Wallbridge Mining Company Limited (TSX:WM)
(FWB:WC7)
("Wallbridge") today announced results
from drilling recently completed on its Parkin properties in
Sudbury, Ontario. Drilling was completed to test off-hole
conductors associated with mineralized intersections drilled
previously beneath the near-surface Parkin resource.
All four recently completed holes intersected
nickel-copper-platinum group metal ("PGM") mineralization in the
targets drilled. Down hole geophysics in the holes identified
conductive zones adjacent to the holes indicative of extensions of
the mineralization.
Highlights of the drilling include:
- 4.02 metres of 2.96% copper, 0.69% nickel, and 2.31 grams total
precious metals ("TPM") per tonne in hole WMP-139; and
- 11.60 metres of 0.61% copper, 0.81% nickel, and 1.11 grams TPM
per tonne in hole WMP-141, including 2.25 metres of 0.96% copper,
1.16% nickel, and 4.58 grams TPM.
A summary of all significant assays is tabulated in Table 1.
"Our Parkin properties cover a nine kilometer long section of
the Parkin offset dyke and host a number of excellent targets
including the past producing Milnet Mine and a near surface
Indicated Resource. The offset dykes in Sudbury host large copper,
nickel, and PGM deposits such as Vale's Totten Mine and KGHM's
Victoria Mine. In recent years, Wallbridge has re-focused on the
potential to significantly expand its near-surface Parkin resource.
The positive results from this recent drilling validate our
approach," stated Marz Kord, President and CEO of Wallbridge, "We
continue our work to attract new partner financing on this project
in order to further explore its potential".
Table 1. Summary of Drilling Results
|
|
Drill Hole |
From (m) |
To (m) |
Length* (m) |
Ni (%) |
Cu (%) |
TPM** (g/t) |
Pt (g/t) |
Pd (g/t) |
Au (g/t) |
|
WMP-138 |
244.22 |
247.39 |
3.17 |
0.25 |
0.27 |
0.94 |
0.31 |
0.49 |
0.14 |
|
WMP-139 |
500.52 |
504.54 |
4.02 |
0.69 |
2.96 |
2.31 |
1.51 |
0.44 |
0.36 |
|
Including… |
500.52 |
502.02 |
1.50 |
1.19 |
2.80 |
3.13 |
2.49 |
0.38 |
0.26 |
|
And… |
518.44 |
524.20 |
5.76 |
0.18 |
0.54 |
1.38 |
0.65 |
0.45 |
0.28 |
|
Including… |
519.85 |
521.35 |
1.50 |
0.27 |
0.88 |
2.63 |
1.40 |
0.89 |
0.34 |
|
WMP-140 |
255.36 |
258.26 |
2.90 |
0.17 |
0.71 |
4.05 |
1.33 |
2.42 |
0.07 |
|
Including… |
255.36 |
256.06 |
0.70 |
0.53 |
2.64 |
15.29 |
5.19 |
9.13 |
0.97 |
|
WMP-141 |
438.02 |
438.61 |
0.59 |
1.22 |
0.05 |
0.26 |
0.16 |
0.05 |
0.05 |
|
And… |
464.50 |
491.43 |
26.93 |
0.50 |
0.41 |
1.02 |
0.40 |
0.33 |
0.29 |
|
Including… |
464.50 |
476.10 |
11.60 |
0.81 |
0.61 |
1.11 |
0.49 |
0.49 |
0.12 |
|
And… |
489.18 |
491.43 |
2.25 |
1.16 |
0.96 |
4.58 |
1.51 |
0.66 |
2.41 |
|
*Drill core length. Horizontal
width perpendicular to the Parkin Offset dyke is approximately 60%
of the drill core length. |
**Total precious metals
("TPM") equals Pt + Pd + Au |
Four drill holes totalling 2,015 metres were completed testing
three target areas beneath the near-surface Parkin resource.
Drilling targeted off-hole borehole electromagnetic
("BHEM") conductors and 50-100 metre step-outs
from previous drilling.
Each hole intersected significant nickel
("Ni"), copper ("Cu"), platinum
group metals ("PGM"), and gold
(Au) mineralization (Table 1 and Figure 1)
consisting of massive, semi-massive, net textured, disseminated and
stringer sulfides associated with quartz diorite and inclusion
quartz diorite phases and abundant mafic inclusions within the
near-vertical Parkin Offset dyke. Subsequent borehole
electromagnetic (BHEM) surveys identified strong off-hole
conductors associated with each intersection, demonstrating that in
each case the mineralization is open with better conductivity
indicating potentially greater grades adjacent to the drill
hole.
Drill holes WMP-139 and
WMP-141 targeted 400 metres depth beneath the north end of
the Parkin resource at what is now being called the
"Malbeuf" zone. Previous holes WMP-046, WMP-056,
and WMP-130 drilled near this area intersected anomalous
mineralization in the Parkin Offset dyke. Previous hole WMP-057 was
also drilled near this area but deviated and did not cut across the
Parkin Offset dyke. BHEM surveys in each of the previous holes
identified off-hole conductors occurring in a cluster with minimum
dimensions of about 200m x 200m and unknown thickness.
WMP-139 was drilled as a 100 metre step-out undercutting WMP-046
to test the off-hole conductors at the Malbeuf zone. WMP-139
intersected two mineralized horizons with subsequent BHEM
identifying a strong off-hole conductor measuring 75m x 55 m and
unknown thickness:
- 4.02 metres of 0.69% Ni, 2.80% Cu, and 2.31 g/t TPM from 500.52
to 504.54 metres, including 1.50 metres of 1.19% Ni, 2.80% Cu, and
3.13 g/t TPM from 500.52 to 502.02 metres; and
- 5.76 metres of 0.18% Ni, 0.54% Cu, and 1.38 g/t TPM from 518.44
to 521.35 metres, including 1.50 metres of 0.27% Ni, 0.88% Cu, and
2.63 g/t TPM.
WMP-141 was completed in March 2015 as a 50 metre step-out above
and to the southwest of the intersections in WMP-139 targeting the
strong conductor in WMP-139. WMP-141 intersected several
mineralized intervals from 438 to 514 metres down hole:
- 0.59 metres of 1.22% Ni, 0.05% Cu, and 0.26 g/t TPM from 438.02
to 438.61 metres;
- 26.93 metres of 0.50% Ni, 0.41% Cu, and 1.02 g/t TPM from
464.50 to 491.43 metres, including 11.60 metres of 0.81% Ni, 0.61%
Cu, and 1.11 g/t TPM from 464.50 to 476.10 metres, and 2.25 metres
of 1.16% Ni, 0.96% Cu, and 4.58 g/t TPM from 489.18 to 491.43
metres; and
- 0.39 metres of 0.96% Ni, 0.08% Cu, and 0.50 g/t TPM from 513.61
to 514.00 metres.
Subsequent BHEM in WMP-141 identified a very strong off-hole
conductor (5800 S) with minimum dimensions of 50m x 20m and unknown
thickness above and to the southwest of the hole, at the centre of
the broader 200m x 200m cluster of off-hole conductors.
Drill hole WMP-138 targeted approximately 200
metres depth beneath the "South Extension" zone of the Parkin
resource testing a strong off-hole BHEM conductor and stepping-out
50 metres from WMP-134. WMP-134 had previously intersected 7.02
metres of 0.66% Ni, 0.64% Cu, and 2.31 g/t TPM. WMP-138 intersected
3.17 metres of 0.25% Ni, 0.27% Cu, and 0.94 g/t TPM at the target
horizon. Subsequent BHEM in WMP-138 identified an off-hole
conductor (1000 S) with minimum dimensions of 25m x 76m and unknown
thickness beneath WMP-138 indicating that it had cut over-top of
potentially higher quality mineralization below.
Drill hole WMP-140 targeted approximately 200
metres depth beneath the North zone of the Parkin Resource testing
an off-hole conductor and stepping-out 50 metres from drill hole
WMP-113. WMP-113 had previously intersected 6.17 metres of 0.92%
Ni, 1.01% Cu, and 2.31 g/t TPM. WMP-140 intersected 2.90 metres of
0.17% Ni, 0.71% Cu, and 4.05 g/t TPM which included 0.70 metres of
0.53% Ni, 2.64% Cu, and 15.29 g/t TPM. Subsequent BHEM in WMP-140
identified a very strong off-hole conductor (9600 S) above the hole
with minimum dimensions of 40m x 15m and unknown thickness within a
broader strong off-hole conductor (1800 S) with minimum dimensions
of 90m x 15m. Both of these conductors extend from the high-grade
mineralization intersected previously in WMP-113 and it appears
that WMP-140 cut below the axis of the zone.
About the Parkin Properties
The Parkin properties include the Parkin, Milnet, CBA Parkin,
and Parkin East properties covering 2,280 hectares and a 9.4
kilometre strike length of the Parkin Offset dyke which is being
explored for platinum, palladium, nickel, copper, and gold
mineralization. The Parkin properties include:
- The near-surface Parkin Resource;
- The past-producing Milnet Mine;
- The high-grade Milnet 1500 Zone; and
- Numerous high-grade showings, high-grade drill intersections,
and off-hole electromagnetic geophysical conductors.
The Parkin Resource includes a near-surface NI 43-101 compliant
resource estimate with:
- Indicated Resources of 264,000 tonnes averaging 0.70 percent
("%") copper, 0.65 % nickel, 0.62 grams per tonne ("g/t") platinum,
0.80 g/t palladium, 0.23 g/t gold, 0.03 % cobalt, and 6.3 g/t
silver;
- Inferred Resources of 87,000 tonnes averaging 0.7 % copper,
0.4% nickel, 1.2 g/t platinum, 1.0 g/t palladium, 0.6 g/t gold,
0.02 % cobalt, and 8.8 g.t silver (Soever, P.Geo., Watts, Griffis
and McOuat Limited, March 22, 2002).
Drilling and borehole geophysics has identified significant
intersections and associated off-hole BHEM conductors in several
areas beneath the Parkin Resource. Detailed geological modelling
has identified the potential to expand the Parkin Resource to
several million tonnes with typical Sudbury grades above 600 metres
depth from surface with wide open potential beneath this. This
exploration target is conceptual in nature, is based on the size of
the untested area, the nature of nearby mineralization in the
Parkin Resource, the drilling intersections beneath the Parkin
Resource, the off-hole conductors, and examples of similar Offset
dyke deposits elsewhere in Sudbury. The target is not necessarily
indicative of mineralisation on the Property and there has been
insufficient work on the property to determine whether deposits of
this size exist. Further drilling and borehole geophysics is
necessary to test this potential.
Elsewhere on the property, the Milnet Mine has reported past
production of 157,130 tons averaging 2.25 g/t Pt, 2.98 g/t Pd, 0.93
g/t Au, 1.49 % Ni and 1.54 % Cu.
Drilling beneath the Milnet Mine in 2009, Wallbridge discovered
the 1500 Zone intersecting 14.24 metres containing 8.01 g/t TPM
(1.50 g/t Pt, 2.52 g/t Pd, 3.99 g/t Au), 0.78 % Ni and 2.57 % Cu
from 1499.66 to 1513.90 metres down hole. More recent drilling
intersected 8.0 metres containing 4.31 g/t TMP (1.40 g/t Pt, 2.68
g/t Pd, 0.23 g/t Au), 4.11 % Ni and 0.60 % Cu from 1473.00 to
1481.00 metres down hole. Drilling in 2012 expanded the zone to a
size of approximately 400 metres by 50-60 metres by undetermined
thickness further intersecting 12.85 metres containing 1.85 g/t TPM
(0.63 g/t Pt, 0.94 g/t Pd, and 0.94 g/t Au), 0.73 % Cu and 0.33 %
Ni. The Zone is open in nearly all directions.
The high grade Brady showing includes surface sampling
containing 11.2 % Cu, 0.6 % Ni, 9.2 g/t Pt, 4.3 g/t Pd and 1.6 g/t
Au over 2.70 metres and a number of drilling targets.
The Parkin properties are part of a joint venture with Impala
Platinum Holdings Limited ("Implats"). Implats has
funded $7.2 million in exploration since 2008 and earned a 50%
interest in 2012. This work identified numerous mineralized
intersections and off-hole conductors beneath the near surface
Parkin Resource as well as discovered the high-grade 1500 Zone
beneath the past-producing Milnet Mine.
Wallbridge implemented reduced programs in 2013 and 2014 and
Implats' interest was diluted to 49.6% as of June 30, 2014, the end
of their last fiscal year.
Effective December 31, 2014, Wallbridge entered into an Option
Agreement with Implats to purchase their entire remaining 49.6%
interest in the joint venture at a substantial discount to past
expenditures by making cash payments over five years. To maintain
the option, Wallbridge is required to make a minimum initial cash
payment of $100,000 on or before June 30, 2015.
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. ICP-MS
over limits were re-analyzed using HF-HNO3-HClO4 acid digestion,
HCl leach and ICP-AES with sulphur was analyzed using Total Sulphur
by LECO.
The Qualified Person responsible for the technical content of
this press release is Joshua Bailey, P.Geo., M.Sc., Vice President
Exploration For Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is
currently operating its first polymetallic mine, producing copper,
platinum, palladium, and gold from the Broken Hammer open pit mine
in Sudbury, Ontario, Canada's premier mining district.
Wallbridge is also actively exploring a large package of
properties in Sudbury, including operating several significant
exploration joint ventures with partners Lonmin Plc and Glencore in
Sudbury.
Wallbridge has a record of successfully generating high
potential mineral projects and structuring partnerships and new
companies to create value for its shareholders and its partners. As
such, Wallbridge currently retains 2.84 million shares (34.3%) in
its second spin-out company, Miocene Resources Limited (TSXV:MII).
Miocene is Currently completing Reverse Takeover transaction with
Carube Resources Inc., a private Canadian company, which has six
copper-gold exploration licences in Jamaica with active exploration
joint venture funding supplied by OZ Minerals (OZL:AX).
For Further Information
Please visit the Company's website at www.wallbridgemining.com,
or contact:
Wallbridge Mining Company
Limited
Joshua Bailey, M.Sc., P.Geo Vice President
Exploration Tel: (705) 682-9297 ext. 240 Email:
jbailey@wallbridgemining.com
Linda Zubal Vice President Corporate Communications
Tel: (705) 682-9297 ext. 263 Email: lzubal@wallbridgemining.com
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.
To view Figure 1, please visit:
http://orders.newsfilecorp.com/files/2362/14804_enhancedx6x1.jpg
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