Press ReleasesMarch 04, 2004
Wallbridge Intersects High Grade Platinum Rich Veins, Extends Broken Hammer Zone on Wisner Properties
Toronto, Ontario - March 04, 2004 - Wallbridge Mining Company Limited (TSX: WM) is pleased to announce additional results from drilling at the Broken Hammer zone on the Wisner Properties. These properties are located on the North Range of the Sudbury Igneous Complex, just north of several known nickel-copper occurrences. The results from five new drill holes include high grade values from narrow platinum-rich chalcopyrite veins in hole WIS-010. They indicate the extension of the Broken Hammer to depth down plunge to the southwest on the Falconbridge Joint Venture portion of the property, as well as the extension of the mineralization onto the Sudbury Camp (Lonmin) Joint Venture ("SCJV") property to the northeast.
A drill hole location plan and longitudinal section can be found on the Wallbridge Mining Company website (www.wallbridgemining.com).
The results from hole WIS-010, on the Falconbridge JV are particularly encouraging as this is the deepest intersection of the zone to date and it has also produced the best values: 0.30% Cu, 0.02% Ni, 1.36 g Pt/t, 0.74 g Pd/t, and 0.20 g Au/t or over 31.0 metres from 59.0 to 90.0 metres down hole. For averaging purposes high grade platinum values have been arbitrarily capped at 50 grams Pt/t as the intercept includes two narrow very high grade platinum rich chalcopyrite veins grading 7.69% Cu, 0.31% Ni, 60.45g Pt/t, 7.33 g Pd/t and 1.59 g Au/t over 0.20 metres from 65.75 to 65.95 metres and 6.97% Cu, 0.10% Ni, 734.40 g Pt/t, 11.51 g Pd/t, and 5.09 g Au/t over 0.14 metres from 83.30 to 83.44 metres.
A summary of assay results from WIS-010 is tabulated below.
|Broken Hammer zone – WIS-010 Assay Summary|
Averages labelled with an asterisk (*) include high grade values cut to 50g Pt/t.
These results when combined with the results of holes WIS-005 to WIS-008, for which the precious metals were previously reported (see Press Release dated January 8th 2004) indicate that the Broken Hammer Zone is plunging to the southwest with grade and width appearing to improve down-plunge. (See longitudinal section on the Wallbridge Mining Company website (www.wallbridgemining.com).
Assay results for holes WIS-004 to WIS-008, for which the precious metals were previously reported are tabulated below.
|WIS-004 South Zone|
|WIS-005 Broken Hammer Zone|
|WIS-006 Broken Hammer Zone|
|WIS-007 Broken Hammer Zone|
|WIS-008 Broken Hammer|
Assays for WIS-009 are pending, but no significant results are expected.
Additional drilling on the Broken Hammer Zone has been proposed as part of the next Falconbridge JV exploration program. Drilling is expected to resume in March following approval by the joint venture committee.
Four additional holes, WWW-001 to WWW-004, were drilled on the Sudbury Camp JV (Lonmin) property to the north.
Holes WWW-001, WWW-002 and WWW-004, tested the strike extension of the Broken Hammer trend, while WWW-003 tested an IP anomaly 150 metres to the northwest. Holes WWW-001, WWW-002, and WWW-004 all intersected mineralization on the Broken Hammer trend. No significant mineralization was intersected in WWW-003. Assay results are tabulated below.
|WWW-001 Broken Hammer|
|WWW-002 Broken Hammer|
|WWW-004 Broken Hammer|
These initial results confirm the extension of the Broken Hammer mineralization to the northeast onto the SCJV property. The mineralization consists of narrow high grade veins and mineralized pegmatite dykes interspersed with disseminated to blebby chalcopyrite. The geometry and continuity of these structures remains to be defined.
An aggressive exploration program will be undertaken for the SCJV portion of the Wisner Property during the coming spring and summer.
Assays were undertaken by SGS Minerals using a standard fire assay for Au, Pt, Pd and sodium peroxide fusion/ICP finish for base metals.
"We are extremely pleased with results to date", said Alar Soever, President of Wallbridge. "Not only is there excellent potential to expand the Broken Hammer Zone, but a recent review of past exploration results has defined a number of completely untested, high priority, exploration targets on the remainder of the Wisner Properties. The Wisner Properties cover in excess of nine kilometres of strike length in the footwall of the Wisner Embayment, and the Broken Hammer Zone represents a brand new discovery in this environment. The low sulphide PGE-copper mineralization appears similar in style to those described from a number of other recent discoveries in the Sudbury area. Wallbridge believes that this style of mineralization has significant economic potential. As part of the forthcoming SCJV program, Lonmin will undertake bench scale flotation testwork aimed at optimising PGE recovery from this type of footwall mineralisation. Lonmin's extensive experience in extracting PGEs from ores with a comparatively low sulphide content could prove to be highly beneficial for deposits of this type."
"We look forward to proceeding with the next exploration programs on both joint ventures".
Ownership of the Falconbridge JV Wisner property is 55% Wallbridge, 45% Falconbridge Limited. Wallbridge is the Operator of the joint venture.
Exploration of the SCJV Wisner Property is funded by Lonmin Plc on behalf of the Sudbury Camp Joint Venture. Lonmin can earn up to a 65% interest and offtake rights in the property by funding work through feasibility.
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 in 1996 to explore for and develop nickel, copper and platinum group element 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. To find out more about Wallbridge Mining Company Limited (TSX: WM), visit our website at www.wallbridgemining.com/ .
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.