Press ReleasesSeptember 30, 2004
Wallbridge Intersects Wide Intervals of High Grade PGE - Copper Mineralization at Wisner Property; Expands Broken Hammer Zone
Toronto, Ontario - September 30, 2004 - Wallbridge Mining Company Limited (TSX: WM) today announced that drilling of the Broken Hammer Zone on the Wisner Property in Sudbury has encountered several thick intersections of high grade PGE - copper mineralization. These new intersections include a 20.53 meter interval in hole WIS-028 averaging 13.72 grams of precious metals per tonne (5.60 g/t platinum, 6.02 g/t palladium and 2,11 g/t gold). Included in this interval are 15.35 metres grading 16.99 grams of precious metals per tonne (6.86 g/t platinum, 7.45 g/t palladium, and 2.68 g/t gold) along with 6.55% copper and 0.38% nickel.
Results from seven new holes have been received and are detailed below. Drilling continues on the Broken Hammer zone and new results will be released when available.
|Note: Assays From 19.00 to 101.00, End of hole are pending|
* Gold capped at 10 grams per tonne, overlimit samples pending
True width of the intersections is difficult to determine, due to the style of mineralization and the various orientations of stringers and veins as defined by the surface mapping.
Alar Soever, P. Geo., President of Wallbridge Mining stated, "These wide intersections of high grade PGE - copper mineralization demonstrate that the Broken Hammer zone has the potential to become Sudbury's first high grade footwall PGE deposit located at surface".
He added that the Wisner Property lies in a relatively unexplored part of the Sudbury mining camp. Recent exploration results from FNX Mining's PM Zone, and the discovery of Falconbridge's new Nickel Rim South deposit suggest an emerging trend of footwall discoveries.
Holes completed in the ongoing drill program were drilled on 20 metre centres and confirm the presence of mineralization from surface to a depth of 70 meters along a strike length of 150 meters. The down plunge extension of mineralization is open to the west. A plan map of the drilling can be found on the Company's website www.wallbridgemining.com.
Complete assay results have now been received for the seven holes previously reported in the September 9, 2004 press release and are shown in the table below.
(Pt, Pd, and Au Previously Released)
Assays were undertaken by SGS Canada Inc. Mineral Services in Toronto, Ontario using a standard fire assay for Au, Pt, Pd and sodium peroxide fusion/ICP finish for base metals. The Qualified Person responsible for the technical content of this press release is Alar Soever, P.Geo, President of Wallbridge Mining Company Limited.
The Broken Hammer Zone occurs along the boundary between the Wallbridge/Falconbridge Limited Four Times Joint Venture and the Wallbridge/Lonmin Sudbury Camp Joint Venture portions of the Wisner Property. Wallbridge is funding the current work program on the Wallbridge/Falconbridge Four Times Joint Venture portion of the property, which will increase its percentage interest in those lands. Work on the Wallbridge/Lonmin Plc Sudbury Camp Joint Venture) is funded by Lonmin Plc., which can earn a 65% interest in any mineral resource by funding work through feasibility.
About the Company
Wallbridge Mining Company Limited was established in 1996 to explore for and develop nickel, copper and platinum group element deposits. The Company's principal properties are located in the Sudbury Basin in Ontario. The Sudbury area hosts the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Wallbridge also has properties elsewhere in northern Ontario, Nova Scotia and near Duluth, Minnesota.
FOR FURTHER INFORMATION please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Richard Murphy, Vice President Corporate Development
Tel: (705) 682-9297
Cavalcanti Hume Funfer Inc., Investor Relations
Nick Kohlmann, Vice President
Tel: (416) 868-1079 ext. 222
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.