Quantcast

Wallbridge Mining Reports 8.00 Grams Per Tonne Platinum+Palladium+Gold over 14.24 metres from Parkin Offset Property in Sudbury

November 13, 2009

TORONTO, Nov. 13 /PRNewswire-FirstCall/ – Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) (“Wallbridge”) today announced that platinum-palladium-gold-copper-nickel assay results from the intersection of sulphide mineralization on its Parkin Joint Venture property in Sudbury (see Wallbridge Press Release dated November 2, 2009), have confirmed the presence of base and precious metal values in the intercept. Total Precious Metal (Platinum+Palladium+Gold or “TPM”) values within the 14.24 metre interval range between 1.40 and 32.47 grams per tonne TPM over different 1 metre intervals. The mineralization also contains significant amounts of copper and nickel.

    The 14.24 metre intersection returned the following assays:

    -   8.00 grams per tonne TPM (1.50 g/t platinum + 2.52 g/t palladium +
        3.99 g/t gold), 2.57% copper and 0.78% nickel over 14.24 metres from
        1499.66 to 1513.90 metres down hole, including;

        -   9.16 grams per tonne TPM (2.19 g/t platinum + 4.05 g/t palladium
            + 2.92 g/t gold), 3.64% copper and 1.07% nickel over 4.00 metres
            from 1502.66 to 1506.66 metres; and,

        -   13.71 grams per tonne TPM (1.53 g/t platinum + 2.31 g/t palladium
            + 9.88 g/t gold), 2.96% copper and 0.88% nickel over 4.00 metres
            from 1507.66 to 1511.66 metres.

“These precious metal grades are very encouraging in that they seem to confirm the high precious metals content of the Parkin Offset relative to other offset dykes in Sudbury,” stated Alar Soever, President and CEO of Wallbridge. “In addition, the fact the dyke remains, with the exception of our current three holes, largely untested for several hundred metres in all directions from this intercept, indicate this area, which lies some 1,400 metres down-plunge of the historic Milnet Mine workings, has excellent potential to host further mineralization.”

Complete assays across the intersection are given in the table below.

    -------------------------------------------------------------------------
     From     To  Interval  TPM   Pt   Pd    Au    Ag   Cu    Ni   Co     S
      (m)     (m)    (m)   (g/t)(g/t)(g/t) (g/t) (g/t)   %     %    %     %
    -------------------------------------------------------------------------
    1496.36 1496.86  0.50   3.63 1.24 2.21  0.18  2.0  0.45  0.85 0.043  6.73
    1496.86 1497.70  0.84   0.51 0.18 0.20  0.13  1.0  0.36  0.08 0.006  0.77
    1497.70 1498.66  0.96   0.14 0.06 0.08  0.02  0.5  0.05  0.02 0.003  0.09
    1498.66 1499.66  1.00   0.89 0.36 0.38  0.15  0.5  0.18  0.05 0.004  0.26
    1499.66 1500.66  1.00   5.95 1.20 2.18  2.57 10.0  2.14  0.36 0.009  3.77
    1500.66 1501.66  1.00   3.60 1.25 1.83  0.52  5.0  1.12  0.61 0.024  4.98
    1501.66 1502.66  1.00   5.03 1.65 2.61  0.77  1.0  0.17  1.56 0.057 10.15
    1502.66 1503.66  1.00  15.66 4.84 9.93  0.89 15.0  3.25  1.34 0.047 11.30
    1503.66 1504.66  1.00  14.73 1.80 2.63 10.30 19.0  4.36  1.32 0.047 12.20
    1504.66 1505.66  1.00   4.35 1.53 2.55  0.27 18.0  4.61  0.61 0.021  7.76
    1505.66 1506.66  1.00   1.90 0.59 1.09  0.22 10.0  2.32  1.04 0.035  8.95
    1506.66 1507.66  1.00   1.40 0.50 0.70  0.20  1.0  0.56  0.23 0.010  2.07
    1507.66 1508.66  1.00   7.36 2.57 3.92  0.87  7.0  1.33  1.64 0.049 11.25
    1508.66 1509.66  1.00  13.48 1.86 2.92  8.70 22.0  4.70  0.40 0.015  6.90
    1509.66 1510.66  1.00   1.54 0.54 0.77  0.23 12.0  2.40  0.41 0.015  4.72
    1510.66 1511.66  1.00  32.47 1.14 1.63 29.70 20.0  3.40  1.07 0.035 10.55
    1511.66 1512.66  1.00   2.11 0.65 1.13  0.33  6.0  1.49  0.27 0.010  2.85
    1512.66 1513.90  1.24   3.55 0.97 1.62  0.96 20.0 3.860 0.244 0.008  5.29
    -------------------------------------------------------------------------

Based on the character of the mineralization and the limited drilling to date, it is not possible to determine the true width of the zone at this time. The high platinum-palladium-gold and copper assays suggest the intersection could possibly have been made near the margin of the sulphide body in accord with geophysical models of the response, which suggested the intersection was obtained near the down-dip end of the interpreted UTEM-4 conductor. Planning for further geophysics and drilling to define the full extent and geometry of the mineralized zone is underway.

The intersection was made on Wallbridge’s 100% owned Milnet Mine property, which is under joint venture to Impala Platinum Holdings Limited (“Impala”), the world’s second largest primary platinum producer, which is earning an interest in the property.

Impala Platinum Holdings (“Impala”) can earn a 50% interest in the Parkin Offset Dyke property package by spending $5 million over a three year period. Impala can then increase its interest to 65% by funding a Feasibility Study and securing Wallbridge’s portion of the development funding through to commercial production on a project loan basis ( See Wallbridge press release dated August 26, 2008).

The property package optioned to Impala covers a 9.4 kilometre strike length of the Parkin Offset Dyke and also includes a southern block of claims held 98.5% by Wallbridge and 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 (See map on Wallbridge’s website at www.wallbridgemining.com).

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.

The Qualified Person responsible for the technical content of this press release is Bruce Jago, PhD. P.Geo, Vice-President, Exploration of Wallbridge Mining Company Limited.

About Wallbridge Mining Company Limited

Wallbridge Mining Company Limited’s primary focus is the exploration for platinum group element (“PGE”), nickel, and copper deposits in the Sudbury area of Ontario. The Sudbury area hosts the world’s largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Vale Inco, Xstrata Nickel, Lonmin Plc. and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota. Wallbridge is also exploring a large porphyry copper-gold-molybdenum property in south-western British Columbia and has interests in copper-zinc and gold properties in north-eastern Ontario.

This document may contain forward-looking statements relating to Wallbridge’s operations or to the environment in which it operates. 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.

SOURCE Wallbridge Mining Company Limited


Source: newswire



comments powered by Disqus