Press ReleasesFebruary 27, 2008
Wallbridge Mining Intersects Nickel-Copper Mineralization on JV Property in Sudbury
Toronto, Ontario - February 26, 2008 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) today announced that it has intersected nickel-copper-sulphide mineralization during its drilling program on one of its Crowflight Joint Venture properties located in the North Range of the Sudbury Igneous Complex. Follow-up drilling on the property will be part of Wallbridge's 2008 exploration program in the prolific Sudbury Mining Camp. Wallbridge currently holds more than 700 square kilometres of prime land holdings in the Sudbury Basin.
The nickel-copper discovery was made while drilling three MegaTEM airborne geophysical electro-magnetic anomalies on Grid F of Area 4 and consisted of disseminated, net-textured and stringer pyrrhotite-pentlandite-chalcopyrite mineralization within a quartz-gabbro host rock. The sulphide-mineralized interval returned:
- 5.7 metres of 0.12% nickel, 0.16% copper and 24 ppb platinum+palladium from 85.00 to 90.70 metres
- including 1.22 metres of 0.31% nickel, 0.37% copper and 50 ppb platinum+palladium from 88.00 to 89.22
Alar Soever, President of Wallbridge commented, "This mineralization is significant in that it is the first intersection in this area which has seen very little exploration in the past. As such, it forms the foundation for future success. We will be continuing exploration on this Joint Venture property with airborne geophysics and drilling planned for 2008. We have also staked additional ground to the west to cover the favourable rock units, the presence of which was previously unknown."
The drill hole was collared in a mixed unit of metasedimentary and metavolcanic rocks including a narrow interval of pyrite-bearing volcanic exhalite which has returned up to 20 ppb Au in surface grab samples. The nickel mineralization, however, was intersected in a mafic intrusive from 83.5 metres to the end of the hole at 111.5 metres. Follow-up geophysical surveys and drilling will be focused on following this mafic unit.
Surface outcrops are scarce in this area of the North Range so future exploration and drilling will be guided mainly by a 161 line-kilometre airborne survey using Aeroquest's AeroTEM III system which is scheduled for March 2008 and be followed by a summer mapping and prospecting program. The airborne survey will cover buried host rock stratigraphy that has been covered by staking to the west of the discovery and includes a magnetic high partially defined by the 2004 MegaTEM survey that trends from Grid F onto the newly staked ground.
Wallbridge has now earned a conditional 50% interest in the Joint Venture Properties by expending $700,000 prior to the end of 2007. Under the terms of the Joint Venture Agreement (see press release dated June 28, 2006), Wallbridge can increase this interest to a 70% vested interest in any of four specific Project Areas within the Joint Venture Properties by spending an additional $1,000,000 on each Project Area it wishes to vest in prior to the end of 2010.
In a recent letter, Crowflight agreed to waive the work commitments for 2008, for the other three areas forming part of the joint venture.
Drill core samples were prepared at ALS Chemex Ltd. Laboratories in Sudbury and then shipped to their analytical facilities in Vancouver. Samples were analyzed for Au, Pt, and Pd by standard lead collection fire assay fusion followed by a combination of inductively coupled plasma mass spectrometry (ICP-MS) and atomic emission spectrometry (ICP-AES). Samples were also analyzed for 33 base metal and trace elements using a four acid (HNO3-HCIO4-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES.
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.