Wallbridge Mining Company Ltd. and partner Impala Platinum Holdings are embarking on a $1.6-million, 5,000 m drilling program at their Sudbury property.
The program will extend the platinum, palladium, gold, copper and nickel mineralization at the Milnet 1,500 zone, and test targets on other parts of the property, which covers a 9.4 km strike length of the Parkin Offset dyke.
“We are very pleased to have the continued support of Impala as we resume drilling on the Milnet 1,500 zone,” Wallbridge president and CEO Alar Soever said in a news release. “We look forward to being able to delineate the true size potential of this zone. Offset dyke hosted deposits are very attractive, high-value exploration targets.”
Drilling will target borehole electromagnetic conductors extending up-plunge from the Milnet 1500 zone discovered in 2009 beneath the past producing Milnet Mine, according to the release.
The Milnet Mine reported historic production of 157,130 tons grading 2.25 g/t platinum, 2.98 g/t palladium, 0.33 g/t gold, 1.54 per cent copper and 1.49 per cent nickel.
Under an agreement between the two parties, Impala will contribute $1.2 million to the 2011 program with $0.4 million contributed by Wallbridge.
Upon completion of the current program, Impala will have earned a 50 per cent interest in the Parkin Offset Dyke Joint Venture, and can increase its interest to 65 per cent by funding a feasibility study.
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