Press ReleasesJune 04, 2004
Wallbridge Resumes Exploration on the Ben Nevis Property, Near Kirkland Lake
Toronto, Ontario - June 4, 2004 - Wallbridge Mining Company Limited (TSX:WM) today announces that a summer exploration program on its Ben Nevis Property is now underway. The large property, which comprises 9440 ha, lies in the Blake River Group of the Abitibi greenstone belt, which hosts the Noranda Mining camp in Quebec. Prospecting in the fall of 2003 unearthed a large copper-gold-molybdenum anomaly in bedrock, which was drill tested this past winter. The anomaly, located near Verna Lake in the western half of the property has been traced on the ground for a distance of more than two kilometers.
A shallow drilling program of eight holes totalling 1,850 meters was completed to test the Verna Lake anomaly over a strike length of 1.6 km. The drill holes targeted IP chargeability anomalies associated with the rock geochemical anomaly. Assay results include wide intervals of anomalous base metal mineralization, such as 55m at 0.12% Cu in drill hole WC-03, which includes 1.7m at 0.57% Cu. Numerous anomalous gold values were encountered associated with the copper and molybdenum mineralization. The setting of the mineralization is now recognized as porphyry type.
The drilling also verified the presence of narrow polymetallic zinc-lead-copper-gold veins, which were the focus of past exploration by other operators in the 1980's.
Wallbridge ensured that best practices were enforced in the handling and sampling of drill core. Split drill core was delivered to SGS (Société Générale de Surveillance) Canada Inc.'s laboratory in Rouyn-Noranda, Quebec, prepared for analysis and assayed for gold. Multi-element analyses were carried out by XRAL Laboratories in Toronto, a member of the SGS Group. Gold analyses were by lead collection fire assay using a 30 gram sample and finished by ICP-ES with assays over 2,000 ppb calculated gravimetrically. Multi-element analysis that included Cu and Mo, with detection limits of 1%, and Ag, with a detection limit of 10 ppm, were performed using ICP-ES employing a multi-acid digestion. Two gold standards and one ICP multi-element standard were introduced at every twenty-fifth site in the sampling sequence.
The Ben Nevis property is now known to host several types of mineralization including: porphyry type gold-copper-molybdenum, polymetallic (copper-lead-zinc) massive sulphide veins, very large zones of stringer sulphides containing zinc-copper- silver, and epithermal style gold-silver veins. The property continues to be evaluated for its volcanogenic massive sulphide potential and a large volume of exploration data for the area of the original prospects at Canagau-Ehrhart is being reviewed. This data is currently being integrated and modeled in an effort to generate new exploration targets in this part of the property. The results of the current work 3-D modeling will add to the design of the next phase drilling program, currently planned for later this summer.
Diamond drilling of several targets is about to commence in a much larger section of the Abitibi surrounding Wallbridge's wholly owned Ben Nevis property. This work is being performed by the Blake River-Kidd-Munro joint venture between Wallbridge, and Noranda Inc. These targets consist of Megatem conductors in rock formations with demonstrated potential to host either magmatic nickel-copper or volcanogenic copper-zinc-gold mineralization. Current plans include drill testing 24 targets between now and the end of the year. Approximately $900,000 is budgeted for work on this joint venture in 2004.
The Qualified Person responsible for the technical content of this press release is Doug Hunter, P.Geo, Vice President Exploration of Wallbridge Mining Company Limited.
For further information, contact:
Doug Hunter, Vice President Exploration
or Alar Soever, President
Wallbridge Mining Company Limited
Tel: (705) 682-9297
Fax: (705) 682-2144
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.