In resource exploration, step-out drilling is meant to expand a known area of mineralization. Showing greater potential for reserves is one thing, intersecting high-grade gold is enough to get investors smiling ear-to-ear. Toronto-based Wallbridge Mining Company (TSX:WM) on Thursday disclosed the newest results from a recent round of step-out drilling at its wholly-owned Fenelon Gold property in Quebec, which have sent shares flying.
Wallbridge is in the early stages of developing the property, with exploration and bulk sampling started this year. So far, 33 exploration holes totaling 6,348 meters have been drilled at Fenelon. Results from nearby holes earlier this year showed strong mineralization, with assays returning grades to the tune of 311.08 g/t gold over 3.06 metres and 141.16 g/t gold over 7.06 metres.
As it awaits regulatory approval of a permit for an underground bulk sample in a bid to go deeper and define a resource, Wallbridge is evaluating drill data as it arrives.
The data released today showed, amongst other things, drill hole FA-17-26 cutting 237.81 g/t gold over 7.02 metres, stepping out from significant cuts previously reported. Drill hole FA-17-27 intersected 122.25 g/t gold over 4.73 metres, including an aerage grade of 362.83 g/t gold across 1.54 metres.
Results from six more holes are pending.
Under a surge of volume, with more than 3.7 million shares already changing hands, WM stock has risen 73.3% to 13 cents as of 11 a.m EST Thursday morning. That's the highest volume since November 2014 with plenty of trading time left in the day. Shares printed as high as 14 cents, marking the highest level for the stock since early 2013.
