- Wallbridge's winter drilling program is underway with three drills turning in Sudbury.
- Wallbridge continues to advance the Broken Hammer pre-feasibility study with completion of resource estimate update, site planning, waste management and environmental studies expected in Q2 2012.
TORONTO, March 2, 2012 /CNW/ - Wallbridge Mining Company Limited (TSX: WM) (FWB: WC7) ("Wallbridge") today announced that its winter drill program is in full swing with three drills turning on platinum, palladium, nickel and copper exploration projects in Sudbury. Current drilling is focussed on the Foy and Windy Lake properties, which are part of the Sudbury Camp Joint Venture with Lonmin Plc, and the Hess property which is held in a 50:50 Joint Venture with Champion Bear Resources Ltd. The winter drill program is the first phase of 15,000 metres of drilling planned for 2012 in Sudbury.
Sudbury Camp Joint Venture
Drilling on the Foy and Windy Lake properties is part of the 2012 Sudbury Camp Joint Venture Program with Lonmin Plc, which includes over 3000 metres of drilling.
Drilling on the Foy property is targeting one of three moderate strength conductors identified by the ground electromagnetic survey completed on the property in January. The survey indicates that the conductor is approximately 600m in length and occurs within the Foy Sudbury breccia structure on the North range of the Sudbury basin. It is spatially associated with anomalous metal values in the overlying lake sediment geochemistry and the geological setting is interpreted to have potential for Sudbury footwall style mineralisation.
Drilling on the Windy Lake property is testing for platinum, palladium, nickel and copper sulfide mineralisation associated with a number of conductive anomalies within a shallow embayment structure interpreted beneath Tower Bay.
Drilling on the Hess property is targeting an 800 metre conductive trend identified by the ground electromagnetic survey completed in 2011. The conductive trend occurs within the Hess Offset dyke which hosts a number of near surface platinum, palladium, nickel and copper sulfide occurrences on the North Range of the Sudbury basin. The Hess property is a 50:50 Joint Venture with Champion Bear Resources Ltd. which has a 2012 budget for up to 550 metres of drilling.
Wallbridge continues work on the pre-feasibility study at the Broken Hammer copper and platinum group element project. Resource estimate update, site planning, waste management and environmental studies are expected to be completed in Q2 2012.
Milnet 1500 Zone
Additional drilling is being planned on the Parkin Offset Joint Venture with Impala Platinum Holdings Limited to follow-up the results of recent drilling and modelling on the Milnet 1500 Zone in 2011. Wedge-cut WMM-015-W2 intersected 8.0 metres grading 4.11% nickel, 0.60% copper and 4.32 grams per tonne TPM (Total Precious Metals: 1.40 g/t platinum, 2.68 g/t palladium and 0.23 g/t gold) within a wider 13 metre mineralized interval extending from 1473 to 1486 metres (see Wallbridge press release dated October 14, 2011). WMM-016 intersected the Parkin offset dyke 60 metres south of WMM-015-W2 with indications the mineralisation was offset by a fault. Borehole electromagnetic surveys completed on the two holes identified 3 conductive bodies. One of these coincides with and extends outwards from the mineralisation in WMM-015-W2; the other two have not been drilled.
Modelling of borehole electromagnetic geophysics at the Milnet 1500 Zone indicates an area of conductance with a minimum strike length of about 200 metres and a minimum dip extent of about 100 metres. The extent of mineralization could be significantly greater as the geophysics does not appear to "model" the entire sulfide zone, possibly due to the irregular geometries caused by the large gabbro fragments. The Milnet 1500 zone is open below the current drill intersections, down-plunge to the northeast, and possibly offset across a fault to the south.
Impala has now completed the $6.2 million expenditures required for it to earn a 50% interest in the Parkin Offset Joint Venture and a decision to vest is pending. Upon vesting, Impala may earn an additional 15% interest by funding a Feasibility Study and securing Wallbridge's portion of development funding through to commercial production on a project loan basis.
On the East Range, recent borehole and surface surveys have identified three conductive anomalies within and near the Sudbury breccia structure which hosts the Amy Lake PGE zone on Wallbridge's Frost Lake joint venture with Xstrata Nickel and the adjacent Capre deposits being explored by Vale. These conductors are located in a favourable geological environment for platinum, palladium, nickel and copper sulfide mineralization and are being evaluated for drilling later in 2012.
The Qualified Person responsible for the technical content of this press release is Alar Soever P.Geo., CEO For Wallbridge Mining Company Limited.
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.
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 Corporate Development
Tel: (705) 682-9297 ext. 240
Email: [email protected]