Press ReleasesFebruary 23, 2010
Wallbridge Mining Drills Second Cut Through New Sulphide Zone on Parkin Offset Property in Sudbury
Toronto, Ontario -- February 23, 2010 -- Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) ("Wallbridge") today announced that the wedge-cut (WMM-014-W1), drilled from parent hole WMM-014, has intersected two intervals of semi-massive copper-nickel sulphide mineralization within a broader 12.66 m zone which assayed 0.96% copper, 0.44% nickel and 2.85 g/t Total Precious Metals (TPM).
This intersect, together with the down-hole UTEM surveys completed in the new hole, indicate the presence of conductive sulphide mineralization over an apparent distance of at least 150 metres along strike and 100 metres down dip.
Commenting on the new drill results Alar Soever, President and CEO of Wallbridge stated, "These new drill results are very encouraging, in that taken together with the down-hole geophysical results, they extend the apparent size of this zone. Our current drilling is really the first test of this portion of the dyke and there is room to expand this zone both along strike and down-dip."
WMM-014-W1 was drilled to follow-up the intersection in WM-014 which assayed 8.00 grams per tonne TPM (1.50 g/t platinum + 2.52 g/t palladium + 3.99 g/t gold), 2.57 % copper and 0.78 % nickel over 14.24 metres. (see Wallbridge Press Release dated November 13, 2009).
The new 12.66 metre intersection in WMM-014-W1 returned the following assays:
- 2.46 g/t TPM (0.88 g/t platinum + 1.23 g/t palladium + 0.35 g/t gold), 0.96% copper, 0.44% nickel over 12.66 metres from 1493.90 to 1506.56 down-the-hole, including:
- 2.85 g/t TPM (1.04 g/t platinum + 1.42 g/t palladium + 0.40 g/t gold), 2.03% copper and 1.17% nickel over 3.06 metres from 1493.90 to 1496.96 metres down-the-hole
- 5.87 g/t TPM (2.10 g/t platinum, 2.95 g/t palladium and 0.82 g/t gold), 1.49% copper and 0.51% nickel over 3.60 metres from 1502.96 to 1506.56 down-the-hole
Borehole geophysical surveys (BHUTEM4) confirmed the presence of two zones of conductive sulphide mineralization and extended the strike and dip extent of the known zones to at least 150 metres along strike and 100 metres down dip. Sulphide mineralization occurs as massive sulphide stringers and replacements within the central, inclusion-rich zone of the offset dyke, where the dyke intersected a thick gabbro sill. In these respects, the sulphide zone is similar to other offset dyke discoveries in Sudbury, including the recent discovery of copper-nickel-platinum group element mineralization announced by FNX on January 19, 2010 at their Victoria property in the Worthington Offset Dyke.
Complete assays across the intersection are given in the table below.
Based on the character of the mineralization and the limited drilling to date, it is not possible to determine the true width of the zone at this time. Planning for further geophysics and drilling to define the full extent and geometry of the mineralized zone is underway.
The intersection was made on Wallbridge's 100% owned Milnet Mine property, which is under joint venture to Impala Platinum Holdings Limited ("Impala"), the world's second largest primary platinum producer, which is earning an interest in the property.
Impala Platinum Holdings ("Impala") can earn a 50% interest in the Parkin Offset Dyke property package by spending $5 million over a three year period. Impala can then increase its interest to 65% by funding a Feasibility Study and securing Wallbridge's portion of the development funding through to commercial production on a project loan basis (See Wallbridge press release dated August 26, 2008).
The property package optioned to Impala covers a 9.4 kilometre strike length of the Parkin Offset Dyke and also includes a southern block of claims held 98.5% by Wallbridge and 1.5% by Xstrata Nickel, and two blocks of claims on either side of the Milnet Mine property, which are subject to an option and joint venture agreement between Wallbridge and Champion Bear Resources. (See map on Wallbridge's website at www.wallbridgemining.com.
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 by standard lead collection, fire assay fusion with an atomic emission spectrometry (ICP-AES) finish. Samples were analyzed for base metals, silver and trace elements using a four acid (HNO3-HCIO4-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES 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.
About Wallbridge Mining Company Limited
Wallbridge Mining Company Limited's primary focus is the exploration for platinum group element ("PGE"), nickel, and copper deposits in the Sudbury area of Ontario. The Sudbury area hosts the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Vale Inco, Xstrata Nickel, Lonmin Plc. and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota. Wallbridge is also exploring a large porphyry copper-gold-molybdenum property in south-western British Columbia and has interests in copper-zinc and gold properties in north-eastern Ontario.
For Further Information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Alar Soever, President and CEO
Tel: (705) 682-9297
Mara Strazdins, Vice-President, Investor Relations
Tel: (416) 369-1500, 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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