Wallbridge Commences Fully-Funded 20,000 Metre Drill Program at Parkin in Sudbury

TORONTO , Oct. 13, 2016 /CNW/ – Wallbridge Mining Company (TSX:WM,FWB:WC7) announces that it has commenced drilling on its Parkin Properties, as part of the $3.958 million 2017 joint venture programs funded by partner Lonmin Plc in Sudbury , Ontario.

Approximately 20,000 metres of drilling is planned at Parkin to follow-up high-grade nickel, copper, and platinum group metal mineralization intersected earlier this year, including drill hole WMP-170 which intersected 24.25 metres of 1.22 % nickel, 1.50 % copper, 0.81 g/t platinum, 0.96 g/t palladium, and 0.38 g/t gold at very shallow depths from 35.60 to 59.85 metres down hole (see Wallbridge press release dated April 4, 2016 ).

“This past year’s program at Parkin was very successful. Our team completed 11,030 metres of drilling, tripled the extent of known near-surface mineralization, and found several new areas with considerably greater thicknesses than previously known,” stated Joshua Bailey , Vice President Exploration for Wallbridge Mining, “We are very excited to be drilling again with this larger program and look forward to further expanding these zones as well as testing a number of new targets that we have developed on the property”.

On Wallbridge’s Parkin Properties, the approved 2017 Scope of Work and Budget includes $3.358 million to complete approximately 20,000 metres of drilling, ground and borehole geophysics, as well as studies and permitting to evaluate and prepare for a potential bulk sample.

On the North Range and Wisner Properties, the approved 2017 Scope of Work and Budget includes $0.3 million to complete fieldwork, surveys, and possibly drilling. Further exploration totalling $1.7 million has been recommended on these properties but limited work is budgeted in order to focus on the more advanced exploration targets on the Parkin Properties.

On the Sudbury Camp Joint Venture, the approved 2017 Scope of Work and Budget includes $0.3 million to complete fieldwork, surveys, and possibly drilling. Further exploration totalling $6.0 million has been recommended on these properties but limited work is budgeted in order to focus on the more advanced exploration targets on the Parkin Properties.

The 2017 programs include up to $200,000 in rebates which are expected to be received by Wallbridge in 2017 from the Junior Exploration Assistance Program (“JEAP”) sponsored by the Ontario Prospectors Association and the Northern Ontario Heritage Fund Corporation.  JEAP has committed to provide Wallbridge with a grant equal to 33.3 percent of approved eligible exploration expenditures up to a total of $100,000 on each of two projects including drilling at Parkin and a regional ‘boot and hammer’ exploration project currently underway.

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