Highlights
- Full payment for Broken Hammer copper-PGE bulk sample proceeds received;
- Broken Hammer copper-PGE Pre-Feasibility Study expected Q3 2012, permitting in Q4 2012;
- New copper-PGE occurrences at Wisner returned grab samples containing up to 2.35 g/t platinum, 2.62 g/t palladium, 0.157 g/t gold, and 0.11 % copper;
- Over 5,000 metres drilling underway at Milnet with Impala Parkin Offset Joint Venture;
- Summer field program on new Lonmin North Range Joint Venture underway;
- Ground geophysics at Booth River confirms large conductive trends and nickel-copper drill targets.
TORONTO, July 31, 2012 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today provided a 2012 mid-year exploration update. Exploration plans for 2012 include advancing the Broken Hammer copper-platinum group element ("PGE") project through feasibility and completing over 15,000 metres of exploration Diamond drilling on the Sudbury area projects. Exploration activities are ongoing, focused on joint venture projects with partners Impala Platinum Holdings Limited ("Impala"), Lonmin Plc ("Lonmin") and Xstrata Nickel ("Xstrata").
"Our 2012 exploration activities to date have continued at a high level, in contrast to the lower level of activities by many other junior mining companies. This is mainly due to the strong support we have received from our Joint Venture partners" stated Marz Kord, Wallbridge President and CEO, "In addition to our exploration activities, our new resource update at Broken Hammer project is encouraging. The prefeasibility and permitting are on track and pending the results, would enable us to make a production decision this year."
At its Broken Hammer copper-PGE project, Wallbridge has now received the proceeds of its 2011 bulk sample in full from Xstrata. The bulk sample resulted in a net smelter return of about $4.1M or $143 per tonne and the Net Cash Flow of about $2.9M or $98 per tonne. On June 19, 2012, Wallbridge announced an updated mineral resource estimate for the Broken Hammer deposit which will be used in the prefeasibility study expected to be completed in Q3, 2012. Permitting and a production decision at Broken Hammer are expected in 2012.
Surrounding the resource, Wallbridge's Broken Hammer property and adjacent Wisner properties have significant unexplored potential for large high-grade copper-PGE footwall deposits similar to Vale's recent Capre discovery, KGHM's recent Morrison Deposit discovery, and the footwall portion of Xstrata's Nickel Rim South mine.
On its 77% owned Wisner Joint Venture with Xstrata Nickel, which is adjacent to the Broken Hammer property, fieldwork this spring has identified several new copper-PGE occurrences within a 600 metre long trend near the previously known Southwest copper-PGE zone. One grab sample contained 2.35 g/t platinum, 2.62 g/t palladium, 0.157 g/t gold and 0.11 % copper; another that was 600 metres away contained 1.36 g/t platinum, 2.35 g/t palladium, 0.253 g/t gold and 2.81 % copper. The new copper-PGE occurrences were found by prospecting over a number of shallow IP geophysics anomalies that have not been tested by drilling. Mechanical stripping and further sampling is planned this quarter to better expose the new copper-PGE occurrences and to evaluate them for drilling.
On the Wallbridge - Impala Parkin Offset Joint Venture a 5,000 metre drilling program is ongoing to follow-up recent high grade drilling results at the Milnet 1500 Zone, beneath the past-producing Milnet Mine. Recent new modelling of borehole electromagnetic geophysics indicates the main conductive body has a minimum strike length of 300 metres with a number of smaller conductive responses nearby. The current drilling is testing 100 metre step-outs from the Milnet 1500 Zone and shallower targets beneath and near the past-producing Milnet Mine. Detailed three dimensional modelling of the entire nine kilometre strike length of the Parkin Offset dyke is also underway.
On the Parkin Offset dyke, the Milnet Mine 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 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 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. Exploration is at an early stage and the Parkin Offset has very significant discovery potential.
The Wallbridge - Lonmin Sudbury Camp Joint Venture (SCJV) is exploring for PGE, copper and nickel deposits on 7 Wallbridge properties in Sudbury. Year to date, the SCJV has completed 8 drill holes totalling 2545 metres testing various targets as part of its 2012 program. Highlights include an intersection of a sublayer embayment beneath Tower Bay at Windy Lake with weak copper mineralization in the immediate footwall. One drill hole was drilled at Skynner which did not explain the ground electromagnetic conductor that was targeted, further geophysics is being planned to better constrain this target. The SCJV is currently finalizing its 2013 Program which is anticipated to start October 1, 2012.
The new Wallbridge - Lonmin North Range Joint Venture (NRJV) is being finalized after Lonmin elected to exercise its option to earn into 14 of Wallbridge's properties in the North Range of the Sudbury area by funding exploration for PGE, copper and nickel (see Wallbridge Press Release dated April 3, 2012). Field programs are currently underway.
The NRJV properties include over 56 km's of Offset dykes, mostly discovered by Wallbridge in recent years. 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.
On Wallbridge's Booth River Project in Nunavut, recent ground geophysics has confirmed the quality of a 2km long conductive airborne anomaly, an excellent drill-ready target. The anomaly occurs beneath disseminated nickel and copper gossans within a potential feeder-dyke environment at the base of the very large mafic Paleoproterozoic Booth River Intrusive Complex. Numerous other airborne conductors have also been identified. The property has camp-scale discovery potential for massive sulphide nickel and copper deposits. Wallbridge is currently pursuing partnership opportunities to fund drilling and further exploration on the Booth River project.
Wallbridge also holds significant equity interests in spin out companies Duluth Metals Limited (DM:TSX) and Miocene Metals Limited (MII:TSXV).
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., Vice President Exploration for Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is an established metals company working to build sustainable growth for investors through discovery and development of mineral resources.
Wallbridge specializes in nickel, copper, platinum, palladium and gold projects in mining friendly jurisdictions of North America, with a particular focus on Sudbury, Ontario. Wallbridge's position in Sudbury offers unique large-scale discovery upside in Canada's premier mining district.
Wallbridge has a record of generating high potential projects and financing exploration through joint ventures or spin-out companies. Wallbridge has 48 exploration to pre-feasibility stage mineral projects. These include 12 joint ventures with partners Impala Platinum Holdings Limited, Lonmin Plc, Xstrata Nickel and a number of junior mining companies.
Wallbridge also holds significant equity interests in spin-out companies Duluth Metals Limited (DM:TSX) and Miocene Metals Limited (MII:TSV).
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.
SOURCE: Wallbridge Mining Company Limited