WLBMF / WM.TO this is still an eighteen cent stock but they have managed two spin-outs -- Miocene and Duluth. That makes it different from the typical penny player.
134 mm /157 mm fd, c18.5 cents.
wallbridgemining.com
Wallbridge Mining Acquires Booth River Nickel-Copper-PGE Property in Nunavut
TORONTO, Nov. 16, 2011 /CNW/ - Wallbridge Mining Company Limited (TSX: WM) (FWB: WC7) ("Wallbridge") today announced that it has entered into an Option agreement with 4763 NWT Ltd. to acquire a 100% interest in the Booth River property in Nunavut. The property includes 300 square kilometers of claims covering the Booth River intrusive complex. Wallbridge has identified a number of high priority airborne conductors associated with nickel, copper and platinum group element mineralisation in the intrusive complex. Planning and permitting is underway for a program of ground geophysics and follow-up drilling in 2012.
"We were attracted to Booth River as an opportunity to repeat our success with spinouts Miocene Metals Limited and Duluth Metals Limited", commented Alar Soever, Chief Executive Officer for Wallbridge, "Booth River is the only mineralized mafic intrusive system of this size in North America which has seen so little exploration - it has large-scale discovery potential."
The mafic Paleoproterozoic Booth River intrusive complex is interpreted by the Geological Survey of Canada to be similar in size to the Sudbury Igneous Complex. It occurs within a failed tectonic rift along the margin of the Archean Slave Craton. This is a similar crustal scale environment as many of the largest nickel, copper and platinum group element districts globally; examples include Noril'sk-Talnakh in Russia, Jinchuan in China, and Duluth in Minnesota, USA.
Previous work on the property is limited to minor surface work; 13 drill holes totalling about 1200 metres from 1958, 1984, and 2006; and an airborne EM survey flown at 200 metre spacing in 2004.
About the Company
Wallbridge Mining Company Limited's primary focus is the exploration for platinum group elements ("PGE"), nickel and copper deposits in the Sudbury area of Ontario. The Sudbury area hosts one of the world's largest concentrations of nickel deposits and is currently the most active mining camp in North America . Major joint venture partners in Sudbury include Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited. Wallbridge also has a significant shareholding in its spin out company, Duluth Metals Limited which is advancing its very large copper-nickel-platinum-palladium-gold deposit in northern Minnesota through feasibility in joint venture with Antofagasta plc, one of the world's major copper producers. Wallbridge also holds a major shareholding its latest spin out company, Miocene Metals Limited (MII:TSXV), which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern BC. |
