Press ReleasesNovember 30, 2011
Wallbridge Mining Expands Broken Hammer Zone
Toronto, Ontario - November 30, 2011 - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge") today reported the results of 16 drill holes extending the Broken Hammer Zone copper-platinum group metals ("PGM") mineralization north, east and west of the 2005 resource estimate. A total of 40 drill holes since 2005 will be incorporated into the new resource estimate currently being prepared by Wardrop, A Tetra Tech Company, as part of the ongoing pre-feasibility study on the property.
Highlights of the recent drilling include:
- 8.73 metres of 3.58 g/t total precious metals ("TPM") (1.99 g/t platinum + 1.32 g/t palladium + 0.27 g/t gold), 0.90% copper, and 0.14% nickel in hole WIS-117
- 6.10 metres of 5.86 g/t TPM (4.26 g/t platinum + 1.37 g/t palladium + 0.23 g/t gold), 0.35% copper, and 0.06% nickel in hole WIS-119
- 5.05 metres of 6.56 g/t TPM (4.34 g/t platinum + 1.94 g/t palladium + 0.28 g/t gold), 0.21% copper, and 0.01% nickel in hole WIS-120
- 3.65 metres of 5.28 g/t TPM (0.26 g/t platinum + 4.50 g/t palladium + 0.52 g/t gold), 0.71% copper, and 0.24% nickel in hole WIS-125
Commenting on these results Alar Soever, CEO of Wallbridge stated, "This latest drilling was based upon what we saw in the bulk sample pit and has been highly successful in extending the mineralized zone. We look forward to incorporating these results into the new resource model, which, together with the very encouraging results from our recently completed bulk sample, will form the foundation of the pre-feasibility and feasibility studies which are underway and are to be completed in 2012."
A summary of assays from all of the holes is presented in the following table.
|Drill Hole||From (m)||To (m)||Length (m)||TPM (g/t)||Platinum (g/t)||Palladium (g/t)||Gold (g/t)||Copper (%)||Nickel (%)||Extends zone to|
|WIS-123||no significant values|
A map illustrating the location of the 16 drill holes reported in this press release can be found on the Company website under this press release at www.wallbridgemining.com.
The lengths quoted are core lengths. Due to the irregular geometry of the individual veins, true width is difficult to determine accurately, but in most cases is expected to exceed 0.7 times the core length.
Wallbridge currently holds a 98.5% interest in the Broken Hammer Property while Xstrata Nickel retains a 1.5% carried interest with some buy back provisions.
Samples were prepared at ALS Chemex Ltd. laboratories in Sudbury and then shipped to their analytical facilities in Vancouver. Samples were analyzed for Au, Pt, and Pd by standard lead collection, fire assay fusion with an atomic emission spectrometry (ICP-AES) finish. Samples were analyzed for base metals, silver and trace elements using a four acid (HNO3-HCIO4-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES finish.
The Qualified Person responsible for the technical content of this press release is Alar Soever P.Geo., CEO of 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 one of the world's largest concentrations of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited. Wallbridge also has a significant shareholding in its spin out company, Duluth Metals Limited, 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. Wallbridge also holds a major shareholding its latest spin out company, Miocene Metals Limited (MII:TSXV), which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern BC.
For Further Information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Joshua Bailey, M.Sc., P.Geo, Vice President Corporate Development
Tel: (705) 682-9297 ext. 240
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.