TORONTO, Oct. 25 /CNW/ - Wallbridge Mining Company Limited (TSX: WM,
FWB: WC7) and Champion Bear Resources Ltd. (TSX Venture: CBA) today jointly
reported on Wallbridge's nickel-copper-PGM exploration progress on its joint
ventures with Champion Bear on the Hess and Ministic Offset dykes. Drilling
will be carried out on two geophysical targets on the Hess Property Offset
Dyke. In addition, a mapping and prospecting program along existing
geophysical anomalies will be completed on the Ministic Offset Dyke. Both
properties are situated in the North Range of the prolific Sudbury Basin.
On the Hess Property, a Titan-24 survey completed this summer over a
2.0 kilometre section of the Hess Offset dyke has identified several drill
targets within a broad Titan 24 IP and MT anomaly centred on disseminated
mineralization discovered in 2006 by Wallbridge's mapping and prospecting
program. Two drill holes totalling a maximum of 500 metres will target two
zones within the anomalous geophysical response. Earlier sampling of the
surface mineralization returned up to 2,630 ppm copper, 1,760 ppm nickel,
80 ppb gold, 182 ppb platinum, and 657 ppb palladium (0.919 g/t TPM). (see
Wallbridge's press release dated December 19, 2006). Drill testing of this
target is expected to commence in early November 2007.
At the conclusion of the drilling program Wallbridge will have completed
its earn in and will have a 50% interest in the Hess Property. Future
exploration expenditures will be funded on a 50:50 basis with Champion Bear.
Wallbridge's other joint venture with Champion Bear is the Ermatinger
Joint Venture, which covers a 4.6 kilometre section of the Ministic Offset
Dyke. The joint venture technical committee has approved a $96,000 exploration
program consisting of mapping and prospecting existing IP and EM anomalies
along the Ministic Offset Dyke and an approximate 231 line kilometre
airborne EM and magnetometer survey.
Field work is to commence at the end of October with the airborne survey
to follow in late November and will be jointly funded by Wallbridge and
Champion Bear on a 50:50 basis.
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 followed by a
combination of inductively coupled plasma mass spectrometry (ICP-MS) and
atomic emission spectrometry (ICP-AES). Samples were also analyzed for 47 base
metal and trace elements using a four acid (HNO3-HCIO4-HF and HCI) near total
digestion and a combination of ICP-MS and ICP-AES. Any ICP overlimits were
re-analyzed using sodium peroxide fusion acid dissolution followed by ICP-AES.
The Qualified Person responsible for the technical content of this press
release is Bruce Jago, PhD. P.Geo, Vice-President, Exploration of Wallbridge.
Wallbridge Mining Company Limited explores for and develops nickel,
copper and platinum group element deposits. The company's principal properties
are located in the Sudbury Basin in Ontario. The Sudbury area hosts the
world's largest concentration of nickel deposits and is currently the most
active mining camp in North America. Wallbridge also has a major shareholding
in Duluth Metals Limited, which has a significant property position in the
rapidly emerging Duluth Complex base metal camp in Minnesota.
About Champion Bear
Champion Bear is a mineral exploration company focused exclusively on the
historically prospective regions of Ontario. The company's primary target is
platinum group and precious metals and to a lesser extent polymetallic base
metal and pegmatite-hosted tantalum deposits. Champion Bear's aim is to create
shareholder value through selective property acquisition and joint venture
followed by focused exploration emphasizing drilling. The company has
assembled a large land position in the Dryden and Sudbury areas, totalling
over 16,000 hectares.
This joint news release contains forward-looking statements concerning
the timing and composition of additional exploration to be completed on the
Hess and Ministic Offset dykes which are based on Wallbridge's current
internal expectations. These statements are not guarantees of future
performance and involve known and unknown risks and uncertainties that are
common to junior mineral exploration companies. These risks and uncertainties
include, among other things, changes in general economic, market and business
conditions. 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Please visit the company's website at
www.wallbridgemining.com or contact: Alar Soever, President, 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 OR visit Champion Bear's website at
www.championbear.com or contact: Richard D. Kantor, Chairman and President,
Tel: (403) 229-9522, Email: firstname.lastname@example.org