Highlights
- Wallbridge Mining is to advance the Broken Hammer copper-PGE project through feasibility with permitting and a production decision expected in 2012.
- Wallbridge Mining plans 15,000 metres exploration drilling in Sudbury with a focus on Implats, Lonmin and Xstrata joint ventures.
- Continued drilling at Parkin, following up high grade nickel-copper-PGE results at Milnet.
TORONTO, Jan. 5, 2012 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today provided a business update highlighting its direction for 2012. Wallbridge plans include advancing its Broken Hammer copper-platinum group element ("PGE") project through feasibility and completing over 15,000 metres of exploration diamond drilling on its Sudbury area projects. Drilling is ongoing, focused on joint venture projects with partners Impala Platinum Holdings Limited ("Impala"), Lonmin Plc ("Lonmin") and Xstrata Nickel ("Xstrata").
"We will build on our recent success at Broken Hammer and Parkin," said Alar Soever, CEO of Wallbridge, "and we look forward to continuing our successful strategy of generating high-potential nickel, copper and platinum group element exploration projects and advancing these through joint ventures or spin-out companies."
"The planned exploration work in 2012, a more aggressive program than 2011, will continue to focus on Sudbury, Canada's premier mining region." stated Wallbridge President Marz Kord, "In terms of metal endowment, infrastructure, community support and regulatory stability, Sudbury is the most attractive place in the world to explore for and develop large-scale copper, nickel and PGE mining projects."
At its Broken Hammer copper-PGE project, Wallbridge completed a 30,000 tonne open-pit bulk sample in 2011. This was processed at Xstrata's Strathcona Mill in Sudbury and resulted in a net smelter return of about $4.0M and estimated net proceeds of about $2.6M or approximately $86 per tonne. Wallbridge has since contracted Wardrop, A Tetra Tech Company, to update the mineral resource estimate and complete feasibility studies. Permitting and a production decision at Broken Hammer are expected in 2012.
Following recent geological modelling by Wallbridge, 1,000 metres of drilling is planned to test targets near and down-plunge of the Broken Hammer resource. The surrounding Broken Hammer property has very significant un-explored potential for large high-grade copper-PGE footwall deposits similar to Quadra FNX's recent Morrison Deposit discovery and those at Xstrata's Nickel Rim South mine.
The 2011 bulk sample at Broken Hammer also resulted in discovery of exceptionally large museum quality sperrylite (PtAs2) crystals which occur as an important platinum bearing mineral. Wallbridge is currently working with Bradley Wilson at Alpine Gems to curate and market the specimens.
On Wallbridge's 100% owned Wisner East property, which is adjacent to the Broken Hammer property, Wallbridge will complete drilling to test a conductor within an anomalous breccia structure for copper-PGE mineralisation.
On the Wallbridge - Impala Parkin Offset Joint Venture drilling in 2012 is being planned to follow-up recent high grade drilling results at the Milnet 1500 Zone, including wedge cut WMM-015-W2 which intersected 8.00 metres of 4.32 g/t TPM, 0.60% copper and 4.11% nickel (see Wallbridge press release dated October 14, 2011). The Milnet 1500 Zone was discovered by Wallbridge in 2009 and is located at a depth of about 1500 m beneath the Milnet Mine. The Milnet Mine has reported historic production of 157,130 tons averaging 5.56 g/t TPM (TPM = total precious metals: platinum + palladium + gold), 1.54 % copper and 1.49 % nickel. Drilling will target electromagnetic conductors extending from the Milnet 1500 zone as well as similar targets nearby.
Mineralisation within the Parkin Offset dyke is similar in style to that at Vale's Copper Cliff North and South Mines and Totten Mine Development.
The Wallbridge - Lonmin Sudbury Camp Joint Venture has a 2012 budget of $1.25 million and planned work includes over 3,000 metres drilling, geophysics and fieldwork to test for footwall and offset style PGE, copper and nickel deposits on the Skynner Lake, Foy, Windy Lake, Cascaden, Trill, Trill West and Creighton South Properties.
On the Wallbridge - Xstrata Frost Lake, Wisner and Graham Joint Ventures 1,300 metres of diamond drilling, geophysical surveys and fieldwork have been budgeted to test for footwall style copper, nickel and PGE deposits. The largest program will be on the Frost Lake joint venture on the East Range of the Sudbury basin where a large ground electromagnetic survey and follow-up drilling are planned over the Amy Lake Sudbury breccia structure which hosts Wallbridge's Amy Lake PGE zone and Vale's adjacent Capre footwall deposits. The East Range is a rich and under-explored part of the Sudbury basin hosting a number of deposits and mines that illustrate its discovery potential.
Recent work on Wallbridge's North Range Properties in Sudbury has successfully discovered 46.5 new strike km's of offset dykes, including four new offset dykes totalling 17.5 kilometres in length and a 29 km extension to the Hess Offset dyke. Offset dykes are the host structure for about 25 % of the ore mined in Sudbury and are particularly attractive exploration targets as they typically contain elevated PGE's. With the recent discoveries, Wallbridge now controls over half of these structures in Sudbury, most of which has never been explored. Wallbridge's North Range properties uniquely offer large-scale grassroots discovery upside in the most established mining camp in Canada. Wallbridge is currently evaluating opportunities to fund further fieldwork, geophysics and about 3,050 metres of drilling on the North Range in 2012.
On the recently acquired Booth River Project in Nunavut, Wallbridge is planning a ground electromagnetic survey over nickel, copper and PGE targets in the first quarter of 2012 and will be evaluating opportunities to fund drilling in 2012.
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 Alar Soever P.Geo., CEO For Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is an established diversified metals company working to build sustainable growth for investors through creativity, technical innovation and financial discipline. Wallbridge specializes in nickel, copper, platinum and palladium projects in mining friendly jurisdictions of North America. Wallbridge has a record of generating high potential projects and financing exploration through joint ventures or spin-out companies, with a particular focus in Sudbury. Current joint venture partners include Impala Platinum Holdings Limited, Lonmin Plc and Xstrata Nickel.
Sudbury is Canada's premier mining region and is the most attractive place in the world to explore for and develop large-scale copper, nickel and PGE deposits. Sudbury is unparalleled in terms of metal endowment, infrastructure, community support and regulatory stability.
Wallbridge also has a significant shareholding in spin out company Duluth Metals Limited (DM:TSX), which is advancing a very large feasibility-stage copper-nickel-PGE deposit in northern Minnesota with joint venture partner Antofagasta plc, one of the world's major copper producers. Wallbridge also holds a major shareholding in spin out company Miocene Metals Limited (MII:TSXV), 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 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.