Wallbridge Mining Company has announced five more drill holes have been completed at the Broken Hammer copper and precious group elements project in Sudbury.
Overall, the drilling discovered new mineralization.
Highlights of the drilling include: 12.07 metres of 3.80 grams total precious metals per tonne, 0.33 per cent copper, and 0.03 per cent nickel below the current pit, outside the resource; and 0.88 metres of 58.45 grams total precious metals per tonne, 1.06 per cent copper, and 0.08 per cent nickel below the current pit, outside the resource.
An October 2012 prefeasibility study returned positive results for the project, which has a 12-month life with an EBITDA (earnings before taxes, depreciation, and amortization) of $8.4 million, generating a net present value of $6 million.
Permit applications have been submitted and the production closure plan for Broken Hammer has been accepted and filed by the Ontario Ministry of Northern Development and Mines. Other permits with the Ontario Ministry of Natural Resources and the Environment are in progress.
Wallbridge hasn’t yet secured a milling and processing contract for the ore; however, other processing options are being explored, including, but not limited to, the possibility of processing the ore outside of Sudbury.
The mineralization at Broken Hammer is part of a much larger mineralized system that’s open to depth and along strike and has very significant exploration upside.
