Aug 12, 2010
Miocene Metals Confirms Copper-Gold Mineralization on Mackenzie and Molybdenum Mineralization on Salal Properties
Toronto, Ontario – August 12, 2010 – Miocene Metals Limited (the "Corporation" or "Miocene Metals"), a subsidiary of Wallbridge Mining Company Limited (TSX: WM), today announced that sampling and prospecting have confirmed copper-gold and molybdenum mineralization on three of its eight British Columbia properties.
Bruce Jago, President and CEO of Miocene Metals stated that "The results of this early sampling demonstrate that our exploration model in this under-explored porphyry belt is valid. We are very pleased that outcrop sampling on the Mackenzie and Salal properties has confirmed the presence of copper-gold and molybdenum mineralization, respectively. We look forward to a very active late summer and fall exploration season."
Preliminary reconnaissance work has also identified anomalous stream sediment results on four of the remaining five properties, all of which are located in south-western British Columbia. The fifth property, Meager, was staked in June 2010 and has not seen any exploration activity so far this year.
Sampling on the Mackenzie property returned high-grade copper and elevated gold values from chip and grab samples collected along a structure that has been traced across a very steep cirque wall over a horizontal distance of approximately 1,000 metres. The structure, likely a fault, which was discovered by the property vendor, widens to several metres in width in several location where it is cross-cut by numerous, closely-spaced vertical fractures. One and possibly two parallel structures also are present but access to higher elevations on the face was hampered by its steepness and cover by residual snow. The origin of the mineralization is not clear at this time, but a link with a porphyry-style system is suggested by enrichments in molybdenum and rhenium in some samples. Values obtained from chip and grab samples on this structure are tabulated in the following table:
* - chip samples were taken perpendicular to the contacts of the host structure SC01 - SC16a are historic samples n.a. - Not analyzed
Chip and grab samples locations are shown in Figure 1 which can be viewed at www.wallbridgemining.com under this press release.
Porphyry-style molybdenum mineralization was confirmed in the Mud Lake area of the Salal property, which is located about 10 kilometres southwest of Mackenzie. Although snow was still present on the property at the time of sampling, known molybdenum showings in the northern part of the property were re-sampled and returned values up to 3.24% Mo and 3.55 g/t Re. These values confirm the high prospectivity of the area and rhenium-enriched nature of molybdenum mineralization on the property as indicated by historical sampling. Molybdenum mineralization has been discovered along a 15 kilometre arc, which traces the contact between an inner coarse-grained and outer fine-grained phase of the host granodiorite.
Stream sediment sampling on the southern cluster of properties, including Mount Barr, Custer Ridge, and Sunshine has identified several areas with anomalous gold, +/- copper and +/- molybdenum values. Values on the Mount Barr property range up to 0.86 g/t Au, 120 ppm Cu and 18.75 ppm Mo and identify several areas of interest for follow-up on the eastern and central areas of the property with multiple values on some drainages. Values on the Custer Ridge property range up to 2.3 g/t Au and indentify several areas for follow-up particularly on the south-western and north-eastern areas of the property. A single anomalous silt result (0.22 g/t Au) was obtained from the core of the Sunshine property, which will also be followed up. At Shulaps, near Lillooet, a number of anomalous gold, (up to 0.393 g/t Au) copper (up to 104 ppm Cu) and molybdenum (up to 11.0 ppm Mo) values were obtained from streams in the northern half of the property, one supported by a cluster of three medium level copper anomalies. No work was completed on the southern half of the property and it has been allowed to lapse.
The remainder of the summer program will include drilling targets on the Rogers Creek, Salal and possibly the MacKenzie properties, as well as follow-up of the stream sediment results.
Stream sediment and rock samples were delivered directly to ALS Chemex Ltd. Laboratories in Vancouver for preparation and analysis.
Rock samples were crushed to 70% passing 2 mm, after which a split was taken with a riffle splitter and pulverized to 85% passing 75 microns. The samples were then analyzed for 48 elements using Chemex’s ME-MS61 package, which is an inductively-coupled plasma mass spectrometry (ICP-MS) method utilising a near total four acid digestion. The samples were assayed for Au by standard lead collection/fire assay fusion (Au-ICP21) using a 30 gram pulp split and an inductively coupled plasma atomic emission spectrometry (ICP-AES) finish.
Silt samples were screened to minus 200 microns, and analysed by the same techniques as described above for the rocks.
The Qualified Person responsible for the technical content of this press release is Clinton Smyth, P.Geo, Vice-President, Exploration of Miocene Metals Limited.
About Miocene Metals Limited
Miocene Metals is focused on the exploration and development of Wallbridge’s seven porphyry copper-gold-molybdenum properties in south-western British Columbia within the Miocene-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with the Miocene-age porphyry belt that stretches the length of Chile and Argentina in South America and hosts some of the world’s largest porphyry copper-gold-molybdenum deposits including Chuquicamata, El Teniente and Los Bronces.
The Corporation is a private issuer. None of the Unit Shares, Warrants or Warrant Shares may be transferred without the express consent of a majority of the directors of the Corporation. Additionally under applicable securities laws, the securities issued pursuant to the private placement described herein are subject to a seasoning period of four months and a day after the date the Corporation becomes a reporting issuer in a jurisdiction of Canada.
For Further Information
Please visit the Wallbridge website at www.wallbridgemining.com, or contact:
Miocene Metals Limited
Bruce Jago, President and CEO
Tel: (705) 682-9297
This document may contain forward-looking statements relating to Miocene’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 Miocene’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. Miocene 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.
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