TORONTO, June 25, 2015 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today announced preliminary results from fieldwork which is underway exploring for nickel, copper, and platinum group metals on its Parkin properties in Sudbury, Ontario.
Mechanical stripping has exposed six areas with massive, semi-massive, and net textured sulfide mineralization at the surface expression of the Parkin Resource. The individual mineralized lenses range from 2 to 10 metres in width and up to 25 metres strike length and occur along a 700 metre strike length of the Parkin Offset dyke.
Wallbridge initiated the mechanical stripping to determine the continuity of the mineralization and to better understand the geological controls on mineralization to help target further exploration. This work follows a successful drilling program this spring which demonstrated significant near-surface resource expansion potential at Parkin (see Wallbridge press release dated April 9, 2015). Pressure washing and detailed mapping of the exposed areas is currently underway and will be followed by systematic channel sampling this summer.
"The Parkin Properties have high quality near-surface exploration targets and also have significant potential at depth evident from the presence of a surface resource and a past producing mine as well as significant mineralization intersections at depth in the Milnet 1500 Zone" stated Marz Kord, President and CEO of Wallbridge, "We are working to attract new partner financing to advance the Parkin properties and in the meantime we add value by further exploration on the properties."
About the Parkin Properties
The Parkin properties (Parkin, Milnet, CBA Parkin, and Parkin East) cover a 9.4 kilometre strike length of the Parkin Offset dyke with hosts nickel, copper, and platinum group metals mineralization, including:
- The near-surface Parkin Resource;
- The past-producing Milnet Mine;
- The high-grade Milnet 1500 Zone; and
- Numerous high-grade showings, high-grade drill intersections, and off-hole electromagnetic geophysical conductors.
Drilling and borehole geophysics have identified significant intersections and associated off-hole BHEM conductors in several areas beneath the Parkin Resource. Detailed geological modelling has identified the potential to expand the Parkin Resource to several million tonnes with typical Sudbury grades above 600 metres depth from surface with wide open potential beneath this. This exploration target is conceptual in nature, is based on the size of the untested area, the nature of nearby mineralization in the Parkin Resource, the drilling intersections beneath the Parkin Resource, the off-hole conductors, and examples of similar Offset dyke deposits elsewhere in Sudbury. The target is not necessarily indicative of mineralisation on the Property and there has been insufficient work on the property to determine whether deposits of this size exist. Further drilling and borehole geophysics are necessary to test this potential.
2015 exploration results to date (drill holes were previously released):
- Stripping has uncovered massive, semi-massive, and net textured sulfide mineralization in six areas at the surface expression of the Parkin Resource. The individual mineralized lenses range from 2 to 10 metres in width and up to 25 metres in strike length, and are distributed over a total strike length of 700 metres.
- WMP-139 : 4.02 meters of 2.96% copper, 0.69% nickel, 1.51 g/t platinum, 0.44 g/t palladium, 0.36 g/t gold from 500.52 to 504.54 metres downhole;
- WMP-141: 11.60 metres of 0.61 % copper, 0.81 % nickel, 0.49 g/t platinum, 0.49 g/t palladium, and 0.12 g/t gold from 464.50 to 476.10 metres downhole including 2.25 metres of 0.96 % copper, 1.16 % nickel, 1.51 g/t platinum, 0.66 g/t palladium, and 2.41 g/t gold.
2009-2014 exploration results from drilling beneath Milnet Mine (previously released):
- WMM-014 : 14.24 meters of 2.57% copper, 0.78% nickel, 1.50 g/t platinum, 2.52 g/t palladium, 3.99 g/t gold from 1499.66 to 1513.90 metres downhole (Milnet 1500 Zone beneath Milnet Mine);
- WMM-015-W2: 8.0 metres of 0.60 % copper, 4.11 % nickel, 1.40 g/t platinum, 2.68 g/t palladium, and 0.23 g/t gold from 1473.00 to 1481.00 metres downhole (Milnet 1500 Zone beneath Milnet Mine);
- WMM-018-W3: 12.85 metres of 0.73 % copper, 0.33 % nickel, 0.63 g/t platinum, 0.94 g/t palladium, and 0.28 g/t gold from 1665.80 to 1678.65 metres downhole (Milnet 1500 Zone beneath Milnet Mine).
True widths are not known.
Ni-Cu-PGE mineralization on Wallbridge's Parkin Properties is typical of that hosted by quartz diorite offset dykes in the Sudbury mining camp. Examples include the prolific deposits at Vale's North and South Mines hosted by the Copper Cliff Offset dyke; Vale's Totten deposit under development in the Worthington Offset Dyke and KGHM International Ltd.'s recent discovery on its Victoria project, also hosted in the Worthington Offset dyke.
Effective December 31, 2014, Wallbridge entered into an Option Agreement with Impala Platinum Holdings Limited ("Implats") to purchase their entire remaining 49.6% interest in the joint venture at a substantial discount to Implats' $7.2 million past expenditure by making cash payments over five years. To maintain the option, Wallbridge has made the minimum initial cash payment of $100,000 which was due on or before June 30, 2015.
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. ICP-MS over limits were re-analyzed using HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES with sulphur was analyzed using Total Sulphur by LECO.
The Qualified Person responsible for the technical content of this press release is Joshua Bailey, P.Geo., M.Sc., Vice President Exploration For Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is currently operating its first polymetallic mine, producing copper, platinum, palladium, and gold from the Broken Hammer open pit mine in Sudbury, Ontario, Canada's premier mining district.
Wallbridge is also actively exploring a large package of properties in Sudbury, including operating several significant exploration joint ventures with partners Lonmin Plc and Glencore in Sudbury.
Wallbridge has a record of successfully generating high potential mineral projects and structuring partnerships and new companies to create value for its shareholders and its partners. Wallbridge currently retains an 18% interest in Carube Copper Corp. ("Carube"), a company formed through the merger of its second spin-out company, Miocene Resources Limited with Carube Resources Inc., a private Canadian company. Carube has six copper-gold exploration licences in Jamaica two of which are under active exploration by a joint venture with OZ Minerals (OZL:AX).
This press release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.
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 forward-looking statements contained herein are expressly qualified by this disclaimer.
SOURCE Wallbridge Mining Company Limited
Image with caption: "Wallbridge Mining Company Limited (CNW Group/Wallbridge Mining Company Limited)". Image available at: http://photos.newswire.ca/images/download/20150625_C3420_PHOTO_EN_18343.jpg
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]; Linda Zubal, Vice President Corporate Communications, Tel: (705) 682-9297 ext. 263, Email: [email protected]