Wallbridge Mining updates on its Broken Hammer Project
TORONTO, Sept. 18, 2013 /CNW/ – Wallbridge Mining Company Limited (TSX: WM) today provided an update on its Broken Hammer copper (“Cu”) and
platinum group element (“PGE”) project in Sudbury, Ontario.
-- The total Indicated Mineral Resource increased from 231,100 tonnes to 259,500 tonnes at a grade of 5.19 g/t TPM (2.10 g/t Pd, 2.32 g/t Pt, and 0.77 g/t Au), 0.88% copper, and 0.10% nickel and 6.95 g/t Ag -- The total Probable Mineral Reserve increased from 196,000 tonnes to 205,000 tonnes at a grade of 4.59 g/t TPM (1.89 g/t Pd, 2.07 g/t Pt, and 0.63 g/t Au), 0.92% copper, and 0.10% nickel and 6.63 g/t Ag -- Improved pit slope walls as a result of a detailed geotechnical study completed by Genivar and a new mine design developed by Roscoe Postle Associates, ("RPA"), in 2013 resulted in a 7% decrease in total waste by 114,000 tonnes thus reducing the stripping ratio from 8.7 to 7.8 -- All of the above are positive developments for the project -- All permits expected by October 2013 and Production decision in Q4, 2013 -- Currently Wallbridge has drawn down $750,000 of the $2M Line of Credit facility with Callinan Royalties to cover the incurred costs of development of the Broken Hammer project, including the Financial Assurance -- Mineral deposit is open at depth (very little drilling below 100m depth)
“We are excited to see that the results of our efforts to advance the
project in the last year have provided us with more confidence in the
viability of the project, thereby getting us closer to a production
decision and creating a potential source of revenue”, said Marz Kord,
President & CEO of Wallbridge.
Broken Hammer Project Description
The Broken Hammer project is planned to be an open pit operation used
for the extraction of approximately 205,000 tonnes of Probable Reserves
utilizing the services of surface mining contractors. The ore is
planned to be sampled for metal accounting through a sample tower
on-site prior to being transported to an off-site facility for
processing. The prefeasibility study in October 2012 estimates the
production will be completed within 12 months of mining operation at an
average daily rate of approximately 750 tonnes of ore.
Summary of the Broken Hammer Updated Mineral Resource Estimate
Wallbridge discovered the Broken Hammer Zone as a result of an ongoing
grass roots exploration program on the North Range of the Sudbury
An updated resource estimate prepared by Roscoe Postle Associates Inc.
(“RPA”) according to NI43-101 standards was filed in a technical report
on the property on August 1, 2012 (refer to June 19, 2012 press
release). This resource was later updated in September 2013
incorporating additional mineralization intersected while conducting
geotechnical studies. Summary of the Updated Mineral Resource is in
Table 1 below.
Table 1: Updated mineral resource estimate, with an effective date of
September 12, 2013
___________________________________________________________________ | BROKEN HAMMER MINERAL RESOURCE, Sept. 12, 2013 | |___________________________________________________________________| |Category |Tonnes |Cu (%)|Ni (%)|Pt (g/t)|Pd (g/t)|Au (g/t)|Ag (g/t)| |_________|_______|______|______|________|________|________|________| |Indicated|259,500| 0.88 | 0.10 | 2.32 | 2.10 | 0.77 | 6.95 | |_________|_______|______|______|________|________|________|________|
1. Mineral Resource estimates were prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definition standards for Mineral Resources and Mineral Reserves. 2. The Qualified Person for this Mineral Resource estimate is Mr. Bruce Churchill, P. Geo. 3. The resource model was prepared based on drill section interpretations using a cut-off of 1.00% copper equivalent (CuEq). 4. Mineral Resources are estimated using average long-term metal prices of US$3.00/lb Cu, US$9.00/lb Ni, US$750/oz Pd, US$1,600/oz Pt, US$ 1,300/oz Au, and US$ 20.00/oz Ag and a US$:C$ exchange rate of 1:1. 5. All aspects of the core sampling, assay procedures, and QA/QC program have been reviewed by RPA and were judged to be of industry standard and suitable for use in the estimation of Mineral Resources. 6. 3D solids were constructed cooperatively between Wallbridge and RPA geologists, then reviewed and revised as necessary by RPA. 7. The estimation employed statistical analysis and variography of metal values with construction of block models by domain. Block cell size was 5*5*5 metres with level 3 sub-celling and then re-blocked to 3*3*3 metres for the pit optimization runs. Grade interpolation to assign grade values to cells used Ordinary Kriging. 8. Specific gravity determinations were completed by ALS Chemex on 300 sample pulps. Where data was not available, values were assigned based on a regression of specific gravity versus sulphur. 9. Mineral Resources are reported at a pit discard cut-off value of C$56.66 per tonne NSR value. NSR values were calculated based on metal prices, metallurgical recoveries, and all off-site payment terms and charges (including ore processing). The resulting NSR value in each block is then compared to operating costs. 10. No minimum mining width was used. 11. Resource classification considered geological and grade continuity and was based on drill hole spacing. 12. RPA is not aware of any environmental, permitting, legal, title, taxation, socio-political or marketing issues that are material to the statement of the mineral resource estimate.
Additionally, RPA prepared an updated in-pit mineral reserve estimate
based on a global mining recovery of 95% and 5% dilution (at zero
grade). Table 2 below summarizes the in-pit reserve.
Table 2: Mineral Reserve estimate
__________________________________________________________________ | BROKEN HAMMER MINERAL RESERVES, May 1, 2013 | |__________________________________________________________________| |Category|Tonnes |Cu (%)|Ni (%)|Pt (g/t)|Pd (g/t)|Au (g/t)|Ag (g/t)| |________|_______|______|______|________|________|________|________| |Probable|205,000| 0.92 | 0.10 | 2.07 | 1.89 | 0.63 | 6.63 | |________|_______|______|______|________|________|________|________| | Waste Rock|1,597,000 tonnes | |________________|_________________________________________________| | Stripping Ratio|7.8 | |________________|_________________________________________________|
The Qualified Person for the Broken Hammer updated resource estimate is
Mr. Bruce Churchill, P. Geo., who prepared the 2012 updated resource
estimate contained in the prefeasibility study for the Broken Hammer
Project which was filed on August 2, 2012 and the new Updated Resource
in September 2013. Mr. Churchill is a Qualified Person under NI43-101
and is independent of Wallbridge. The Qualified Person for the Broken
Hammer updated reserve estimate is Mr. Jason Cox, P. Eng. of RPA. Mr.
Cox is a Qualified Person under NI43-101 and is independent of
In addition to the above reports, all permit applications have been
submitted and the Production Closure Plan for Broken Hammer has been
accepted and filed by the Ontario Ministry of Northern Development &
Mines. Other permits with the Ontario Ministry of Natural Resources and
the Environment are in progress and are expected to be received in the
next few weeks. As a result of placing financial assurance in the
amount of approximately $500,000 with the Ministry of Northern
Development & Mines, as well as completing other studies and permitting
process efforts, Wallbridge has drawn down $750,000 of its $2M Line of
Credit facility with Callinan Royalties in August 2013, to cover the
incurred costs of developing the Broken Hammer project. A critical path
item to determine the schedule for the project is securing a
satisfactory milling and processing contract for the Broken Hammer ore.
Discussions with local milling facilities in Sudbury have not yet
resulted in a contract being finalized at this time. As a result we
have also been exploring other processing options, including, but not
limited to, the possibility of processing the ore outside of Sudbury.
Feasibility of these other options is dependent on the financial terms
available which together with the potential for improved metal
recoveries may offset the increased costs associated with these other
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is an established junior company, formed in 1996, whose mission is to
explore and develop platinum group elements (PGE’s) in mining friendly
jurisdictions of North America.
Wallbridge is currently exploring and developing a large package of
properties in Sudbury, Ontario: Canada’s premier mining district. These
include the pre-feasibility stage Broken Hammer development project and
significant exploration joint ventures with partners Lonmin Plc, Impala
Platinum Holdings Limited and Glencore Xstrata.
In 2005, Wallbridge created Duluth Metals Limited (TSX:DM) to explore
and develop projects in Minnesota, USA. Duluth Metals has since defined
the world’s largest undeveloped sulfide PGEs, copper and nickel deposit
which it is developing through Twin Metals Limited, a joint venture
with copper producer Antofagasta Plc. Wallbridge currently retains 10.1
million shares of Duluth Metals (8.1%).
In 2010, Wallbridge created Miocene Metals Limited (TSXV:MII) to explore
and develop seven porphyry copper-gold-molybdenum projects in British
Columbia, Canada, within a previously under-recognized belt of
Miocene-age intrusions. These projects are early stage with large
mineralized structures and alteration zones that are ready for drilling
with potential for large tonnage deposits. Wallbridge currently retains
28.4 million shares of Miocene Metals (40.5%).
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