Press ReleasesSeptember 29, 2005
Wallbridge Updates Sudbury Exploration Progress
Toronto, Ontario - September 29, 2005 - Wallbridge Mining Company Limited (TSX: WM) today updated results of its summer exploration programs in the Sudbury Area. Field work this summer was carried out on many of the 27 Wallbridge properties which cover in excess of 300 square kilometres of the footwall rocks to the Sudbury Igneous Complex.
Highlights of the summer exploration program include:
- Discovery of high grade nickel-copper-platinum-palladium mineralization in a newly identified offset dyke on the Trill Property at the west end of the Sudbury basin. An airborne VTEM survey is planned to commence next week to extend geophysical coverage over the western strike extension of this structure, following which drill testing of the offset dyke structure will resume.
- Identification of a 1200 metre long geochemically anomalous and thermally metamorphosed Sudbury breccia belt on the Skynner Lake Property, East Range; and
- Delineation of PGE-copper mineralization over a 600 metre strike length in the Amy Lake area on the Frost Lake Property on the East Range. Grab samples of this mineralization ranged up to 30.01 g/t TPM (for details, see Frost Lake section below). Drill testing of this mineralization is currently underway;
- Identification of two other areas of geochemically anomalous Sudbury breccia, with co-incident IP anomalies on the Frost Lake property. Further geophysics and drilling is planned on these new targets this winter;
- Identification of two areas within the South Range Breccia belt with anomalous chlorine fluorine ratios and low grade PGMs on the Creighton South Property, south of the Creighton Mine. Anomalous chlorine fluorine ratios are known to occur in association with Sudbury footwall copper-PGE deposits. Drill testing of these two targets is planned for later this fall.
Preliminary results from locked cycle flotation testing indicated the following recoveries of metal by conventional flotation
Copper Nickel Platinum Palladium Gold Recovery 94.8 % 34.2 % 79.8 % 87.7 % 81.4 %Note: Due to the presence of coarse PGE minerals, platinum assays show high variability and actual recovery
may vary. Platinum data is considered preliminary at this time.
Gravity testing of the Broken Hammer material using a combination of Knelson concentrator and Mozely table was also encouraging, producing a high grade PGM concentrate at reasonable recoveries.
A resource estimate is currently being finalized for the Broken Hammer Zone and will be released when completed.
The Trill Property is located on the western end of the Sudbury Basin, in footwall rocks to the Trillabelle embayment. A total of 16 diamond drill holes totalling 2406 metres have now been completed testing the Trill offset structure discovered in June of this year. Fourteen of these drill holes tested the structure over a strike length of 220 metres in the vicinity of the original high grade sulphide discovery to a maximum depth of 125 metres. The mineralization consists of massive pyrrhotite-penlandite-chalcopyrite surrounded by predominantly stringer chalcopyrite. The size of this initial lens of massive sulphide mineralization appears to be approximately 50 metres by 30 metres by 3 metres.
Mapping has traced the offset structure over a strike length of approximately 1.8 kilometres, from approximately L10+50W to L7+50E. To date, the offset has not yet been located between L8+00E and L35+00E the eastern boundary of the property due mainly to thick overburden. Surface mapping and prospecting is continuing to determine the location of the offset in this area.
Detailed ground magnetometer and Crone large loop EM surveys have been completed covering the section of dyke between L10+50W and L7+50W. The surveys did not identify any near surface targets typical of large sulphide bodies in this section of dyke. Since the dyke has not yet been located east of L7+50E, results of the geophysics over this part of the projected strike extension of the dyke in this area are inconclusive.
To the west mapping has traced the offset to L10+50W, beyond the limits of the Aerotem coverage at L6+00N. A VTEM airborne electromagnetic and magnetic survey has been commissioned to test the area west of the current geophysical coverage. This survey, scheduled to begin the first week of October, will extend geophysical coverage to 6.3 kilometres west of the discovery showing. Drilling will resume once the results of the airborne survey have been received and interpreted.
Frost Lake Property
The Frost Lake Property is located in footwall rocks on the East Range of the Sudbury Basin five kilometres north of Falconbridge's Nickel Rim South deposit. Detailed mapping and prospecting as follow-up to an IP survey completed early in the summer, defined a 600 metre by 100 metre wide area in the Amy Lake area with numerous PGE-copper occurrences. The mineralization occurs to the south of the Amy Lake showing, previously drill tested by Wallbridge in 2000 and 2001 and contains a number of near surface IP anomalies.
Eighteen of 66 grab samples collected from this area returned anomalous PGE values (in excess of 0.5 g/t Pt+Pd+Au). Six of these yielded between 7.83 and 30.01 g/t Pt+Pd+Au.
Results of some of the better grade samples are tabulated below.
|Sample #||Pt+Pd+Au (g/t)||Pt (g/t)||Pd (g/t)||Au (g/t)||Cu%||Ni %||S%|
Notably, a number of samples returned high grade PGE values associated with epidote/actinolite/chlorite alteration but less than 1% sulphide content. For example, sample #501051 returned 17.46 g/t Pt+Pd+Au but only 0.18% S and sample #501712 returned 4.55 g/t Pt+Pd+Au but only 0.20% S. Systematic sampling will be carried out to quantify the extent of this low-sulfide style of PGE mineralization, which is not easily observed in outcrop.
Five areas along the mineralized trend were exposed by backhoe trenching. Mapping and channel sampling is in progress. A drill has been mobilized to the property and initial drilling is currently underway.
In addition to the mineralization at Amy Lake, the summer work program defined two other high priority areas on the Frost Lake Property for follow-up work. These and several other geophysical targets will be tested by further geophysics and drilling, if warranted, during the fall and winter work programs.
The Skynner Lake Property is located in footwall rocks on the East Range of the Sudbury Basin southeast of FNX Mining's Podolsky Project. Detailed mapping, IP surveying and initial diamond drilling consisting of six holes totalling 1050 metres have identified a 1200 metre long belt of geochemically anomalous and thermally recrystallized Sudbury Breccia surrounding Skynner Lake. Exploration of this large area of extremely favourable geology is continuing with follow-up geophysics and further drilling is planned for early 2006.
Work on the Trill, Skynner Lake, and Creighton South properties is funded 100% by Lonmin Plc through the Wallbridge/Lonmin Sudbury Camp Joint Venture. Lonmin can earn a 65% interest in any mineral resource by funding work through to production.
Wallbridge owns 64% of the Wisner and Frost Lake properties. Joint Venture partner Falconbridge Limited owns 36% of these properties.
Assays reported in this press release were completed at ALS Chemex in Vancouver, B.C. 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.
Wallbridge Mining Company Limited was established to explore for and develop nickel, copper and platinum group element (PGE) 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, M.Sc.,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.
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