Wallbridge Mining (TSE:WM) said Thursday that blast hole assays from a bulk sample of its Broken Hammer property revealed significantly higher grade and tonnage than the site's resource model.
The blast hole results, from material within the property's bulk sample pit, showed a 75% increase in the in-situ contained metal value when compared to the estimate based on the resource model for the volume excavated, with a 7% boost in tonnage and a whopping 64% jump in grade.
"These blast hole assay results are very encouraging," said president and CEO Alar Soever.
"We look forward with anticipation to the results of the milling of this material, which will allow us to complete a final reconciliation of grade and tonnage, factoring in mining dilution, fines losses, as well as metallurgical recoveries."
The blast hole bulk sample returned 26,324 tonnes at a grade of 5.18 g/t of total precious metals, or platinum, palladium, and gold, as well as 1.61% copper and 0.12% nickel. This compares with the resource model of 24,611 tonnes at 2.92 g/t of total precious metals and 1.01% copper and 0.10% nickel.
The Broken Hammer Zone was discovered as a result of an ongoing grass roots exploration program on the North Range of the Sudbury Basin. In November 2005, the NI 43-101 compliant inferred resource was estimated to be 251,000 tonnes at a grade of 3.8 g/t total precious metals, 1.00% copper and 0.10% nickel.
A new resource estimate and feasibility study will be completed using current metal prices, once results of the drilling program are available. Xstrata Nickel retains a 1.5% carried interest in the property, with some buy back provisions.