Press ReleasesJuly 02, 2008
Wallbridge Mining Initiates 2008 Summer Exploration Program in Sudbury
Toronto, Ontario - July 2, 2008 - Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) today announced that its summer exploration program in Sudbury is well underway with three drills operating and eight mapping and prospecting field crews mobilised to assess targets on 21 individual properties. The 2008 exploration program includes approximately 10,000 metres of diamond drilling on 11 properties. The program is a follow-up to previous exploration work including 1630 line-kilometres of airborne and 130 kilometres of ground geophysical surveys. Drills are currently operating on the Trill, Wisner and Capreol JV properties.
A map showing all of Wallbridge's Sudbury Area properties as well as additional information on the primary properties can be found on our website at www.wallbridgemining.com under the tab Projects.
Sudbury Camp Joint Venture (SCJV): Platinum Group Elements (PGEs) - Nickel - Copper
Exploration has started on the six properties comprising Wallbridge's Sudbury Camp Joint Venture with Lonmin Plc:
Creighton South and Trill Properties - Up to 1700 metres of drilling has begun targeting Titan IP/MT geophysical anomalies defined during the summer and fall of 2007.
Foy Property - Up to 700 metres of drilling is planned to test geophysical and geochemical anomalies on two targets which are: 1) a zone of geochemically anomalous Sudbury Breccia and partial melting within an 850 metre long IP trend near the southern boundary of the property, and 2) a northwest-trending structure that is rooted in the Sudbury Igneous Complex contact at First Nickel's Premier Ridge deposit. The structure hosts multiple zones of partial melting and high temperature alteration assemblages as indicated by geochemical sampling and fluid inclusion studies.
Cascaden Property - Up to 1000 metres of drilling is planned to test Titan IP/MT geophysical anomalies once 3D modelling and ground-truthing of the anomalies has been completed. The Cascaden property is located in the footwall of the Windy Lake embayment.
Trill West Property - Exploration will consist of ground-truthing airborne magnetic anomalies related to major structures parallel to the Sudbury Igneous Complex contact and trenching a high temperature, geochemically anomalous zone of Sudbury Breccia discovered in the fall of 2007.
Skynner Lake Property - Wallbridge is currently waiting for the results of a constrained inversion of Titan IP/MT data on its Skynner Lake property prior to completing fall drilling plans. Summer work includes completing targeted mapping and sampling along extensive zones of Sudbury Breccia discovered in 2005 and 2006.
Xstrata Nickel Joint Venture Properties (FLJV)
Frost Lake Property:
The Frost Lake program includes up to 2800 metres of drilling in three holes to test Wallbridge's Amy Lake PGE Zone at depth. The Amy Lake Zone is in the same belt of rocks, which hosts the Capre 3000 Zone located just 600 metres south of Wallbridge's Frost Lake property boundary. This discovery was announced by the Vale Inco -- Lonmin Plc joint venture January 2007. In the same vicinity, the footwall to the Capre Lake Embayment will be drill tested with a 1200m borehole. The Capre Lake embayment hosts Vale Inco Limited's Capre Lake occurrence, a zone of contact-style Ni-Cu-sulphide mineralization, which lies immediately west of the Capre 3000 Zone.
Up to 2250 metres of drilling has begun to test Titan 24 DCIP/MT and conventional IP anomalies on the Wisner property. Mineralization found to date on the property occurs as stringers and pods of Cu-Ni-PGE-rich sulphides hosted in irregular, altered zones of Sudbury Breccia at the South and Southwest Area showings. The majority of drilling will test deep targets 2.3 kilometres west of Wallbridge's Broken Hammer deposit. Shallow drilling of targets 700 metres southeast and 1.7 kilometres east of the Broken Hammer deposit will test coincident geophysical and rock geochemical anomalies.
North Range Properties: Copper-PGEs
Wallbridge's North Range Project was formed in 2006, to assess the potential for PGE-copper mineralization as indicated from earlier results. The project includes joint ventures with Pele Mountain Resources Inc., Champion Bear Resources Ltd. and Crowflight Minerals Inc., as well as the staking of the Cascaden North, North Range and Trill West properties. This collaborative effort has expanded Wallbridge's land position in this area and provided the basis for this multi-property project built on an emerging model for the structural evolution of the Sudbury Basin. The North Range Project currently consists of 13 properties covering 35,422 hectares.
A total of $3.9 million is budgeted to the end of 2009 for exploration on these properties and funded by a private placement by the world's third largest primary platinum producer, Lonmin Plc (see Wallbridge press release dated June 28, 2007), which retains a right to enter into a joint venture on these properties.
North Range Properties - Exploration on several of the North Range properties commenced early in 2008 with the completion of an 890 line-kilometre airborne electro-magnetic and magnetic survey on Wallbridge's North Range, Cascaden North and Ermatinger properties and a 9.6 line-kilometre Titan 24 survey on Wallbridge's Cascaden North property. Summer exploration work on the Cascaden North Property includes drilling, which is scheduled after the completion of Titan IP and MT target 3D modelling. Work on the North Range and Ermatinger Properties includes the compilation of airborne anomalies, followed by mapping and prospecting and then drill testing in the fall.
Elsewhere within the North Range Project, field work has commenced on the Ruza and Daigle properties located in the immediate footwall of the Sudbury Igneous Complex less than two kilometres north of the town of Levack. On the Ruza property, beep-mat prospecting has located boulders of massive pyrrhotite-pyrite-chalcopyrite mineralization of uncertain origin as well as weak pyrrhotite-pyrite mineralization in rusty-weathering outcrops of Sudbury Breccia. Mapping and prospecting of both properties will be used to focus deep penetrating geophysical surveys followed by drilling in the late fall or early 2009.
Pele Property - Exploration in 2007 on the Pele Property extended the Pele Breccia Belt across the southern third of the property and resulted in the discovery of weakly anomalous copper, PGE, pathfinder and chlorine anomalies within extensive areas of Sudbury Breccia. This work provided the basis for a 110 line-kilometre winter and spring IP survey. Results for the survey are pending and will be used to direct grid-mapping and prospecting followed by fall drilling. Mapping and prospecting also will be undertaken on an extensive logging road network that provides access to the north-western half of the property.
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 primarily 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. Wallbridge has volcanic-hosted copper-zinc and gold properties in Ontario and a large porphyry copper-molybdenum-gold property in south-western British Columbia. Wallbridge is actively seeking joint venture partners for projects outside of the Sudbury area.
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) 369-1500 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.