Press ReleasesSeptember 18, 2006
Wallbridge Mining Extends Mineralization and Tests New Targets
Toronto, Ontario -- September 18, 2006 -- Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) is continuing its aggressive summer and fall exploration program in the Sudbury Mining camp with its Joint Venture partners, Lonmin Plc and Xstrata Nickel. Mineralization has been extended on the Frost Lake property; drilling is in progress to test newly defined geophysical conductors on the Skynner Lake property, and a deep drill target is being tested on the Trill Property. Wallbridge Mining has the third largest land position after Xstrata Nickel and Inco Limited in the Sudbury Basin where there is currently a high level of exploration activity.
Frost Lake Property
Recent drilling at Wallbridge's Amy Lake Target on the Frost Lake property has intersected additional platinum group element ("PGE") mineralization, extending the previously identified zone an additional 50 metres to the north. This extensive zone of low-sulphide PGE mineralization is currently interpreted as a dispersion halo surrounding possibly richer mineralization at depth. Borehole electromagnetic ("BHEM") and borehole induced-polarization ("BHIP") geophysical surveys are currently being conducted on the Amy Lake drill holes to further characterize the mineralization and establish targets for additional drilling. Highlights of the analytical results for the Amy Lake Target are given below.
Skynner Lake Property
A 1500-metre drilling campaign is currently underway to test five new geophysical targets within three conductive trends. On the property, geological mapping has delineated a 1500- metre-long and 100-metre-wide concentric zone of Sudbury Breccia, a favourable host rock to many ore deposits in the Sudbury Basin. The zone has a similar geometry, thermal signature and level of Cl- and trace element enrichment as breccia belts that host most of the major copper- and PGE-rich footwall deposits around the Sudbury Basin, including FNX Mining's recently discovered Levack Footwall Zone, Xstrata Nickel's Nickel Rim South and Strathcona Deep Copper Deposits, and Inco's 153 Orebody at McCreedy East. During the 2006 summer season, Geosystem Canada Inc. conducted a 103 station deep penetrating Audio-Frequency Magneto-Telluric ("AMT") geophysical survey on the property to explore the strike length of the breccia belt to depth. The AMT survey identified the three conductive trends that are coincident with the favourable breccia belt including the five new geophysical targets, which are being drill tested starting September 13, 2006.
Wallbridge Mining is currently drill-testing a 1.7 mgal gravity anomaly that was defined on the Trill property during a June 2006 survey by Abitibi Geophysics. The anomaly is located approximately 4.5 kilometres south of the mineralised Trillabelle Embayment. It covers a minimum area of 2 by 4 kilometres and was defined with 315 gravity station measurements distributed along three lines oriented perpendicular to the Sudbury Igneous Complex ("SIC") contact. Gravity measurements were recorded at 100-metre intervals and survey lines extended two kilometres into the SIC and 8 kilometres into the adjacent footwall rocks. Outcrops overlying the area are predominantly low density granite and quartz monzonite, which are cut by a regional suite of diabase dykes. Near the centre of the anomaly, regional and detailed mapping has identified a previously unrecognised 100-metre x 600-metre band of Sudbury Breccia.
The gravity data were modelled using the densities of local outcrop samples and published densities of Sudbury Sublayer, Norite and Granophyre and take into account local and regional geology and structure, and topographic features such as hills, valleys and swamps. Interpretation of the data indicates that a large body of rock with densities similar to the SIC must be present at depth to account for the gravity anomaly and that rocks exposed on surface such as granite, quartz monzonite and diabase alone cannot account for it.
In August 2006, following-up the density anomaly and the structural model, Geosystem Canada Inc. completed a 30 station, deep penetrating AMT survey. 2D inversion modelling of the AMT data identified the presence of several low resistivity targets, between 100 and 1200 metres depth, which coincide with the gravity anomaly and substantiate the structural model.
Drilling commenced in the first week of September to investigate the origin of the coincident gravity and AMT anomalies. The target is being tested initially by a 1250-metre borehole.
The Frost Lake property is part of the Xstrata Nickel 4X Joint Venture. Wallbridge currently owns a 64% interest in these properties. Joint Venture partner Xstrata Nickel owns the remaining 36%. The Trill and Skynner Lake properties are part of the Sudbury Camp Joint Venture ("SCJV") with Lonmin Plc ("Lonmin"). Lonmin earns a 50% interest in any property on which a resource is established and can increase its interest to 65% by funding work through to commercial production.
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.
The Qualified Person responsible for the technical content of this press release is Bruce Jago, PhD. P.Geo, Vice-President, Exploration of Wallbridge Mining Company Limited.
Wallbridge Mining Company Limited explores for and develops nickel, copper and platinum group element ("PGE") 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 a major shareholding in Duluth Metals Limited, which has a significant property position in the rapidly emerging Duluth Complex base metal camp in Minnesota.
For Further Information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Alar Soever, President
Tel: (705) 682-9297
Email: [email protected]
CHF Investor Relations
Mara Strazdins, P.Geo., 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.