Exploration and Drilling Update
Vancouver, BC, March 1, 2011 -Newbridge Capital Inc. ("Newbridge") is pleased to release the results of the recently completed Phase 1 eight hole diamond drilling program totaling 1,125 metres on the Treadwell-Allies gold-copper property in the Watching Creek area near Kamloops, B.C.
Hole TA10-01 was drilled in the NW part of the property near Sydney Lake to test a weak IP chargeability and MMI soil anomaly for an "Afton Style" porphyry copper target. Hole TA10-02 was drilled about 400 metres north of the historic Allies gold showing. This was a structural target based on IP geophysics results. Again Kamloops Group volcanics were intersected. The top 50 metres of the hole was a felsic subaqueous distal ash tuff unit. The bottom of the hole to 712 feet was in subareal vesicular basalt flows and breccias. No geochemical sampling was completed for the first two holes.
The remaining six holes tested two out of three gold targets in the historic Allies part of the property. Due to reported poor recovery of the historic drilling, sludge samples were also taken of most holes in this phase. The core was delivered from the drill site to a secure core processing facility in Kamloops B.C. by employees of Renaissance Geoscience Services Inc. of Kamloops B.C. It was geo-teched for recovery, digitally imaged and tested for magnetic susceptibility and conductivity and geologically logged. The sections of core chosen to be sampled were either split with a manual core splitter or, if considered competent enough, cut with a 12 inch core saw. All holes were sampled and analyzed at Ecotech Laboratory Ltd. in Kamloops B.C. for gold (Fire assay AA finish) and 34 element ICPMS finish. Field standards and blanks were inserted approximately every 23 samples. The field standard used was CU130 from WCM Minerals Ltd. of Vancouver, B.C.
Hole TA10-03 was designed to "twin" hole 86-01 at the Dodd's showing, 900 metres south of the Allies showing, and was collared 4 metres west, drilled 5 degrees deeper and 5 degrees to the right (west) of hole 86-01. Hole 86- 01 intersected from 109 to 110 m reporting 0.85 g/t gold, from 116 to 116.7 m grading 0.960 g/t gold and from 123 to 125 metres grading 1.3 g/t gold. These intervals were within a larger interval from 107 to 128 metres reporting additional gold values ranging from trace to 0.55 g/t gold. No other elements were analyzed for.
Hole TA10-03 intersected a large shear zone hosting strongly sheared and variably sulphide mineralized ultramafic picrite and Nicola augite porphyry basalts with minor intercalated Kamloops Group volcanics. This hole intersected from 107.1 m to 113.45 m, 0.762 g/t gold including 1.25g/t gold from 108.51 to 110.03 metres. An average core angle of 15 degrees infers a true thickness of less than one and a half metres for this interval.
A second interval from 126.8 to 147.4 m grading from trace to 0.4 g/t over greater than 1 metre was intersected. Shear angles within this interval were at higher core axis angles. The same intervals of core reporting gold were also highly anomalous for mercury and moderately anomalous for silver and arsenic. Copper, iron, molybdenum, and sulphur were weakly anomalous along with elevated cadmium, potassium, tellurium. Calcium, chromium, nickel and strontium levels were lower than average.
In conclusion, gold values were very similar to the values obtained in 1986, although the interval reporting gold in hole TA-10-03 was over a larger interval with upper and lower sections of higher values than seen in hole 86-01. The highly anomalous and more widespread arsenic and mercury with weaker antimony values is a very encouraging indication that these holes intersected part of a large and potentially much better gold mineralized structure along strike and, more importantly, at depth.
Analytical results of the sludge samples also indicated gold and related indicator elements in slightly lower quantities than the core.
Holes TA10-04 to 08 were drilled under the gold bearing subcrop material at the Main or Allies showing. All previous trenching and drilling has failed to encounter a bedrock source of the mineralized 'porphyry'. The current drilling, which tested directly under rock hosting the mineralization, revealed that, directly under Cannel Creek, is a major steeply dipping northwest striking fault with a deep accumulation of Kamloops Group felsic angular fragmental volcanics underlying the later Miocene basalt northeast of the creek. Included in the fragmentals are innumerable pyrite mineralized angular silicified feldspar porphyry fragments that appear to be similar to the porphyry at the Allies showing However they do not appear to carry any gold or other indicator elements. The fragmentals appear to be compositionally similar to the much finer grained subaqueous appearing tuff found in hole TA10-02, some 400 metres north. The picrite-augite porphyry package underlying the southwest side of the creek has been intruded by several Kamloops Group Tertiary dykes. However no intercepts returned any gold or indicator element values.
The Southwest Showing, 500 metres west of the Allies showing, and the many gold showings in Watching Creek area several kilometres to the east were not tested by this program. Both targets host one or more > 1 g/t gold intersections in historic drill holes.
Newbridge Management is reviewing the results to determine the direction of future exploration expenditures on the property.
The technical aspects of this release have been read and approved by Leopold J. Lindinger, P.Geo of Renaissance Geoscience Services Inc. of Kamloops, B.C. Mr. Lindinger, P.Geo is an independent qualified person as defined by NI 43-101.
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