MINING: Lively, South African companies strike agreements
A Lively-based company has struck two agreements with South African partners to continue exploring properties in Sudbury that may lead to important new mines.
In one agreement, South African platinum producer Impala Platinum Holdings Limited has taken a 50% share of Wallbridge Mining Company Ltd.’s Parkin Offset property, located near Capreol.
Impala had the option of doing so after spending $6.2 million looking for platinum group metals, nickel, copper and gold within the 9.4-km Parkin Offset dyke on the northeast margin of the Sudbury basin.
“The Parkin Offset dyke hosts (nickel, copper and platinum group metals) mineralization typical of other offset dykes in Sudbury, such as at Vale’s Copper Cliff North and South mines and the Totten mine development,” the company said in a release.
“Exploration is at an early stage and the property has very significant discovery potential.”
In a joint venture agreement, the companies will continue to explore the area to see if mining is feasible. Impala has the right to acquire another 15% share of the property
“Impala has been a strong partner and we look forward to continuing exploration of the Parkin project with them in the coming years,” Marz Kord, president of Wallbridge, said in a statement.
“Impala’s continued participation and their vesting decision will allow Wallbridge to advance the Parkin project while minimizing dilution to our current shareholders.”
In a second joint venture agreement, Wallbridge and Lonmin Plc will work together to explore the Lively company’s North Range properties, located north of Levack.
Lonmin Plc triggered the joint venture after spending $3.9 million to help explore the area.
Recent work by Wallbridge on the North Range properties has identified a number of top exploration targets for platinum group metals, nickel, copper and gold. The work has also led to the discover y of 46.5 km of new offset dyke structures and a number of new mineral occurrences.
Offset dykes are important geological structures in Sudbury and more than 25% of the ores mined in the region over the past 126 years have been hosted by these types of structures.
“The North Range properties provide a unique opportunity for grassroots discovery around the Sudbury basin, Canada’s premier mining district,” Kord said.
“This new agreement with Lonmin demonstrates the strength of our strategy of identifying projects and advancing them towards discovery while minimizing risk and dilution to shareholders.”
Wallbridge specializes in nickel, copper, platinum, palladium and gold projects in North America, with a particular focus on Sudbury. Wallbridge has a record of generating high potential projects and financing exploration through joint ventures or spin-out companies.
Wallbridge has 48 exploration to pre-feasibility stage mineral projects. These include 12 joint ventures with partners Impala, Lonmin Plc, Xstrata Nickel and a number of junior mining companies.