Wallbridge to focus on Broken Hammer project in 2012

Wallbridge Mining (TSE:WM) announced its business plans for 2012 on Thursday, including the advancement of its Broken Hammer copper-Platinum group elements (PGE) project, located in Sudbury, Ontario.

The company said it intends to complete over 15,000 metres of exploration diamond drilling on the project and surrounding areas, and complete a feasibility study that will lead to a production decision in 2012.

The drill program is currently ongoing, and will mainly focus on Wallbridge's joint venture (JV) projects with ImpalaPlatinum Holdings Ltd (LON:IPLA), the Parkin property, Lonmin PLC (LON:LMI), the Sudbury Camp property, and Xstrata Nickel (LON:XTA), the Frost Lake, Wisner, and Graham JV.

Wallbridge CEO Alar Soever said: "We will build on our recent success at Broken Hammer and Parkin and we look forward to continuing our successful strategy of generating high-potential Nickel, copper and Platinum group element exploration projects and advancing these through joint ventures or spin-out companies."

Wallbridge president Marz Kord added: "The planned exploration work in 2012, a more aggressive program than 2011, will continue to focus on Sudbury, Canada's premier mining region.

"In terms of metal endowment, infrastructure, community support and regulatory stability, Sudbury is the most attractive place in the world to explore for and develop large-scale copper, Nickel and PGE mining projects."

During 2011, Wallbridge completed a 30,000 tonne open-pit bulk sample, which was processed at Xstrata's Strathcona Mill in Sudbury. The sample resulted in a net smelter return of about $4.0 million, and estimated net proceeds of about $2.6 million. 

As a result, the company has contracted Wardrop, a Tetra Tech Company, to update the mineral resource estimate for the project and completed the feasibility study.

About 1,000 metres of drilling will test targets near and down-plunge of the Broken Hammer resource, Wallbridge said. The area surrounding the property has significant unexplored potential for high-grade copper-PGE deposits, it added.

At the Parkin JV, drilling in 2012 will follow-up on recent high-grade results at the Milnet 1500 Zone, where WMM-015-W2 intersected eight metres grading 4.32 grams per tonne (g/t) total precious metals (TPM), 0.6 percent copper, and 4.11 percent Nickel.

Wallbridge's Sudbury Camp JV with Lonmin has a 2012 budget of $1.25 million. Planned work includes 3,000 metres of drilling geophysics, and fieldwork in order to test for offset copper, PGE, and Nickel deposits.

On the Frost Lake, Wisner, and Graham JV projects, about 1,300 metres of diamond drilling, geophysical surveys, and fieldwork have been budgeted for. Wallbridge said it intends to test for copper, PGE, and Nickel deposits. The company's activities with the Xstrata JV will focus on the Frost Lake property, where a large ground electromagnetic survey and follow-up drilling are planned.

The Canadian miner also holds a stake in Miocene Metals (CVE:MII), which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern British Columbia.

In Toronto, Wallbridge shares rose 3.03 percent to $0.17, as of 3:01 pm EDT.