Wallbridge Mining Company Limited Announces Drill Results for Two Sudbury Project Properties
LIVELY, ON, Nov. 7 /CNW/ - Wallbridge Mining Company Limited, (TSE: WM - news) which completed its $12 million IPO in July 2000, today updated investors on its Sudbury exploration programs.
Creighton South Property
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The Creighton South property covers approximately 3,630 hectares of mineral rights and about 1,345 hectares of surface rights beginning approximately 1.4 kilometers south of the Creighton Mine owned by Inco. Approximately half the property is 100% owned by Wallbridge and the other half is a joint venture with Falconbridge Limited. Under the terms of the option, Wallbridge can earn a 51% interest by spending $650,000 before January 12, 2002 and issuing 300,000 common shares and up to a 65% interest by spending an additional $350,000 before January 12, 2004 and issuing another 200,000 common shares. Wallbridge is completing its initial spending requirements and expects to formally vest in the property early in 2001.
Detailed mapping and petrologic work by the Company over 3 years has identified two trends of thermally metamorphosed Sudbury Breccia and lens of melt rock. This geology consists of the same rock types and alteration which hosts the Frood-Stobie deposit approximately 40 kilometers east of the property. The Frood-Stobie deposit was one of the biggest nickel, copper, platinum and palladium deposits in the world. A subsequent audio magneto- telluric ("AMT") geophysics survey identified a discrete conductive anomaly located in the inferred down-dip projection of the Sudbury breccia in the area of increased thermal metamorphism.
A controlled, vertical hole, WG-01, was drilled to a final depth of 2,188 meters as an initial test of this large AMT anomaly, which occurs at an interpreted vertical depth of 1,700 meters. No mineralization was encountered in the hole that would account for the AMT anomaly.
AMT, as a survey method, is a powerful tool used to detect deep conductors but it offers only an approximate location of the cause of the conductivity. Because of this, bore hole UTEM (BHUTEM) surveys are routinely employed as a follow-up to AMT to more precisely locate conductors in deep exploration drilling programs in the Sudbury mining region.
On completion of WG-01 a BHUTEM survey was completed in this hole to locate the source of the AMT anomaly.
The survey was very successful in locating a large, off-hole anomaly, which is interpreted to lie about 500 meters south of the WG-01. The anomaly response has been modeled as a plate by Lamontagne Geophysics Ltd., a contractor to Wallbridge. Based on this modeling, the conductor has been determined to be very large, topping at a depth of 1000 meters below surface and extending vertically downward for another 1000 meters. It is interpreted to have a strike length of 2000 meters and a thickness of 32 meters.
The next stage of exploration has commenced with the drilling of a second hole, WG-02, at a point 1,000 meters south of WG-01. WG-02 is being drilled north towards the anomaly, at an angle of -75 degrees. It is targeted to intersect the anomaly 1,250 meters vertically below surface. The hole will be completed by the end of November.
Parkin Property
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The Parkin property covers approximately 535 hectares of mineral rights. Under the terms of an option agreement with Falconbridge, the Company has the opportunity to earn a 50% interest in four Sudbury area properties by spending a total of $2 million on exploration before July 15, 2004. The four properties consist of the Parkin property, Mirage property, Frost Lake property and Wisner property. To date, Wallbridge has spent approximately $750,000 of the required expenditures.
Last year initial drilling was completed to test the PGE content of the known mineralization on the property. These holes confirmed elevated PGE levels, from 1 g/t to 3 g/t within the known sulphide zones. A new style of low sulphide content, high Cu:Ni ratio, very PGE enriched mineralization was also recognized.
Hole WMP-09 demonstrates the sulphide-poor, PGE enriched nature of this new style of mineralization. The results of hole WMP-10 represent the best PGE values obtained last year in the more classic, conductive, semi-massive offset style mineralization. At that time the style of mineralization in hole WMP-09 had not previously been described as an ore type. A recent paper presented by Inco has described a similar style of mineralization from below its 138 orebody at North Mine in the Copper Cliff offset. As described by Inco geologists, the mineralization is sulphide-poor, with a copper-nickel ratio of 5.5:1 and has a PGE resource grade of 18 g/t.
Results of WMP-09, WMP-10, 1999 Phase 1 Drilling
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<<
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Total
Au Ag Cu+ Pt Pd PM's
Hole From To Length g/ g/ Co Cu Ni Ni g/ g/ g/
No. (m) (m) (m) tonne tonne % % % % tonne tonne tonne
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WMP-09 89.86 104.00 14.14 1.59 8.5 0.010 0.45 0.14 0.59 2.46 1.60 5.65
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WMP-10 32.90 50.97 18.07 0.28 7.2 0.049 1.17 1.20 2.37 0.79 1.96 3.02
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>>
Wallbridge's exploration strategy is two fold; both to explore systemically along the length of the dike employing bore hole electromagnetic surveys in order to locate blind deposits and also to evaluate PGE enrichment in a separate and newly recognized potential ore environment in the Parkin offset dike. Two diamond drills have been working intermittently on the Parkin Property since early August. To date, a total of 4,617 meters have been drilled in 30 separate holes. One drill has been focused on delineating the extent, nature, distribution and geologic controls on the near surface PGM rich zone discovered in 1999 in WMP-09 and WMP-10. This program has been termed the PD program (Parkin Definition Drilling). Mineralized holes with intersections and results in the PD program are listed below:
Au+Pt
Au Ag Cu+ Pt Pd +Pd
Hole From To Length g/ g/ Co Cu Ni Ni g/ g/ g/
No. (m) (m) (m) tonne tonne % % % % tonne tonne tonne
-------------------------------------------------------------------------
PD-01 6.43 6.97 0.54 1.52 38.3 0.02 1.36 0.73 2.09 7.95 4.29 13.76
11.65 20.20 8.55 2.64 25.9 0.01 2.39 0.16 2.56 2.17 2.15 6.97
PD-04 64.53 74.27 9.74 0.24 5.3 0.01 0.49 0.12 0.61 0.50 0.85 1.59
inclu-
ding 64.53 66.43 1.90 0.34 13.7 0.02 1.03 0.41 1.44 1.07 2.89 4.30
and 70.34 74.27 3.93 0.24 4.4 0.00 0.49 0.06 0.55 0.58 0.51 1.33
80.40 81.85 1.45 0.18 2.0 0.00 0.15 0.05 0.21 0.55 0.39 1.12
PD-05 121.53 127.66 6.13 0.20 6.2 0.02 0.53 0.75 1.28 0.63 0.72 1.55
inclu-
ding 124.72 125.42 0.70 0.42 5.9 0.06 0.30 1.35 1.65 1.62 1.22 3.26
and 127.00 127.66 0.66 0.57 12.6 0.04 1.13 1.23 2.36 1.33 1.64 3.54
PD-06 10.17 14.75 4.58 0.35 22.5 0.02 2.27 0.91 3.18 1.28 1.32 2.95
PD-07 23.18 24.25 1.07 0.28 14.5 0.00 1.44 0.11 1.55 0.22 1.89 2.39
32.06 38.16 6.10 0.79 10.0 0.01 1.04 0.24 1.29 0.95 0.67 2.41
41.00 42.35 1.35 0.22 2.6 0.00 0.22 0.09 0.31 0.93 0.46 1.61
45.35 46.00 0.65 2.30 13.8 0.02 2.34 0.16 2.49 1.53 4.04 7.87
PD-08 58.90 62.15 3.25 0.36 8.7 0.01 0.69 0.59 1.28 0.86 0.57 1.79
67.12 67.77 0.65 0.61 11.3 0.005 0.55 0.17 0.72 2.40 1.52 4.53
PD-11 156.35 160.85 4.50 0.63 8.8 0.01 0.58 0.18 0.76 0.50 0.49 1.62
PD-13 12.28 17.45 5.17 0.19 6.0 0.02 0.59 0.69 1.28 0.48 0.74 1.40
PD-15 14.15 16.44 2.29 0.20 8.4 0.01 0.61 0.86 1.47 0.81 0.57 1.58
PD-16 46.44 47.30 0.86 0.15 44.4 0.01 5.06 0.42 5.48 0.87 0.57 1.59
52.30 52.93 0.63 0.45 32.5 0.01 2.22 0.09 2.31 1.39 7.19 9.03
PD-17 75.59 77.24 1.65 0.14 5.1 0.01 0.46 0.31 0.76 0.49 0.62 1.25
inclu-
ding 75.59 75.90 0.31 0.19 12.4 0.04 1.34 0.70 2.04 1.22 1.26 2.67
and 76.93 77.24 0.31 0.51 12.3 0.02 0.90 0.82 1.72 1.24 1.80 3.55
78.68 80.95 2.27 0.17 5.1 0.01 0.36 0.20 0.56 0.39 0.48 1.04
PD-19 35.45 36.69 1.24 0.10 3.9 0.05 0.92 1.23 2.16 0.46 1.00 1.56
47.91 57.60 9.69 0.19 6.5 0.01 0.48 0.28 0.76 0.62 0.70 1.50
PD-20 69.36 72.36 3.00 0.21 10.0 0.03 0.62 1.30 1.92 0.79 1.20 2.20
Results from Parkin Definition Drilling Program
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The exact geometry of the mineralization has not yet been defined, however, the true width of these intersections is estimated at about 70% of the drill core intercept. All drill hole co-ordinates are appended to this release.
The second drill at Parkin has been exploring for extensions of other known surface mineralization and has also been testing both surface and bore hole electromagnetic anomalies. This exploratory program, termed the PX program (Parkin Exploration) is ongoing and is designed to systematically explore for blind deposits along the 2 km segment of dike on Wallbridge's property. The most significant result to date is from hole PX-02 that cut blind mineralization at a shallow depth. Offhole anomalies from several holes located north of PX-02 indicate another larger conductive body that is interpreted to be down plunge, 250 meters to the north under Malboeuf Lake. To date, only a small portion of the dike has been explored. Mineralized holes with intersections and results in the PX program are listed below:
Results of Parkin Exploration Drilling Program
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Au+Pt
Au Ag Cu+ Pt Pd +Pd
Hole From To Length g/ g/ Co Cu Ni Ni g/ g/ g/
No. (m) (m) (m) tonn tonn % % % % tonne tonn tonn
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PX-01 117.50 119.00 1.50 0.12 2.9 0.02 0.27 0.34 0.60 0.30 0.60 1.02
PX-02 61.32 66.52 5.20 0.19 10.6 0.01 1.06 0.21 1.27 0.46 0.62 1.23
72.26 79.55 7.29 0.31 13.2 0.02 1.16 0.39 1.55 0.77 0.68 1.76
81.11 97.55 16.44 0.69 18.8 0.01 1.27 0.33 1.60 1.86 1.70 4.26
115.78 117.47 1.69 0.66 18.1 0.01 0.91 0.30 1.21 2.97 1.71 5.34
PX-03 70.53 91.74 21.21 0.18 6.4 0.02 0.48 0.42 0.91 0.55 0.43 1.17
PX-04 139.23 139.67 0.44 0.14 13.2 0.09 0.223 2.84 3.06 1.64 1.23 3.01
148.41 149.35 0.94 0.13 9.9 0.02 0.71 1.08 1.79 0.57 0.43 1.13
153.35 154.85 1.50 0.58 9.6 0.00 0.75 0.15 0.90 0.97 0.47 2.02
PX-07 324.39 325.00 0.61 0.14 3.5 0.02 0.22 0.12 0.34 0.31 0.88 1.33
331.30 333.23 1.93 0.23 11.6 0.02 0.97 0.66 1.63 0.44 0.30 0.97
PX-08 117.11 119.68 2.57 0.21 2.9 0.00 0.15 0.04 0.18 1.10 0.64 1.95
True width of all intersections is unknown but is estimated at between 50 and 75% of core lengths, except for hole PX-02 which was drilled steeply (-83 degrees) to test the vertical extent of an EM conductor.
The Parkin offset dike is a past producer of high grade Cu-Ni-PGE ore, at what is now Wallbridge's Milnet Mine property located 2 km to the north of the Parkin property. The next phase of work on the property will consist of further borehole EM surveys and additional drilling to follow-up on the results obtained to date.
A high priority target for exploration this coming winter is the area under Malboeuf Lake where there is a very attractive EM anomaly at a depth of about 400 meters.
Frost Lake Property
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A surface mapping and prospecting campaign has led to the discovery of a new zone of Sudbury footwall type PGE mineralization. The geological setting of this mineralization (a newly identified footwall embayment structure) bears a strong resemblance to the footwall breccia embayment hosting the high grade Victor Deep deposit 5 km to the south. Such embayment structures host ore bodies, which are currently being mined, such as the McCreedy East deposit in the North Range Footwall. Ongoing mapping has indicated that this new embayment occurs over an area of approximately 600 meters by 400 meters.
Assays of grab samples taken from a showing within the embayment appear in the table below.
Frost Lake Property
Grab Samples From the Showing (2-3% sulphide content)
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Sample Au Check Ag Co Cu Ni Pt Pd Au+Pt+Pd Au+Pt+Pd
----------------------------------------------------------------- (g/t)
g/ g/ % % % g/ g/ --------
tonne tonne tonne tonne g/ Cu+Ni
tonne (%)
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Ratio
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7562 0.42 - 17.0 0.02 0.73 0.15 1.06 1.49 2.97 3.38
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7563 1.34 - 17.7 0.01 0.19 0.05 1.03 3.95 6.32 26.38
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greater
than
7564 2.94 2.92 66.8 0.04 1.0 0.17 8.66 13.11 24.71 N/C
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7565 0.03 - 0.5 0.01 0.008 0.006 0.03 0.04 0.10 7.14
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7566 0.02 - 0.4 0.03 0.019 0.005 0.03 0.02 0.07 2.92
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7568 0.08 - 5.3 0.02 0.23 0.09 0.31 0.56 0.95 3.00
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7570 0.70 0.75 24.7 0.03 0.83 0.21 3.15 1.80 5.65 5.44
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greater greater
than than
7571 0.12 - 13.6 0.01 1.0 1.0 0.73 2.75 3.60 N/C
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7572 0.08 - 4.5 0.01 0.20 0.03 0.22 0.50 0.80 3.48
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7573 0.41 - 8.6 0.01 0.33 0.05 1.42 0.94 2.77 7.29
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7574 0.66 - 18.3 0.04 0.92 0.22 1.34 2.65 4.65 4.08
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7575 0.35 - 24.3 0.01 0.68 0.07 2.55 6.18 9.08 12.09
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7576 0.48 0.53 13.1 0.03 0.52 0.13 1.78 2.10 4.36 6.71
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7577 0.01 - 2.4 0.02 0.14 0.016 0.01 0.02 0.04 0.32
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7578 0.18 - 7.3 0.02 0.30 0.095 0.53 0.58 1.29 3.27
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7579 0.02 - 2.0 0.01 0.09 0.042 0.21 0.13 0.36 2.80
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N/C - not calculated, Cu or Ni assays not available
>>
A single vertical hole, WC-01 has been drilled to a depth of 242 meters. This was a geological test hole, designed to establish the extent of the embayment in the third dimension. Several zones of highly anomalous PGE mineralization were encountered; these include: 2.38 g/T TPM (Au+Pt+Pd) over 0.35 meters, 9.19 g/T TPM over 0.10 meters, 0.79 g/T TPM over 1.85 meters and 4.84 g/T TPM over 1.27 meters. The mineralization sampled to date is extremely PGE rich relative to the copper and nickel values.
Petrographic analysis indicates WC-01 appears to remain within the favorable structure throughout its length. Therefore, the hole will be deepened in the near future in an attempt to define the vertical extent of the embayment.
TABLE 1
PD Drillhole Co-ordinates
Grid Location (metric)
Hole Northing Easting
number (m) (m) Azimuth Dip EOH (m)
PD-01 5+00S 2+10E 300 degrees -35 degrees 50.0
PD-02 5+00S 2+28E 300 degrees -35 degrees 76.0
PD-03 5+00S 2+44E 300 degrees -35 degrees 76.0
PD-04 5+00S 2+44E 300 degrees -45 degrees 110.0
PD-05 5+00S 2+44E 300 degrees -65 degrees 162.0
PD-06 5+12.5S 2+10E 300 degrees -35 degrees 53.0
PD-07 5+12.5S 2+28E 300 degrees -35 degrees 75.0
PD-08 5+12.5S 2+44E 300 degrees -35 degrees 95.0
PD-09 5+12.5S 2+44E 300 degrees -45 degrees 127.0
PD-10 5+12.5S 2+44E 300 degrees -55 degrees 162.0
PD-11 5+12.5S 2+44E 300 degrees -65 degrees 178.0
PD-12 5+50S 1+79E 300 degrees -45 degrees 51.0
PD-13 5+50S 2+09E 300 degrees -45 degrees 118.0
PD-14 5+50S 2+40E 300 degrees -45 degrees 142.0
PD-15 5+62.5S 1+92E 300 degrees -45 degrees 77.3
PD-16 5+62.5S 2+22E 300 degrees -45 degrees 143.0
PD-17 5+62.5S 2+51E 300 degrees -45 degrees 136.0
PD-18 5+37.5S 1+92E 300 degrees -45 degrees 78.0
PD-19 5+37.5S 2+22E 300 degrees -45 degrees 110.0
PD-20 5+37.5S 2+51E 300 degrees -45 degrees 151.8
Drilled to date 2171.1
TABLE 2
PX Drillhole Co-ordinates
Grid Location (metric)
Hole Northing Easting
number (m) (m) Azimuth Dip EOH (m)
PX-00-01 5+50S 2+66E 300 degrees -45 degrees 167.00
PX-00-02 0+00N 1+16E 120 degrees -83.5 degrees 401.00
PX-00-03 6+50S 2+50E 300 degrees -45 degrees 125.00
PX-00-04 0+00N 0+36E 120 degrees -45 degrees 189.63
PX-00-05 0+50S 0+50E 120 degrees -45 degrees 200.00
PX-00-06 0+00N 0+36E 120 degrees -51 degrees 251.00
PX-00-07 2+00N 0+27E 120 degrees -67 degrees 448.00
PX-00-08 6+50S 2+50E 300 degrees -57 degrees 167.00
PX-00-09 5+00N 0+19E 120 degrees -45 degrees 320.00
PX-00-10 10+50S 2+25E 300 degrees -45 degrees 178.00
Total meters drilled to date: 2446.63
The discovery of a new footwall embayment, together with the identification of significant PGE mineralization at surface and at depth indicate a new, unexplored, high priority target in a favorable geological setting at the Frost Lake Property.
Other Developments
Mining and Lands Commissioners Hearing
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An outstanding claim by Wallbridge to the mineral rights under Island FL 52 in Kelly Lake is being opposed by the Ministry of Northern Development and Mines together with Inco Limited.
On March 6, 2000, Inco Limited announced the discovery of "10.5 million tonnes of ore containing 1.77% nickel, 1.34% copper, and 3.6 grams per tonne platinum-group metals" at Kelly Lake. Wallbridge believes the mineral rights it is claiming overlie the Kelly Lake ore deposit and may contain a portion of the ore reserve. In November 1999 when Wallbridge claimed the site, the mineral rights resided with the Crown, where they remain today. A Mining and Lands Commissioners hearing to resolve the matter is scheduled to begin November 29th.
About Wallbridge
Wallbridge was established in 1996 and has raised more than $18 million to explore and develop properties in Sudbury and the state of Minnesota. The company has assembled a large land package in the Sudbury area (the "Sudbury Project") totalling more than 150 square kilometers. The company is presently engaged in four joint venture agreements with Falconbridge Limited and is actively exploring wholly owned ground in the Sudbury area.
Wallbridge is exclusively focused on exploring for nickel-copper-PGM orebodies. Its strategy is systematic, relying on extensive geological mapping prior to geophysics and, if warranted, subsequent drilling. Wallbridge's properties are selected based on management's views as to their favourable geology in relation to Wallbridge's strategy. Wallbridge's geologists, excluding management, have cumulative experience totaling more than 75 years working in the Sudbury region with the major mining companies.
For further information
Mr. Wayne Whymark, President, Wallbridge Mining, (705) 682-9297 |
