Wallbridge Mining Extends Broken Hammer PGE Zone
TORONTO, April 28 /PRNewswire/ – Wallbridge Mining Company Limited (TSX:WM,
FWB: WC7) (the “Company”) today announced the initial results from its
1,600 metre drill program at its Broken Hammer copper-platinum group
metals project in Sudbury. Results are reported for 7 of the 19 holes
completed to date and include 9.09 g/t total precious metals (“TPM”) (4.31 g/t platinum + 4.33 g/t
palladium + 0.45 g/t gold), 0.99% copper, and 0.06% nickel over 4.15
metres in hole WIS-099 and 3.59 g/t TPM (1.22 g/t platinum + 1.83 g/t palladium + 0.54 g/t gold),
0.34% copper, and 0.07% nickel over 11.30 metres in hole WIS-109. Results for all holes received to date are tabulated below.
_______________________________________________________________________________________ |DrillHole| From | To |Length| TPM |Platinum|Palladium|Gold |Copper|Nickel|Extends| | |(metres)|(metres)| |(g/t)| | |(g/t)| | |Zone To| | | | |(g/t) | | (g/t) | (g/t) | | (%) | (%) | | |_________|________|________|______|_____|________|_________|_____|______|______|_______| | WIS-099 | 23.00 | 27.15 | 4.15 |9.09 | 4.31 | 4.33 |0.45 | 0.99 | 0.06 | East | |_________|________|________|______|_____|________|_________|_____|______|______|_______| | WIS-100 | 8.20 | 12.30 | 4.10 |3.44 | 0.56 | 2.81 |0.07 | 0.55 | 0.08 | East | |_________|________|________|______|_____|________|_________|_____|______|______|_______| | | 22.80 | 24.20 | 1.40 |2.37 | 1.47 | 0.78 |0.13 | 0.16 | 0.03 | East | |_________|________|________|______|_____|________|_________|_____|______|______|_______| | WIS-101 | 8.70 | 9.05 | 0.35 |3.39 | 1.77 | 1.22 |0.40 | 0.18 | 0.03 | | |_________|________|________|______|_____|________|_________|_____|______|______|_______| | WIS-103 | 2.40 | 7.00 | 4.60 |5.39 | 3.02 | 1.98 |0.39 | 1.01 | 0.09 | North | |_________|________|________|______|_____|________|_________|_____|______|______|_______| | WIS-107 | 26.12 | 29.70 | 3.58 |1.73 | 0.84 | 0.63 |0.26 | 0.05 | 0.01 | | |_________|________|________|______|_____|________|_________|_____|______|______|_______| | WIS-108 | 15.95 | 19.30 | 3.35 |2.51 | 0.29 | 1.43 |0.79 | 1.35 | 0.19 | South | |_________|________|________|______|_____|________|_________|_____|______|______|_______| | | 39.80 | 48.25 | 8.45 |3.11 | 0.92 | 1.91 |0.28 | 0.81 | 0.15 | North | |_________|________|________|______|_____|________|_________|_____|______|______|_______| | | 55.75 | 57.25 | 1.50 |1.45 | 0.68 | 0.63 |0.14 | 0.11 | 0.01 | North | |_________|________|________|______|_____|________|_________|_____|______|______|_______| | WIS-109 | 17.35 | 21.35 | 4.00 |1.61 | 0.64 | 0.79 |0.18 | 0.25 | 0.05 | South | |_________|________|________|______|_____|________|_________|_____|______|______|_______| | | 45.00 | 56.30 |11.30 |3.59 | 1.22 | 1.83 |0.54 | 0.34 | 0.07 | North | |_________|________|________|______|_____|________|_________|_____|______|______|_______|
The holes reported above extend the mineralization to the east, north
and south of where it is exposed in the recently excavated bulk sample
pit, into areas which are outside the current resource estimate.
“These results confirm that we definitely have potential to expand the
zone to the east, north and south”, stated Alar Soever, President and
CEO of Wallbridge. “The results of the current drilling program will be
incorporated into the new resource estimate, which is expected to be
initiated this summer, after the results of the processing of the bulk
sample become available”.
Drilling is currently underway to expand the resource in the west end of
the zone, based on the better understanding of the mineralization
gained during the excavation of the bulk sample.
The lengths quoted are core lengths. Due to the irregular geometry of
the individual veins, true width is difficult to determine accurately,
but in most cases is expected to exceed 0.7 times the core length.
Wallbridge discovered the Broken Hammer Zone as a result of an ongoing
grass roots exploration program on the North Range of the Sudbury
Basin. In November 2005, Roscoe Postle Associates Inc. estimated the NI
43-101 compliant, inferred mineral resource to be 251,000 tonnes at a
grade of 3.80 g/t total precious metals (1.56 g/t palladium, 1.62 g/t
platinum and 0.61 g/t gold), 1.00% copper and 0.10% nickel. This
resource estimate was prepared using a cut-off value of $CAN40/t, and
the then prevailing, long-term metal price projections of $US800/oz for
platinum, $US180/oz for palladium, $US400/oz for gold, $US 1.40/lb for
copper, and $US5.00 for nickel. A new resource estimate and feasibility
study will be prepared using current medium to long term metal prices,
once results of the current drilling and the bulk sampling program are
available. Wallbridge currently holds a 98.5% interest in the Broken
Hammer Property while Xstrata Nickel retains a 1.5% carried interest
with some buy back provisions.
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 Mark Croteau P.Geo., Operations Manager for Wallbridge
Mining Company Limited.
About the Company
Wallbridge Mining Company Limited’s primary focus is the exploration for
platinum group elements (“PGE”), nickel and copper deposits in the
Sudbury area of Ontario. The Sudbury area hosts one of 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 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. Duluth
Metals is advancing this resource through feasibility in joint venture
with Antofagasta plc, one of the worlds major copper producers.
Wallbridge also holds a significant shareholding Miocene Metals
Limited, which was formed to finance the exploration of a portfolio of
copper-gold-molybdenum properties in southwestern BC.
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