Press ReleasesMarch 03, 2008
Wallbridge Mining Acquires Large BC Copper Property
Toronto, Ontario -- March 3, 2008 -- Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) today announced that it has optioned a 244 square kilometre property covering a newly discovered copper-gold occurrence within a large calc-alkaline, granodiorite intrusion in the Pemberton area of south-western British Columbia.
Copper staining and mineralization was uncovered by the vendor in several recently opened outcrops during construction of a logging road in the area. Two selected grab samples collected by the vendor reportedly returned 1% and 8% copper. The occurrence is up-slope of coincident Cu and Au anomalies in the regional government stream sediment survey.
Commenting on this latest acquisition Alar Soever, President of Wallbridge stated, "Although this is a departure from our focus in Sudbury, the more we looked at this opportunity, the more we realized we could not pass it by. The similarity with the regional geology which hosts some very large copper-gold deposits elsewhere around the Pacific Rim is remarkable. As we did our due diligence it became obvious that there was an opportunity here that has not been previously recognised. This is a very large property which has seen very little previous exploration and where our initial reconnaissance results indicate the presence of a sizable mineralizing system. As Sudbury remains the primary focus of our efforts, we intend to rapidly advance this project to the point where it will attract funding from an aggressive Joint Venture Partner.
During an initial site visit and a subsequent two week reconnaissance program carried out last fall, 73 rock samples (Table 1), 340 soil samples and 6 stream sediment samples were collected across the property. This work identified anomalous rock samples containing values up to 1330 ppm Cu, 150 ppm Mo, and strongly anomalous Pb and Zn in the vicinity of the original showing. Soil samples contained up to 327 ppm Cu, 773 ppm Pb, and 520 ppm Zn. One soil sample contained 8.62 ppm Au, others ranged up to 0.15 ppm Au.
Table 1: Geochemistry of rock* samples collected near original discovery.
|Sample #||Rock Type||Type||ppm Cu||ppm Mo||ppm Ag||ppm Au||ppm Pb||ppm Zn|
|CR 15F2||GRDR Breccia||FLOAT||1120||10||22||0.18||3110||830|
The sampling identified a broad, anomalous trend that extends for 4 km around the original discovery and which roughly follows the boundary between a magnetic low centred on the northern lobe of the host intrusive and a flanking magnetic high suggesting a possible porphyry copper system. Soil samples appear to define two overlapping geochemical associations with samples that are enriched in Ag, Pb, Zn, As, and Ba occurring for about a kilometre around the original discovery cross-cutting a broader, trend, which extends for several kilometres to the northeast and southwest that is enriched in Cu, Ag, Au and Mo. Rock samples show a similar zonation, though the values are more sporadic.
Rock samples exhibit weak propylitic to argillic alteration consistent with a porphyry copper environment. Analyses of the regional geological/structural setting indicates that the host pluton(s) were emplaced along a series of northeast trending crustal transfer faults within a similar geodynamic/tectonic setting as giant Cu-Mo-Au deposits in South America and Indonesia.
Samples were prepared at the ALS Chemex Laboratory in Vancouver, BC. Rock samples were analyzed for gold using the Au-AA24 analytical package and for 33 elements using their ME-ICP61a package. Soil samples were analyzed for Au using their Au-AA23 package and their ME-MS41 ICPMS package. Additional details regarding sample preparation and analytical techniques are available at www.alsglobal.com.
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.