TORONTO, May 7, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today provided an update on the progress on its Broken Hammer copper and PGE project in Sudbury. Five additional drill holes were completed at the Broken Hammer project this winter to support geotechnical studies and final pit design.
Highlights of the drilling include:
- 12.07 metres of 3.80 g TPM*/t, 0.33% Cu, 0.03% Ni in WIS-132 below the current pit, outside the resource
- 0.88 metres of 58.45g TPM/t, 1.06% Cu, 0.08% Ni in WIS-133 below the current pit, outside the resource.
Drill holes WIS-129, WIS-130 and WIS-131 were completed for a geotechnical study of the pit wall slope stability and intersected significant new mineralization, mostly within the 2012 prefeasibility study pit. Drill holes WIS-132 and WIS-133 tested an area where the mineralization extended below the current pit limits beneath the eastern portion of the resource. Results show the mineralization extends into this area and support ongoing optimization of the pit design to include this area. A summary of the assay results is included below. The Broken Hammer mineralization forms a stockwork of mineralized structures with several orientations ranging from centimeters up to about 10 metres in true thickness. Because of the irregular nature of the veins, the true width of individual mineralized intervals is variable.
|WIS-129||27.26||31.89||4.63||0.85||3.70||0.72||2.34||0.65||0.31||Within current pit, within resource|
|WIS-129||45.00||45.67||0.67||0.27||2.95||1.91||0.69||0.35||0.02||Within current pit, outside resource|
|WIS-129||65.78||70.23||4.45||0.77||6.33||2.73||3.19||0.42||0.03||Within current pit, outside resource|
|including||68.04||70.23||2.19||1.09||11.01||4.78||5.60||0.64||0.04||Within current put, outside resource|
|WIS-129||78.42||79.31||0.89||0.19||6.26||3.29||2.27||0.70||0.05||Below current pit, outside resource|
|WIS-130||6.65||12.38||5.73||0.11||3.25||2.18||0.92||0.15||0.02||Within current pit, outside resource|
|WIS-130||15.76||17.58||1.82||1.56||5.33||1.27||3.70||0.37||0.13||Within current pit, outside resource|
|WIS-130||35.14||37.20||2.06||0.29||3.87||1.37||1.86||0.64||0.02||Within current pit, outside the resource|
|WIS-130||42.00||42.50||0.50||0.40||5.22||2.52||2.23||0.47||0.03||Within current pit, outside resource|
|WIS-131||24.62||52.27||27.65||0.49||2.45||0.56||1.69||0.20||0.04||Within current pit, partly within resource|
|including||35.60||36.48||0.88||3.35||0.21||0.02||0.07||0.12||0.01||Within current pit, within resource|
|and||40.27||41.48||1.21||0.22||25.96||0.46||24.30||1.20||0.06||Within current pit, outside resource|
|and||50.33||50.83||0.50||1.23||11.96||7.84||3.86||0.26||0.07||Within current pit, outside resource|
|WIS-131||67.51||68.66||1.15||0.45||2.30||0.82||1.20||0.28||0.06||Within current pit, within resource|
|WIS-131||88.74||90.00||1.26||0.23||3.60||0.92||2.12||0.56||0.05||Within current pit, within resource|
|WIS-132||28.67||29.40||0.73||0.72||2.56||1.16||1.19||0.21||0.06||Below current pit, outside resouce|
|WIS-132||40.53||52.60||12.07||0.33||3.80||1.81||1.69||0.30||0.03||Below current pit, outside resouce|
|including||40.53||40.98||0.45||4.45||41.94||27.00||13.80||1.14||0.17||Below current pit, outside resouce|
|and||51.63||52.60||0.97||0.78||12.22||2.23||8.48||1.51||0.06||Below current pit, outside resouce|
|WIS-132||63.96||65.93||1.97||0.69||6.93||1.49||4.55||0.89||0.07||Below current pit, outside resouce|
|WIS-133||38.50||39.38||0.88||1.06||58.45||27.40||24.50||6.55||0.08||Below current pit, outside resouce|
*TPM= Total Precious Metals (Platinum + Palladium + Gold)
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.
Wallbridge announced positive results from a prefeasibility study in October, 2012. The project has a 12-month life with an Earnings Before Taxes, Depreciation, and Amortization ("EBITDA") of $8.4M generating an NPV of $6.0M (see Wallbridge Press Release dated October 16, 2012).
The prefeasibility study recommended that the project proceed to a full feasibility study to include securing necessary permits, a milling and processing contract, and mining contracts in order to support a decision by Wallbridge's board of directors to proceed with production.
To date, all permit applications have been submitted and the Production Closure Plan for Broken Hammer has been accepted and filed by the Ontario Ministry of Northern Development & Mines. Other permits with the Ontario Ministry of Natural Resources and the Environment are in progress.
A critical path item to determine the schedule for the project is securing a satisfactory milling and processing contract for the Broken Hammer ore. Discussions with local milling facilities in Sudbury have not resulted in a contract being finalized at this time. As a result we have also been exploring other processing options, including, but not limited to, the possibility of processing the ore outside of Sudbury. Feasibility of these other options is dependent on the financial terms available which together with the potential for improved metal recoveries may offset the increased costs associated with these other options.
The mineralization at Broken Hammer is part of a much larger mineralized system that is open to depth and along strike and has very significant exploration upside.
The Qualified Person responsible for the technical content of this press release is Marz Kord, P. Eng., M. SC., MBA, President & CEO 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 pre-feasibility stage Broken Hammer development project and significant exploration joint ventures with partners Lonmin Plc, Impala Platinum Holdings Limited and Xstrata Nickel.
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 2010, Wallbridge created Miocene Metals Limited (TSXV:MII) to explore and develop seven 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%).
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.
SOURCE Wallbridge Mining Company Limited