Sudbury's Wallbridge Mining has raised more than $63.8 million in a public offering of common shares for development of its Fenelon Gold Project in Quebec.
Kirkland Lake Gold acquired 20,000,000 of the 55,500,000 common shares issued to increase its ownership stake in Wallbridge to 9.9 per cent.
Located in the Abitibi region of Quebec, Fenelon is Wallbridge's flagship project where a 100,000-metre exploration drill program is underway. The project is about 75 kilometres northwest of Matagami, Que. It's a former open pit and underground mine acquired from Balmoral Resources in 2016.
The property is situated along the Detour-Fenelon Gold Trend, considered an emerging gold belt in northwestern Quebec.
Wallbridge recently acquired Balmoral Resources' properties in the area, securing a "buffer" of more than 900 square kilometres around Fenelon, providing some flexibility in planning and developing a future mine and giving them more exploration ground to make further discoveries.
Wallbridge also has a joint venture arrangement with Lonmin to operate its stable of nickel, copper, and platinum group metals projects around Sudbury.