Wallbridge Mining Confirms Conductor In Parkin Offset Dyke
TORONTO, July 30 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB:
WC7) today announced that it has confirmed the presence of a highly conductive
body in the Milnet Mine claim block of their Parkin Offset dyke joint venture
property in Sudbury. Results of a down-hole electromagnetic UTEM-4 survey in
hole WMM-010W1, the first wedge-cut from WMM-010, have confirmed the presence
of a highly conductive body immediately east of the hole. This is the same
conductor that initially was detected from WMM-010, which is located 72 metres
further to the east (see Press Release dated May 27, 2009).
The results of the UTEM-4 survey completed in WMM-010W1 confirm the
presence of a highly conductive body with a conductivity of 3000 siemens,
located 5 to 15 metres east of hole WMM-010W1, from 1475 to 1535 metres depth
down the hole. A wedge-cut is currently underway from WMM-010W1 to intersect
the centre of the conductor as modeled by Lamontagne Geophysics.
The Parkin Property comprises a southern block of claims held 98.5% by
Wallbridge and 1.5% by Xstrata Nickel, a central block of claims covering the
historic Milnet Mine workings owned 100% by Wallbridge and a northern block of
claims and three claims between Wallbridge's southern and Milnet claim blocks
covering the so-called Brady Showing, which are subject to an option and joint
venture agreement between Wallbridge and Champion Bear Resources (See property
map on Wallbridge's website at www.wallbridgemining.com).
The Parkin Property is being explored in joint venture with Impala
Platinum Holdings Limited (Impala), the world's second largest primary
platinum producer. Impala can earn a 50% interest in the Parkin Property by
spending $5 million over a three year period. Impala can then increase its
interest to 65% by funding a Feasibility Study and securing Wallbridge's
portion of the development funding through to commercial production on a
project loan basis (See Wallbridge press release dated August 26, 2008).
Wallbridge can earn a 50% interest in Champion Bear's blocks of claims by
spending $2 million by July 2011. Wallbridge may then increase its interest in
the property to 75% by completing a definitive feasibility study on a deposit,
which is in whole or in part on the property and funding Champion Bear's
portion of development expenditures as a loan against Champion Bear's portion
of the proceeds of production. (See Wallbridge press release dated April 28,
2008). |
