Wallbridge Mining Company Limited announced that its joint venture partner Impala Platinum Holdings Limited (“Impala”), the world’s second largest primary platinum producer, has allocated $1.6 million dollars for the 2009 exploration program on the Parkin Offset dyke properties in Sudbury. The program includes 6,300 metres of diamond drilling.
“We appreciate the support of our joint venture partner Impala”, stated Alar Soever, President of Wallbridge. “Their continued contribution to this project allows us to continue to aggressively explore these properties in spite of the difficult economic times.”
The first two holes of the new program will target two highly conductive targets defined by geophysical surveys during the winter 2008/2009 program (see Wallbridge press release dated May 27, 2009). Drilling is being initiated this week on the following two targets:
– Target 1, the highest priority target is a highly conductive, minimum 5000 siemens conductor identified by a UTEM-4 down-hole electromagnetic survey within the down-plunge projection of the Number 2 Zone sulphide lenses of the Milnet Mine. Production at the Milnet Mine in 1950′s reportedly totaled 157,130 tons at a grade of 1.49% copper (Cu), 1.54% nickel (Ni), 2.25 g/t platinum (Pt), 2.98 g/t palladium (Pd) and 0.33 g/t gold (Au).
– Target 2, the second conductive zone is located at a vertical depth of about 740 metres on the portion of the property which Wallbridge has under option from Champion Bear Resources. This conductive zone is located down-dip of the Brady Showing, a high grade lense of surface mineralization located about halfway between the past producing Milnet Mine and Wallbridge’s Parkin resource. Historic channel sampling of the Brady showing has returned values of up to 2.7 metres of 11.2% Cu, 0.6% Ni, 9.2 g/t Pt, 4.3 g/t Pd and 1.6 g/t Au.
A map showing the two targets can be viewed on the Company’s website at www.wallbridgemining.com as part of this press release. Additional information can be found in the Company’s previous press release on the website dated May 27, 2009.
The Parkin Properties comprise a southern block of claims held 98.5% by Wallbridge and 1.5% by Xstrata Nickel, a central block of claims covering the historic Milnet Mine workings owned 100% by Wallbridge, and a northern block of claims and three claims between Wallbridge’s southern and Milnet claim blocks covering the Brady Showing, which are subject to an option and joint venture agreement between Wallbridge and Champion Bear Resources.
The Parkin Properties are being explored in joint venture with Impala Platinum Holdings Limited, the world’s second largest primary platinum producer. Impala can earn a 50% interest in the Parkin Property by spending $5 million over a three year period. Impala can then increase its interest to 65% by funding a Feasibility Study and securing Wallbridge’s portion of the development funding through to commercial production on a project loan basis (See Wallbridge press release dated August 26, 2008). Wallbridge can earn a 50% interest in Champion Bear’s blocks of claims by spending $2 million prior to August 19, 2011. Wallbridge may then increase its interest in the property to 75% by completing a definitive feasibility study on a deposit, which is in whole or in part on the property and funding Champion Bear’s portion of development expenditures as a loan against Champion Bear’s portion of the proceeds of production.