TORONTO, Oct. 23, 2012 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today announced that ongoing drilling on the Parkin Offset Joint Venture with Impala Platinum Holdings Limited ("Impala Platinum") has extended the Milnet 1500 Zone an additional 100 metres to the north of previous intersections beneath the past-producing Milnet Mine. The zone remains open and borehole geophysics indicates that it continues further to the north again, where drilling is underway.
"Over recent years, Wallbridge has repeatedly expanded this zone by identifying geophysical conductors and drill testing them to intersect new mineralisation," stated Marz Kord, President and CEO of Wallbridge, "We look forward to continuing to follow and grow this zone with drilling and geophysics to determine its full size."
Wedge-cut WMM-018-W3 intersected two intervals including 2.23 metres containing 3.14 g/t TPM, 0.74 % nickel and 1.00 % copper from 1665.80 to 1668.03 metres down hole and 7.22 metres containing 2.17 g/t TPM, 0.35 % nickel and 0.95 % copper from 1671.43 to 1678.65 metres down hole, within a broader mineralized interval of 12.85 metres containing 1.85 g/t TPM, 0.33 % nickel and 0.73 % copper from 1665.80 to 1678.65 metres down hole.
g/t = grams per tonne, TPM = total precious metals (Pt + Pd + Au)
Modelling of mineralised intersections and borehole electromagnetic geophysics indicates that the Milnet 1500 Zone is a minimum of 400 metres by 35-60 metres with unknown true width. The full extent of the zone is not known and most of the dyke in the area has not been tested by drilling (see figure attached and posted at www.wallbridgemining.com).
Drilling beneath the Milnet Mine in 2009, Wallbridge discovered the Milnet 1500 zone intersecting 14.24 metres containing 1.50 g/t Pt, 2.52 g/t Pd, 3.99 g/t Au, 0.78 % Ni and 2.57 % Cu from 1499.66 to 1513.90 metres down hole (see Wallbridge Press Release dated November 13, 2009). More recent drilling intersected 8.0 metres containing 1.40 g/t Pt, 2.68 g/t Pd, 0.23 g/t Au, 4.11 % Ni and 0.60 % Cu from 1473.00 to 1481.00 metres down hole (see Wallbridge Press Release dated October 14, 2011). The Milnet Mine reported past production of 157,130 tons averaging 2.25 g/t Pt, 2.98 g/t Pd, 0.93 g/t Au, 1.49 % Ni and 1.54 % Cu.
The Property is subject to the 50/50 Parkin Offset Joint Venture between Wallbridge and Impala Platinum, with Wallbridge as Operator. Impala may acquire an additional 15% interest in the Property by funding a Feasibility Study on a deposit and undertaking to arrange the financing contemplated by the Feasibility Study.
The Parkin Offset Joint Venture includes the Milnet Mine property, a southern block of claims which are held 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.
The Parkin Offset Joint Venture is exploring for platinum group metals, nickel, copper and gold within the 9.4 kilometre Parkin Offset Dyke on the northeast margin of the Sudbury basin.
The Parkin Offset Dyke hosts platinum, palladium, nickel, copper and gold mineralization typical of other Offset dykes in Sudbury with examples at Vale's Copper Cliff North and South mines and Vale's Totten mine development. Offset dyke type deposits in Sudbury can occur with up to 5 to 10 million tonnes containing 1-3 g/t platinum, 1-3 g/t palladium, 0.5-2 g/t gold, 1-3 % nickel and 1-3 % copper. These estimates are based on existing and historical deposits in Sudbury and are conceptual in nature. There has been insufficient exploration on the Parkin Offset Joint Venture to define a mineral resource of this size and it is uncertain if further exploration will result in discovering a mineral resource of this size.
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 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 (HNO3-HCIO4-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES finish.
Joshua Bailey, M.Sc., P.Geo., Vice President Exploration, is the qualified person responsible for the technical content of this press release.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is an established metals company working to build sustainable growth for investors through discovery and development of mineral resources.
Wallbridge specializes in nickel, copper, platinum, palladium and gold projects in mining friendly jurisdictions of North America, with a particular focus on Sudbury, Ontario. Wallbridge's position in Sudbury offers unique large-scale discovery upside in Canada's premier mining district.
Wallbridge has a record of generating high potential projects and financing exploration through joint ventures or spin-out companies. Wallbridge has 48 exploration to pre-feasibility stage mineral projects. These include 12 joint ventures with partners Impala Platinum Holdings Limited, Lonmin Plc, Xstrata Nickel and a number of junior mining companies.
Wallbridge also holds significant equity interests in spin-out companies Duluth Metals Limited (DM:TSX) and Miocene Metals Limited (MII:TSV).
This document may contain forward-looking statements relating to operations of Wallbridge or its subsidiaries or to the environment in which they operate. 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.
Image with caption: "Millnet 1500 Zone. Parkin Offset Joint Venture (CNW Group/Wallbridge Mining Company Limited)". Image available at: http://photos.newswire.ca/images/download/20121023_C9070_PHOTO_EN_19637.jpg
SOURCE: Wallbridge Mining Company Limited
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: [email protected]
Director of Corporate Communications
Tel: (705) 682-9297 ext. 263
Email: [email protected]