Wallbridge Intersects Copper, Nickel and Precious Metals in 8,600 Metre Parkin Drill Program
TORONTO, March 2 /CNW/ - Wallbridge Mining Company Limited (TSX:WM; FWB:
WC7) ("Wallbridge") today announced results of the 13 hole, 8,674 metre drill
program recently completed on its Parkin Offset Dyke Properties in Sudbury,
Ontario. The drilling was funded by joint venture partner Impala Platinum
Holdings Limited ("Impala"), the world's second largest primary platinum
producer, which is earning an interest in the property. (See Wallbridge press
releases dated August 26, 2008 and September 22, 2008).
Significant intersections of nickel ("Ni"), copper ("Cu") and platinum
group element ("PGE") mineralization were cut in three holes, all on the
southern claim block, including:
- WMP-131, which intersected 3.26 metres of 3.3 g/t TPM(*), 0.68% Ni
and 3.01% Cu including 0.38 metres of 13.35 g/t TPM, 2.83% Ni and
13.0% Cu
- WMP-133, which intersected 4.00 metres of 1.2 g/t TPM, 0.17% Ni and
0.25% Cu
- WMP-134 which intersected 7.02 metres of 2.39 g/t TPM, 0.64% Ni and
0.66% Cu, including 0.46 metres of 6.17 g/t TPM, 1.42% Ni and 3.66%
Cu
(*) TPM=platinum+palladium+gold
True width is estimated at about 50% of core length. A map showing the
drilling and the extent of the 9.4 kilometre contiguous land package can be
viewed on our website at www.wallbridgemining.com.
Commenting on the drill results, Alar Soever, President of Wallbridge,
stated, "In addition to intersecting nickel, copper and precious metals
mineralization, these latest results along with previous drilling, confirmed
that mineralization occurred in portions of the dyke with complex structures.
In this respect, the Parkin Offset Dyke is similar to highly mineralized
environments on the Copper Cliff and Worthington Offset Dykes, which have been
historical producers of copper and nickel for nearly 100 years."
Full analytical results, including anomalous results from WMP-130 are
tabulated below:
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Drill Hole From To Metres Au Pt Pd TPM Ni Cu Co
(No.) (m) (m) (m) (g/t) (g/t) (g/t) (g/t) (%) (%) (%)
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WMP-130 467.3 468.0 0.70 0.05 0.19 0.18 0.42 0.26 0.44 0.01
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WMP-131 190.5 193.76 3.26 0.18 0.99 2.13 3.30 0.68 3.01 0.01
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Includes 193.38 193.76 0.38 0.34 3.41 9.6 13.4 2.83 13.0 0.06
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WMP-133 234.87 238.87 4.00 0.26 0.28 0.66 1.20 0.17 0.25 0.01
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WMP-134 230.93 240.95 7.02 0.25 0.82 1.24 2.31 0.64 0.66 0.02
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Includes 230.93 231.39 0.46 0.76 2.07 3.34 6.17 1.42 3.66 0.03
-------------------------------------------------------------------------
The drilling program tested geological and geophysical targets as well as
the projected extension of known mineralized zones in several areas along the
9.4 kilometre strike length of the dyke at up to 1,500 m depth. A summary of
target types and results from drilling these targets can be viewed in tabular
form on our website at www.wallbridgemining.com.
The Parkin Offset Dyke property comprises a southern block of claims held
98.5% by Wallbridge and 1.5% by Xstrata Nickel, a central block of claims
covering the historic Milnet Mine workings owned 100% by Wallbridge and a
northern block of claims, which is subject to an option and joint venture
agreement between Wallbridge and Champion Bear Resources (See map on
Wallbridge's website at www.wallbridgemining.com).
Impala Platinum Holdings ("Impala") can earn a 50% interest in the Parkin
Offset Dyke property 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). Wallbridge can earn a 50% interest in Champion Bear's block of
claims by spending $2 million over two years. Wallbridge may then increase its
interest in the property to 75% by completing a definitive feasibility study
on a deposit which is in whole or in part on the property and funding Champion
Bear's portion of development expenditures as a loan against Champion Bear's
portion of the proceeds of production. (See Wallbridge press release dated
April 28, 2008).
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 followed by a
combination of inductively coupled plasma mass spectrometry (ICP-MS) and
atomic emission spectrometry (ICP-AES). Samples were also analyzed for 33 base
metal and trace elements using a four acid (HNO3-HCIO4-HF and HCI) near total
digestion and a combination of ICP-MS and ICP-AES.
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 of
nickel, copper and platinum group element ("PGE") 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.
%SEDAR: 00010252E
For further information: Please visit the Company's website at
www.wallbridgemining.com, or contact: Wallbridge Mining Company Limited, Alar
Soever, President, Tel: (705) 682-9297, Email:
asoever@wallbridgemining.com; Mara Strazdins, Vice-President, Investor
Relations, Tel: (416) 369-1500 ext 222, Email:
mstrazdins@wallbridgemining.com
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EXPLORATEUR |
CODE : WC7.F |
ISIN : CA9323971023 |
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Wallbridge Mining est une société d’exploration minière de cuivre et de nickel basée au Canada. Wallbridge Mining détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont ROGERS CREEK, SUDBURY et HEFF OFFSET DIKE au Canada. |