Wallbridge makes down payment on gold property.

PositionNEWS

Sudbury's Wallbridge Mining has signed a purchase agreement and made the first payment to Balmoral Resources to acquire a western Quebec gold property for $3.7 million.

Wallbridge considers the Fenelon Gold Property an advanced stage project with near-term production potential.

The 1,052-hectare property is located 75 kilometres northwest of the town of Matagami.

Wallbridge issued $200,000 worth of its common shares and has paid the first $200,000 cash installment.

In an Aug. 2 news release, company president Marz Kord said maiding the first payment puts them closer to permitting the high-grade, scalable Discovery Zone deposit on the property which contains some underground workings.

After the final payment is made in September, Kord said their goal is to dewater the underground workings and start underground exploration.

The company plans to make a production decision once a feasibility study is wrapped up in early 2017.

"Exploration opportunities at Fenelon include open mineralized zones close to the existing underground workings and resource as well as high grade drill intersections at...

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