Press ReleasesSeptember 21, 2011
Wallbridge Advances Pipeline of Copper, Nickel, Platinum and Palladium Projects in Sudbury
- Broken Hammer feasibility study and updated resource estimate to be initiated.
- Parkin drilling in progress, testing up-plunge of Milnet 1500 zone discovery.
- Approval of $1.5 million SCJV program announced, $1.25 funded by Lonmin Plc.
- Over 6,600 metres drilling across Sudbury projects for remainder of 2011.
"We are excited by both the near term and blue-sky potential of our pipeline of Sudbury projects" stated Alar Soever, CEO of Wallbridge, "We look forward to advancing these projects with our recently strengthened management team including Marz Kord who recently joined us as President. Marz and I look forward to un-tapping the potential in our Sudbury projects."
The 30,500 tonne bulk sample excavated from the Broken Hammer copper, platinum and palladium resource in early 2011 has now been processed by Xstrata's Strathcona Mill and a feasibility study is being commissioned. Final results from processing of the bulk sample are expected to be available in a few weeks. The feasibility study, including a new resource estimate using current short to medium term metal prices, as well as permitting is expected to be completed in 2012.
On the Parkin Offset dyke properties being explored with partners Impala Platinum Holdings Limited, a 2,700 metre drill program, including wedge-cuts, has been initiated on the Milnet Mine property to test electromagnetic conductors on the up-plunge projection of the Milnet 1500 zone -- a high grade nickel, copper, platinum and palladium sulfide zone discovered in late 2009.
On the East Range of the Sudbury basin, approximately 2,000 metres of drilling are budgeted for the remainder of 2011 to follow-up platinum, palladium and gold mineralisation discovered previously by Wallbridge at Amy Lake on its 60% owned Frost Lake, a joint venture with partner Xstrata Nickel.
Also on the East Range, 400 metres of drilling are budgeted on the 100% owned Skynner Lake property being explored with partners Lonmin Plc. This will test a conductive target within a Sudbury breccia structure that has been mapped extending outwards from Quadra FNX's adjacent Podolsky mine. The conductor was identified by the deep-penetrating InfiniTEM electromagnetic survey conducted on the property by Abitibi Geophysics this spring.
On the North Range, mapping and sampling this summer has identified copper, nickel, platinum and palladium mineralisation within inclusion bearing quartz diorite phases of the Hess Offset dyke and extended the structure over an additional strike length of 9 km's in an area where no prior exploration is recorded. Wallbridge now controls over 37 km's of this mineralised structure across several 100% owned and joint venture properties. Over 1,000 km's of airborne geophysics and 80 km's of deep penetrating ground geophysics were completed on the mineralised Hess Offset Dyke this summer. 1500 metres of drilling are budgeted to test targets over the remainder of 2011.
The Qualified Person responsible for the technical content of this press release is Alar Soever, CEO 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. Sudbury is Canada's premier mining camp with a 125 year history of production. It is a community that understands mining and has excellent infrastructure. There are currently 14 producing mines, two mills, two smelters, water resources, power and transportation networks, a well-trained mining workforce and an internationally recognized concentration of mining service and supply expertise. Most significantly, despite its long history of mining, numerous major mineral discoveries continue to be made in the area. Major joint venture partners in Sudbury include Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited.
Wallbridge also holds founding equity stakes in two spin out companies: 10.1 million shares (8.1%) of Duluth Metals Limited (TSX:DM) which is advancing its very large copper-nickel-platinum-palladium-gold deposit in northern Minnesota through feasibility in joint venture with Antofagasta plc, one of the world's major copper producers, and 28.4 million shares (43%) of Miocene Metals Limited (TSX.V:MII), which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern BC. Wallbridge is also continuously reviewing new project development opportunities in the Sudbury area and elsewhere.
For Further Information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Tel: (416) 553-4001
Email: [email protected]
Tel: (705) 682-9297 ext 263
Email: [email protected]
This document may contain forward-looking statements relating to operations of Wallbridge or its subsidiaries or to the environment in which they operate. 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.