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Walbridge partners with Lonmin to explore Parkin properties

Wallbridge Mining has entered into an agreement with Lonmin to amend the existing North Range Joint Venture to include Wallbridge’s four Parkin properties.

Wallbridge Mining has entered into an agreement with Lonmin to amend the existing North Range Joint Venture to include Wallbridge’s four Parkin properties. In return for funding of $11 million over four years, Lonmin can earn up to a 50 per cent interest in the properties.

“This plan provides the company with sustainable cash flow while maintaining active exploration for large-scale discovery upside in the Sudbury camp," stated Marz Kord, president and CEO of Wallbridge, "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 recent mechanical stripping attracted a number of potential joint venture partners for our Parkin properties and ultimately resulted in securing this agreement with Lonmin."

The Parkin properties are being explored for high-grade polymetallic nickel, copper, and platinum group metals over a 9.5 kilometre strike length of the Parkin Offset dyke.

Upon vesting, Lonmin will have the option to earn up to an additional 15 per cent interest in each property by committing to fund them through to a definitive feasibility study.

A $2.0 million exploration program on the Parkin properties is underway and includes drilling to test the potential extension of the near-surface resource and the extent of higher-grade PGM zones within the mineral envelope.