VANCOUVER — U.K.-based platinum group metals (PGM) outfit Lonmin (LSE: LMI; US-OTC: LNMIY) remains bullish on the Sudbury basin and its expansive joint venture with junior Wallbridge Mining (TSX: WM; US-OTC: WLBMF). On Sept. 20 Lonmin pledged another US$5.5 million in exploration capital over a big piece of Wallbridge’s 650 km2 PGM portfolio in Ontario, which will expand on the US$5.4 million it funded this year.
Lonmin’s commitment includes $1.5 million in exploration expenditures and $1 million in cash option payments on the Wisner properties; and $1 million in exploration at the North Range properties, which together comprise the North Range joint venture. Lonmin will also fund $2 million in exploration on the Sudbury Camp joint venture (SCJV) properties.
Lonmin’s new funding commitment follows what were labelled “encouraging results” during Wallbridge’s 2014 exploration program, which included 20,100 metres of drilling and extensive geophysics, mechanical stripping and geological fieldwork. The companies will soon finalize plans for their 2015 program.
Read the complete article at NorthernMiner.com/news/lonmin