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Impala Parkin JV

In 2008, Wallbridge entered into a joint venture agreement with Impala Platinum Holdings, the world's second largest primary platinum producer, on its Parkin Offset Dyke properties. The Offset Dyke properties include Wallbridge's 100% owned Milnet Mine property, Wallbridge's Parkin Xstrata Nickel property, which is 98.5% owned by Wallbridge and subject to a 1.5% Net Smelter Return with Xstrata Nickel and the Champion Bear Parkin Joint Venture property. Together the properties encompass 2,150 hectares covering 9.4 km of strike length of the Parkin Offset Dyke, the first time a contiguous land package has been established along the dyke. This portion of the Parkin Offset Dyke has had historical production and currently contains undeveloped resources and numerous mineralized showings including:
Under terms of the joint venture, Impala must spend $5 million over three years to earn a 50% interest in the properties with Impala having the option to 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. The Joint Venture is subject to an underlying agreement with Champion Bear Resources on Champion Bear's Parkin property. Under the terms of the underlying joint venture agreement between Champion Bear and Wallbridge, Wallbridge must spend $2 million on the Champion Bear property on or before April 24, 2010 to earn a 50% interest. A joint venture will then be formed between Wallbridge and Champion Bear whereby each will hold a 50% interest in the property. Initially, Wallbridge will be the operator of the joint venture. 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.

The highlight of the 2009 drill program was the intersection of massive to disseminated PGE-rich copper-nickel-sulphidemineralization in WMM-014. This intersection represents an entirely new zone of mineralization now called the Milnet 1500 Zone located at a depth of about 1500 metres, down-plunge of the Milnet Mine. The 14.24 metre intersection returned grades typical of offset dyke mineralization being mined on other dykes in Sudbury and assayed:

• 8.00 grams per tonne TPM (1.50 g/t platinum + 2.52 g/t palladium + 3.99 g/t gold), 2.57 % copper and 0.78 % nickel over 14.24 metres from 1499.66 to 1513.90 metres down hole, including:
• 9.16 grams per tonne TPM (2.19 g/t platinum + 4.05 g/t palladium + 2.92 g/t gold), 3.64 % copper and 1.07 % nickel over 4.00 metres from 1502.66 to 1506.66
metres; and,
• 13.71 grams per tonne TPM (1.53 g/t platinum + 2.31 g/t palladium + 9.88 g/t gold), 2.96 % copper and 0.88 % nickel over 4.00 metres from 1507.66 to 1511.66 metres.

A second hole (WMM-014W1) completed early in 2010 and intersected:

2.46 g/t TPM (0.88 g/t platinum + 1.23 g/t palladium + 0.35 g/t gold), 0.96% copper, 0.0.44% nickel over 12.66 metres from 1493.90 to 1506.56 down-the-hole including:
• 2.85 g/t TPM (1.04 g/t platinum + 1.42 g/t palladium + 0.40 g/t gold), 2.03% copper and 1.17% nickel over 3.06 metres from 1493.90 to 1496.96 metres down-the-hole
• 5.87 g/t TPM (2.10 g/t platinum, 2.95 g/t palladium and 0.82 g/t gold), 1.49% copper and 0.51% nickel over 3.60 metres from 1502.96 to 1506.56 down-the-
hole

The mineralization is similar in character to that on other offset dykes in Sudbury including the prolific Copper Cliff offset which hosts Vale Inco's Kelly Lake deposit and the Worthington Offset which hosts Vale Inco's Totten Mine and FNX's new Victoria Discovery.

The mineralization is open to depth and along strike and down-hole geophysics suggests it has a strike length of at least 150 metres. Work in 2010 will focus on drilling and down-hole geophysics to delineate the full extent of this new zone.

In 2008, an 8,600 m drill program was completed which tested geophysical targets on the Parkin Xstrata Nickel portion of the property, two structural and geological targets on the Milnet Mine property, as well as geophysical and geological targets on the Parkin Champion Bear portion of the property. Highlight drill results from the Parkin Xstrata Nickel property include:

Property
Drill Hole #

From
(m)

To
(m)

Metres
(m)

Au
(g/t)

Pt
(g/t)

Pd
(g/t)

TPM
(g/t)

Ni
(%)

Cu
(%)

Co
(%)

WMP - 131 includes

190.5 193.38

193.76 193.76

3.26 0.38

0.18 0.34

0.99 3.41

2.13 9.6

3.30 13.4

0.68 2.83

3.01 13.0

0.01 0.06

WMP - 133

234.87

238.87

4.0

0.26

0.28

0.66

1.20

0.17

0.25

0.01

WMP - 134 includes

230.93 230.93

237.97 231.39

7.02 0.46

0.25 0.76

0.82 2.07

1.24 3.34

2.31 6.17

0.64 1.42

0.66 3.66

0.02 0.03


Intersections on the Parkin Xstrata Nickel portion of the Offset Dyke extended the mineralization included in the historical resource envelope by up to 120 m down-plunge and indicated potential to discover additional resources in this portion of the dyke at depth.

For additional historic information, see the section under Xstrata Nickel Joint Ventures on the website.

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This page was created on Thu Sep 9, 2010 at 9:19:07 AM Pacific Time.