TORONTO, May 7, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today provided an update on the progress on its Broken Hammer copper and PGE project in Sudbury. Five additional drill holes were
completed at the Broken Hammer project this winter to support
geotechnical studies and final pit design.
Highlights of the drilling include:
-
12.07 metres of 3.80 g TPM*/t, 0.33% Cu, 0.03% Ni in WIS-132 below the
current pit, outside the resource
-
0.88 metres of 58.45g TPM/t, 1.06% Cu, 0.08% Ni in WIS-133 below the
current pit, outside the resource.
Drill holes WIS-129, WIS-130 and WIS-131 were completed for a
geotechnical study of the pit wall slope stability and intersected
significant new mineralization, mostly within the 2012 prefeasibility
study pit. Drill holes WIS-132 and WIS-133 tested an area where the
mineralization extended below the current pit limits beneath the
eastern portion of the resource. Results show the mineralization
extends into this area and support ongoing optimization of the pit
design to include this area. A summary of the assay results is included
below. The Broken Hammer mineralization forms a stockwork of
mineralized structures with several orientations ranging from
centimeters up to about 10 metres in true thickness. Because of the
irregular nature of the veins, the true width of individual mineralized
intervals is variable.
See Figure - Broken Hammer Drilling Winter, 2013
|
Drill Hole
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu
(%)
|
TPM*
(g/t)
|
Pt
(g/t)
|
Pd
(g/t)
|
Au
(g/t)
|
Ni
(%)
|
Location
|
|
WIS-129
|
27.26
|
31.89
|
4.63
|
0.85
|
3.70
|
0.72
|
2.34
|
0.65
|
0.31
|
Within current pit, within resource
|
|
WIS-129
|
45.00
|
45.67
|
0.67
|
0.27
|
2.95
|
1.91
|
0.69
|
0.35
|
0.02
|
Within current pit, outside resource
|
|
WIS-129
|
65.78
|
70.23
|
4.45
|
0.77
|
6.33
|
2.73
|
3.19
|
0.42
|
0.03
|
Within current pit, outside resource
|
|
including
|
68.04
|
70.23
|
2.19
|
1.09
|
11.01
|
4.78
|
5.60
|
0.64
|
0.04
|
Within current put, outside resource
|
|
WIS-129
|
78.42
|
79.31
|
0.89
|
0.19
|
6.26
|
3.29
|
2.27
|
0.70
|
0.05
|
Below current pit, outside resource
|
|
WIS-130
|
6.65
|
12.38
|
5.73
|
0.11
|
3.25
|
2.18
|
0.92
|
0.15
|
0.02
|
Within current pit, outside resource
|
|
WIS-130
|
15.76
|
17.58
|
1.82
|
1.56
|
5.33
|
1.27
|
3.70
|
0.37
|
0.13
|
Within current pit, outside resource
|
|
WIS-130
|
35.14
|
37.20
|
2.06
|
0.29
|
3.87
|
1.37
|
1.86
|
0.64
|
0.02
|
Within current pit, outside the resource
|
|
WIS-130
|
42.00
|
42.50
|
0.50
|
0.40
|
5.22
|
2.52
|
2.23
|
0.47
|
0.03
|
Within current pit, outside resource
|
|
WIS-131
|
24.62
|
52.27
|
27.65
|
0.49
|
2.45
|
0.56
|
1.69
|
0.20
|
0.04
|
Within current pit, partly within resource
|
|
including
|
35.60
|
36.48
|
0.88
|
3.35
|
0.21
|
0.02
|
0.07
|
0.12
|
0.01
|
Within current pit, within resource
|
|
and
|
40.27
|
41.48
|
1.21
|
0.22
|
25.96
|
0.46
|
24.30
|
1.20
|
0.06
|
Within current pit, outside resource
|
|
and
|
50.33
|
50.83
|
0.50
|
1.23
|
11.96
|
7.84
|
3.86
|
0.26
|
0.07
|
Within current pit, outside resource
|
|
WIS-131
|
67.51
|
68.66
|
1.15
|
0.45
|
2.30
|
0.82
|
1.20
|
0.28
|
0.06
|
Within current pit, within resource
|
|
WIS-131
|
88.74
|
90.00
|
1.26
|
0.23
|
3.60
|
0.92
|
2.12
|
0.56
|
0.05
|
Within current pit, within resource
|
|
WIS-132
|
28.67
|
29.40
|
0.73
|
0.72
|
2.56
|
1.16
|
1.19
|
0.21
|
0.06
|
Below current pit, outside resouce
|
|
WIS-132
|
40.53
|
52.60
|
12.07
|
0.33
|
3.80
|
1.81
|
1.69
|
0.30
|
0.03
|
Below current pit, outside resouce
|
|
including
|
40.53
|
40.98
|
0.45
|
4.45
|
41.94
|
27.00
|
13.80
|
1.14
|
0.17
|
Below current pit, outside resouce
|
|
and
|
51.63
|
52.60
|
0.97
|
0.78
|
12.22
|
2.23
|
8.48
|
1.51
|
0.06
|
Below current pit, outside resouce
|
|
WIS-132
|
63.96
|
65.93
|
1.97
|
0.69
|
6.93
|
1.49
|
4.55
|
0.89
|
0.07
|
Below current pit, outside resouce
|
|
WIS-133
|
38.50
|
39.38
|
0.88
|
1.06
|
58.45
|
27.40
|
24.50
|
6.55
|
0.08
|
Below current pit, outside resouce
|
*TPM= Total Precious Metals (Platinum + Palladium + Gold)
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.
Wallbridge announced positive results from a prefeasibility study in
October, 2012. The project has a 12-month life with an Earnings Before
Taxes, Depreciation, and Amortization ("EBITDA") of $8.4M generating an
NPV of $6.0M (see Wallbridge Press Release dated October 16, 2012).
The prefeasibility study recommended that the project proceed to a full
feasibility study to include securing necessary permits, a milling and
processing contract, and mining contracts in order to support a
decision by Wallbridge's board of directors to proceed with production.
To date, all permit applications have been submitted and the Production
Closure Plan for Broken Hammer has been accepted and filed by the
Ontario Ministry of Northern Development & Mines. Other permits with
the Ontario Ministry of Natural Resources and the Environment are in
progress.
A critical path item to determine the schedule for the project is
securing a satisfactory milling and processing contract for the Broken
Hammer ore. Discussions with local milling facilities in Sudbury have
not resulted in a contract being finalized at this time. As a result we
have also been exploring other processing options, including, but not
limited to, the possibility of processing the ore outside of Sudbury.
Feasibility of these other options is dependent on the financial terms
available which together with the potential for improved metal
recoveries may offset the increased costs associated with these other
options.
The mineralization at Broken Hammer is part of a much larger mineralized
system that is open to depth and along strike and has very significant
exploration upside.
The Qualified Person responsible for the technical content of this press
release is Marz Kord, P. Eng., M. SC., MBA, President & CEO For
Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is an established junior company, formed in 1996, whose mission is to
explore and develop platinum group elements (PGE's) in mining friendly
jurisdictions of North America.
Wallbridge is currently exploring and developing a large package of
properties in Sudbury, Ontario: Canada's premier mining district. These
include the pre-feasibility stage Broken Hammer development project and
significant exploration joint ventures with partners Lonmin Plc, Impala
Platinum Holdings Limited and Xstrata Nickel.
In 2005, Wallbridge created Duluth Metals Limited (TSX:DM) to explore
and develop projects in Minnesota, USA. Duluth Metals has since defined
the world's largest undeveloped sulfide PGEs, copper and nickel deposit
which it is developing through Twin Metals Limited, a joint venture
with copper producer Antofagasta Plc. Wallbridge currently retains 10.1
million shares of Duluth Metals (8.1%).
In 2010, Wallbridge created Miocene Metals Limited (TSXV:MII) to explore
and develop seven porphyry copper-gold-molybdenum projects in British
Columbia, Canada, within a previously under-recognized belt of
Miocene-age intrusions. These projects are early stage with large
mineralized structures and alteration zones that are ready for drilling
with potential for large tonnage deposits. Wallbridge currently retains
28.4 million shares of Miocene Metals (40.5%).
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.
SOURCE: Wallbridge Mining Company Limited
