Wallbridge Mining (WM-T) 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 Xstrata Nickel and Vale Inco each holding a 25% interest.
Wallbridge will be the operator and the joint venture will be funded by the three partners, pro-rata 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.
Wallbridge, which has the third-largest land position in the Sudbury mining camp 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 and has a 52-week trading range of 25 to 73.
Wallbridge has 79.1 million shares outstanding.
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