Press ReleasesMarch 05, 2004
Wallbridge Updates Exploration Progress
Toronto, Ontario - March 05, 2004 - Wallbridge Mining Company Limited (TSX: WM) today issued the following report on exploration progress. The report summarizes the Company's active exploration efforts during the latter part of 2003 and the first two months of 2004, as well as planned activities for 2004, both on its Sudbury area properties and properties located elsewhere.
Sudbury Area Properties
Drilling on both the Falconbridge Joint Venture and Sudbury Camp (Lonmin) Joint Venture ("SCJV") Wisner Properties continued to expand the extent of the Broken Hammer Zone PGE-copper mineralization (see Press Release dated March 04, 2004). This new discovery of low sulphide PGE-rich mineralization deep in the footwall of the Sudbury Igneous Complex ("SIC") has opened up a whole new area for exploration on these properties.
The Wisner Properties cover a strike length in the footwall of the SIC in excess of nine kilometres. A number of known nickel-copper deposits, as well as a number of footwall copper-nickel PGE occurrences, are known to exist on the contact of the SIC immediately south of the properties.
The discovery of the Broken Hammer Zone 1.3 kilometres in the footwall of the SIC represents, to the Company's knowledge, the furthest from the contact that any new mineralization in Sudbury has been discovered. A review of data on the remainder of the Wisner Properties has revealed the presence of in excess of 20 additional exploration targets. These are defined by the presence of either geophysical and/or geochemical anomalies that are consistent with the characteristics for footwall copper-PGE mineralization.
Drilling is continuing on the SCJV Windy Lake Property. Hole WWL-022 is currently underway and is being drilled towards a trough or terrace that has been defined within the Windy Lake embayment by drilling to date. Such troughs or terraces are important in localizing nickel-copper mineralization on the contact of the SIC. Drilling undertaken in 2003 intersected a wide zone of low grade mineralization on the northern flank of this trough or terrace.
Both the SCJV and Falconbridge Joint Venture technical committees have approved summer exploration programs for the Sudbury area properties. The SCJV program budget for the period from February 1 to September 30 totals $2.6 million and is largely allocated towards work on the Windy Lake, Wisner, Cascaden and Trill properties.
Expenditures for the period from March 1 to September 30 under the Falconbridge JV are budgeted at about $1.0 million, almost entirely on the Wisner Property.
Ben Nevis Property
An eight hole 1,850m drilling program was recently completed in the Verna Lake area on the western part of the Ben Nevis Property which is located near Kirkland Lake in northeastern Ontario. The drill holes targeted IP chargeability anomalies associated with a two kilometre long copper-gold rock geochemical anomaly. Assay results are pending. Approximately $800,000 is budgeted for work on the Ben Nevis Property in 2004.
Northeastern Ontario Joint Ventures with Falconbridge and Noranda
Field work is underway on the Northeastern Ontario Joint Ventures. These joint ventures are co-operative efforts with Falconbridge Limited and Noranda Inc. to explore geophysical targets generated by recent government assisted airborne geophysical surveys. These targets occur in rock formations with demonstrated potential to host either magmatic nickel-copper or volcanogenic copper-zinc-gold mineralization. Approximately $1.5 million is budgeted for work on these joint ventures in 2004.
On the Blake River Joint Venture (see Press Release dated September 23, 2003) adjacent to the Company's Ben Nevis Property, linecutting and geophysical surveys are underway on 15 targets. Drill testing of these targets is expected to begin mid-March and continue through June. An additional 22 targets are currently being assessed.
Field work on the Fednor/ Halliday Dome Joint Venture (see Press Release dated January 13, 2004) is expected to commence shortly. The FedNor area hosts 25 identified targets and the Halliday Dome area covers at least 16 targets; additional target evaluation and selection is ongoing. Linecutting and geophysics is planned over a total of 35 targets, followed by drill testing of about 25 of these targets.
Nova Scotia Joint IOCG Joint Ventures
Approximately 4,500 line kilometres of airborne magnetic surveying have been completed by Fugro Airborne Surveys over the Company's Monster Copper Corporation and Avalon Ventures Ltd./Cobequid Gold Corporation joint ventures' properties (see Press Release dated February 19, 2004). The target on these properties is iron oxide copper-gold ("IOCG") mineralization. Field work to follow-up the results of the airborne magnetic survey and other targets will begin as soon as weather permits. This will be followed by drilling later in the year and exploration expenditures on the Company's Nova Scotia Joint Ventures for 2004 totalling approximately $700,000 are planned.
"We are very pleased with the work progress to date on all our properties," stated Alar Soever, President of Wallbridge. "We have a very busy year ahead of us, and we look forward to reporting on the results throughout the year."
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.