

Read more at https://stockhouse.com/companies/bullboard?symbol=t.wm&postid=29478434#SlVgEgJ8XdSoeBQK.99

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SELLING?

Lead director Warren Holmes selling two days ago.

239 500 shares at .31. Its posted on the canadian insider. You would think the ones who are in the know would be buying not selling. Makes me wonder whats going on. Its annoying to keep seeing these sells pop up.

RE:Lead director Warren Holmes selling two days ago.

He sold less than 10% of his shares. He still has 3,000,000+ shares he is holding.
Why do you care about that? The guy needed a little cash. Pay more attention to Sprott buying hand over fist to gain the maximum control he can get. THAT is worthy of your attention. 

Holmes Sell

gpandrew is right, minor amount sold; sprott and his numbered company bought a lot more;
looks like they or KL Gold will definitely make a play for WM. Hopefully they make a fair offer
as potential is very high for Fenelon. Juniors with high grades are a rare commodity
and majors are joining forces to generate higher profits.

Read more at https://stockhouse.com/companies/bullboard?symbol=t.wm&postid=29479561#my93PF6Yo6ra8EqS.99

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Still Buying ... after all of these shares

Sprott continues buying

Sedi insider trading from another  purchase march 12 and filed on march 16, posted on sedi march 16.  Another 250k shares @ ,30.   New total 79,202,396 shares.   
He...read more
2 / Well if he’s trying to get to 25% he’ll be buying for awhile longer...RD 

KL/WM swap?

It seems Sprott has been selling a lot of KL shares while buying a lot of WM shares lately. Coincidence?  rate and reply

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WM hit 33 cents ! (& I sold some shares at $0.32 & $0.33) ... 10d:

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News for today and why price is moving. From Globe and Mail.

Wallbridge Mining Company Limited (WM-T)

Between March 1 and March 12, billionaire businessman Eric Sprott, with an ownership position exceeding 10 per cent, invested nearly $500,000 in shares of the company. He acquired a total of 1,789,500 shares at an average price per share of roughly 28 cents for an account in which he has indirect ownership (2176423 Ontario Ltd.), increasing the account’s holdings to 79,202,396 shares.

=== ===

Bulk sample process

As I understand it, WM is processing the bulk sample thru the "Camflo" mill (1600tpd) which is owned and operated be MRQ ( Monarque) who also owns the Beacon mill (750 tpd) but is not currently operational. Both Nottaway and Eldorado process ore thru Camflo and thus the backlog. It is time for management to break this backlog by finding another mill or buy Beacon! We will continue to be the third in line for processing and the additional bulk sample will prove a drag due to lack of results. If there is any real proposition to develop a mine, the mill situation is critical. Get on with it!!

2/

Where are you getting the information that there is a milling backlog? That's not my impression whatsoever. Also, it's been well established here that a capex for a mill at Fenelon's grades is completely unnecessary as combined milling and shipping costs are around $1g/t Au. As a shareholder I would be completely against spending any money on a mill at this point, especially if it could lead to further dilution. The grades do not warrant a mill. Let the acquiring company (KL?) worry about that.
3/
I cannot remember which news release stated it, but the delays in the initial bulk sample result dates was indeed due to a backlog of work at the Camflo Mill. It is much too late for me to go searching but I agree with the OP that there was a statement about this.
4/
I never said it did. That was the OP. I was just confirming his information.
At the moment, with the proven reserves they have, I do not think a mill on site or an acquisition of an existing mill makes financial sense. If, with the massive drill program this year management updates the proven reserves, and the numbers point to a massive deposit with long term operation potential, then there is a reason to begin investigating. That is also dependant on whether or not management is looking to be a producer (which they have been saying since day one after purchasing Fenelon) or if they will explore the possible selling of the company (my prefered outcome for WM). 
Read more at https://stockhouse.com/companies/bullboard?symbol=t.wm&postid=29499573#sBp4Ag85s1l1PZzu.99

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You’re not the only one that took profits on the spike, have to say I’m buying again today and will add vigorously at this level.

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I am flying back to Asia, stopping at Narita.  I may soon buyback shares I sold at 32 cents and 33 cents

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