Press ReleasesMarch 03, 2011
Wallbridge Mining Expands North Range Ni-Cu-PGE Project, Geophysics and Drilling Planned for 2011
- Wallbridge has acquired two new claim groups. One claim group was staked over the defined extension of the Hess Offset Dyke. Another was acquired from Xstrata Nickel covering an interpreted extension of the Hess Offset Dyke.
- Geological mapping and prospecting this past fall extended the Ni-Cu-PGE mineralized Hess Offset dyke to over 35 km long on Wallbridge's North Range properties.
- An 82.5 line-km, deep-penetrating electromagnetic survey is being completed to identify conductive Ni-Cu-PGE sulphides along 18 km of the Hess Offset dyke.
- An airborne electromagnetic and magnetic survey will be completed in spring 2011 to identify conductive Ni-Cu-PGE sulphides along the newly discovered 17 km of the Hess Offset dyke.
- Follow-up drill testing of conductive Ni-Cu-PGE sulphide targets is planned for the summer and fall of 2011.
"Over one third of Sudbury's rich nickel, copper and platinum group metals endowment comes from offset dykes. Wallbridge now controls over one half of these dykes in Sudbury, most of which have seen little, if any, systematic exploration" stated Alar Soever, President and CEO of Wallbridge Mining. He added "Wallbridge's strategic land position offers grassroots discovery upside for nickel, copper and platinum group metals within Sudbury, the most established mining district in Canada."
The Hess Offset dyke is located north of the Onaping-Levack area, one of the richest producing regions in the Sudbury Mining Camp and also the site of Xstrata's Strathcona mill. The dyke includes numerous Ni-Cu-PGE surface occurrences, including one on adjacent Vale claims where drilling in the 1960's intersected 7.25m with 1.27% nickel, 1.07% copper and 2.34 g/t platinum, palladium plus gold. Despite its location and the presence of Ni-Cu-PGE mineralization, the Hess Offset dyke has seen very little prior exploration.
In 2010, Wallbridge geologists conducted detailed mapping over the previously known extent of the Hess Offset dyke and was successful in following it a further 25 km to the southwest, identifying it in outcrops and glacial boulder trails through a recently logged area.
Two additional claim blocks were acquired to cover the length of the dyke. Eighteen claims totaling 45 km2 were staked over the new extension of the Hess Offset dyke and are now included as part of Wallbridge's Ermatinger property. Also, Wallbridge has acquired an Option to Purchase a 100% interest in 56 Xstrata Nickel claims that cover over 100 km2 and which comprise the new Cartier property. The new Cartier property covers a possible 4 km projection of the Hess Offset dyke as well as several anomalous airborne electromagnetic ("EM") conductors elsewhere on the property.
Currently, Wallbridge is completing a ground-based deep-penetrating EM survey over the 18 km of the Hess Offset dyke that was previously known and mapped in detail this past summer. This is being completed on the joint venture properties with Champion Bear Resources Ltd. and Pele Mountain Resources Inc.
Most of the new extent of the dyke is on 100%-owned Wallbridge claims. An early spring 2011 airborne magnetic and EM survey is being planned for this portion of the dyke to identify conductive drill targets and to support more detailed mapping of the dyke during the 2011 field season. Also planned for spring/summer 2011 is a program to drill the newly identified geophysical targets. Ground-based geophysics to test this new extent of the dyke to depth is anticipated for the winter of 2012, as it will require frozen winter conditions.
A map showing the Hess Offset dyke and Wallbridge land position can be found included in this press release or on the Company website at www.wallbridgemining.com,
Nickel, copper and platinum group metal mineralization in the offset dykes in Sudbury represent over one third of the Ni-Cu-PGE ore mined in Sudbury over the past 125 years. Well known examples of offset deposits occur at Vale's Totten and Copper Cliff North and South mines, Quadra FNX's recent Victoria discovery and Podolsky mine, and Wallbridge's recent discovery beneath the Milnet mine on its Parkin Offset Joint Venture with Impala Platinum Holdings Limited. These types of deposits generally form massive accumulations of very conductive sulphide and are ideal for using EM geophysical techniques for identifying drill targets.
According to the terms of the Option to Purchase Agreement with Xstrata, Wallbridge may acquire a 100% interest in the Cartier property by making payments totalling $150,000 including $50,000 on signing and $50,000 on or before each of the first and second anniversaries of the Agreement. Xstrata will retain a right of first refusal to designate the facilities at which products from the property will be processed along commercially competitive terms. Xstrata will also retain a right to buy back to a 60% interest at the feasibility stage in any deposit which contains in excess of US$750 million of contained metal value by incurring 200% of Wallbridge's total expenditures made after January 1, 2011, to the date that Xstrata exercised the Buy Back.
The Qualified Person responsible for the technical content of this press release is Mark Croteau, P.Geo, Manager of Operations for Wallbridge Mining Company Limited.
About the Company
Wallbridge Mining Company Limited's primary focus is the exploration for platinum group elements ("PGE"), nickel and copper deposits in the Sudbury area of Ontario. The Sudbury area hosts the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Vale, Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota and recently announced a joint venture with Antofagasta plc, which will see the project financed through feasibility. Wallbridge also holds a portfolio of porphyry copper-gold-molybdenum properties in southwestern BC which is currently being spun-out into a new company, Miocene Metals Limited, which was formed to finance the exploration of these properties.
For further information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Vice-President, Investor Relations
Tel: (416) 369-1500 ext 222
Email: [email protected]
Tel: (705) 682-9297 ext 263
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.
Click to Enlarge
View News Release in PDF Format: