TORONTO, Sept. 4, 2012 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today provided an update on the 5,000 metre diamond drilling and borehole geophysics program underway with partner Impala Platinum Holdings Limited (Impala) on the Parkin Offset Joint Venture in Sudbury, Ontario. Drilling is focused on extensions of the platinum, palladium, nickel, copper and gold bearing massive sulfide of the Milnet 1500 Zone discovered by the joint venture beneath the Milnet Mine.
Two drill holes totalling 2,030 metres of drilling have been completed at Milnet year to date. WMM-017, a shallow 212 metre drill hole, was completed south of the Milnet 1500 Zone to constrain the location, width and dip of the Parkin Offset Dyke in preparation for a deeper geophysics platform hole in that area.
Another drill hole, WMM-018-W1, is a 100 metre step-out to the north of the Milnet 1500 Zone and was completed to a depth of 1,779 metres. Borehole electromagnetic geophysics identified a 300 by 30 metre high-conductance off-hole anomaly located 35 metres to the east of WMM-018-W1 at a depth of 1,680 metres. This extends the area of conductance associated with sulfide at the Milnet 1500 Zone an additional 200 metres to the north of where modelling from earlier surveys indicated. The total size of the Milnet 1500 Zone indicated by diamond drilling and borehole geophysics to date has been increased to 400 metres by 30 to 60 metres with unknown thickness (see attached figure).
Currently, wedge-cut WMM-018-W2 is in progress, targeting the new conductive anomaly.
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. 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 1500 Zone occurs where the Parkin Offset Dyke is cutting a large gabbro intrusion and Sudbury breccia zone. Modelling of borehole electromagnetic geophysics indicates a minimum 400 metre long conductive trend. The thickness and depth extent of the zone is not known. The current drilling is testing 100 metre step-outs from the Milnet 1500 Zone and shallower targets beneath and near the past-producing Milnet Mine. Detailed three dimensional modelling of the entire nine kilometre strike length of the Parkin Offset dyke is also underway to identify additional drill targets.
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 an 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).
Please visit the Company's website at www.wallbridgemining.com, or contact:
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: "Milnet 1500 Zone, Parkin Offset Joint Venture (CNW Group/Wallbridge Mining Company Limited)". Image available at: http://photos.newswire.ca/images/download/20120904_C3439_PHOTO_EN_17455.jpg
SOURCE: Wallbridge Mining Company Limited
For further information:
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]