Wallbridge Mining has struck a joint venture agreement with global platinum player Lonmin to earn up to 50 per cent interest in Wallbridge’s four Parkin Properties if Lonmin spends $11 million on exploration over the next four years.
The Parkin Properties on Sudbury’s north range includes the former Milnet Mine, the high-grade Milnet 1500 Zone and the Parkin Resource.
All are currently being explored for high-grade nickel, copper and platinum group metals (PGM) over a 9.5 km strike length.
“This plan provides the company with sustainable cash flow while maintaining active exploration for large-scale discovery upside in the Sudbury camp," said Marz Kord, Wallbridge president-CEO in a Sept. 16 news release.
Under the terms of the deal, Lonmin can earn a 50 per cent in all of the properties by funding the exploration and development costs totalling up to $11 million before the end of September 2019.
Lonmin will have the option to earn up
an additional 15 per cent interest in each property by committing to
fund them through to a definitive feasibility study.
The first
exploration drill program on the properties starts on Oct. 1.
The company said the $2-million program involves testing the potential extension of the near-surface resource and the extent of higher grade PGM zones within that envelope.
Wallbridge is currently producing copper and platinum group metals at its open-pit Broken Hammer operation in Sudbury.
