TORONTO, Oct. 10, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX: WM) announced today that Lonmin Plc ("Lonmin"), has approved and committed to fund $3.1M to explore for platinum group elements, copper, nickel and gold on the Sudbury Camp Joint Venture ("SCJV") and North Range Joint Venture "(NRJV") with Wallbridge in Sudbury, Ontario. Exploration will include drilling and geophysics and will follow Lonmin's 2014 fiscal year from October, 2013, through September, 2014.
"Lonmin, as the third largest primary platinum producer in the world, is one of Wallbridge's largest shareholders and is a supportive partner of Wallbridge in exploring for PGEs in Sudbury," stated Marz Kord, President & CEO of Wallbridge, "They continue to invest in the quality of our projects and our team expertise and together we look forward to finding the next significant ore deposit in Sudbury."
Albert Jamieson, Lonmin's Chief Commercial Officer responsible for Exploration said, "Following last year's encouraging field program, Lonmin looks forward to continuing to support and work with Wallbridge on its portfolio of prospective properties around the Sudbury Basin."
Sudbury Camp Joint Venture (SCJV)On the SCJV, Lonmin has approved the funding of a $1.6M exploration program. Work will start in October, 2013, and will focus mainly on Wallbridge's Trill and Skynner Lake properties. Wallbridge's Trill property is located on the western rim of the Sudbury Basin, about 12 kms northwest of Vale's Totten mine and KGHM International's Victoria project and 600 m west of Vale's Trill and Trill Depth Ni-Cu-PGE deposits. The Trill property is being explored for offset dyke style Ni-Cu-PGE mineralization, which is typically hosted within inclusion bearing phases of quartz diorite within Offset dyke structures. The Trill offset dyke was found by Wallbridge and Lonmin in 2005, along with discovery of the Trill showing, a high grade Ni-Cu-PGE sulfide lens that outcrops at surface. The Trill showing includes a 140 m long mineralized trend with highlight drill hole intersections including 6.41 g/t Pt + Pd + Au, 0.79 % Cu and 1.20 % Ni over 10.3 metres in WTR-012, and 8.11 g/t Pt + Pd + Au, 1.01 % Cu and 0.81 % Ni over 8.76 metres in WTR-028.