Attention Business Editors:
Wallbridge Updates Sudbury Exploration Progress
TORONTO, March 2 /CNW/ - Wallbridge Mining Company Limited (TSX:WM; FWB:
WC7) today reported drilling results from its Trill Property as well as
exploration progress on its other Sudbury area properties. Concurrent with the
geophysical program, 5,000 metres of drilling will be initiated this spring.
Trill Property Assay Results
----------------------------
Drill results on the Trill Property confirmed the high PGE grade of the
mineralization and extended the copper-nickel-PGE mineralization outside the
limits of the offset dyke. Significant drill intercepts from the mineralized
zone within the dyke include:
- 8.76 m of 0.59% Ni, 0.94% Cu and 6.758 g TPM/t in hole WTR-028
- 3.52 m of 0.83% Ni, 0.83% Cu and 6.815 g TPM/t in hole WTR-034
Intercepts from PGE-copper veins from outside the dyke include:
- 0.57 m of 0.45% Ni, 0.49% Cu and 7.774 g TPM/t in hole WTR-030
- 1.12 m of 0.06% Ni, 1.51% Cu and 10.143 g TPM/t in hole WTR-034
- 0.95 m of 1.45% Ni, 0.23% Cu and 3.183 g TPM/t in hole WTR-034
True width of the mineralized intercepts cannot be estimated due to the
nature of the mineralization. A complete table of mineralized intercepts is
appended to this release.
A deep penetrating Titan-24 IP/MT survey is planned to explore the dyke
and surrounding rocks, including the new breccia belt and gravity anomaly
located some 500 metres to the south of the Trill Offset Dyke mineralization.
Other Sudbury Exploration
-------------------------
The Titan-24 survey on the Trill Property is part of a major geophysical
program currently underway on Wallbridge's Sudbury properties which includes:
- A Titan-24 survey on the Frost Lake Property, northeast of the new
CVRD Inco/Lonmin Plc Capre Lake discovery. The survey will cover the
Amy Lake Zone and surrounding area, including the area of the footwall
nickel intercept announced last year (see Press Release dated
April 5, 2006);
- A UTEM survey covering the area of the footwall nickel intercept on
the Frost Property;
- A UTEM survey over the Drill Lake Property, located 1.5 kilometres to
the southeast and within the same breccia belt which hosts the CVRD
Inco/Lonmin Plc Capre Lake discovery;
- A Titan-24 survey over a 4 kilometre long belt of highly prospective
Sudbury Breccia on the Skynner Lake Property;
- An IP survey over the East Totten Lake Breccia Belt on the Trill
Property;
- A Titan-24 survey over the copper-nickel-PGE mineralization located in
the Hess Offset dyke last summer (see Press Release dated
December 19, 2006);
A total of 94.6 kilometres of Titan-24 surveying is planned. Titan-24 is
a deep penetrating IP/MT survey, which is capable of detecting sulphide
mineralization at greater depths than conventional IP surveys.
Drilling Update
---------------
On the North Range, testing of airborne conductors on the Crowflight JV
Project, intersected minor zinc mineralization at one of the 10 targets
tested. A down-hole EM survey indicated good conductive targets immediately
adjacent to the drill hole. These will be targeted by a follow-up drill
program scheduled to begin within the next two weeks.
This drilling is part of a spring/summer drilling program of up to
5,000�m, which will also test targets on the Frost Lake, Skynner, Foy, Hess,
Wisner, and Trill Properties. High priority targets include the up-plunge
projection of the CVRD Inco/Lonmin Plc Capre Lake discovery onto the Frost
Lake Property, as well as step out holes from the footwall nickel intercept on
the Frost Lake Property.
Drilling will also be carried in the Southwest Area of the Wisner
Property, to test a moderate depth Titan-24 IP anomaly which is spatially
associated with copper-nickel-PGE mineralization exposed by trenching, and
intersected in drilling last year (see Press Release dated May 30, 2006).
Drilling is also budgeted to follow up geophysical targets generated by
the winter geophysical programs described above.
The Frost Lake property is part of a 50/50 joint venture with Xstrata
Nickel. The Trill, Skynner, Lake and Foy properties are part of the Sudbury
Camp Joint Venture ("SCJV") with Lonmin Plc. ("Lonmin"). Lonmin earns a 50%
interest in any property on which a resource is established and can increase
its interest to 65% by taking that property through feasibility and funding
work through to commercial production.
Half core 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 using a standard fire assay with an ICPAES
finish; Cu and Ni were analyzed using a four acid (near total) digestion and
an AAS finish.
The Qualified Person responsible for the technical content of this press
release is Bruce Jago, PhD. P.Geo, Vice-President, Exploration of Wallbridge
Mining Company Limited.
Trill Property Assay Results
HOLE_ID FROM TO WIDTH Ni Cu
(m) (m) (m) % %
WTR-027 Dyke 25.78 27.89 2.11 0.12 0.46
WTR-028 Dyke 20.81 29.57 8.76 0.59 0.94
WTR-028 Vein 33.92 34.62 0.70 2.72 0.45
WTR-028 Vein 41.07 41.44 0.37 0.29 0.64
WTR-029 No assays above $120 per tonne cut-off (*)
WTR-030 Vein 10.16 10.73 0.57 0.45 0.49
WTR-030 Dyke 13.55 14.00 0.45 1.66 0.50
WTR-031 Dyke 21.58 22.27 0.69 3.33 0.61
WTR-032 No assays above $120 per tonne cut-off (*)
WTR-034 Dyke 14.48 18.00 3.52 0.83 0.83
WTR-034 Vein 21.28 22.40 1.12 0.06 1.51
WTR-034 Vein 26.80 27.75 0.95 1.45 0.23
WTR-034 Vein 31.20 31.50 0.30 2.24 2.31
WTR-035 Dyke 33.31 33.60 0.29 0.07 0.55
HOLE_ID Pt Pd Au TPM
g/t g/t g/t (g/t)
WTR-027 Dyke 2.216 3.322 0.443 5.981
WTR-028 Dyke 2.221 3.611 0.926 6.758
WTR-028 Vein 3.750 8.653 0.822 13.225
WTR-028 Vein 5.510 6.500 4.150 16.160
WTR-029 No assays above $120 per tonne cut-off (*)
WTR-030 Vein 2.200 5.240 0.334 7.774
WTR-030 Dyke 3.240 4.790 0.195 8.225
WTR-031 Dyke 1.645 4.050 0.114 5.809
WTR-032 No assays above $120 per tonne cut-off (*)
WTR-034 Dyke 2.095 4.248 0.471 6.815
WTR-034 Vein 4.380 5.390 0.373 10.143
WTR-034 Vein 1.029 2.044 0.109 3.183
WTR-034 Vein 1.360 10.050 0.130 11.540
WTR-035 Dyke 1.735 2.110 0.458 4.303
(*) Contained metal value cut-off calculated using the following prices:
$10 per lb for nickel, $2.50 per lb for copper, $1000 per ounce for
platinum, $300 per ounce for palladium and $450 per ounce for gold.
True width of channel samples = sampled width, due to
cross-cutting nature of the mineralization true width cannot be
determined for drill intercepts.
About Wallbridge
Wallbridge Mining Company Limited explores for and develops nickel,
copper and platinum group element ("PGE") deposits. The Company's principal
properties are located in the Sudbury Basin in Ontario. The Sudbury area hosts
the world's largest concentration of nickel deposits and is currently the most
active mining camp in North America. Wallbridge also has a major shareholding
in Duluth Metals Limited, which has a significant property position in the
rapidly emerging Duluth Complex base metal camp in Minnesota.
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.
%SEDAR: 00010252E
For further information: Please visit the Company's website at
www.wallbridgemining.com, or contact: Wallbridge Mining Company Limited, Alar
Soever, President, Tel: (705) 682-9297, Email:
asoever@wallbridgemining.com; Mara Strazdins, Vice-President, Investor
Relations, Tel: (416) 369-1500, Email: mstrazdins@wallbridgemining.com
