08:19 AM EDT, 05/21/2024 (MT Newswires) -- Wallbridge Mining ( WLBMF ) said Tuesday that it received $8.1 million in tax refunds from the Quebec Government as part of the 2023 Quebec Tax Credit Relating to Resources.

The company said it will use the funds from the tax credit, which refunds a portion of eligible exploration expenses incurred and not funded by Quebec flow through shares, to advance the Detour-Fenelon Gold Trend properties in Quebec's northern Abitibi region.

"We look forward to continuing to advance and de-risk Fenelon, Martiniere, and work on our greenfields regional exploration program to unlock the potential on the rest of the company's 830-square-kilometer land package," CEO Brian Penny said.

Wallbridge's share price jumped 11% to $0.105 on Friday.