Press ReleasesSeptember 25, 2014
Wallbridge Intersects High Grade Copper and Platinum Group Metals on Wisner Properties
Toronto, Ontario -- September 25, 2014 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") is pleased to provide results from the 2014 exploration programs underway on its polymetallic platinum ("Pt), palladium ("Pd), copper ("Cu"), nickel ("Ni"), gold ("Au") and silver ("Ag") properties in Sudbury, Ontario. New Cu and platinum group metal ("PGM") mineralization was intersected at shallow depths (above 120 metres) at four of eight target areas on the Wisner properties, located adjacent to Wallbridge's Broken Hammer open pit mine.
- New Cu-PGM discovery at Twisted Wrench on Wisner properties with 8.12 g/t total precious metals ("TPM": 2.63 g/t Pt, 5.13 g/t Pd, 0.36 Au) and 0.96 % Cu over a 2.43 metre channel sample
- New mineralized intersections at Southwest Zone on Wisner properties with 4.52 % Cu, 26.77 g/t TPM (12.10 g/t Pt, 12.65 g/t Pd, 2.02 g/t Au), and 69.50 g/t Ag over 0.41 metres within a broader 1.99 metre interval averaging 1.55% Cu, 7.24 g/t TPM (3.21 g/t Pt, 3.51 g/t Pd, 0.53 g/t Au), and 22.64 g/t Ag intersected in drill hole WIS-168
- $5.4 million expenditure and 20,086 metres drilling completed on Lonmin funded JVs from October 2013 to September 2014
The 2014 program on Wallbridge's Wisner properties started in January and included 12,540 metres of mostly shallow initial drilling on a number of target areas as well as extensive airborne, ground, and borehole geophysics funded by Lonmin. Drilling intersected new Cu-PGM mineralization in 13 drill holes at four of the eight target areas tested (Table 1 and Table 2).
Drilling discovered a new Cu-PGM showing at the Twisted Wrench target area where mineralization exposed at surface by mechanical stripping was intersected in two drill holes spaced 80 metres apart. Channel sampling returned 0.96 % Cu and 8.12 g/t TPM (2.63 g/t Pt, 5.13 g/t Pd, 0.36 Au) over 2.43 metres with similar narrower mineralization intersected by drilling. This trend is open to depth and along strike and appears to widen to the northwest towards a subtle geophysics response. Drilling also intersected a broader zone of weakly anomalous copper and silver mineralization in the area, which appears to form a broader halo around the copper-PGM mineralization.
Cu-PGM-Ag mineralization was intersected at the Southwest Zone target area, where drilling followed up high grade mineralization sampled previously (see Wallbridge press release dated October 30, 2012). New results include drill hole WIS-168 which intersected 4.52 % Cu, 26.77 g/t TPM (12.10 g/t Pt, 12.65 g/t Pd, 2.02 g/t Au), and 69.50 g/t Ag over 0.41 metres within a broader 1.99 metre interval averaging 1.55% Cu, 7.24 g/t TPM (3.21 g/t Pt, 3.51 g/t Pd, 0.53 g/t Au), and 22.64 g/t Ag. One channel sample returned 0.27 % Cu and 6.62 g/t TPM (3.01 g/t Pt, 3.35 g/t Pd, 0.25 g/t Pd). The Southwest Zone now comprises a 600 metre long mineralized trend that is open to the west, to the north, and to depth. Drilling also intersected another broad zone of weakly anomalous copper and silver mineralization.
Cu-PGM mineralized structures were also intersected extending eastward from Wallbridge's Broken Hammer open pit mining project including drill hole WIS-136 which intersected 5.46 % Cu and 10.79 g/t TPM (1.57 g/t Pt, 8.81 g/t Pd, 0.41 g/t Au) over 0.48 metres within a broader 1.18 metre interval averaging 2.22 % Cu and 4.39 g/t TPM (0.64 g/t Pt, 3.58 g/t Pd, 0.17 g/t Au). These structures remain open to the east and northeast and to depth (reported previously, see Wallbridge press releases dated June 24, 2014, and April 29, 2014). Additional open mineralized trends have been identified extending from the Broken Hammer open pit mining project to the west.
Weakly anomalous mineralization was intersected at the Rusty Blade target area as previously reported (see Wallbridge press release dated June 24, 2014).
To date, the Cu-PGM mineralized trends on the Wisner properties have only been intersected to a maximum depth of 120 metres and are open beneath this. Proposed work going forward will include a second pass of drilling and borehole geophysics to extend these mineralized trends along strike and to depth and to test for better grades and thicknesses. In addition, shallow first pass drilling is proposed for a number of untested target areas on the Wisner properties.
The Wisner properties are part of the NRJV with Lonmin and extend for five kilometres along strike on either side of Wallbridge's Broken Hammer open pit Cu-PGM mine and are adjacent to several Ni-Cu-PGM deposits owned by Vale and Glencore.
Table 1. Highlight assays from 2014 drilling and channel sampling on the Wisner properties. There is insufficient information to estimate true widths at this time. *Results from WIS-136, WIS-143, WIS-144, and WIS-145 were previously released June 24, 2014 and April 29, 2014.
|Twisted Wrench Target Area||From||To||Length||Cu||TPM||Pt||Pd||Au||Ag|
|Southwest Zone Target Area||From||To||Length||Cu||TPM||Pt||Pd||Au||Ag|
|Broken Hammer East Target Area||From||To||Length||Cu||TPM||Pt||Pd||Au||Ag|
Table 2. Drill collar and downhole survey information.
|Drill Hole||Easting||Northing||Azimuth||Dip||Length (m)|
The 2014 exploration program on Wallbridge's Sudbury Camp Joint Venture ("SCJV") properties included 7,546 metres of drilling and geophysics surveys on the Trill and Skynner Lake properties and detailed geological modelling on the Windy Lake property funded by Lonmin. Results from drilling provide a better understanding of the geology of the properties which is being reviewed to target future exploration. Detailed geological modelling of the Windy Lake property was successful in identifying the potential for several large embayment structures at relatively shallow depths. Embayment structures host over half of the ore deposits mined in Sudbury over the last century and are very attractive exploration targets. Proposed work going forward on the SCJV will include a refocus on the Windy Lake property with drilling and geophysics to test these potential embayment structures.
The 2014 exploration program on Wallbridge's North Range properties, part of the North Range Joint Venture, included fieldwork and extensive ground and airborne geophysics surveys funded by Lonmin. The 2015 program funded by Lonmin on the North Range properties will include drilling and geophysics to follow-up targets identified in 2014 as well as to explore untested extents of the offset dykes.
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 Joshua Bailey, P.Geo., M.Sc., Vice President Exploration For Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is currently operating its first polymetallic mine, producing copper, platinum, palladium, and gold from the Broken Hammer open pit mine in Sudbury, Ontario, Canada's premier mining district.
Wallbridge is also actively exploring a large package of properties in Sudbury, including operating several significant exploration joint ventures with partners Lonmin Plc, Impala Platinum Holdings Limited and Glencore in Sudbury.
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. As such, Wallbridge currently retains its founding stake in its first spin-out company, Duluth Metals Limited (TSX:DM), at 10.1 million shares (7.4%) as well as 28.4 million shares (40.5%) in its second spin-out company, Miocene Metals Limited (TSXV:MII).
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.