Press ReleasesApril 29, 2014
Wallbridge Updates Broken Hammer Construction and Sudbury Exploration
Toronto, Ontario -- April 29, 2014 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today provided an update on the development and operation of its copper-PGE Broken Hammer Open Pit project and its recent exploration activities in Sudbury, Ontario.
- Construction of site facilities and mining has commenced at the Broken Hammer Open Pit project
- 20,000-25,000 tonnes of Broken Hammer ore will be stockpiled by Mid-June
- Shipment to the Redstone mill in Timmins after half-load restrictions lifted
- Steady mill feed of 800 tonnes per day to start July 1
- Initial drilling at Wisner intersected 1.18 meters of 4.50 g/t Pt + Pd + Au, 2.51% Cu, and 0.13% Ni, 50 meters to the east of the Broken Hammer pit
- 7,552 metres of drilling, 107 kms of surface UTEM5, 447 kms of airborne EM, and 27 kms Max-Min HLEM completed on Lonmin JVs since November 2013
The Broken Hammer Open Pit project is fully permitted. Wallbridge has signed a Definitive Agreement for milling at the Redstone Mill in Timmins, Ontario, owned by Northern Sun Mining Corp. (see Wallbridge press release dated March 24, 2014). William Day Construction Limited has been engaged for the open pit mining and transportation of ore and concentrates.
Contractors have now fully mobilized to the site, construction of site facilities has commenced, and production of ore will begin the first week of May. Wallbridge forecasts 20,000-25,000 tonnes of ore will be stockpiled at site by Mid-June. Ore transportation to the mill will begin once the Municipal spring half-load restrictions are lifted, expected June 15 or earlier. Wallbridge forecasts steady mill feed of 800 tonnes per day to start July 1.
Wallbridge is exploring for platinum, palladium, copper, nickel, and gold on its large property package in Sudbury. Much of the 2014 program is focused on joint ventures funded by Lonmin Plc (Lonmin"). The budgets for these JVs run from October 1 to September 30 following Lonmin's fiscal year. Approved budgets for 2014 total $5.1 million funded by Lonmin.
The Wisner property was added to the North Range Joint Venture in December 2013 to advance exploration on Wallbridge properties surrounding the Broken Hammer Open Pit project. The Wisner property covers 1,120 hectares over a 10 kilometre strike length of prospective geology including the high grade South and Southwest Zone Cu-PGE occurrences.
Since January, work on the Wisner property has included 34 line kms of UTEM5, 447 line kms of airborne EM, re-processing of 131 line kms of DCIP data from three previous surveys into 3D inversion models, and integration of all available data into a common 3D model.
Drilling on the Wisner property was initiated in February. Eight drill holes totalling about 2700 metres have been completed to date. Initial drilling highlights include a narrow zone extending 50 metres to the east of the Broken Hammer Open Pit project where drill hole WIS-136 intersected 1.18 metres grading 4.50 g/t TPM (0.65 g/t Pt, 3.63 g/t Pd, and 0.21 g/t Au), 2.51 % Cu, and 0.13 % Ni from 23.36 to 24.54 metres down-hole (0.82 metres estimated true width). This mineralization is associated with a near-surface IP chargeability anomaly and a HELITEM conductor. Mechanical stripping is underway to target further drilling on this.
Drilling at Wisner will continue through the spring and summer with drill holes being surveyed with borehole UTEM4. A field prospecting program is planned for the spring and summer to ground truth a number of geophysical anomalies and check new outcrops exposed by recent logging activities.
The Wisner property was added to the North Range Joint Venture Agreement between Wallbridge and Lonmin JV in December 2013 by way of an amendment to the agreement (see Wallbridge press release dated December 17, 2013). The amendment provides Lonmin the option to earn a 50% initial interest by making cash option payments and funding exploration totalling $6 million over three years. Lonmin may then elect to earn an additional 15% interest by funding work through completion of a feasibility study and securing Wallbridge financing through to commercial production.
The Wallbridge -- Lonmin Sudbury Camp Joint Venture ("SCJV") is exploring nine properties covering 20,217 hectares. Recent focus has been on the Trill and Skynner Lake properties.
At Trill, the SCJV discovered the high grade Trill showing in 2005. Prospecting and mechanical stripping in September and October 2013 identified anomalous mineralization at a new showing named Trill East about 3.5 km east of the Trill showing. One selected grab sample contained 8.93 g/t TPM (2.43 g/t Pt, 6.00 g/t Pd, and 0.50 g/t Au), 1.28 % Cu, and 0.43 % Ni. Channel sample highlights include 1.74 metres containing 0.91 g/t TPM (0.31 g/t Pt, 0.55 g/t Pd, and 0.05 g/t Au), 0.14 % Cu, and 0.30 % Ni and 0.39 metres containing 5.72 g/t TPM (2.24 g/t Pt, 3.02 g/t Pd, and 0.46 Au), 1.90 % Cu, and 0.43 % Ni.
From November 2013 to January 2014, the SCJV surveyed 27 line kms with UTEM5 over the Trill showing and Trill East showing and the area between. From November 2013 to March 2014 nine drill holes totalling 4,872 metres were completed to test beneath the Trill East showing, to test to depth either side of the Trill showing, and to constrain the Offset dyke between to the two showings in an area of very thick overburden. No significant mineralization was intersected and it was determined that in the area of thick overburden the Trill Offset dyke is complicated by primary flexures and by a series of sub-parallel faults and olivine diabase dykes. Modelling is underway to target future exploration.
At Skynner Lake, deepening of drill hole WSK-008 in 2013 intersected over 968 metres of Sudbury breccia. Combined with previous drilling and mapping this constrained a major Sudbury breccia structure which is in the immediate footwall to mineralized embayments on the adjacent Vale property and is therefore prospective for copper, platinum and palladium mineralization. Additional deep drilling to test this structure is being evaluated for this summer.
The SCJV was established January 2002. Lonmin is required to fund minimum annual expenditures totalling USD $1.0 million to maintain the option to earn up to a 50% interest in any property at the point at which an Indicated Resource is established on that property. Lonmin may then elect to earn an additional 15% interest by funding work through completion of a feasibility study and securing Wallbridge financing through to commercial production.
The Wallbridge - Lonmin North Range Joint Venture ("NRJV") is exploring 15 properties covering 37,230 hectares.
The NRJV properties occur northwest of the Sudbury basin, beneath the now-eroded extent of the meteor impact crater that formed the Sudbury ore bodies. Despite over 125 years of mining activity in Sudbury, this area was largely unexplored prior to the work by Wallbridge. In recent years, the NRJV has mapped out 80 kms of Offset dykes, 37 kilometres of major Sudbury breccia structures, and identified several areas with anomalous mineralization. Most of the NRJV has now been surveyed with airborne EM. Numerous anomalies have been identified which require prospecting follow-up and possibly drilling. To date, the NRJV has drilled seven holes totalling 1384 metres.
From November 2013 through February 2014 the NRJV surveyed 46 line kms on four grids with UTEM5 and 27 line kms with Max-Min HLEM. Drilling is planned following the spring break-up and thaw. A field prospecting program is planned for the spring and summer to ground truth geophysical anomalies, identify potential new Offset dykes, and better constrain exploration targets.
The NRJV was established April 2012. Lonmin has the option to earn up to a 50% initial interest in any of the properties by funding twice Wallbridge's expenditures on the property before September 30, 2016, a potential expenditure of $8.3 million. Upon earning the initial interest, Lonmin may elect to earn up to an additional 15% interest by funding additional expenditures on any of the properties.
Wallbridge is also carrying out exploration on the 50% owned Parkin Offset Joint Venture ("POJV") with Impala Platinum Holdings Limited ("Impala"), on the 62% owned Frost Lake Joint Venture with Glencore, and on a number of 100% owned properties in Sudbury. These projects currently have reduced minimum programs.
Annual General Meeting
The Annual General Meeting of the Company will take place on Tuesday May, 6, 2014 at 4:30 pm at Dynamic Earth in Sudbury, Ontario. Wallbridge invites all its shareholders to attend this event.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is an established junior company formed in 1996 to explore and develop mineral projects in mining friendly jurisdictions of North America.
Wallbridge is currently exploring and developing a large package of properties in Sudbury, Ontario, Canada's premier mining district. These include the Broken Hammer open pit mining project and significant exploration joint ventures with partners Lonmin Plc, Impala Platinum Holdings Limited and Glencore in Sudbury.
In 2005, Wallbridge created Duluth Metals Limited (TSX:DM) to explore and develop projects in Minnesota, USA. Duluth Metals has since defined the world's largest undeveloped sulfide platinum group metals, copper and nickel deposit which it is developing through Twin Metals Limited, a joint venture with copper producer Antofagasta Plc. Wallbridge currently retains 10.1 million shares of Duluth Metals (7.4%).
In 2010, Wallbridge created Miocene Metals Limited (TSXV:MII) to explore and develop porphyry copper-gold-molybdenum projects in British Columbia, Canada, within a previously under-recognized belt of Miocene-age intrusions. These projects are early stage with large mineralized structures and alteration zones that are ready for drilling with potential for large tonnage deposits. Miocene is currently in the process of merging with Carube Resources Inc. which has an attractive portfolio of copper-gold exploration properties in Jamaica which are joint ventured with OZ Minerals. Wallbridge currently retains 28.4 million shares of Miocene Metals (40.5%).
Wallbridge has a record of successfully generating high potential mineral projects and structuring partnerships and new companies to create value for its shareholders and its partners.
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, Exploration
Tel: (705) 682-9297 ext. 240
Email: [email protected]
Vice President Corporate Communications
Tel: (705) 682-9297 ext. 263
Email: [email protected]
This press release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.
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. The forward-looking statements contained herein are expressly qualified by this disclaimer.