Wallbridge Mining Provides Mid-Year Exploration Update
TORONTO, Aug. 13, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today provided a 2013 mid-year exploration update. Exploration activities to date in 2013 have included over 4,000 metres of exploration diamond drilling on the Sudbury area projects. Exploration activities are ongoing, focused on joint venture projects with partners Lonmin Plc ("Lonmin"), Impala Platinum Holdings Limited ("Implats"), and Xstrata Nickel ("Xstrata"). In addition, work is continuing to advance the Broken Hammer PGE-copper project through feasibility and into production.
On the Parkin Offset Joint Venture, which covers a nine kilometre strike length of the Parkin Offset, a review and compilation of the existing and historical drill information has been completed and an updated geological model was created in the first half of 2013. Various targets have been identified within the Parkin Offset Dyke from surface down to 1500 metre level. Follow up drilling and geological interpretation has been proposed for the 2013-2014 exploration program. This $1.0 million 2013/2014 program was approved by the Management Committee. Implats has elected to not participate in the 2013/2014 program. In light of this, Wallbridge will implement a reduced program on the joint venture this year.
The Parkin Offset Dyke hosts platinum, palladium, nickel, copper and gold mineralization typical of other offset dykes in Sudbury with examples at Vale's Copper Cliff North and South mines and Vale's Totten mine development. Mineralization on the Parkin Offset includes the Milnet Mine with reported past production of 157,130 tons averaging 2.25 g/t platinum, 2.98 g/t palladium, 0.93 g/t gold, 1.49 % nickel and 1.54 % copper. The Milnet 1500 Zone was discovered by the Joint Venture by deep drilling beneath the Milnet Mine in 2009 when drill hole WMM-014 intersected 14.24 metres containing 1.50 g/t platinum, 2.52 g/t palladium, 3.99 g/t gold, 0.78 % nickel and 2.57 % copper from 1499.66 to 1513.90 metres down hole (see Wallbridge Press Release dated November 13, 2009). More recently, wedge-cut WMM-015-W2 intersected 8.0 metres containing 1.40 g/t platinum, 2.68 g/t palladium, 0.23 g/t gold, 4.11 % nickel and 0.60 % copper from 1473.00 to 1481.00 metres down hole (see Wallbridge Press Release dated October 14, 2011).
The Wallbridge - Lonmin Sudbury Camp Joint Venture ("SCJV") is exploring for PGE, copper and nickel deposits on seven Wallbridge properties in Sudbury.
During the first half of 2013, 3,029 metres of drilling were completed on the Skynner Lake property on the East Range of the Sudbury basin, including five drill holes and deepening of an existing hole along with borehole geophysics to IP geophysics anomalies within Sudbury breccia structures. Drill hole WSK-008 intersected 968 metres of Sudbury breccia in the immediate footwall to a mineralized embayment along the Sudbury Igneous Complex. This represents a very favourable geological target for Cu-PGE footwall mineralization. In addition, modeling and interpretation on the Trill property has identified significant targets within the Trill Offset Dyke trend. Additional drilling at Skynner Lake along with geophysics and drilling at Trill is being proposed for the 2014 program, starting October 1, 2013, in accordance with Lonmin's fiscal year.
Under the terms of the SCJV Agreement, Lonmin must fund a minimum of US$1 million in expenditures each year to maintain the option to earn up to a 50% interest in any property, based on its proportionate spend, at the point at which an Indicated Resource is established on that property with the option to earn an additional 15% interest by funding work through completion of a feasibility study and securing the Wallbridge portion of financing through to commercial production.
The new Wallbridge - Lonmin North Range Joint Venture ("NRJV") was formed on April 1, 2012 after Lonmin elected to exercise its option to earn up to a 65% interest in 14 of Wallbridge's properties in the North Range of the Sudbury area by funding exploration for PGE, copper and nickel.
In November 2012, the 2013 budget of $1.1 million was approved and during the first half of 2013, 9.6 kilometres of surface EM geophysics, 920 kilometres of airborne EM geophysics, and more than 900 metres of the planned 1400 metres of drilling and borehole geophysics have been completed, including four drill holes testing several of numerous airborne geophysical conductors on the offset dyke trends. Drill holes WFN-002 and WFN-003 were drilled on the Foy North property and intersected 40 metres true thickness of trace blebby sulfide within inclusion quartz diorite (IQD) in the 60 metre thick near vertical Foy Offset Dyke. Similar blebby sulfide in IQD surrounds Ni-Cu-PGE offset deposits elsewhere in Sudbury and drilling is continuing to test geophysical anomalies nearby within the Dyke. Additional drilling and geophysics is being proposed for the 2014 program, starting October 1, 2013, in accordance with Lonmin's fiscal year.
The NRJV properties include over 62 kilometres of offset dykes, mostly discovered by Wallbridge in recent years including the six kilometres of offset dykes discovered during this past field season. Several properties include disseminated nickel, copper and PGE sulfide mineralization exposed at surface within inclusion bearing phases of the quartz diorite offset dykes in areas with very little drilling. Offset dykes are the host structure for about 25% of the ore mined in Sudbury and are particularly attractive exploration targets with elevated PGE. Wallbridge's North Range properties offer large-scale grassroots discovery upside in the most established mining district in Canada.
Wallbridge also holds significant equity interests in spin out companies Duluth Metals Limited (DM:TSX) and Miocene Metals Limited (MII:TSXV).
The Qualified Person responsible for the technical content of this press release is Joshua Bailey, P. Geo.,Vice President Exploration for Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is an established junior company, formed in 1996, whose mission is to explore and develop platinum group elements (PGE's) 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 permitting stage Broken Hammer mine development project and significant exploration joint ventures with partners Lonmin Plc, Impala Platinum Holdings Limited.
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 PGEs, 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 (8.1%).
In 2011, 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. 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.
SOURCE Wallbridge Mining Company Limited