Wallbridge Mining (TSE:WM) announced Friday it intersected 4.11% nickel in hole WMM-015-W2 on the 1500 Zone as part of its joint venture (JV) with Impala Platinum Holdings (JNB:IMP), expanding the target.
The JV includes Wallbridge's Milnet property, on which the WMM-015-W2 hole was drilled, as well as its Parkin property, and its Champion Bear JV property, each located in Sudbury, Ontario. Together, the properties cover 2,150 hectares, including 9.4 kilometres of strike length.
On the 1500 Zone, hole WMM-015-W2, which is a 50-metre step out to the south from the zone's discovery hole WMM-014, intersected eight metres grading 4.11% nickel, 0.6% copper, and 4.32 grams per tonne (g/t) total precious metals (TPM), which is comprised of 1.40 g/t platinum, 2.68 g/t palladium, 0.23 g/t gold, and 2.75 g/t silver.
This intersection was returned within a wider interval, measuring 13.0 metres grading 2.65% nickel, 0.7% copper, 3.22 g/t TPM, consisting of 1.06 g/t platinum, 1.95 g/t palladium, 0.21 g/t gold, and 3.19 g/t silver.
Wallbridge said these results confirm a minimum of 140 metres of strike length for the 1500 Zone on the Milnet property.
WMM-015-W2 also intersected mineralization between 1319.5 and 1333.0 metres down hole, about 150 metres up-dip of the intersection reported above. This Upper Zone intersected 13.5 metres grading 0.43% nickel, 0.43% copper, and 0.64 g/t TPM, including 4.8 metres grading 0.51% nickel, 0.58% copper, and 0.82 g/t TPM.
Wallbridge CEO, Alar Soever, said: "These new results are very encouraging. As well as intersecting very high grade mineralization within the Milnet 1500 Zone target, we also intersected mineralization 150 m above the target, greatly expanding the footprint of the zone.
The 1500 Zone on the Milnet property was discovered in November 2009 after drill hole WMM-014 intersected 14.24 metres grading 2.57% copper, 0.78% nickel, 8.0 g/t TPM, consisting of 1.5 g/t platinum, 2.52 g/t palladium, and 3.99 g/t gold.
Historically, the Milnet mine has produced 157,130 tons grading 1.54% nickel, 1.49% copper, 2.25 g/t platinum, 2.98 g/t palladium, and 0.33 g/t gold.
Following the completion of the current JV drill program, Impala will have completed its required $6.2 million in exploration expenditures, earning a 50% interest in the properties. It may earn an additional 15% interest by funding a feasibility study for the property, and by funding Wallbridge's portion of development funding, through to commercial production.
In Toronto, Wallbridge shares rose 5% as of 10:20 am EDT, to trade at 21-cents.