Wallbridge Mining Expands Broken Hammer Zone
TORONTO, Nov. 30, 2011 /CNW/ - Wallbridge Mining Company Limited
('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
The assays also include an intersection of 912 grams per tonne platinum over 0.37 metres in Hole WIS-116. This extremely high grade intersect, which is attributed to the large sperrylite crystals observed in the drill core is not thought to be representative of the entire deposit, but does confirm the presence of local high grade pockets, similar to one that was encountered in the bulk sample pit.
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 From To Length TPM Platinum Palladium Gold Copper Nickel Extends
Hole (m) (m) (m) (g/t) (g/t) (g/t) (g/t) (%) (%) zone to
WIS-106 0.15 1.00 0.85 2.21 1.16 0.88 0.17 0.12 0.02 East
34.00 34.65 0.65 1.05 0.55 0.43 0.08 0.08 0.02 East
WIS-111 8.25 9.00 0.75 1.35 0.53 0.44 0.39 0.27 0.03 North
WIS-112 15.40 33.32 17.92 1.24 0.66 0.49 0.08 0.14 0.02 East
WIS-113 23.16 39.70 16.54 1.28 0.52 0.60 0.16 0.31 0.04 West
47.21 70.35 23.14 2.25 0.90 1.10 0.26 0.37 0.09
WIS-114 8.16 8.50 0.34 2.46 1.19 1.17 0.11 0.45 0.41 West
22.89 35.00 12.11 1.69 0.48 0.94 0.26 0.42 0.13 West
50.21 57.38 7.17 1.30 0.63 0.56 0.10 0.17 0.02
71.19 72.01 0.82 22.78 14.72 5.65 2.40 1.62 0.10
80.58 81.45 0.87 18.88 2.83 8.59 7.46 0.44 0.04
WIS-115 3.68 4.00 0.32 1.25 0.68 0.46 0.11 0.12 0.02 West
9.35 10.14 0.79 2.50 1.33 1.05 0.12 0.12 0.02 West
18.12 36.06 17.94 1.34 0.41 0.75 0.18 0.34 0.09
51.27 54.00 2.73 10.92 6.42 4.20 0.30 2.83 0.11
93.04 95.79 2.75 3.37 1.58 1.39 0.40 0.16 0.03 West
WIS-116 10.00 11.55 1.55 1.20 0.58 0.52 0.11 0.12 0.02 West
31.98 46.22 14.24 2.12 0.54 1.18 0.40 0.87 0.03 West
60.51 66.60 6.09 1.50 0.53 0.90 0.07 0.25 0.02 West
81.32 81.69 0.37 913.79 912.00 0.88 0.91 2.63 0.06 West
WIS-117 31.00 33.03 2.03 2.46 0.79 1.51 0.16 0.77 0.03 West
61.80 70.53 8.73 3.58 1.99 1.32 0.27 0.90 0.14
90.18 91.62 1.44 1.53 0.94 0.48 0.10 0.16 0.04
WIS-118 30.21 32.71 2.50 0.98 0.59 0.34 0.06 0.20 0.02 West
57.69 69.66 11.97 1.90 0.92 0.74 0.24 0.12 0.02
WIS-119 13.00 16.50 3.50 1.43 0.43 0.91 0.08 0.30 0.05 North
36.52 41.14 4.62 1.63 0.61 0.73 0.29 0.37 0.02 North
72.45 78.55 6.10 5.86 4.26 1.37 0.23 0.35 0.06 North
WIS-120 13.65 15.77 2.12 1.24 0.45 0.51 0.29 0.25 0.03 North
18.15 19.43 1.28 3.66 0.30 3.11 0.26 1.70 0.02 North
47.00 48.07 1.07 2.01 0.37 1.47 0.18 0.29 0.03 North
53.72 55.15 1.43 1.12 0.53 0.53 0.05 0.03 0.00 North
57.64 62.69 5.05 6.56 4.34 1.94 0.28 0.21 0.01 North
WIS-121 36.62 38.12 1.50 1.29 0.04 0.90 0.35 0.05 0.01 North
72.15 77.39 5.24 3.68 1.13 1.70 0.85 0.20 0.04 North
WIS-122 17.48 18.97 1.49 1.76 1.25 0.50 0.02 0.05 0.01 North
35.69 37.82 2.13 9.27 3.60 4.04 1.63 1.41 0.12 North
WIS-123 no significant values
WIS-124 35.86 41.02 5.16 1.56 0.13 1.26 0.17 0.61 0.05 North
WIS-125 4.63 9.25 4.62 3.89 2.06 1.52 0.31 0.70 0.03 North
23.15 26.80 3.65 5.28 0.26 4.50 0.52 0.71 0.24 North
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
, which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern BC.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.
Wallbridge Mining Company Limited
CONTACT: 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: jbailey@wallbridgemining.com
Ron Poirier,
Investor Relations
Tel: (705) 682-9297 ext 263
Email: rpoirier@wallbridgemining.com
