Union files complaint against Orla Mining, alleging violation of worker rights in Mexico
The complaint is only the second of its kind made from Canada using CUSMA’s RRM process since the trade deal came into force in 2020.
Wallbridge Mining (TSX: WM) released a positive preliminary economic assessment (PEA) for its 100%-owned Fenelon gold project in the Abitibi greenstone belt, along the Detour-Fenelon gold trend in Quebec.
The underground mine, 7,000-tonnes per day mill, tailings facility, and paste backfill plant have a pre-production capital requirement of C$645 million ($490m) and a sustaining capital requirement of C$594 million ($450m). Payback will be achieved in 4.2 years. The all-in sustaining costs are expected to be $924/oz. of gold.
The project is given an after-tax net present value (5% discount) of C$721 million and an internal rate of return of 18% at a gold price of $1,750/oz. Annual gold production will be 212,000 oz. in each of 12.3 years of mine operation.
Fenelon has an indicated resource of 21.7 million tonnes grading 3.40 g/t gold and containing 2.4 million oz. The inferred resource is 18.5 million tonnes at 2.89 g/t gold and containing 1.7 million oz.
“Projects such as Fenelon, with a projected annual production profile of more than 200,000 gold oz., located in a mining-friendly jurisdiction with established infrastructure, having substantial exploration upside and access to clean hydro-electric energy are highly desirable yet exceedingly rare in the mining industry today,” said Wallbridge chair Tony Makuch.
“We are extremely pleased that the PEA on Fenelon alone is demonstrating robust economics at this early stage,” Makuch said. “We expect further improvements as we continue to add to the resource base through our exploration efforts at Fenelon and elsewhere on our very large land position in the northern Abitibi greenstone belt.”
Wallbridge is planning the next steps as it advances the Fenelon gold project and said every aspect of the project will be upgraded and de-risked as the prefeasibility study is created.
