TORONTO, April 28 /PRNewswire/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Company") today announced the initial results from its 1,600 metre drill program at its Broken Hammer copper-platinum group metals project in Sudbury. Results are reported for 7 of the 19 holes completed to date and include 9.09 g/t total precious metals ("TPM") (4.31 g/t platinum + 4.33 g/t palladium + 0.45 g/t gold), 0.99% copper, and 0.06% nickel over 4.15 metres in hole WIS-099 and 3.59 g/t TPM (1.22 g/t platinum + 1.83 g/t palladium + 0.54 g/t gold), 0.34% copper, and 0.07% nickel over 11.30 metres in hole WIS-109. Results for all holes received to date are tabulated below.
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The holes reported above extend the mineralization to the east, north and south of where it is exposed in the recently excavated bulk sample pit, into areas which are outside the current resource estimate.
"These results confirm that we definitely have potential to expand the zone to the east, north and south", stated Alar Soever, President and CEO of Wallbridge. "The results of the current drilling program will be incorporated into the new resource estimate, which is expected to be initiated this summer, after the results of the processing of the bulk sample become available".
Drilling is currently underway to expand the resource in the west end of the zone, based on the better understanding of the mineralization gained during the excavation of the bulk sample.
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 discovered the Broken Hammer Zone as a result of an ongoing grass roots exploration program on the North Range of the Sudbury Basin. In November 2005, Roscoe Postle Associates Inc. estimated the NI 43-101 compliant, inferred mineral resource to be 251,000 tonnes at a grade of 3.80 g/t total precious metals (1.56 g/t palladium, 1.62 g/t platinum and 0.61 g/t gold), 1.00% copper and 0.10% nickel. This resource estimate was prepared using a cut-off value of $CAN40/t, and the then prevailing, long-term metal price projections of $US800/oz for platinum, $US180/oz for palladium, $US400/oz for gold, $US 1.40/lb for copper, and $US5.00 for nickel. A new resource estimate and feasibility study will be prepared using current medium to long term metal prices, once results of the current drilling and the bulk sampling program are available. 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 Mark Croteau P.Geo., Operations Manager for 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 concentration 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 major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota. Duluth Metals is advancing this resource through feasibility in joint venture with Antofagasta plc, one of the worlds major copper producers. Wallbridge also holds a significant shareholding 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 Wallbridge's operations or to the environment in which it operates. 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.
SOURCE Wallbridge Mining Company Limited