TORONTO, Dec. 10 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) announced today that in response to the discovery and drill intersection of copper-gold-molybdenum mineralization at its Rogers Creek property (see Wallbridge press release dated December 8, 2009), it has successfully acquired, by staking, properties covering an additional 779 square kilometers over five other similar intrusions. These intrusions, some of which have known copper-molybdenum and gold occurrences, were acquired on the basis of their similar age and geology to Rogers Creek, and the fact they had never been evaluated using modern exploration methods. As such they represent exceptional grass roots opportunities, as was the case with Rogers Creek prior to the Wallbridge discovery.
The new properties, Custer Ridge, Mount Barr, White Cross, Shulaps, and Sunshine extend in a 260 kilometre long arcuate belt from the new Custer Ridge property near the Washington State border to the White Cross and Shulaps properties about 65 kilometers north of Pemberton. Wallbridge currently controls a 100% interest in each of the properties.
"It is very rare to come across a whole belt of rocks, that displays the characteristics required to host a major deposit and yet has never been systematically explored," stated Alar Soever, President and CEO of Wallbridge. "These acquisitions give us control of the highest potential rocks in this entire belt, which has similarities to other belts hosting large copper-gold molybdenum porphyry deposits."
The five new properties are shown in Figure 1 which can be viewed on the Company website at www.wallbridgemining.com under this press release.
Regionally, the properties occur within a belt of rocks known as the Cascade Magmatic Arc (see related figure on Wallbridge website), which extends from northern California, across Oregon, Washington State and British Columbia into southeastern Alaska. Although exploration in Washington State has identified a number of significant deposits within this belt, there appears to have been little or no systematic exploration of these rocks in British Columbia, in spite of the fact that they contain a number of significant mineral occurrences.
In Washington, the Miocene-age Glacier Peak deposit is estimated by the United States Geological Survey ("USGS") to consist of 1.7 billion tonnes averaging 0.33 % copper (with molybdenum and tungsten credits) whereas the Margaret deposit is estimated by the USGS to include 680 million tonnes averaging 0.6 % copper equivalent In Alaska, the Miocene-age Quartz Hill deposit is estimated by the USGS to represent one of the single largest concentrations of molybdenum in the world with resources estimated at 1.1 billion tonnes averaging 0.12 % molybdenite (MoS(2)). (Note all the above USGS estimates are unclassified and non-compliant with the standards of Canadian National Instrument 43-101).
Similar rocks in Chile, host some of the most productive porphyry mines in the world including multi-billion tonne deposits at El Teniente, Chuquicamata and Escondida.
Exploration of the new properties in 2010 will include prospecting, geological mapping, soil and stream sediment sampling, and airborne geophysical surveys. Exploration will focus on rapidly identifying the most prospective areas within this large land position for more detailed follow-up work, including drilling.
The Qualified Person responsible for the technical content of this press release is Bruce Jago, Ph.D., P.Geo, Vice-president Exploration for Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge Mining Company Limited's primary focus is the exploration of nickel, copper and platinum group element ("PGE") deposits in the Sudbury area of Ontario. The Sudbury area hosts the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Vale Inco, Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota. Wallbridge is also exploring a large porphyry copper-gold-molybdenum property in south-western British Columbia and has interests in copper-zinc and gold properties in north-eastern Ontario.
This document may contain forward-looking statements relating to Wallbridge's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Wallbridge's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Wallbridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
SOURCE Wallbridge Mining Company Limited
For further information: For further information: Please visit the Company's website at www.wallbridgemining.com, or contact: Wallbridge Mining Company Limited: Alar Soever, President & CEO, Tel: (705) 682-9297, Email: firstname.lastname@example.org; Mara Strazdins, Vice-President, Investor Relations, Tel: (416) 369-1500 Ext. 222, Email: email@example.com