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Wallbridge and Champion Bear enter into option and joint venture agreement covering the Hess Offset
Wallbridge and Champion Bear enter into option and joint venture agreement covering the Hess Offset.
About this update from Champion Bear Resources Ltd.
[{"type":"text","content":"\n\n\n\n\nTORONTO and CALGARY, Dec. 1 /CNW/ - Wallbridge Mining Company Limited\n(TSX: WM) (\"Wallbridge\") and Champion Bear Resources Ltd. (TSXV: CBA)\n(\"Champion Bear\") are pleased to announce that they have entered into an\noption and joint venture agreement covering 117 claim units (approximately\n1,872 hectares) of the 19 claims comprising the northeastern portion of\nChampion Bear's Iron Mask claims situated in Harty and Hess townships in\nSudbury, Ontario. These claims cover approximately 14 kilometres of strike\nlength of the Hess Offset dyke, on either side of Inco's Rivers Option\nProperty, which hosts a small lens of mineralization reportedly containing\napproximately 20,900 tonnes grading 0.82% Cu and 1.45% Ni.\nUnder the terms of the agreement, Wallbridge has the exclusive right to\nearn a 50% interest in these claim units by expending $250,000 over a period\nof three years. Wallbridge must spend a minimum of $45,000 of assessable\nexpenditures during the first year, and sufficient amounts during the second\nand third years to cover the assessment expenditure requirements for the\nsubject claim units. Upon expending $250,000 on or before the third\nanniversary date, Wallbridge and Champion Bear will automatically enter into a\n50:50 joint venture agreement subject to a 1% NSR payable to the other party\nif either party becomes a 100% owner under the terms of the joint venture\nagreement.\n\"The Hess Property adds additional exploration potential to our large\nSudbury land holdings on reasonable terms,\" stated Alar Soever, President of\nWallbridge. \"As our recent discovery on the Trill Property has shown, there is\na lot of exploration potential left within the offset dykes in Sudbury. We\nlook forward to applying the methods we used to find the new sulphide lens at\nTrill to this large under-explored property.\"\n\nAbout Wallbridge\n\nWallbridge Mining Company Limited was established to explore for and\ndevelop nickel, copper and platinum group element (PGE) deposits. Wallbridge's\nprincipal properties are located in the Sudbury Basin in Ontario. The Sudbury\narea hosts the world's largest concentration of nickel deposits and is\ncurrently the most active mining camp in North America. Wallbridge also has\nproperties elsewhere in northern Ontario, Nova Scotia and near Duluth,\nMinnesota.\n\nAbout Champion Bear\n...