Press ReleasesNovember 23, 2006
Wallbridge Mining Finds Second Offset Dyke on North Range Property
Toronto, Ontario -- November 23, 2006 -- Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) today announced that work on its Pele Mountain Resources (TSX VENTURE: GEM) joint venture property has resulted in the discovery of a second offset dyke and extended the offset dyke found last year 3.5 kilometres northward to the northern boundary of the property.
The new offset dyke was discovered in the southeast corner of the property in a road outcrop approximately 1 kilometre west of last year's discovery. The discovery has been confirmed by whole rock and trace element analysis and petrographic study of outcrop samples. The new dyke has been exposed by trenching over a distance of about 60 metres and ranges in width between 4 and 6 metres. Trench mapping indicates the dyke is open along strike to the north and south.
Sulphide boulders discovered last year are located approximately 50 metres to the southeast of the new dyke but it is not known if the two are related. Geochemical analysis of samples of the sulphide boulders is underway to determine if they have a genetic link to the new dyke or other Sudbury-related mineralization.
Prospecting and mapping are underway to extend the new dyke along strike to the north and south, and define exploration targets along it.
A detailed mapping program in August and September extended the main Pele offset dyke an additional 3.5 kilometres to the north. Where exposed the dyke retains its width of 10 to 30 metres. Work is ongoing to develop drill targets on this structure.
Elsewhere on this large property work has defined a previously undocumented, major breccia belt. The breccia belt is oriented roughly concentrically to the contact of the Sudbury Igneous Complex ("SIC") and consists of broken fragments of host rock gneisses in a very fine-grained, strongly foliated rock flour matrix. Selected samples of the breccia contain weakly anomalous concentrations of Pt and Pd (PGE), and pathfinder elements, which are enriched in similar breccias that host Cu-PGE mineralization at Xstrata's Strathcona Mine and FNX's McCreedy West Mine in the Levack Trough about 8 kilometres to the south.
Commenting on these latest results Alar Soever, President of Wallbridge stated, "The discovery of a second offset dyke so early in the program validates our North Range exploration strategy which is founded on the belief that the footwall rocks are very poorly explored and a great deal of Sudbury geology and mineralization remains to be discovered. It demonstrates the strong exploration potential of the Pele Property and the other North Range Property we acquired last year. The offset dyke environment can be highly mineralized as demonstrated by CVRD/Inco's extensive operations along the Copper Cliff Offset and the potential reopening of the Totten Mine on the Worthington Offset."
Field samples were prepared at ALS Chemex Ltd. Laboratories in Sudbury and then shipped to their analytical facilities in Vancouver. Samples were analyzed for major elements by lithium metaborate fusion with an ICP-AES finish and rare earth elements by ICP-MS.
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.
About Wallbridge Mining
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]
Mara Strazdins, Vice-President, Investor Relations
Tel: (416) 710-0646
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.