TORONTO, March 23 /CNW/ - Wallbridge Mining Company Limited (TSX: WM) today announced that it has signed an option agreement with Paget Minerals Corporation (TSX-V:PGS) to acquire a 100% interest in their Logan Property, which is located 70 kilometres north of Pemberton, BC and wholly enclosed within Wallbridge's White Cross property.
The White Cross property is one of seven properties, which Wallbridge has acquired in south-western BC over a newly recognized belt of Miocene-age intrusive rocks which are highly prospective for copper-molybdenum-gold mineralization (See Wallbridge press release dated December 10, 2009). With the addition of Paget's Logan Property, the White Cross property now consists of 116 square kilometres and covers the entire extent of one of these intrusions, which hosts widespread molybdenum mineralization and is associated with the largest molybdenum stream sediment anomaly in south-western BC.
Paget Minerals Logan property hosts numerous occurrences of molybdenum mineralization distributed within a 15 kilometre long arc along the contact between a fine-grained to porphyritic leuco-granitic core and a coarser-grained, marginal equivalent. The property was explored for molybdenum by channel and chip sampling, and diamond drilling in the 1960's and 1970's by BP Minerals, Utah Mines and Amax Minerals. This work identified molybdenum mineralization over widths of 10's of metres across the contact zone along the 15 kilometre long arc and discovered mineralization over vertical exposures of 100's of metres (see Figure 1 on Wallbridge's website at www.wallbridgemining.com). There is no record that previous property owners analysed samples for rhenium (Re), however, in 2008 Paget assayed six samples for rhenium, three returned anomalous values including one with a rhenium value of 82 g/t Re in a sample that returned 0.857% MoS2 (0.514% Mo).
Rhenium is a metal which is used in applications such as filaments in high temperature lamps and as an electrical contact material because it has a high melting point, good wear resistance and withstands arc corrosion. Rhenium is also used as a catalyst in the petroleum industry.
An aggressive exploration program is being planned for 2010. The program will include an airborne magnetic and radiometric survey, compilation of historical exploration data into a 3D exploration platform and verification of historical analytical results with a first phase of outcrop sampling, which will include analysis of a range of mineralized sample types across the property for Re. Drilling of known mineralized zones will be prioritised using verified historical assay data and the 3D exploration model.
Wallbridge can acquire a 100% interest in the Logan property by paying Paget $53,000 and subject to TSX approval, issuing voting common shares representing $150,000 in value in a new company, Miocene Metals Limited, to be incorporated for the purposes of holding Wallbridge's portfolio of BC Properties. Such issuance per share will be at the same value per share as common shares issued to Wallbridge for the value of the Wallbridge's BC Properties being vended into the new company, and such shares shall be issued within a period of eight months from the date of the execution of this Option Agreement. Upon making the above payments, Wallbridge will acquire a 100 % undivided interest in the Property. The agreement is subject to a 2 % Net Smelter Return Royalty, half of which can be purchased by Wallbridge for $500,000.
The Qualified Person responsible for the technical content of this press release is Bruce Jago, PhD. P.Geo, Vice-President, Exploration of Wallbridge Mining Company Limited.
About the Companies
Wallbridge Mining Company Limited's primary focus is the exploration for platinum group element ("PGE"), nickel, and copper 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.
Miocene Metals Limited will be a company focused on exploration for and development of copper-gold-molybdenum resources in south-western British Columbia within the Cascade Magmatic Arc.
Paget Minerals Corp. is a British Columbia company focused on mineral exploration and the development of a diverse range of precious metal, base metal and rare earth element projects in North America.
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 and 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