Wallbridge Announces Further Drill Results and Initiates Permitting Process for Potential Bulk Sample on Parkin Properties

TORONTO, May 31, 2016 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") announces additional drilling results and the initiation of the permitting process, including an environmental baseline study, for a potential bulk sample on its flagship Parkin Properties exploration project in Sudbury, Ontario. The Parkin Properties are being explored for nickel, copper, and platinum group metal mineralization.

New Drill Result Highlights*:

  • Drill hole WMP-199 intersected 23.75 metres of mineralization that included 10.30 metres of 0.85 % nickel, 1.61 % copper, and 1.40 g/t TPM (including 0.61 g/t platinum, 0.64 g/t palladium, and 0.15 g/t gold) from 77.00 to 87.30 metres down hole;
  • Drill hole WMP-197 intersected multiple mineralized zones over 36.62 metres including 2.02 metres of 1.56 % nickel, 0.51 % copper, and 1.19 g/t TPM (including 0.54 g/t platinum, 0.55 g/t palladium, and 0.09 g/t gold) from 88.08 to 90.10 metres down hole; and
  • Drill hole WMP-200 intersected multiple narrow mineralized zones over 36.85 metres from 73.20 to 110.05 metres down hole.

*Drill core length is reported. Horizontal width perpendicular to the Parkin Offset dyke is approximately 60-75% of the drill core length.

"We continue to have excellent results from our exploration programs at Parkin as demonstrated by the results reported in the last few months. Attractive copper, nickel, and PGM grades continue to be intersected and the mineralization intersected in the most recent holes is expanding the near-surface mineralization yet further north. With over nine kilometres of strike length with similar under-explored geology, the potential for further discoveries of new zones on the Parkin Offset dyke looks very promising," said Marz Kord, President and CEO of Wallbridge, "We will continue to expand the mineralization and evaluate the possibility of a surface bulk sample on the southern portion of Parkin while advancing our other business opportunity, the Fenelon Mine Project purchase and its eventual development."

"These most recent drilling results are from initial widely spaced holes that are just starting to define a new zone that has significant widths at very shallow depths and which is open for further drilling," stated Joshua Bailey, Vice President Exploration for Wallbridge, "This new zone was not included in the historic resource and, along with other recently released results, represents significant progress towards Wallbridge's objective of building significant near surface tonnage at Parkin."

Discussion of Parkin Drill Results

The Parkin Properties are being explored for high-grade polymetallic nickel, copper, and platinum group metals (PGMs) over a 9.4 km strike length of the Parkin Offset Dyke. Parkin includes the past-producing Milnet Mine, the high-grade Milnet 1500 Zone, and a historic near surface resource (Figure 1 and Figure 2).

Nickel, copper and platinum group metal mineralization at Parkin is typical of that hosted by quartz diorite offset dykes in the Sudbury mining camp.  Offset dyke structures are responsible for approximately one third of all ore mined in Sudbury. Examples include the prolific deposits at Vale's North and South Mines hosted by the Copper Cliff Offset Dyke; Vale's recently commissioned Totten Mine in the Worthington Offset Dyke and KGHM International Ltd.'s Victoria project, also hosted in the Worthington Offset Dyke (Figure 3). 

The current program is focused in the area of the historic near surface resource (Figure 4, Figure 5, and Figure 6). One objective is to determine the viability of initial test mining within the top 50-100 metres from surface. Another objective is to establish a significant resource from surface to 600 metres depth with an exploration target of 1.5 - 5.0 million tonnes with typical Sudbury grades including 0.8-1.2 % nickel, 1.0-1.5 % copper, 1.0-1.2 g/t platinum, 1.0-1.5 g/t palladium, and 0.5-0.8 g/t gold. Longer term the project has significant additional potential at depth and along the strike length of the Property.

This exploration target is conceptual in nature, is based on the size of the area, the nature of nearby mineralization in the historic resource and in recent drilling, borehole geophysics results, and examples of similar offset dyke deposits elsewhere in Sudbury. The target is not necessarily indicative of mineralization on the property and there has been insufficient work to date to determine whether deposits of this size exist. Further drilling is necessary to test this potential.

Results to date have identified several thicker zones of high grade mineralization within and adjacent to the historic resource and within 50 metres of surface. These are currently being evaluated for possible bulk sampling. Results to date have also substantially expanded the extent of mineralization from surface to 600 metres depth in the area of the historic resource and support the potential for the exploration target described above. Wallbridge has also made considerable progress in understanding the broader structure of the Parkin Offset Dyke and the larger scale discovery potential it has at depth and along strike.

Drill holes WMP-196 to WMP-200 were drilled as step-outs following up previously released drill hole WMP-195 which intersected 7.46 metres of 1.36 % nickel, 1.02 % copper, and 1.59 g/t TPM (including 0.67 g/t platinum, 0.74 g/t palladium, and 0.18 g/t gold) from 58.60 to 66.06 metres down hole (see Wallbridge Press Release dated May 10, 2016).

Illustrations showing the recent drilling will be posted on Wallbridge's website at: http://www.wallbridgemining.com/s/parkin-offset.asp.

Table 1. 2016 Ni-Cu-PGM Drill Results at Parkin

Drill Hole

From

To

Length*

Ni

Cu

TPM**

Pt

Pd

Au


(m)

(m)

(m)

(%)

(%)

(g/t)

(g/t)

(g/t)

(g/t)

WMP-1421

359.96

360.64

0.68

2.50

0.67

4.29

1.03

3.05

0.22

WMP-1431

No Significant Mineralization

WMP-1441

No Significant Mineralization

WMP-1451

24.95

25.26

0.31

0.17

2.34

1.56

0.73

0.64

0.19


27.97

28.27

0.30

0.89

2.04

6.94

3.98

2.04

0.92


32.70

33.70

1.00

0.31

1.08

2.63

1.29

0.94

0.41

WMP-1461

No Significant Mineralization

WMP-1471

No Significant Mineralization

WMP-1481

No Significant Mineralization

WMP-1491

No Significant Mineralization

WMP-1501

275.54

277.66

2.12

1.68

0.18

1.20

0.54

0.60

0.05

WMP-1511

No Significant Mineralization

WMP-1521

462.40

463.55

1.15

1.61

1.23

1.84

0.84

0.88

0.12

WMP-1531

412.30

412.75

0.45

3.36

1.62

2.99

1.55

0.33

1.12


440.75

444.25

3.50

0.93

1.59

1.81

1.01

0.59

0.21


452.30

454.30

2.00

0.36

2.26

3.04

1.59

1.03

0.42

WMP-1541

400.15

402.50

2.35

2.58

0.53

1.09

0.54

0.50

0.05


412.40

418.80

6.40

0.81

0.61

2.88

0.71

2.09

0.08

WMP-1552

363.26

363.56

0.30

1.81

0.68

1.20

0.32

0.71

0.16

WMP-1562

No Significant Mineralization

WMP-1572

508.22

509.72

1.50

1.01

0.46

2.08

0.48

1.49

0.12


518.17

519.00

0.83

1.27

0.25

0.99

0.53

0.37

0.09


531.00

532.03

1.03

0.67

1.51

1.02

0.62

0.31

0.10

WMP-1582

No Significant Mineralization

WMP-1592

No Significant Mineralization

WMP-1602

9.26

14.94

5.68

0.90

0.79

1.42

0.63

0.60

0.19


19.50

22.83

3.33

0.74

1.12

1.55

0.72

0.69

0.14

WMP-1612

30.03

31.93

1.90

0.80

2.00

2.39

1.1

1.08

0.21


34.96

36.30

1.34

0.70

1.40

1.52

0.7

0.67

0.16


38.04

41.63

3.59

1.24

0.41

2.11

0.84

1.16

0.10

WMP-1622

16.25

17.53

1.28

1.85

0.41

2.19

1.58

0.49

0.12

WMP-1632

No Significant Mineralization

WMP-1642

6.05

7.05

1.00

0.84

0.64

7.46

0.53

4.15

2.78

WMP-1652

15.10

15.87

0.77

2.00

0.37

1.39

0.52

0.78

0.08

WMP-1662

No Significant Mineralization

WMP-1672

No Significant Mineralization

WMP-1682

No Significant Mineralization

WMP-1692

No Significant Mineralization

WMP-1702

35.60

59.85

24.25

1.22

1.50

2.15

0.81

0.96

0.38

WMP-1713

No Significant Mineralization

WMP-1723

17.52

18.22

0.70

1.27

5.41

2.44

1.53

0.72

0.19

WMP-1733

15.93

17.98

2.05

2.03

0.71

1.38

0.50

0.78

0.10


34.10

35.40

1.30

0.13

0.66

6.07

3.73

1.61

0.73

WMP-1743

No Significant Mineralization

WMP-1753

9.62

13.40

3.78

0.75

2.12

2.79

0.94

1.62

0.23

WMP-1763

10.48

10.88

0.40

0.37

5.15

4.39

1.54

1.55

1.31


18.33

19.94

1.61

0.90

8.02

10.70

5.55

3.09

2.06

WMP-1773

No Significant Mineralization

WMP-1783

63.37

64.85

1.48

3.01

0.57

2.62

1.19

1.38

0.05

WMP-1793

10.30

10.84

0.54

0.57

1.34

2.24

0.98

0.57

0.70


27.40

28.30

0.90

0.53

2.38

2.88

1.70

0.83

0.35

WMP-1803

43.70

52.38

8.68

0.46

0.95

2.54

1.07

0.81

0.66

WMP-1813

50.17

50.50

0.33

0.18

1.34

4.38

1.61

2.16

0.62

WMP-1823

61.00

68.70

7.70

0.86

0.98

2.19

0.85

1.06

0.28


73.20

77.00

3.80

0.71

0.87

1.75

1.01

0.59

0.15

WMP-1833

87.10

87.40

0.30

0.04

5.49

7.18

0.73

1.54

4.91


93.28

93.80

0.52

0.22

0.69

3.47

1.26

1.84

0.38

WMP-1843

51.30

52.00

0.70

0.16

0.89

3.75

1.84

1.34

0.57


54.62

56.20

1.58

0.74

1.63

3.05

1.18

1.52

0.36


63.00

63.50

0.50

1.48

0.62

1.79

0.68

0.99

0.13

WMP-1853

58.40

58.75

0.35

0.38

1.90

8.22

4.62

2.39

1 .21


69.89

70.19

0.30

3.11

3.14

14.62

6.71

6.57

1.34


80.33

80.63

0.30

0.23

1.82

5.69

2.99

1.77

0.93

WMP-1863

No Significant Mineralization

WMP-1873

69.11

69.42

0.31

2.10

0.85

2.65

0.60

1.92

0.13


85.50

86.00

0.50

0.24

1.97

9.84

2.84

4.38

2.62

WMP-1883

94.80

97.53

2.73

0.31

1.25

3.37

1.61

1.21

0.55

WMP-1893

55.07

57.25

2.18

0.86

1.00

3.04

0.45

0.91

1.68

WMP-1903

39.72

41.05

1.33

3.20

1.33

6.43

2.41

3.38

0.63


68.62

71.82

3.20

0.31

1.08

4.89

2.70

1.66

0.53

WMP-1913

70.00

70.30

0.30

1.09

0.84

1.96

0.94

0.90

0.12


78.00

78.65

0.65

2.02

1.89

6.21

1.36

2.73

2.12

WMP-1923

60.18

60.48

0.30

2.42

1.80

5.38

2.49

1.84

1.05


75.10

75.40

0.30

1.32

0.57

1.56

0.69

0.64

0.23

WMP-1933

No Significant Mineralization

WMP-1943

No Significant Mineralization

WMP-1953

50.60

51.66

1.06

1.22

1.04

2.09

0.89

1.01

0.20


58.60

66.06

7.46

1.36

1.02

1.59

0.67

0.74

0.18


83.15

84.20

1.05

2.08

0.60

2.62

1.17

1.30

0.16

WMP-196

No Significant Mineralization

WMP-197

81.43

81.78

0.35

1.49

0.85

3.23

0.94

1.96

0.33


88.08

90.10

2.02

1.56

0.51

1.19

0.54

0.55

0.09


91.24

91.94

0.70

0.87

1.58

1.06

0.50

0.44

0.11


117.75

118.05

0.30

0.29

3.41

6.82

2.02

2.87

1.93

WMP-198

No Significant Mineralization

WMP-199

64.55

65.25

0.70

0.82

0.19

1.43

0.81

0.44

0.18


66.75

67.22

0.47

2.23

0.64

2.15

0.55

1.52

0.09


77.00

87.30

10.30

0.85

1.61

1.40

0.61

0.64

0.15

WMP-200

73.20

73.50

0.30

1.56

0.30

2.35

0.59

1.68

0.07


85.15

85.45

0.30

0.29

5.49

4.18

2.40

1.22

0.56


109.75

110.05

0.30

0.47

1.30

21.53

8.69

11.40

1.44

*Drill core length. Horizontal width perpendicular to the Parkin Offset dyke is approximately 60-75% of the drill core length.

**Total precious metals ("TPM") equals Pt + Pd + Au, rounded to two decimals

1Previously disclosed, see Wallbridge Press Release dated March 1, 2016

2Previously disclosed, see Wallbridge Press Release dated April 4, 2016

3Previously disclosed, see Wallbridge Press Release dated May 10, 2016

 

Other Activities in Sudbury

Wallbridge is currently evaluating the results from the recent drilling to determine the viability of a potential bulk sample to better characterize the near surface mineralization and its metallurgical recoveries. To provide for this possibility, Wallbridge has initiated the permitting process for a potential bulk sample.

As part of this, Wallbridge is pleased to announce that is has retained Tahgaiwinini Technical & Environmental Services Group ("TTESG") to complete an environmental baseline study for the project. TTESG is owned and operated by Wahnapitae First Nation and has previous experience working with Glencore, Vale, KGHM International, and Cliffs Natural Resources. Wahnapitae First Nation is located several kilometres to the southeast of the Parkin Properties.

Wallbridge is also pleased to announce that it has been accepted as a successful applicant for the Junior Exploration Assistance Program ("JEAP") for two projects, including additional drilling planned on the Parkin Properties later in 2016 as well as a regional boot and hammer exploration project underway this summer on various properties in the Sudbury area. JEAP is sponsored by the Ontario Prospectors Association and the Northern Ontario Heritage Fund Corporation and has committed to provide Wallbridge with a grant equal to 33.3 percent of approved eligible exploration expenditures up to a total of $100,000 on each of the two projects.

Parkin Properties Overview and Background

This is the first year of an option agreement on the Parkin Properties funded by Lonmin Plc with a budget of CAD $2.126 million starting in October 2015. Sixty drill holes totalling 11,030 metres have been completed as part of this program. Significant assay results are summarized in Table 1. Modelling; permitting activities, including the environmental baseline study; and some boot and hammer fieldwork will continue through the summer at Parkin. As previously stated, Lonmin Plc may maintain their option by funding a minimum budget of CAD $3.258 million in the second year of the option agreement which starts October 1, 2016. Drilling is expected to resume at that time.

Lonmin Plc may earn up to a 50% interest in the Parkin Properties by funding aggregate payments and exploration expenditures of CAD $11.083 million over four years (see Wallbridge press release dated September 16, 2015). Lonmin may then earn up to an additional 15% in each Parkin Property by funding them through to a feasibility study.

Wallbridge attracted this joint venture funding from Lonmin in the fall of 2015, following the successful results of four drill holes completed last winter and mechanical stripping and channel sampling completed last summer.

In February 2015, Wallbridge secured an option to re-purchase Impala Platinum Holdings Limited's ("Implats") 49.6% interest in the Parkin Properties from an earlier joint venture at a substantial discount to Implats $7.2 million prior expenditure (see Wallbridge press release dated February 11, 2015).

Between 2008 and 2012 Wallbridge completed drilling on the Parkin Properties through the earlier joint venture funded largely by Implats. That work included drilling in 2008 and 2009 in the current target area which yielded significant mineralization. Drilling from 2010 to 2012 was directed further north with much deeper drilling beneath the Milnet mine after the discovery in 2009 of the very high grade Milnet 1500 Zone, which remains open.

Table 2. Drill Hole Information

Hole ID


UTM E


UTM N


Length (m)


Azimuth


Dip

WMP-142


509395


5182915


400


300


-48

WMP-143


509414


5182976


376


301.4


-46

WMP-144


509417


5183185


315


300


-56

WMP-145


509125


5182906


143


301.4


-45

WMP-146


509202


5182569


500


298


-45

WMP-147


508996


5182471


378


292


-48

WMP-148


509384


5182866


450


299


-47

WMP-149


509308


5182892


369


301.4


-45

WMP-150


509309


5183707


441


120


-45

WMP-151


509385


5183719


330


125


-50

WMP-152


509681


5183420


564


318


-53

WMP-153


509681


5183420


522


313.5


-54.5

WMP-154


509681


5183419


506


305


-53

WMP-155


509682


5183418


457


294


-48

WMP-156


509324


5183578


200


114


-45

WMP-157


509223


5183720


604


104


-56.5

WMP-158


509104


5182858


45


301.4


-45

WMP-159


509108


5182868


40


301.4


-45

WMP-160


509117


5182895


55


301.4


-45

WMP-161


509128


5182888


75


301.4


-45

WMP-162


509136


5182916


60


301.4


-45

WMP-163


509122


5182922


41


301.4


-45

WMP-164


509122


5182936


41


301.4


-45

WMP-165


509133


5182930


45


301.4


-45

WMP-166


509145


5182921


71


301.4


-45

WMP-167


509154


5182932


45


301.4


-45

WMP-168


509143


5182953


45


301.4


-45

WMP-169


509132


5182960


41


301.4


-45

WMP-170


509138


5182896


72


301.4


-45

WMP-171


509157


5182961


50


301.4


-45

WMP-172


509142


5182968


42


301.4


-45

WMP-173


509159


5182972


45


301.4


-45

WMP-174


509175


5182993


56


301.4


-45

WMP-175


509179


5183003


40


301.4


-45

WMP-176


509205


5183031


40


301.4


-45

WMP-177


509241


5183639


1101


125


-67.5

WMP-178


509340


5183458


135


120


-45

WMP-179


509217


5183026


53


301.4


-45

WMP-180


509144


5182908


71


301.4


-45

WMP-181


509144


5182908


75


301.4


-51.7

WMP-182


509149


5182891


95


301.4


-45

WMP-183


509148


5182891


105


301.4


-51.7

WMP-184


509134


5182870


83


301.4


-45

WMP-185


509134


5182870


100


301.4


-52.5

WMP-186


509113


5182912


41


301.4


-45

WMP-187


509168


5182908


107


301.4


-45

WMP-188


509168


5182908


110


301.4


-51

WMP-189


509181


5182958


77


301.4


-45

WMP-190


509192


5182981


80


301.4


-49

WMP-191


509215


5182996


92


301.4


-45

WMP-192


509229


5183016


80


301.4


-45

WMP-193


509209


5183044


41


301.4


-45

WMP-194


509224


5183035


53


301.4


-45

WMP-195


509355


5183515


120


121.4


-46

WMP-196


509258


5183497


390


121.4


-57

WMP-197


509332


5183526


123


121.4


-45

WMP-198


509373


5183541


105


121.4


-45

WMP-199


509373


5183541


137


121.4


-58

WMP-200


509372


5183541


120


121.4


-67

 

Samples were prepared at ALS Chemex Ltd. laboratories in Sudbury and then shipped to their analytical facilities in Vancouver. Samples were analyzed for Au, Pt, and Pd by standard lead oxide collection fire assay fusion with an atomic emission spectrometry (ICP-AES) finish. Samples were analyzed for base metals, silver and trace elements using a four acid (HCIO4-HNO3-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES finish. Cu and Ni over-limits or samples submitted as ore grade were analyzed using HNO3-HClO4-HF-HCl acid digestion, HCl leach and ICP-AES (some conditions require an AA finish). Sulphur over-limits were analyzed using Total Sulphur by LECO.

The Qualified Person responsible for the technical content of this press release is Joshua Bailey, P.Geo., M.Sc., Vice President Exploration For Wallbridge Mining Company Limited. Mr. Bailey has prepared, supervised and approved the scientific and technical disclosures in this press release.

About Wallbridge Mining

Wallbridge creates value through the acquisition, discovery, development, and production of metals. Wallbridge is working to establish a portfolio of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.

Wallbridge is currently in discussions regarding several advanced stage projects which could become the Company's next production platforms. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit, which was completed in October 2015.

Wallbridge is continuing active partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario.  Most of this work is funded by joint venture partners and has led to the discovery of numerous mineral occurrences including the Broken Hammer deposit.

Wallbridge has further exposure to active exploration for copper and gold in Jamaica and British Columbia through its 16.8% ownership of Carube Copper Corp. ("Carube Copper") (CUC:TSX-V, formerly Miocene Resources Limited).  Carube Copper's activities in Jamaica benefit from the funding by OZ Minerals Limited ("OZ Minerals"), with whom Carube Copper has two joint ventures.

This press release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.

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. The forward-looking statements contained herein are expressly qualified by this disclaimer.

SOURCE Wallbridge Mining Company Limited

Image with caption: "Wallbridge Mining Company Limited (CNW Group/Wallbridge Mining Company Limited)". Image available at: http://photos.newswire.ca/images/download/20160531_C6226_PHOTO_EN_702566.jpg

For further information: Please visit the Company's website at www.wallbridgemining.com, or contact: Wallbridge Mining Company Limited, Joshua Bailey, M.Sc., P.Geo, Vice President Exploration, Tel: (705) 682-9297 ext. 240, Email: jbailey@wallbridgemining.com; Linda Zubal, Vice President Corporate Communications, Tel: (705) 682-9297 ext. 263, Email: lzubal@wallbridgemining.com

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