Wallbridge Mining has struck a new deal with Lonmin Plc to provide $6 million in funding for exploration in the Sudbury basin for three years.
Wallbridge inked a joint venture agreement with Lonmin to explore for platinum group elements, nickel and copper on Wallbridge’s properties on the North Range, which covers 384 square kilometres.
The new amendment provides Lonmin the option to earn a 50 per cent initial interest in Wallbridge's Wisner package of properties, excluding the Broken Hammer development project.
“This agreement provides us with the funding to explore along the mineralization trend for distal extensions of the Broken Hammer deposit and to test other targets in the immediate area,” said Marz Kord, president and CEO of Wallbridge, in a release. “It provides significant exploration funding without further diluting our shareholders. We are very pleased to be partnering with Lonmin on this prospective land package.”