Press ReleasesJuly 15, 2004
Wallbridge and Seymour Advance Wakami Project
Toronto, Ontario - July 15, 2004 Wallbridge Mining Company Limited ("Wallbridge") (TSX:WM) and Seymour Exploration Corporation ("Seymour") (TSX-SEZ) announce that exploration of the Wakami project is ongoing with encouraging results to date. The partners have established that the Wakami magnetic feature is a layered, mafic-ultramafic intrusion measuring about 1800 by 800 metres in size. Initial exploration of this intrusion has already identified the presence of nickel, copper, and PGE mineralization within the intrusion.
Based on the results to date, Wallbridge and Seymour Exploration have added new claims to the Wakami Project, increasing the land position in the area from 1,024 hectares to 4,048 hectares.
The Wakami property is located 175 kilometers northwest of Sudbury, Ontario and approximately 7 km southeast of the town of Sultan. The Canadian Pacific Railway passes through the Wakami property.
Mapping by government geologists in the area in 1977 and 1999 did not explain the presence of a very pronounced magnetic feature at Wakami, although boulders of peridotite were noted to the south of the Wakami Intrusion. The Wakami Intrusion has not been explored in the past. Wallbridge acquired the Wakami project in early 2004, recognizing that a low cost, grassroots exploration program could quickly determine if the Wakami magnetic feature is an ultramafic intrusion and potential host to nickel-copper-PGE mineralization. The Wakami Intrusion lies in a unique structural setting adjacent to the western terminus of the Abitibi greenstone belt.
Since starting work on the Wakami property in early May, Wallbridge and Seymour have completed a high resolution magnetic survey, prospecting, mechanical stripping and detailed mapping and sampling. The geological work completed to date has outlined a previously unknown layered mafic-ultramafic intrusion principally comprised of troctolite, pyroxenite and peridotite. The Wakami Intrusion covers an area of approximately 140 hectares and bears many similarities to intrusive bodies that host nickel orebodies elsewhere.
A mineralized zone uncovered in the first phase of work measures 19 meters by 3 meters and continues under overburden. Mineralization consists of up to 10% disseminated pyrrhotite and lesser chalcopyrite. Samples of this material yielded up to 0.3 g/T platinum, 0.5 g/T palladium, and 0.2 g/T gold (1.0 g/T TPM) in a grab sample containing 2% sulphide. A separate grab sample containing 9% sulphide yielded 0.2% nickel and 0.2% copper. The highly anomalous metal values derived from samples with relatively low sulphide content support the model of a sulphide-saturated intrusion, and suggest that sulphide fractionation has occurred within the system.
Assays were completed by SGS Minerals using a standard fire assay for Au, Pt, Pd and sodium peroxide fusion/ICP finish for base metals.
A detailed airborne electromagnetic survey will be completed over the property in early August. This survey is designed to detect any conductive features which may be indicative of more massive sulphide bodies.
"We are extremely pleased with the rapid pace of exploration progress on this property", stated Richard Murphy, Exploration Manager for Wallbridge and a Director of Seymour. "To have a project progress from an exploration concept to the discovery of a previously unknown mafic-ultramafic intrusion, and then to find nickel-copper sulphides in the span of only two months is very gratifying."
The Wakami project is covered under a Strategic Alliance between Wallbridge and Seymour. Seymour can earn a 50% interest in the project by funding $1,000,000 in exploration expenditures by Dec 31, 2006. Wallbridge is the operator on behalf of the Alliance.
The Qualified Person responsible for this press release is Richard Murphy, P.Geo, Exploration Manager for Wallbridge and Director of Seymour.
For further information, contact:
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.