TORONTO, Oct. 30, 2012 /CNW/ - Wallbridge Mining Company Limited (TSX: WM) (FWB: WC7) ("Wallbridge") today announced that it has found new copper, platinum, palladium and gold (Cu-PGE) occurrences, including one sample containing 5.59 % copper and 5.39 g/t platinum + palladium + gold (TPM), on its 78% owned Wisner Joint Venture with Xstrata Nickel in Sudbury, Ontario.
The new occurrences extend the Southwest Zone Cu-PGE trend where previous preliminary drilling intersected mineralization including 1.9 metres containing 7.87 % copper and 2.23 g/t TPM. The new occurrences extend the trend over 80 metres along an IP geophysics anomaly which is untested by drilling for over 400 metres. The occurrences are part of a one-kilometre long trend of Cu-PGE mineralization and anomalous geophysics which is along strike from Wallbridge's pre-feasibility stage Broken Hammer Cu-PGE development project (see attached figures).
Marz Kord, President and CEO of Wallbridge, stated "These new Cu-PGE occurrences along the same strike trend of our Broken Hammer deposit demonstrate the strong potential of Wallbridge's Wisner Area Property Package, which extends over 10 kilometres of favourable geology."
2012 grab sample highlights include 3.90 % copper with 6.62 g/t TPM, 2.84 % copper with 4.34 g/t TPM, and 2.81 % copper with 3.96 g/t TPM. 2012 channel sample highlights include 1.28 metres containing 1.35 % copper with 3.90 g/t TPM, 1.99 metres containing 0.71 % copper with 2.40 g/t TPM, and 0.16 metres containing 5.59 % copper with 5.39 g/t TPM.
Table: 2012 Southwest Zone Grab Sample Highlights
g/t = grams per tonne, TPM=Total Precious Metals (Pt+Pd+Au)
Table: 2012 Southwest Zone Channel Sample Highlights
g/t = grams per tonne, TPM=Total Precious Metals (Pt+Pd+Au)
The Wisner Joint Venture with Xstrata Nickel is part of Wallbridge's larger Wisner Area Property Package which also includes Wallbridge's pre-feasibility stage Broken Hammer Cu-PGE project and Wallbridge's 100% owned Wisner East and Bowell projects.
Altogether, these projects cover 10 kilometres strike length of favourable geology with numerous Cu-PGE mineral occurrences and geophysical targets, immediately adjacent to several well-known nickel, copper and PGE deposits owned by Vale and Xstrata Nickel. Wallbridge has defined four drill-ready target areas including the immediate discovery upside surrounding the Broken Hammer Cu-PGE deposit, the large trend of anomalous Cu-PGE mineralization at the Southwest Cu-PGE occurrence, and two other areas with similar geology and geophysical anomalies.
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 copper, platinum, palladium gold, and nickel projects in mining friendly jurisdictions of North America, with a particular focus on Sudbury, Ontario. Wallbridge's position in Sudbury offers exposure to 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 42 projects in Sudbury, Ontario, including 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 (TSX: DM) and Miocene Metals Limited (TSV: MII).
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: "Geology & Mineral Deposits on Wisner Properties (CNW Group/Wallbridge Mining Company Limited)". Image available at: http://photos.newswire.ca/images/download/20121030_C3042_PHOTO_EN_19832.jpg
Image with caption: "Wisner Property Southwest Cu - PGE Zone (CNW Group/Wallbridge Mining Company Limited)". Image available at: http://photos.newswire.ca/images/download/20121030_C3042_PHOTO_EN_19829.jpg
Image with caption: "Sampling & 2012 Stripping at Southwest Zone, Wisner Property (CNW Group/Wallbridge Mining Company Limited)". Image available at: http://photos.newswire.ca/images/download/20121030_C3042_PHOTO_EN_19831.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
Director of Corporate Communications
Tel: (705) 682-9297 ext. 263
Email: [email protected]