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  • Wallbridge Mining confirms platinum-palladium-gold mineralization to depth on Frost Lake in Sudbury 0 comments
    Dec 2, 2010 11:05 AM | about stocks: WM

    Wallbridge Mining (TSX:WM, FWB: WC7) announced Thursday that drilling at the northwestern extension of the Amy Lake Zone on its Frost Lake property in Sudbury, Ontario returned anomalous near-surface intersections of platinum, palladium and gold, confirming surface mineralization to depth.

    Highlights include drill hole WC-038, which intersected 75.48 metres containing 0.50 g/t platinum + palladium + gold (TPM) from 13.77 to 89.25 metres, including a sub-interval of 7.23 metres containing 1.84g/t TPM from 13.77 to 21.00 metres and other narrower intervals with up to 5.32 g/t TPM.

    The company said that this drill intersection is located beneath a new exposure of platinum-palladium-gold-copper-nickel mineralization discovered by Wallbridge this past summer, which was found to extend the Amy Lake Cu-PGE zone 70 metres further northwest. Surface sampling at the new exposure reported grabs up to 25.15g/t TPM, with a 0.40 metre channel sample returning 17.55g/t TPM.

    "These drill results have confirmed the extension of the surface mineralization to depth and confirmed our new structural model for the Amy Lake Zone," said president and CEO Alar Soever.

    Other significant intercepts from the recent program include drill hole WC-036, which returned 16.65 metres containing 0.81 g/t TPM with 0.27 % copper from 24.15 to 40.80 metres, including a 0.55 metre sub-interval with 13.54 g/t TPM, 2.29 % copper and 0.76 % nickel. Hole WC-037 intersected narrow zones containing up to 2.24, 2.55, and 3.17 g/t TPM.

    The platinum group metal mineralization at Amy Lake is typical of the low-sulphide halos adjacent to producing Cu-PGE "footwall" ore zones in Sudbury, such as at Quadra FNX's Morrison deposit, Xstrata's Nickel Rim South mine, and Vale's 153 orebody, Wallbridge said.

    The company plans on initiating a more aggressive drilling program in the next year, which will continue to test the Amy Lake zone and a number of similar looking targets on the same belt.

    The Frost Lake property, whcih is a joint venture between Wallbridge and Xstrata Nickel, is situated in close proximity to Vale-Lonmin's 2007 Capre copper-nickel-PGE discovery within the Eastern range of the Sudbury mining camp.

    The Sudbury area hosts the world's largest concentration of nickel deposits and is currently the most active mining camp in North America.

    Aside from its properties in Sudbury, Wallbridge holds a portfolio of porphyry copper-gold-molybdenum projects in southwestern BC, which is currently being spun out of a new company called Miocene Metals. The company also holds a major stake in Duluth Metals, which has a large copper-nickel-PGE resource in the Duluth Complex base metal camp in Minnesota. Wallbridge holds a 58% stake in Frost Lake.
    Stocks: WM
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