Press ReleasesFebruary 21, 2008
Wallbridge Cuts 3.85 g/t Gold and 1410 g/t Silver Across 1.2 Metres on Demorest Property
Toronto, Ontario - February 21, 2008 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) today announced significant channel sample results from its 100% owned Demorest property located approximately 25 kilometres northeast of Wallbridge's Parkin property. The property was acquired because of initial high grade grab sample results, with up 12.1 g/t gold, 1175 g/t Ag, 7.99% Cu and 10.90% Pb (as reported by Wallbridge in a December 4, 2007 press release). A drill program is scheduled to start upon completion of an IP survey planned for March 2008.
Thirty-five channel samples totalling 36.13 metres in length were cut from two trenches that cover a total area of 270 m2. Highlight assays from seven channel samples cut into Trench 1 include:
- 249 g/t Ag (8.01 oz/ton), 0.66 g/t Au, 0.60% Cu and 1.12% Pb over 1.37 metres
- 80 g/t Ag (2.58 oz/ton), 2.27 g/t Au, 2.72% Cu and 0.20% Pb over 1.00 metre
Highlight assays from five channel samples cut into Trench 2 include:
- 424 g/t Ag, (13.63 oz/ton), 1.81 g/t Au, 1.33% Cu and 2.31% Pb over 1.00 metre
- 103 g/t Ag, (3.31 oz/ton), 1.16 g/t Au, 1.5% Cu and 0.25% Pb over 1.00 metre
- 1410 g/t Ag (45.33 oz/ton), 3.85 g/t Au, 6.79 % Cu and 6.05% Pb over 1.2 meters
Channel sampling was completed in two of the recently excavated trenches that exposed Ag-Au-Cu-Pb mineralization on the Demorest Property. Mineralization occurs as quartz-carbonate-sulphide veins within a broad north-east trending shear zone cutting gabbro.
Trench 1 exposed mineralized vein material across a width of 8 metres and along a minimum strike length of 28 metres. This vein system is open along strike to the northeast and southwest where it is covered by overburden.
The entire Trench 2, 40 metres to the northwest of Trench 1, exposed similar mineralization and veining over an area of about 10 metres by 15 metres. Again, the system here is open in all directions beneath overburden.
Individual sample assays and weighted average composites from channel samples collected by Wallbridge are listed in Table 1 and channel sample locations are shown on Figure 1 (Demorest Au-Ag Property: Trench Map and Channel Locations), which can be found on our website at www.wallbridgemining.com under press releases.
A first phase of drilling with up to 400 metres of coring is expected to commence before the end of April following up an induced polarization (IP) survey expected to be completed before the end of March 2008. Preliminary drilling and IP surveying will be directed toward understanding the structure of the mineralization along strike and down dip and to determine whether mineralization exposed in Trench 1 and Trench 2 is connected at depth or form parallel, mineralized vein systems.
Samples were prepared at ALS Chemex Ltd. Laboratories in Sudbury and then shipped to their analytical facilities in Vancouver. Gold was analyzed by standard fire assay procedures using Chemex's Au-SCR21 +/- screen fraction analysis package to more accurately determine the gold content of the samples. Au values reported in Table 1 represent the weighted average of oversized and undersized fractions. Silver, Cu, and Pb were analyzed by Chemex's standard ICP package (ME-MS61) using a four acid (HNO3-HCIO4-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES Analytical methods.
The Qualified Person responsible for the technical content of this press release is Bruce Jago, PhD. P.Geo, Vice-President, Exploration of Wallbridge.
Wallbridge Mining Company Limited explores for and develops 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 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:
Alar Soever, President Mara Strazdins, Vice-President, Investor Relations
Tel: (705) 682-9297 Tel: (416) 369-1500 ext 222
Email: [email protected]
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.
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