TORONTO, June 23 /CNW/ - Wallbridge Mining Company Limited ("Wallbridge" or the "Company") (TSX: WM) today announced that its joint venture partner Impala Platinum Holdings Ltd. ("Impala"), the world's second largest primary platinum producer, has committed an additional $1.3 million dollars towards drilling on Wallbridge's Parkin Offset Dyke properties in Sudbury. The program, slated to start immediately, will include 4,900 meters of drilling and borehole geophysics as a follow-up to Wallbridge's recent platinum-palladium-gold-copper-nickel discovery in the Parkin offset dyke on the Milnet Mine property.
"We appreciate the strong support provided by Impala as we begin to delineate the full extent of this new discovery", stated Alar Soever, President and CEO of Wallbridge. "Offset dyke hosted deposits, particularly those with significant platinum, palladium and gold, as appears to be the case on our Parkin property, are a very attractive, high value, exploration target."
The Impala Joint Venture covers a 9.4 kilometer strike length of the Parkin Offset Dyke which includes the past producing Milnet Mine. The 2010 drill program will test the size and extent of the recent precious metal-rich Ni-Cu-PGE discovery at the Milnet 1500 zone on Milnet Mine property. Drilling will test two borehole electromagnetic conductors that extend outwards from the mineralization that was previously intersected in drill hole WMM-014 and wedge-cut WMM-014-W1. Drill hole WMM-014 intersected 8.00 g/t TPM (1.50 g/t platinum + 2.52 g/t palladium + 3.99 g/t gold), 2.57 % copper and 0.78 % nickel over 14.24 meters (see Wallbridge Press Release dated November 13, 2009). Wedge-cut WMM-014-W1 intersected 2.46 g/t TPM (0.88 g/t platinum + 1.23 g/t palladium + 0.35 g/t gold), 0.96 % copper and 0.44 % nickel over 12.66 meters including two higher grade sub-intervals (see Wallbridge Press Release dated February 23, 2010). The Milnet Mine had reported historic production of 157,130 tons grading 1.54% nickel, 1.49% copper, 2.25 g/t platinum, 2.98 g/t palladium and 0.33 g/t gold.
Drilling will also test several geophysical responses within the dyke beneath the Brady showing on the immediately adjacent claims to the south. These claims are subject to an Option and Joint Venture Agreement between Wallbridge and Champion Bear Resources Ltd., as well as the Impala Joint Venture. Previous channel sampling of massive sulfide at the Brady showing returned 15.07 g/t TPM (9.2 g/t platinum + 4.3 g/t palladium + 1.57 g/t gold), 11.2% copper and 0.63% nickel over 2.70 meters. Historic shallow drilling on the showing reports grades up to 0.93 g/t platinum, 1.24 g/t palladium, 1.24 g/t gold, 6.79 % Cu and 3.74% Ni.
Ni-Cu-PGE mineralization on Wallbridge's Parkin Offset Dyke property package is typical of that hosted by quartz diorite offset dykes in the Sudbury mining camp. Examples include the prolific deposits at Vale's North and South Mines hosted by the Copper Cliff offset dyke; Vale's Totten deposit under development in the Worthington offset dyke and Quadra FNX's recent discovery on its Victoria project, also hosted in the Worthington offset dyke. Impala Platinum Holdings ("Impala") can earn a 50 % interest in the Parkin Offset Dyke property package by spending $5 million over a three year period. The $1.3 million announced here represents the final portion of this commitment.
Impala can then increase its interest to 65 % by funding a Feasibility Study and securing Wallbridge's portion of the development funding through to commercial production on a project loan basis (see Wallbridge Press Release dated August 26, 2008).
The property package optioned to Impala consists of 2,150 hectares covering 9.4 kilometres of strike length on the Parkin Offset Dyke and includes the Milnet Mine property owned 100 % by Wallbridge, a southern block of claims held 98.5 % by Wallbridge and 1.5 % by Xstrata Nickel, and two blocks of claims on either side of the Milnet Mine property which are subject to an option and joint venture agreement between Wallbridge and Champion Bear Resources Ltd. (see map on Wallbridge's website at www.wallbridgemining.com).
The Qualified Person responsible for the technical content of this press release is Mark Croteau, P.Geo, Manager of Operations for 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 is a spin out company from Wallbridge which will be focused on exploration for and development of copper-gold-molybdenum resources in southwestern British Columbia within the Cascade Magmatic Arc.
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