Press ReleasesMay 30, 2006
Wallbridge Intersects Copper-PGE Veins 2.3 Kilometres Southwest of Broken Hammer Zone on Wisner Property
Toronto, Ontario -- May 30, 2006 -- Wallbridge Mining Company Limited (TSX: WM) announced today that drilling in the Southwest target area on its Wisner Property has intersected both vein type and disseminated footwall copper-PGE mineralization.
Significant results from drilling on the Southwest Zone include:
• 2.35% Cu, 1.25% Ni and 26.69 g/t TPM over 0.50m in borehole WIS-078
• 15.95% Cu, 0.23% Ni and 4.56 g/t TPM over 0.90m in borehole WIS-088
• 0.80% Cu, 0.14% Ni and 3.14 g/t TPM over 0.50m in borehole WIS-083
To date 10 drill holes totaling 1345 metres have been completed testing the mineralization first exposed by trenching in December 2005 (See Wallbridge press release dated January 19, 2006), to a maximum depth of 100 metres. Assay summaries for the holes are tabulated in the Table 1.
The holes were drilled to test moderate strength IP anomalies and mineralization exposed in the surface trenches. Six of the ten holes intercepted finely to coarsely (2cm) disseminated chalcopyrite +/- millerite mineralization hosted in irregular zones of Sudbury Breccia. The remaining hole (WIS088) intersected a 30cm wide vein of massive chalcopyrite grading 15.95% Cu and 4.56g/t Pt+Pd+Au.
The mineralization is typical of North Range footwall copper-PGE mineralization, such as that at FNX's new Levack Footwall discovery.
Drilling is currently underway to test the down dip extension of the mineralization described above in the area of a Quantec Geoscience IP anomaly, which is present below a depth of 350 metres.
Of the remaining four holes in the Wisner winter drilling program, three, totaling 310 metres, were drilled in the South Zone area targeting weak IP anomalies and disseminated to massive mineralization discovered by blast trenching in December 2005. None of these holes intersected significant mineralization. In addition, a single 329 meter hole was drilled on a weak geophysical target 600 metres north of the South Zone and it also failed to intersect any significant mineralization. The geophysical target has not been explained and more surface mapping is planned in the area to determine if further drilling is warranted.
The Wisner Property is one of three properties included in Wallbridge's Four Times Joint Venture with Falconbridge Limited. The property consists of one patented and 27 unpatented mining claims (447.87 ha) staked on highly prospective ground in the footwall to the Wisner Embayment on the North Range of the Sudbury Igneous Complex. The Wallbridge/Falconbridge Wisner Joint Venture Committee has approved a budget of $900,000 for the 2006 Work Program on the Wisner Property. This work will include drill testing additional targets identified by the 2005 work program in addition to the targets recently drilled at the Southwest and the South Zone Areas. At present Wallbridge has a 65% interest in the joint venture properties, with Falconbridge owning the remaining 35%.
Half core samples are prepared at ALS Chemex Ltd. Laboratories in Sudbury and then shipped to their analytical facilities in Vancouver. Samples are analyzed for Au, Pt, Pd using a standard fire assay with an ICP finish and for 47 base metals and trace elements using a four acid (near total) digestion and a combination of ICPMS and ICPAES. ICP overlimits are re-analyzed using sodium peroxide fusion, acid dissolution followed by ICPAES.
Dr. Bruce Jago, P.Geo, Vice-President of Exploration, is the Qualified Person for Wallbridge Mining Company Limited, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for the technical content of this press release and quality assurance of Wallbridge's exploration data and analytical results.
Wallbridge Mining Company Limited explores for and develops 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 a major shareholding in Duluth Metals Limited, which has a significant property position in the rapidly emerging Duluth base metal camp.
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
CHF 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.