Wallbridge Intersects Further High-Grade Ni-Cu-PGMs at Shallow Depths at Parkin

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Wallbridge Intersects Further High-Grade Ni-Cu-PGMs at Shallow Depths at Parkin

Canada NewsWire

TORONTO, June 19, 2017 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge") is pleased to announce that ongoing partner-funded exploration drilling continues to expand the high-grade polymetallic nickel, copper, and platinum group metal ("Ni-Cu-PGM") mineralization at shallow depths on the Parkin properties ("Parkin") in Sudbury, Ontario.

Wallbridge Mining Company Limited (CNW Group/Wallbridge Mining Company Limited)

Highlights:

  • Drill hole WMP-211 intersected 1.09% nickel, 0.74% copper, 0.68 g/t platinum, 0.71 g/t palladium, and 0.13 g/t Au over 6.08 metres from 222.73 metres down-hole;
  • Drill hole WMP-212 intersected 1.09% nickel, 0.85% copper, 1.19 g/t platinum, 2.35 g/t palladium, and 0.29 g/t Au over 6.24 metres from 248.00 metres down-hole;
  • WMP-211 and WMP-212 intersections occur along the same modelled flexure in the Offset dyke with borehole geophysics support for step-out drilling on the zone;
  • WMP-212 which intersected 11.85 g/t Au over 1.09 metres from 171.91 metres down-hole.

"Exploration drilling on our Parkin properties in Sudbury, Ontario, is successfully expanding the near surface Ni-Cu-PGM mineralization while also testing for larger targets along the entire Parkin Offset dyke," stated Marz Kord, President and CEO of Wallbridge, "Exploration drilling on our Fenelon Gold property in Quebec is also progressing well and we look forward to releasing an update on that program once initial assay results are available".

Both drill holes WMP-211 and WMP-212 successfully tested conductive borehole geophysics anomalies within a significant gap in the drilling at about 180 metres depth from surface. Previous drill hole P-58 was also drilled in this area and intersected 1.02% nickel, 1.90% copper, 2.18 g/t platinum, 1.55 g/t palladium, and 1.14 g/t Au over 1.65 metres from 344.00 metres down-hole. All three intersections are interpreted to occur within the same east-dipping flexure in the Parkin Offset dyke.

Figure 1. Composite Long Section of Parkin: http://www.wallbridgemining.com/i/maps/20170613_AA_ParkinLongitudinal-Figure1.pdf

Figure 2. Composite Long Section of Parkin (detail): http://www.wallbridgemining.com/i/maps/20170613_BB_ParkinLongitudinal_V2-Figure2.pdf

Table 1. Ni-Cu-PGM Drill Assay Results at Parkin

Drill Hole

From

To

Length*

Ni

Cu

TPM**

Pt

Pd

Au


(m)

(m)

(m)

(%)

(%)

(g/t)

(g/t)

(g/t)

(g/t)

WMP-206

485.31

488.00

2.69

0.31

0.25

0.35

0.16

0.15

0.04

WMP-207

Weakly mineralized IQD, no significant assays

WMP-208

Weakly mineralized IQD, no significant assays

WMP-209

72.43

72.74

0.31

0.34

0.16

0.81

0.37

0.35

0.08


74.43

75.06

0.63

1.90

0.69

1.22

0.44

0.55

0.23

WMP-136

Gold assays shown below

WMP-210

Weakly mineralized IQD, gold assays shown below

WMP-211

222.73

228.81

6.08

1.09

0.74

1.51

0.68

0.71

0.13

Including…

222.73

223.38

0.65

2.04

0.38

2.08

0.77

1.14

0.16

And…

226.60

228.81

2.21

2.28

1.48

3.04

1.40

1.40

0.24

WMP-212

248.00

254.24

6.24

1.09

0.85

3.84

1.19

2.35

0.29

Including…

248.00

248.32

0.32

0.66

3.29

2.23

0.50

1.64

0.09

And…

250.43

254.24

3.81

1.67

0.94

5.52

1.71

3.43

0.38

*Drill core length, true width is approximately 70-90% of drill core length.

** Total precious Metals ("TPM") equals Pt + Pd + Au

 

In addition to the Ni-Cu-PGM mineralization, Wallbridge continues to find high-grade gold mineralization associated with quartz-carbonate-sulfide veins cutting the Archean volcanic rocks adjacent to the Parkin Offset dyke. To date, 24 drill intersections have returned between 0.92 and 44.00 g/t gold at Parkin. Highlights from the most recent drilling include:

  • The extension of drill hole WMP-136 intersected 4.29 g/t Au over 0.57 metres from 419.47 metres down-hole;
  • Drill hole WMP-210 intersected 2.10 g/t Au over 1.45 metres from 191.94 metres down-hole and 1.4 g/t Au over 0.45 metres from 198.55 down-hole and;
  • Drill hole WMP-212 intersected 11.85 g/t Au over 1.09 metres from 171.91 metres down-hole.

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 oxide 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 (HCIO4-HNO3-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES finish. Cu and Ni over-limits or samples submitted as ore grade were analyzed using HNO3-HClO4-HF-HCl acid digestion, HCl leach and ICP-AES (some conditions require an AA finish). Sulphur over-limits were 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., MBA, Vice President Exploration for Wallbridge Mining Company Limited. Mr. Bailey has prepared, supervised and approved the scientific and technical disclosures in this press release.

About Wallbridge Mining

Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.

Wallbridge is currently preparing to develop its 100%-owned high-grade gold Fenelon Gold Property in Quebec with exploration underway and a bulk sample and production decision targeted for 2017. Wallbridge is also in discussions regarding several other advanced stage projects which could become the Company's next mines. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October 2015. Wallbridge is also continuing active partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario. Currently, Wallbridge is completing a 20,000 metre fully partner-funded drilling program on its high-grade Parkin nickel-copper-PGM project.

Wallbridge also has exposure to active exploration for copper and gold in Jamaica and British Columbia through its 11.2% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited). 

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

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Copyright CNW Group 2017

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