Wallbridge Mining (WM-T, WLBMF-O) is teaming up with heavyweight nickel producers Vale Inco and Xstrata Nickel in a joint venture to find the next big deposit in the Sudbury mining camp.
Under the arrangement, Wallbridge will hold a 50% interest in the joint venture with its partners, nickel subsidiaries of Vale (RIO-N) and Xstrata (XSRAF-O, XTA-L), each holding 25%.
Wallbridge will be the operator and the joint venture will be funded by the three partners in proportion to their interests.
The mining claim is next door to both Wallbridge’s Frost Lake property and the Capre 3000 copper-platinum- palladium-gold property of Vale Inco and Lonmin (LNMIF-O, LMI-L).
Wallbridge, which has the third-largest land position in the Sudbury mining camp of Ontario, with about 680 sq. km of holdings, has made a name for itself exploring the relatively unexplored footwall rocks in the area.
In 2006, it made a significant nickel sulphide discovery on its Frost Lake property and also delineated a zone of low-sulphide platinum group element mineralization known as the Amy Lake zone.
Amy Lake was discovered in the same belt of rocks as the Capre 3000 zone discovery of January 2007.
Wallbridge is currently trading at about 44 per share and has a 52- week trading range of 25-73.
The company has 79.1 million shares outstanding.
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