Press ReleasesMarch 02, 2007
Wallbridge Updates Sudbury Exploration Progress
Toronto, Ontario -- March 2, 2007 -- Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) today reported drilling results from its Trill Property as well as exploration progress on its other Sudbury area properties. Concurrent with the geophysical program, 5,000 metres of drilling will be initiated this spring.
Trill Property Assay Results
Drill results on the Trill Property confirmed the high PGE grade of the mineralization and extended the copper-nickel-PGE mineralization outside the limits of the offset dyke. Significant drill intercepts from the mineralized zone within the dyke include:
• 8.76 m of 0.59% Ni, 0.94% Cu and 6.758 g TPM/t in hole WTR-028
• 3.52 m of 0.83% Ni, 0.83% Cu and 6.815 g TPM/t in hole WTR-034
Intercepts from PGE-copper veins from outside the dyke include:
• 0.57 m of 0.45% Ni, 0.49% Cu and 7.774 g TPM/t in hole WTR-030
• 1.12 m of 0.06% Ni, 1.51% Cu and 10.143 g TPM/t in hole WTR-034
• 0.95 m of 1.45% Ni, 0.23% Cu and 3.183 g TPM/t in hole WTR-034
True width of the mineralized intercepts cannot be estimated due to the nature of the mineralization. A complete table of mineralized intercepts is appended to this release.
A deep penetrating Titan-24 IP/MT survey is planned to explore the dyke and surrounding rocks, including the new breccia belt and gravity anomaly located some 500 metres to the south of the Trill Offset Dyke mineralization.
Other Sudbury Exploration
The Titan-24 survey on the Trill Property is part of a major geophysical program currently underway on Wallbridge's Sudbury properties which includes:
- A Titan-24 survey on the Frost Lake Property, northeast of the new CVRD Inco/Lonmin Plc Capre Lake discovery. The survey will cover the Amy Lake Zone and surrounding area, including the area of the footwall nickel intercept announced last year (see Press Release dated April 5, 2006);
- A UTEM survey covering the area of the footwall nickel intercept on the Frost Property;
- A UTEM survey over the Drill Lake Property, located 1.5 kilometres to the southeast and within the same breccia belt which hosts the CVRD Inco/Lonmin Plc Capre Lake discovery;
- A Titan-24 survey over a 4 kilometre long belt of highly prospective Sudbury Breccia on the Skynner Lake Property;
- An IP survey over the East Totten Lake Breccia Belt on the Trill Property;
- A Titan-24 survey over the copper-nickel-PGE mineralization located in the Hess Offset dyke last summer (see Press Release dated December 19, 2006);
On the North Range, testing of airborne conductors on the Crowflight JV Project, intersected minor zinc mineralization at one of the 10 targets tested. A down-hole EM survey indicated good conductive targets immediately adjacent to the drill hole. These will be targeted by a follow-up drill program scheduled to begin within the next two weeks.
This drilling is part of a spring/summer drilling program of up to 5,000 m, which will also test targets on the Frost Lake, Skynner, Foy, Hess, Wisner, and Trill Properties. High priority targets include the up-plunge projection of the CVRD Inco/Lonmin Plc Capre Lake discovery onto the Frost Lake Property, as well as step out holes from the footwall nickel intercept on the Frost Lake Property.
Drilling will also be carried in the Southwest Area of the Wisner Property, to test a moderate depth Titan-24 IP anomaly which is spatially associated with copper-nickel-PGE mineralization exposed by trenching, and intersected in drilling last year (see Press Release dated May 30, 2006).
Drilling is also budgeted to follow up geophysical targets generated by the winter geophysical programs described above.
The Frost Lake property is part of a 50/50 joint venture with Xstrata Nickel. The Trill, Skynner, Lake and Foy properties are part of the Sudbury Camp Joint Venture ("SCJV") with Lonmin Plc. ("Lonmin"). Lonmin earns a 50% interest in any property on which a resource is established and can increase its interest to 65% by taking that property through feasibility and funding work through to commercial production.
Half core 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 using a standard fire assay with an ICPAES finish; Cu and Ni were analyzed using a four acid (near total) digestion and an AAS finish.
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.
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 Complex base metal camp in Minnesota.
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
Mara Strazdins, Vice-President, Investor Relations
Tel: (416) 369-1500
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.