Press ReleasesJuly 07, 2005
Wallbridge Discovers Massive Sulphide Mineralization within New Offset Dyke in Sudbury Basin
Toronto, Ontario - July 7, 2005 - Wallbridge Mining Company Limited (TSX: WM) today announced it has discovered nickel-copper-platinum-palladium mineralization in a newly discovered offset dyke on its Trill Property in the Sudbury Basin. Initial grab samples of the mineralization returned values of up to 10.446 grams per tonne TPM (platinum+palladium+gold), 3.72% nickel and 0.21% copper.
Trenching has exposed the new offset dyke over a strike length of over 120 metres to date. Mineralization consisting of disseminated to massive pyrrhotite-pentlandite and chalcopyrite has been exposed in several lenses within an inclusion-bearing zone in the dyke. A ground geophysical survey has also identified several conductive sources within the dyke.
A diamond drill rig was mobilized to the property and began testing the conductive sources today. Drilling will be ongoing and the Company will release results when available.
Wallbridge's original property position covers 3.5 kilometres of land between the new discovery and the contact of the Sudbury Igneous Complex to the east. The Company has recently acquired an additional 3.5 kilometres of the offset dyke's projected westerly strike extension.
Results of initial surface grab samples of the mineralization are tabulated below.
|Sample Number||Description||Pt g/t||Pd g/t||Au g/t||Pt+Pd+Au g/t||Ni %||Cu %||Estimated % Sulphides|
"We're very excited with our new discovery", stated Alar Soever, President of Wallbridge, "Not only do we have good grades of mineralization on surface, but we also have several conductors within an offset dyke that has never been drill tested before or even recognized. This is just the beginning of this project. Our property now covers seven kilometers of potential strike length of a completely untested offset dyke. When you look at other offset dykes around the Sudbury Basin, such as the Copper Cliff offset dyke, which has been mined for a period in excess of 100 years, and at the more recent high grade offset dyke discoveries, such as the Kelly Lake and Totten deposits, one begins to realize the potential of Wallbridge's new discovery on its Trill property."
The immediate plans will be to drill test the known conductors and mineralization, define the full extent of the dyke along the potential seven kilometre strike length on the property, and to complete ground EM and UTEM surveys over the full extent of the dyke. This will be followed up by drill testing of any new targets.
Assays reported in this press release were completed at ALS Chemex in Vancouver, B.C. using a standard fire assay for Au, Pt, Pd and sodium peroxide fusion/ICP finish for base metals.
Work on the Wallbridge/Lonmin Sudbury Camp Joint Venture Trill Property is funded by Lonmin Plc, which can earn a 65% interest in any mineral resource by funding work through to production.
The Qualified Person responsible for the technical content of this press release is Alar Soever, P.Geo, President of Wallbridge Mining Company Limited.
About the Company
Wallbridge Mining Company Limited was established 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.
FOR FURTHER INFORMATION please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Richard Murphy, Vice President Corporate Development
Tel: (705) 682-9297
Email: [email protected]
Cavalcanti Hume Funfer Inc., Investor Relations
Nick Kohlmann, Vice President
Tel: (416) 868-1079 ext. 222
Email: [email protected]
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, save and except as may be required by applicable securities laws.
View News Release in PDF Format: