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Wallbridge Receives $12.5 Million of Quebec Refundable Investment Tax Credits

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Wallbridge Receives $12.5 Million of Quebec Refundable Investment Tax Credits

 

 

 

 

 

Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) is pleased to report that it received $12.5 million of cash refunds with respect to its 2022 Quebec Tax Credit Relating to Resources that were claimed on its 2022 Quebec income tax return.

 

“We are pleased with the quick turnaround and payment of the refund by Revenue Quebec,” stated Marz Kord, President and CEO of Wallbridge. “The receipt of the TCRR Quebec investment tax credits will be used for our 2024 exploration program once approved by our board. We look forward to outlining to our shareholders our 2024 exploration program on the Detour-Fenelon Gold Trend Properties at that time.”

 

About Wallbridge Mining

 

Wallbridge is focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend while respecting the environment and communities where it operates.

 

Wallbridge’s flagship project, Fenelon Gold, is located on the highly prospective Detour-Fenelon Gold Trend Property in Québec’s Northern Abitibi region. An updated mineral resource estimate completed in January 2023 yielded significantly improved grades and additional ounces at the 100%-owned Fenelon and Martiniere projects, incorporating a combined 3.05 million ounces of indicated gold resources and 2.35 million ounces of inferred gold resources. Fenelon and Martiniere are located within an 830 km2 exploration land package controlled by Wallbridge. In addition, Wallbridge believes that the extensive land package is extremely prospective for the discovery of additional gold deposits.

 

Wallbridge has reported a positive Preliminary Economic Assessment on its 100%- owned Fenelon gold Project with an estimated average annual gold production of 212,000 ounces over 12.3 years.

 

Wallbridge also holds a 19.9% interest in the common shares of Archer Exploration Corp. as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec in November of 2022.

 

Wallbridge will continue to focus on its core Detour-Fenelon Gold Trend Property while enabling shareholders to participate in the potential economic upside in Archer.

 

Posted July 31, 2023

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