Press ReleasesJuly 28, 2004
Wallbridge Updates Exploration, Extends Big Boy Vein on Wisner Property
Toronto, Ontario - July 28 2004 - Wallbridge Mining Company Limited (TSX: WM) today announced that the ongoing work program on its Wisner Property has now exposed the Big Boy Vein over a strike length of in excess of 80 metres. Channel sampling across the oxidized, brecciated vein material exposed near the northwestern limit of the stripped area returned 8.01 g Pt/t, 12.92 g Pd/t, 1.17 g Au/t, 3.41% Cu, 0.14% Ni, or 22.10 g Pt+Pd+Au/t over 5.5m. A second channel cut perpendicular to the first along the strike of the exposed breccia averaged 3.68 g Pt/t, 4.16 g Pd/t, 0.71 g Au/t, 1.49% Cu, 0.11% Ni, or 8.55 g Pt+Pd+Au/t over 9.5 m.
The true width of this most recently sampled section of the vein is difficult to quantify due to the brecciated and oxidized nature of the exposure, which is partly regolith, but is estimated at about two metres. A complete tabulation of the assays can be found in the table appended to this release.
Drilling to test the down-dip extension of this mineralization is being initiated this week. A total of eight to ten holes are planned in this phase of drilling totalling approximately 1000 metres. The drilling will test the mineralization to a depth of about 50 metres.
Assays were undertaken by SGS Canada Inc. Mineral Services in Toronto, Ontario using a standard fire assay for Au, Pt, Pd and sodium peroxide fusion/ICP finish for base metals.
Elsewhere on the property, detailed mapping and ground follow-up of IP anomalies have identified several other targets for stripping and trenching. In one such area located about 2.5 kilometres southwest of the Broken Hammer Zone, copper-PGE mineralization has been located over an area approximately 150 by 100 metres. Preliminary grab samples from the area returned:
|WAL13548||2.027 g Pt/t, 1.927 g Pd/t, 0.454 g Au/t, 0.297 % Cu, 0.055 % Ni|
or 4.408 (Pt+ Pd+Au) g/t
|WAL13544||0.15 g Pt/t, 0.188 g Pd/t, 0.021 g Au/t, 0.103 % Cu, 0.046 % Ni|
or 0.359 (Pt+ Pd+Au) g/t
This area and the other targets identified by the summer field program will be tested by drilling, after the current drilling on the Broken Hammer Zone is completed.
The Broken Hammer Zone occurs along the boundary between the Wallbridge/Falconbridge Limited Four Times Joint Venture and the Wallbridge/Lonmin Sudbury Camp Joint Venture portions of the Wisner Property. Wallbridge is funding the current work program on the Wallbridge/Falconbridge Four Times Joint Venture portion of the property, which will increase its percentage interest in those lands. Work on the Wallbridge/Lonmin Plc Sudbury Camp Joint Venture is funded by Lonmin Plc, which can earn a 65% interest in any mineral resource 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.
|Channel 1 Average||5.5||8.01||12.92||1.17||4.23||3.41||0.14||22.10||0.71|
|Channel 2 Average||9.5||3.68||4.16||0.71||2.07||1.49||0.11||8.56||0.28|
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.