Press ReleasesMarch 07, 2005
Wallbridge Mining Company Limited and Mountain Lake Resources Intersect High Grade Nickel Mineralization in Drill Program at Hong Kong Project Northwest of Sudbury
Toronto, Ontario - March 7, 2005 - Wallbridge Mining Company Limited (TSX: WM) today announced that pentlandite rich nickel sulphide mineralization has been discovered at the outset of the first phase drill program at the Hong Kong property located approximately 150 km northwest of Sudbury, Ontario.
Highlights of initial drilling on the property include:
- 2.25 meters of 2.02% nickel and 0.91% copper in hole WHK-003.
- 1.21 meters of 1.16% nickel and 0.49% copper in hole WHK-001.
Holes WHK-001 and 003 through 006 are drilled on the same section, while WHK-002 was drilled 50 meters east of this section. WHK-001 intersected the mineralized zone approximately 50 meters below surface from 68.00m to 69.21m in the hole. WHK-003 intersected mineralization 70 meters below surface from 82.45m to 84.70m in the hole. WHK-002 did not intersect significant mineralization. True widths are estimated to be approximately 80% of core length. Assays have been received for the first three holes; further results will be reported when available.
It is estimated that phase one drill testing of the Hong Kong targets will continue for another 6-8 weeks. Further drilling of the nickel discovery at the Beith Option will continue after borehole geophysical testing, interpretation and assaying are completed.
The Hong Kong property covers an area of approximately 4,750 hectares at the southwestern end of the Swayze greenstone belt in Ontario. Mountain Lake is earning a 50 percent interest in the Hong Kong property from Wallbridge Mining Company Limited by financing the initial $500,000 in exploration expenditures on the property. Wallbridge is the operator of the Hong Kong project.
Samples were analyzed by ALS Chemex in North Vancouver, British Columbia. Forty-seven elements were analyzed by four acid "near total" digestion, and a combination of ICPMS and ICPAES finish. Assays for nickel and copper were completed on selected samples by four acid "near total" digestion and AAS finish.
Richard Murphy, P.Geo, Vice-President Corporate Development of Wallbridge Mining Company Limited, is the qualified person for the Hong Kong project. Mr. Murphy has reviewed and approved this news release.
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.