Wallbridge Mining is shedding its “non-core” nickel assets in the Sudbury Basin, northwestern Ontario and in western Quebec to a new Vancouver exploration upstart.
In a $53.6-million all-share deal, Archer Exploration is acquiring an extensive package of nickel, copper and platinum group metal properties in the two provinces, totalling 67,000 hectares. The two companies announced the signing of a definitive purchase agreement on July 13.
Wallbridge will become the largest shareholder in Archer at 19.9 per cent. The transaction is expected to close in the fourth quarter of this year.
