Press ReleasesNovember 25, 2010
Wallbridge Mining Expands Milnet 1500 Platinum Group and Base Metal Zone on Parkin Offset in Sudbury
Toronto, Ontario - November 25, 2010 - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Wallbridge") today announced further drill intersections of platinum, palladium, gold, copper, and nickel mineralisation from the Milnet 1500 zone on the Parkin Offset in Sudbury. The Milnet 1500 zone is located on the Milnet Mine Property which is part of a joint venture with Impala Platinum Holdings ("Impala"). The Milnet Mine reported historic production of 157,130 tons grading 2.25 g/t platinum, 2.98 g/t palladium, 0.33 g/t gold, 1.49 % copper and 1.54 % nickel and the current drilling is targeting potential new ore zones.
"The Parkin Offset property is currently one of Wallbridge's more advanced exploration properties in Sudbury," Alar Soever, President and CEO of Wallbridge, said. "These latest results have extended and better defined the orientation of the Milnet 1500 zone which we first intersected late last year. We are currently conducting a very detailed review of the results with our Joint Venture partner Impala as we plan the next phase of drilling."
Wedge cut hole WMM-014-W2, intersected two zones with semi massive to massive sulfides about 50 metres north and down plunge of the discovery hole:
- The first zone returned an 8.00 metre section of 2.11 g/t total precious metals ("TPM") (0.78 g/t platinum + 1.01 g/t palladium + 0.32 g/t gold), 1.05 % copper and 0.72 % nickel from 1521.00 to 1529.00 metres,
- The second zone returned a 1.47 metre section of 4.61 g/t TPM (1.50 g/t platinum + 3.05 g/t palladium + 0.07 g/t gold), 0.42 % copper and 1.55 % nickel from 1549.80 to 1551.27 metres.
Complete assays across the intersection are given in the table below.
Based on the character of the mineralisation and the limited drilling to date, it is not possible to determine the true width of the zone at this time.
The mineralisation appears to be controlled by fracturing of very large gabbro fragments that are caught up in the Parkin Offset Dyke. Modelling of borehole electromagnetic geophysics indicates an area of conductance with a minimum strike length of 140 metres and a minimum depth extent of 130 metres. However, the geophysics does not appear to "model" the entire extent of the sulfide zone as intersected, possibly due to the irregular geometries caused by the large gabbro fragments. The extent of mineralisation could be significantly greater than suggested by the geophysics.
The Milnet 1500 zone was discovered in late 2009 when drill hole WMM-014 intersected 14.24 metres containing 8.00 g/t TPM (1.50 g/t platinum + 2.52 g/t palladium + 3.99 g/t gold), 2.57 % copper and 0.78 % nickel (see Wallbridge press release dated November 13, 2009). Follow-up wedge-cut WMM-014-W1 intersected 12.66 metres containing 2.46 g/t TPM (0.88 g/t platinum + 1.23 g/t palladium + 0.35 g/t gold), 0.96 % copper, and 0.44 % nickel (see Wallbridge press release dated February 23, 2010).
At this time, Impala has completed the $5 million expenditure required for it to earn a 50 % interest in the Parkin Offset Joint Venture. Impala may earn an additional 15 % interest by funding a Feasibility Study and securing Wallbridge's portion of future exploration and development funding through to commercial production on a project loan basis (See Wallbridge press release dated August 26, 2008).
The Parkin Offset Joint Venture between Wallbridge and Impala covers a 9.4 kilometre strike length of the Parkin Offset Dyke and includes the Milnet Mine Property, a southern block of claims which are held 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. A map is available 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 Mark Croteau P.Geo, Manager Operations for Wallbridge Mining Company Limited.
Wallbridge Mining Company Limited's primary focus is the exploration for platinum, palladium, gold, copper and nickel in the Sudbury Mining Camp 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, 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 and recently announced a joint venture with Antofagasta Plc., which will see the project financed through feasibility. Wallbridge also has a major shareholding in Miocene Metals Limited, a private company spun-out from Wallbridge, to finance the exploration of a portfolio of porphyry copper-gold-molybdenum properties in southwestern BC.
For Further Information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Mara Strazdins, Vice-President, Investor Relations
Tel: (416) 369-1500 ext 222
Ron Poirier, Investor Relations
Tel: (705) 682-9297 ext 263
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.