TORONTO, Nov. 16, 2011 /CNW/ - Wallbridge Mining Company Limited (TSX: WM) (FWB: WC7) ("Wallbridge") today announced that it has entered into an Option agreement with 4763 NWT Ltd. to acquire a 100% interest in the Booth River property in Nunavut. The property includes 300 square kilometers of claims covering the Booth River intrusive complex. Wallbridge has identified a number of high priority airborne conductors associated with nickel, copper and platinum group element mineralisation in the intrusive complex. Planning and permitting is underway for a program of ground geophysics and follow-up drilling in 2012.
"We were attracted to Booth River as an opportunity to repeat our success with spinouts Miocene Metals Limited and Duluth Metals Limited", commented Alar Soever, Chief Executive Officer for Wallbridge, "Booth River is the only mineralized mafic intrusive system of this size in North America which has seen so little exploration - it has large-scale discovery potential."
The mafic Paleoproterozoic Booth River intrusive complex is interpreted by the Geological Survey of Canada to be similar in size to the Sudbury Igneous Complex. It occurs within a failed tectonic rift along the margin of the Archean Slave Craton. This is a similar crustal scale environment as many of the largest nickel, copper and platinum group element districts globally; examples include Noril'sk-Talnakh in Russia, Jinchuan in China, and Duluth in Minnesota, USA.
Previous work on the property is limited to minor surface work; 13 drill holes totalling about 1200 metres from 1958, 1984, and 2006; and an airborne EM survey flown at 200 metre spacing in 2004.
To earn a 100% interest, Wallbridge is required to fulfill the following terms:
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| Date due by |
Issuance of Shares |
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Payment |
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Work Commitment |
| Upon signing |
75,000 |
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| March 17, 2012 |
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$ 150,000 |
| June 30, 2012 |
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$ 25,000 |
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| December 31, 2012 |
100,000 |
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500,000 |
| June 30, 2013 |
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50,000 |
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| December 31, 2013 |
200,000 |
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1,000,000 |
| June 30, 2014 |
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75,000 |
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| December 31, 2014 |
250,000 |
|
75,000 |
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1,000,000 |
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Total |
625,000 |
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$ 225,000 |
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$ 2,650,000 |
The Qualified Person responsible for the technical content of this press release is Alar Soever P.Geo, Chief Executive Officer for Wallbridge Mining Company Limited.
About the Company
Wallbridge Mining Company Limited's primary focus is the exploration for platinum group elements ("PGE"), nickel and copper deposits in the Sudbury area of Ontario. The Sudbury area hosts one of the world's largest concentrations of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited. Wallbridge also has a significant shareholding in its spin out company, Duluth Metals Limited which is advancing its very large copper-nickel-platinum-palladium-gold deposit in northern Minnesota through feasibility in joint venture with Antofagasta plc, one of the world's major copper producers. Wallbridge also holds a major shareholding its latest spin out company, Miocene Metals Limited (MII:TSXV), which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern BC.
This document may contain forward-looking statements relating to Wallbridge's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Wallbridge's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. 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.
