Show printable version of 'Parkin Offset Properties' item in a New Window

Parkin Offset Properties


Wallbridge is exploring the Parkin Properties for high-grade polymetallic nickel, copper and PGMs within the Parkin Offset Dyke in Sudbury, Ontario. The property includes the past-producing Milnet Mine, the high grade Milnet 1500 Zone, an historical resource at surface, and a number of high grade surface occurrences.

On August 30, 2016, Wallbridge announced that the Lonmin Joint Venture Exploration Committee had approved $3.358 million 2017 exploration program at Parkin to begin October 1, 2016. The program includes approximately 18,000 metres of drilling, ground and borehole geophysics, as well as studies and permitting to evaluate and be prepared for a potential bulk sample.

Drilling in 2015 and earlier in 2016 at Parkin significantly expanded the extent of near surface mineralization around the historic resource and identified several areas with significantly thicker mineralization than previously intersected (see Parkin Properties Overview, below). The 2017 drilling program will follow-up these results with the objective of establishing a significant near-surface resource. In addition, initial drilling to test several targets at depth and along strike will also be completed.

Ni-Cu-PGE mineralization on Wallbridge's Parkin Properties is typical of that hosted by quartz diorite offset dykes in the Sudbury mining camp. Examples include the prolific deposits at Vale's North and South Mines hosted by the Copper Cliff Offset dyke; Vale's new Totten mine in the Worthington Offset Dyke and KGHM International Ltd.'s recent discovery on its Victoria project, also hosted in the Worthington Offset dyke.

Lonmin Plc may earn up to a 50% interest in the Parkin Properties by funding aggregate payments and exploration expenditures of CAD $11.083 million over four years (see Wallbridge press release dated September 16, 2015). Lonmin may then earn up to an additional 15% in each Parkin Property by funding them through to a feasibility study.

Between 2008 and 2012 Wallbridge completed drilling on the Parkin Properties through the earlier joint venture funded largely by Implats. That work included drilling in 2008 and 2009 in the current target area which yielded significant mineralization. Drilling from 2010 to 2012 was directed further north with much deeper drilling beneath the Milnet mine after the discovery in 2009 of the very high grade Milnet 1500 Zone, which remains open.

In February 2015, Wallbridge secured an option to re-purchase Impala Platinum Holdings Limited's ("Implats") 49.6% interest in the Parkin Properties from an earlier joint venture at a substantial discount to Implats $7.2 million prior expenditure (see Wallbridge press release dated February 11, 2015).

Wallbridge attracted the current joint venture funding from Lonmin in the fall of 2015, following the successful results of four drill holes, mechanical stripping and channel sampling completed earlier that year.

On March 1, 2016, Wallbridge announced positive results from thirteen drill holes that significantly expand the near surface mineralisation below and adjacent to the historic resource at Parkin. Nine of the holes intersected significant Ni-Cu-PGM mineralization with six of the holes intersecting semi-massive to massive sulphides.

On April 4, 2016, Wallbridge announced positive results from shallow drilling in and around the historic resource to evaluate the potential for a near term bulk sample starter pit. Drill hole WMP-170 intersected significantly thicker mineralization than was previously modelled including 24.25 metres of 1.22 % nickel, 1.50 % copper, 0.81 g/t platinum, 0.96 g/t palladium, and 0.38 g/t gold at very shallow depths from 35.60 to 59.85 metres down hole. This expands higher grade portions of the historic resource and demonstrates the potential for significant near surface tonnage.

On May 10, 2016, Wallbridge announced further positive results from drilling, including drill hole WMP-195 which identified a new very shallow zone outside of the historic resource with 7.46 metres of 1.36 % nickel, 1.02 % copper, and 1.59 g/t TPM (including 0.67 g/t platinum, 0.74 g/t palladium, and 0.18 g/t gold) from 58.60 to 66.06 metres down hole.

On May 31, 2016, Wallbridge announced that it had initiated an environmental baseline study and permitting for a bulk sample as well as further positive drilling results following up the new mineralized zone identified in drill hole WMP-195. Results included drill hole WMP-199 which intersected 23.75 metres of mineralization including 10.30 metres of 0.85 % nickel, 1.61 % copper, and 1.40 g/t TPM (including 0.61 g/t platinum, 0.64 g/t palladium, and 0.15 g/t gold) from 77.00 to 87.30 metres down hole; WMP-197 which intersected multiple mineralized zones over 36.62 metres; and WMP-200 which intersected multiple narrow mineralized zones over 36.85 metres.