Wallbridge Mining has signed an $11-million exploration deal with its joint venture partner, Lonmin Plc.
The four-year deal is an amendment from an earlier agreement centred on the North Range. Through it, Lonmin has the option to earn up to 50 per cent interest in Wallbridge’s four Parkin properties.
Wallbridge Marz Kord said in a news release the deal provides the company with cash flow to continue exploration in the Sudbury area.
“Our recent option agreement with Implats to purchase their portion of the project, the positive results of the drilling program in the first quarter of this year, and the recent mechanical stripping, attracted a number of potential joint venture partners for our Parkin properties and ultimately resulted in securing this agreement with Lonmin,” he said.
The Parkin Properties are being explored for high-grade polymetallic nickel, copper, and platinum group metals over a 9.5 km strike length of the Parkin Offset dyke. The properties include the past-producing Milnet Mine, the high-grade Milnet 1500 Zone, and the Parkin Resource, which is under-cut by a number of high-grade drill intersections associated with off-hole borehole geophysics anomalies.
A $2-million exploration program is expected to start on the Parkin properties on Oct. 1.
