Toronto, Ontario -- February 11, 2015 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today announced that it has signed an option agreement (the "Option Agreement") with Impala Platinum Holding Limited ("Implats") dated effective December 31, 2014, to purchase Implats' interests in the Parkin Offset Joint Venture ("POJV") in Sudbury, Ontario. A 2,000 metre drilling program is currently underway to follow-up high-grade intersections and test high-conductance off-hole electromagnetic geophysical conductors at shallow depths beneath the near-surface Parkin Resource.
"This new agreement allows Wallbridge to move forward with this high quality asset and work to attract new partner funding if advantageous terms can be secured," stated Marz Kord, President and CEO of Wallbridge, "With potential to significantly increase the near surface mineral resource at Parkin we are excited to be drilling on these high quality targets at such shallow depths in Sudbury."
Since formation of the POJV in August 2008, Implats funded $7.2 million in cash exploration expenditures on the properties, earning its 50% interest in 2012. This work identified numerous high-grade mineralized intersections and off-hole geophysical conductors at shallow depths beneath the near surface Parkin Resource as well as discovering the high-grade 1500 Zone at a depth of 1500 metres beneath the past-producing Milnet Mine. The Option Agreement provides Wallbridge an option to purchase Implats' entire current 49.6% interest in the POJV 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.
The POJV includes four underlying Parkin properties (Parkin, Milnet, CBA Parkin, and Parkin East) covering 2,280.83 hectares which are being explored for platinum, palladium, nickel, copper, and gold mineralization. The Parkin properties cover a 9.4 kilometre strike length of the Parkin Offset dyke including:
The Parkin Resource includes a near-surface NI 43-101 compliant resource estimate including:
Drilling and borehole geophysics beneath the Parkin Resource resulted in the high-grade intersections presented in Table 1. Each of these intersections is open and they are associated with a number of high-conductance off-hole geophysical conductors which have never been drilled.
Detailed geological modelling has identified the potential to expand the Parkin Resource to several million tonnes with typical Sudbury grades above 500 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.
The drilling program which is underway is to follow-up these intersections and conductors to further explore the tonnage and grade potential in this area.
Table 1. Significant drill intersections beneath the Parkin Resource (previously released).
|*Estimated Horizontal True Width, **Vertical drill hole, true width unknown.|
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.
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 28.4 million shares (40.5%) in its second spin-out company, Miocene Metals 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
Vice President Corporate Communications
Tel: (705) 682-9297 ext. 263
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.