Press ReleasesOctober 08, 2009
Wallbridge Mining Finds New Area of Molybdenum, Copper, Gold Mineralization on its Rogers Creek, BC Property
Toronto, Ontario -- October 8, 2009 -- Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) today announced that it has identified a new area of molybdenum ("Mo"), copper ("Cu"), and gold ("Au") mineralization, on its Rogers Creek property located in south-western British Columbia. The new discovery, known as Target 4 consists of 2 new showings found during prospecting along new logging roads on Wallbridge's Fire Mountain claim block. The area is located about 18 kilometers south of the original discovery area, known as Target 1. Wallbridge's property position, which encompasses previously defined Targets 1, 2 and 3 as well as the new Target 4 area can be seen on Figure 1 on the Wallbridge website at www.wallbridgemining.com.
In addition to the molybdenum-copper-gold mineralization at Target 4, prospecting this summer on the main Rogers Creek claim block identified new areas of base and precious metal mineralization on the northern and western periphery of Target 1, as well as a new gold mineralization in outcrop on Target 3 adjacent to a highly anomalous (2.3 grams/tonne) stream sediment sample collected in 2008. Drilling is scheduled to begin on Target 1 later this month.
New 2009 Discovery - Target 4:
Target 4 includes two new showings enriched in copper, gold and molybdenum close to the contact of the Rogers Creek granodiorite with older metasedimentary and metavolcanic rocks.
Grab samples collected at the new showings and within the area of anomalous soil samples returned values up to 1.2 g/t Au, 75 g/t Ag, 0.34% Cu and 241 ppm Mo.
A first phase, 160 sample soil survey was completed over the two showings and the contact area with samples collected on a 700 by 900 metre grid in late August. Soil samples results ranged up to 80 ppb Au, 1.04 ppm Ag, 270 ppm Cu and 22 ppm Mo. (See Figure 2, on the Wallbridge website at www.wallbridgemining.com.)
Additional Mineralization found at Targets 1 and 3:
New Copper Showings -Target 1:
Prospecting and sampling in and around the periphery of Target 1 located numerous new base and precious metal showings including two new showings known as Copper Road 1 and Copper Road 2. The showings are situated along a logging road known as Copper Road, which traverses the western margin of the breccia pipe (see Figure 3 on the Wallbridge website at www.wallbridgemining.com) and extends westward from the margin of the inner phyllic alteration zone to the outer margin of the propylitic alteration zone:
- Copper Road 1, located 1200 metres west of Target 1, consists of chlorite stockworks mineralized with pyrite-chalcopyrite+/-bornite assemblages hosted by Rogers Creek granodiorite, which exhibits weak potassic (sericite, biotite, K-feldspar) alteration that has been overprinted by propylitic (chlorite-epidote-pyrite-chalcopyrite) assemblages. Values up to 0.69% Cu, 0.175 g/t Au and 35.6 g/t Ag have been returned from selected grab samples.
- Copper Road 2, located 500 metres west of Target 1, consists of a 30 metre wide zone of potassic alteration carrying blebs of disseminated chalcopyrite mineralization up to 1 centimetre in diameter flanked for an outcrop distance of 100 metres to east and west along Copper Road by chlorite-amphibole-magnetite-pyrite-chalcopyrite fracture fillings. Values up to 0.17% Cu, 0.025 g/t Au and 1.42 g/t Ag were returned from highly oxidised (0.09% sulphur), chalcopyrite- and malachite-bearing surface samples within the core of the potassic alteration zone.
Gold Mineralization Located in Outcrop - Target 3:
A zone of intense phyllic alteration estimated to have a width of 10 metres in outcrop was discovered adjacent to the stream sediment sample collected in 2008 that returned 2.3 g/t Au and 436 ppb Ag against background Au-in-stream sediment values of about 2.5 ppb Au and 20 ppb Ag (see Wallbridge press release dated September 12, 2008). The outcrop consisted of a highly leached, gossanous, quartz-sericite-pyrite alteration assemblage developed in granodiorite and cut by quartz-pyrite vein stockworks that returned 0.445 g/t Au in 2009 sampling.
Rock samples are geological grab samples which were shipped to ALS Chemex Ltd. Laboratories in Vancouver. Samples were crushed to 70% passing 2 mm, after which a split was taken with a riffle splitter and pulverized to 85% passing 75 microns. The rocks were then analyzed for 48 elements using Chemex's ME-MS61 package, which is an induced coupled plasma mass spectrometry (ICP-MS) method utilising a near total four acid digestion. The samples were also assayed for Au, Pt, and Pd by standard lead collection fire assay fusion followed by inductively coupled plasma atomic emission spectrometry (ICP-AES).
The soil samples were also analyzed at ALS Chemex. Samples were dried and sieved to -75 microns. Analysis was for 51 elements using Chemex's ME-MS41 package, which is an (ICP-MS) method utilising an aqua regia digestion. Analysis for gold was by 30 gram fire assay with an Atomic Absorption finish.
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 & CEO
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.