FJORDLAND EXPLORATION and CARIBOO ROSE: GOLD FIELDS COMMENCES 5000 M DRILLING PROGRAM ON SOUTHEAST ZONE, WOODJAM SOUTH, BRITISH COLUMBIA
Posted by admin in Field Work, News Releases on July 29th, 2010
Fjordland Exploration Inc. and Cariboo Rose Resources Ltd., 60-40 partners in the Woodjam joint venture, have received an update from Gold Fields Ltd.’s exploration company, Gold Fields Horsefly Exploration Corp., on its work on the Woodjam South property. The commencement date for the agreement was July 2, 2010. Drilling started on July 6, 2010, part of a 5,000-metre planned program.
Located in south-central British Columbia, 45 kilometres east of the city of Williams Lake, the 13,827-hectare Woodjam South property contains the Southeast zone copper-gold-molybdenum mineralization discovered by the WJV in 2007. To date the WJV has completed 18 diamond drill holes totalling 7,700 metres in the Southeast zone, all of which are mineralized from the overburden/bedrock interface to the bottom of the holes. One of these holes (WJ08-84) averaged 0.69 per cent Cu, 0.27 gram per tonne Au and 0.006 per cent Mo over 359.1 metres, including 1.01 per cent Cu and 0.44 g/t Au over 200.8 m. Less than one-quarter of the two km by one km wide induced polarization anomaly has been tested. In addition, an airborne magnetometer survey completed in 2009 identified several additional targets on the Woodjam South property; these will be followed up.
The planned drilling in the immediate area of the previous drilling will test for lateral and depth extensions of the copper-gold-molybdenum mineralization of the Southeast zone. Elsewhere on the Woodjam South property, a program of induced polarization and ground magnetic surveying will be completed over prospective target areas, identified as a result of the 2009 airborne magnetometer survey over the property.
Fjordland president Tom Schroeter said: “After a year hiatus from drilling on the significant Southeast zone discovery, due to depressed economic and market conditions during 2008 to 2009, we are very pleased to have a company with Gold Fields’ credentials mount the beginning of a major exploration drilling program to define a resource for the zone, as well as testing the rest of the property which hosts several airborne magnetic anomalies. We believe that the size of the mineralized body will increase significantly as a result of this year’s drilling.”
Mr. Schroeter, PEng/PGeo, a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
FJORDLAND EXPLORATION and CARIBOO ROSE: WOODJAM NORTH; DRILLING AT DEERHORN ZONE YIELDS 115.9 M GRADING 0.287G/T GOLD AND 0.321% COPPER
Posted by admin in Drill Results, News Releases on July 27th, 2010
Fjordland Exploration Inc. and Cariboo Rose Resources Ltd., 60-40 partners in the Woodjam joint venture, have received Gold Fields Ltd.’s Gold Fields Horsefly Exploration Corp.’s drilling results from the Woodjam North gold-copper property. Drilling on the property, which is located 45 kilometres east of Williams Lake in south-central British Columbia, started earlier this year. Phase one drilling between February and June, 2010, totalled 8,433 metres in 34 holes, including 2,330 m in the Takom zone, 3,921 m in the Deerhorn zone and 2,182 m in the Spellbound area. The results reported in the table are for the last four holes (1,197.6 m) in Deerhorn and eight holes (2,182 m) in Spellbound.
Deerhorn zone
Assay results for the four new holes completed in 2010 are reported in the table.
From To Interval Au Cu Au equivalent Hole (m) (m) (m) (g/t) (%) (g/t) Deerhorn DH10-13 75.3 84.0 8.7 0.11 0.23 0.52 DH10-13 88.0 92.0 4.0 0.22 0.06 0.33 DH10-13 96.0 148.0 52.0 0.08 0.22 0.47 DH10-13 152.0 163.4 11.4 0.06 0.14 0.31 DH10-13 208.0 217.0 9.0 0.06 0.11 0.26 DH10-14 78.0 84.0 6.0 0.07 0.12 0.29 DH10-14 110.3 226.2 115.9 0.29 0.32 0.87 DH10-15 82.0 141.3 59.3 0.14 0.15 0.42 DH10-15 200.0 226.0 26.0 0.17 0.16 0.46 DH10-16 39.0 60.0 21.0 0.27 0.16 0.55 DH10-16 124.0 184.6 60.6 0.35 0.22 0.75 Spellbound SB10-04 51.0 55.0 4.0 0.08 0.12 0.30 SB10-09 28.0 36.0 8.0 0.18 0.16 0.47 SB10-09 110.0 119.0 9.0 0.03 0.17 0.33 SB10-10 5.3 13.0 7.7 0.28 0.34 0.89 SB10-10 17.0 23.0 6.0 0.07 0.09 0.24 SB10-10 35.0 68.2 33.2 0.10 0.15 0.37 SB10-10 257.0 272.0 15.0 1.01 0.004 1.02 Note: Intervals are core lengths. Au equivalent in grams per tonne is calculated using $950 (U.S.) per ounce Au and $2.50 (U.S.) per pound Cu. Metallurgical recoveries and net smelter returns are not considered.
These four holes were drilled to test the possible geometry of the mineralized zone in the area around hole DH10-09, which assayed 90.8 metres grading 0.58 gram per tonne Au and 0.39 per cent Cu, including 30.4 m grading 1.01 g/t Au and 0.72 per cent Cu. All four holes intersected mineralization. DH10-14 yielded 115.9 m grading 0.287 g/t Au and 0.32 per cent Cu. This hole was lost in mineralization at 226 m. The last two m graded 0.6 g/t Au and 0.28 per cent Cu. Additional step-out holes are planned to further test the zone. A drill location map may be viewed at Fjordland’s website.
Spellbound area
Reconnaisance drilling of eight (of 11) holes (totalling 2,182 m) which reached their targets in the Spellbound area, targeting coincident copper and molybdenum soil anomalies, resulted in the discovery of gold-copper mineralization over a large area located to the east of the Deerhorn zone and to the north of the Southeast zone. Three assay intervals greater than 0.24 g/t gold equivalent are reported in the table.
The best results from Spellbound are from SB10-10, located in the southern part of the Woodjam North property, approximately 1.5 km north of the Southeast zone on the Woodjam South property. Intersections included 33.2 m grading 0.103 g/t Au and 0.148 per cent Cu as well as 15 m grading 1.014 g/t Au and 0.006 per cent Cu. These intersections occur within broader zones of mineralized Takomkane quartz monzonite containing fine disseminated chalcopyrite, rare molybdenite and bornite in quartz veinlets. The zone remains prospective with a strong affinity to the style of mineralization encountered in the Southeast zone. Additional induced polarization, ground magnetic and soil sampling surveys are in progress. Follow-up drilling is planned. A drill location map may be viewed at the Fjordland’s website.
Fjordland’s president, Tom Schroeter, said: “These new drill results from the Deerhorn zone and the discovery of mineralization in the Spellbound area on the Woodjam North property provide a great platform for follow-up drilling in our phase two drilling program (5,000 m planned) which has started on the Takom zone and will be followed by drilling on the Deerhorn zone, the Spellbound area and initial holes on the Corner Lake area north of the Deerhorn zone.”
Mr. Schroeter, PEng, PGeo, is a qualified person within the context of National Instrument 43-101. He has read and takes responsibility for this news release.
Spanish Mountain Gold Provides Update
Posted by admin in Field Work, News Releases on June 23rd, 2010
Spanish Mountain Gold Ltd. is providing the following update of activities for its wholly owned Spanish Mountain gold project near Likely, B.C.
Metallurgy
Confirmatory metallurgical testwork is continuing under the direction of Dr. Morris Beattie, PEng. Highlights of results to date are as follows:
A standard process of flotation followed by regrinding and carbon-in-leach processing of the concentrate achieves an overall recovery of 90%.
Preliminary grinding tests have confirmed that the gold mineralization exhibits low work indices. These data indicate the potential for lower power consumption during the milling process which could result in lower overall operating costs for processing.
Testwork on additional samples from holes drilled across the Main Zone of gold mineralization will continue in order to establish design criteria to a pre-feasibility level of study.
Drilling and other field activities
Drilling has commenced within the Main Zone of gold mineralization and will have the following three principal objectives:
Seven HQ diameter holes for a total of 2000 metres will be completed to gather geotechnical information to aid in the design of a potential open pit.
Four additional HQ diameter holes will be drilled and two of the geotechnical holes will also be used to gather samples for additional metallurgical tests. These holes will be distributed across the Main and North Zones to demonstrate consistency in the metallurgical behaviour of the gold mineralization.
Seven holes will be drilled in areas proximal to the Main Zone of gold mineralization to determine the potential for expansion of the Main Zone gold resource (see the news release of the Company dated March 18, 2009) and to test additional areas for gold mineralization.
Other fieldwork will focus on sampling for Acid Base Accounting purposes. Samples have been gathered from drill core and drill core sample rejects from holes previously drilled across the Main Zone and the surrounding areas. These samples have been submitted for analysis and the results will aid in the advancement of the design and management of potential tailings and waste rock storage facilities.
Preliminary assay results from the twenty three large diameter HQ drill holes completed in 2009 have been received and the data are currently being reviewed to ensure QA/QC compliance. Final assays are expected during July 2010.
Cedar Creek Property Acquisition
With respect to the recently acquired Cedar Mountain property, the Company has identified several areas with potential to host gold mineralization interpreted from previous soil geochemical surveys and 2006 airborne geophysical data. These target areas will be further refined by infill soil geochemical surveys in preparation for more advanced exploration work.
Preliminary Economic Assessment
The Company has commissioned a Preliminary Economic Assessment (”PEA”) for the Spanish Mountain project and has engaged PEG Mining Consultants of Barrie, Ontario to complete this study. The study will establish realistic assumptions of operating and capital costs to develop a potential mine at the Spanish Mountain project. The results of this assessment are expected during the fourth quarter of 2010. Ron Halas, who has been recently appointed Chief Operating Officer of the Company, will be leading the initiatives to move the Spanish Mountain project forward through the PEA and ultimately towards development and production.
The scientific and technical information contained in this news release is based upon information prepared by or under the supervision of Stuart Morris, the Company’s VP, Development Geology, a qualified person (as defined in NI 43-101).
Spanish Mountain Gold Acquires Cedar Mountain Property
Posted by admin in News Releases, Property Agreements on June 16th, 2010
Spanish Mountain Gold Ltd. (”the Company”) (SPA-TSXV) announces that the Company and Cedar Mountain Exploration Inc. (”Cedar Mountain”) have entered into a binding agreement whereby the Company will acquire a 100% interest in the Cedar Creek Property from Cedar Mountain (”the Transaction”).
The Cedar Creek Property (the “Property”), which occupies an area of approximately 14 square kilometers (or 5 square miles), is contiguous to the western boundary of the Company’s flagship Spanish Mountain Gold Project near Likely, British Columbia. The location of both properties occupying a combined area of over 51 square kilometers (or 20 square miles) is shown in the maps (Fig. 1 & Fig. 2) attached to this news release.
Details of the Transaction are as follows:
- The Company may acquire a 100% undivided interest in the Property by making a cash payment to Cedar Mountain of CAN$500,000.
- The 100% undivided interest in the Property is subject to an underlying net smelter return (”NSR”) royalty of 2.5% in favour of a third party. The royalty may be purchased by the Company through the payment to the holder of the royalty CAN$500,000 per 1% NSR.
The maps attached to this release also display areas of the Property that are considered to be prospective for gold mineralization.
Brian Groves, President and CEO of the Company commented: “Our primary focus is the advancement of our Spanish Mountain Gold Project. We have identified areas on the Cedar Creek Property and close to the common property line which we believe have the potential to host gold mineralization. We will work quickly to better define these areas as targets for drilling.”
About Spanish Mountain Gold
Spanish Mountain Gold Ltd is focused on advancing its flagship Spanish Mountain gold project in central southern British Columbia. The Company has a current cash position of approximately $7.0 million and has applied for Mineral Exploration Tax Credit refund from the Province of British Columbia totaling $1.9 million. These funds are expected to be received in the second quarter of 2010.
On Behalf of the Board,
SPANISH MOUNTAIN GOLD LTD
Brian Groves
Brian Groves.
President and CEO
Gold Fields Granted Option on Woodjam South Property, BC
Posted by admin in Corporate Updates, News Releases on May 26th, 2010
Vancouver, BC May 26, 2010 – Cariboo Rose Resources Ltd. (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), the Woodjam Joint Venture (”WJV”) 40%-60% partners, are pleased to report that effective May 20, 2010, Gold Fields Horsefly Exploration Corporation, a member of the Gold Fields Limited group of companies (NYSE: GFI) has been granted an option on the WJV’s Woodjam South property. Gold Fields can earn a 70% stake in Woodjam South by undertaking, among other conditions, a minimum of US$15 million in expenditures and completing a comprehensive feasibility study.
Located in south-central British Columbia, 45 km east of the city of Williams Lake, the Woodjam South property includes the Southeast copper-gold-molybdenum zone, discovered by the WJV in 2008 and claims to the south and southwest (in total an area of 13,807 hectares), subsequently acquired by the WJV. To date, the WJV has completed 18 diamond drill holes totaling 7,700 m on the Southeast Zone, all of which are mineralized from the overburden/bedrock interface to the bottom of the holes. An exploration highlight is hole 08-84 that averaged 0.69% Cu, 0.27g/t Au and 0.006% Mo over 359.1 m, including 1.01% Cu and 0.44g/t Au over 200.8 m. Less than one-quarter of the 1.5 km by 1.0 km induced polarization anomaly has been tested. In addition, an airborne magnetometer survey completed by Gold Fields during 2009 identified several additional targets on the Woodjam South property which require follow up.
Gold Fields can earn an initial 51% interest in the Woodjam South property by spending US$7 million in exploration over a 3.5-year period, with a minimum expenditure of US$2 million in the first 18 months. In addition, Gold Fields will subscribe to a common share private placement of C$200,000 from Cariboo Rose and C$300,000 from Fjordland. The price per share will be 150% of the volume weighted average price as quoted on the TSX Venture Exchange for 10 trading days following the 20th day after the commencement date (completion of due diligence). During the initial option period, the WJV will be the operator of the project, while Gold Fields will provide technical direction.
Gold Fields can extend the option a further 19% for a total 70% interest in the Woodjam South property, by completing a comprehensive feasibility study of all known targets or deposits on the property. In addition, Gold Fields must spend a minimum of US$2 million on the property for each of the first 4 years of the second option period. The Agreement is subject to a due diligence period of up to 60 days by Gold Fields.
The WJV and Gold Fields are planning a large exploration program, including a minimum of 4,000 m of diamond drilling on the Southeast Zone. This is the beginning of a comprehensive and aggressive exploration campaign which could entail total exploration spending of approximately C$35 million over a 7.5-year period in the combined Woodjam project (South and North properties). In addition, the comprehensive feasibility study to be completed by Gold Fields to earn a 70% interest at Woodjam South, would add significantly to property expenditures. For Woodjam North, the agreement calls for optional expenditures totaling C$19 million over the 7-year term, including cash payments of C$350,000 to the WJV over the initial 3-year period of the option agreement (See CRB News Release, June 3, 2009 for details). For Woodjam South, Gold Fields would need to spend a minimum of US$15 million on the property over a 7.5-year term, subscribe to C$500,000 worth of shares in Fjordland and Cariboo Rose through a private placement, and take the project through completion of the feasibility stage.
The WJV is pleased to have Gold Fields as a partner in both the Woodjam North and Woodjam South properties, totaling 56,150 hectares. Fjordland President Tom Schroeter said, “The partnership with one of the world’s largest gold producers now allows for aggressive advancement of the entire Woodjam property, including the very exciting Southeast Zone copper-gold-molybdenum discovery, and pursuing new target development on other Woodjam anomalies. Including a feasibility study on the Woodjam South property is a significant component of this deal as the project will benefit from Gold Fields’ exploration and development expertise in gold-rich porphyry deposits. The WJV is well positioned for future discoveries in this area.”
G. L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
Glen Garratt, P.Geo, Director.
Cariboo Rose Resources Ltd.
Contact:
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: pway@eastfieldgroup.com
About Cariboo Rose Resources Limited
Cariboo Rose Resources Limited is a Canadian public resource company that trades on the TSX – Venture exchange under the symbol CRB. Cariboo Rose has six gold, copper and molybdenum exploration projects in Western Canada. Cariboo Rose Resources Ltd. (40%) and Fjordland Exploration Inc. (60%) comprise the Woodjam Joint Venture. Gold Fields Horsefly Exploration Corporation, a member of the Gold Fields Limited group of companies, may earn up to a 70% interest in the 40,750-hectare Woodjam North gold-copper property by spending $19 million on exploration over 7 years; a $3 million exploration program is currently in progress. The Woodjam Joint Venture also owns the 13,807 hectare Woodjam South property which adjoins the Woodjam North property. For more information please visit the Company’s website at www.cariboorose.com.
About Gold Fields Limited
Gold Fields is one of the world’s largest unhedged producers of gold with attributable production of 3.6 million ounces* per annum from nine operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfields and near mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 81 million ounces and Mineral Resources of 271 million ounces. * Based on the annualized run rate for the first quarter of F2010.
Cariboo Rose, Fjordland Exploration and Gold Fields Drill Results from Woodjam North
Posted by admin in Drill Results, News Releases on April 21st, 2010
Gold Fields Horsefly Exploration Corporation, a member of the Gold Fields Limited group of companies, has forwarded the first results of the 2010 drilling program on the Woodjam North gold-copper property, located 45 kilometres east of Williams Lake in central British Columbia, to Fjordland Exploration Inc. and Cariboo Rose Resources Ltd., the Woodjam joint venture (WJV) 60-per-cent/40-per-cent partners.
The winter program recommenced in early February in the Takom zone where seven holes totalling 2,330.5 metres were completed and the results are reported in the table (a drill plan map may be viewed at the company’s website). The drill then moved to the Deerhorn zone where nine new holes totalling 2,459.4 metres have recently been completed with results pending. Drilling is continuing at the Deerhorn zone and will shortly move to the Spellbound target area, on the eastern side of the Woodjam North property, where there has been no previous drilling.
TAKUM ZONE: SUMMARY OF SIGNIFICANT INTERCEPTS
Hole From To Int. Cu Au Au eq.
ID(i) (m)(i) (m)(i) (m)(i) % g/t g/t(i)
TK10-12 67.00 215.00 148.00 0.26 0.40 0.92
including 108.10 170.00 61.90 0.41 0.82 1.63
TK10-13 174.00 248.00 74.00 0.15 0.16 0.46
including 174.00 200.00 26.00 0.20 0.30 0.70
TK10-14 103.00 147.00 44.0 0.11 0.05 0.27
TK10-15 10.51 60.00 49.49 0.11 0.04 0.26
TK10-16 114.30 147.6 33.30 0.13 0.07 0.33
TK10-17 29.00 79.00 50.00 0.17 0.05 0.39
168.00 202.00 34.00 0.14 0.07 0.35
237.00 294.00 57.00 0.10 0.03 0.23
TK10-18 159.00 183.00 24.00 0.18 0.03 0.39
(i) Intervals are core lengths; Au equivalent in grams per tonne
calculated using $950 (U.S.) per ounce gold, $2.50 (U.S.) per pound
copper and the formula: (per cent Cu times 22 times price
Cu per pound) and (g/t Au times 0.029166 times price Au per ounce)
per price gold per ounce times 0.029166. Metallurgical recoveries
and net smelter returns are assumed to be 100 per cent.
Takom zone drilling
Drilling in the Takom zone area was directed at defining the geometry of the mineralized diorite intrusion intersected by previous drill holes, as well as step-out holes to explore for new mineralized areas. Assay results from previous drilling indicate a zone of high-gold-to-copper-ratio mineralization, similar to the Megabuck and Deerhorn zones to the north, that follows a northeasterly trending positive magnetic feature. Drill hole TK10-12 intersected 148.0 metres grading 0.40 gram per tonne Au and 0.26 per cent Cu (including 61.9 m grading 0.82 g/t Au and 0.41 per cent Cu). Drill holes TK10-13 through 16 were also drilled along this trend and all intersected copper-gold mineralization. Gold Fields anticipates further drilling in this area to vector the high-grade mineralization in the core of the target.
New Southeast zone-style discovery at Takom
Drill hole TK10-17 was drilled into a magnetic low area on the southeast portion of the Takom main magnetic zone and discovered a new area of mineralization associated with a quartz monzonite intrusion, similar to the Takomkane intrusive suite which hosts the Southeast zone. This is interpreted as a younger-aged mineralizating event than the Takom/Megabuck/Deerhorn and is similar in style to the Southeast zone two kilometres to the east on the Woodjam South property, where all 18 drill holes to date have intersected significant copper-gold-molybdenum mineralization. Hole TK10-17 returned 50 m grading 0.17 per cent Cu with anomalous molybdenum, similar to the first holes on the periphery of the Southeast zone, and opens up a large new target area for further drilling. This hole also lies near the western end of an east-west-trending gravity anomaly that encloses the Southeast zone.
New Takom area discovery
Drill hole TK10-18 stepped out 450 m southward from the Takom zone drilling and tested an area with epidote-tourmaline altered and hydrothermally brecciated volcanic rocks and a coincidental copper-in-soil anomaly. The hole was lost due to ground conditions at 194 m; however, 24.0 m grading 0.18 per cent Cu was intersected near the end of the hole. This represents a new area of mineralization where there has been no previous drilling, adding significantly to the potential of the area. This hole is near the northern boundary of the adjacent Woodjam South property.
Management of Fjordland and Cariboo Rose is very pleased with these recent results, as drilling continues to demonstrate high potential in what is now clearly a large cluster of mineralized intrusions throughout an area of at least 20 square kilometres, covering only a small portion of the property explored to date.
Gold Fields has an option to earn up to a 70-per-cent interest in the Woodjam North property by spending $19-million in exploration over the next seven years (see news July 30, 2009). Gold Fields budgeted approximately $3-million for the first-year work program including drill testing, IP geophysical surveying, soil geochemical and high-resolution airborne geophysical surveying on the 40,750-hectare property.
In addition, Cariboo Rose and Fjordland look forward to completing the Woodjam South agreement with Gold Fields (see news Jan 15, 2010) and commencing an extensive exploration program on this very significant copper-gold-molybdenum property. The best assay result from previous drilling on the Southeast zone is 200.76 metres grading 1.01 per cent Cu and 0.44 g/t Au.
T.G. Schroeter, PEng, PGeo, who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release. Gold Fields, as operator of the exploration program, has quality assurance-quality control procedures in place.
About Gold Fields
Gold Fields is one of the world’s largest unhedged producers of gold with attributable production of 3.6 million ounces(i) per year from nine operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfields and near-mine exploration projects at various stages of development. Gold Fields has total attributable mineral reserves of 81 million ounces and mineral resources of 271 million ounces.
(i) Based on the annualized run rate for the first quarter of fiscal year 2010.
Cariboo Rose Announces Pat Drill Results, B.C.
Posted by admin in News Releases on March 5th, 2010
Cariboo Rose Resources and Astorius Resources have received the results from one of three holes in a three hole diamond drill program (747 metres total). The drilling was completed late in 2009 to test a strong regional magnetic feature interpreted to have potential to host a buried copper gold porphyry system. Three holes were drilled, of which two were completed and one abandoned in overburden.
The second hole of the program, 09-P-06, intersected the bedrock interface at a depth of 146 metres and encountered a sequence of volcanic tuff/siltstone, sandstone and volcanic agglomerate believed to be part of the Eocene-age Kamloops Group which extends to the end of the hole at 316 metres. Several intervals of black carbonaceous material were encountered in the drill core and were initially suspected to be coal. The core was subsequently examined by Moose Mountain Technical Services; an east Kootenay based geological consulting and engineering group with expertise in coal geology. Moose Mountain concluded that while narrow intervals within the broader carbonaceous intervals can be described as “coaly” the carbonaceous material does not have a rank to classify as coal. Further research completed by Astorius and Cariboo Rose discovered two references to previous coal discoveries in the Pat project area. One discovery is referenced in the 1904 Report to the Minister of Mines and the other in a 2006 assessment report filed with the BC government describing a drill intercept of coal, nine kilometres to the west of the Pat property. Astorius and Cariboo Rose subsequently applied for nine coal permits (5,425 hectares) of which acknowledgement of receipt by the government (for the referral process) for eight of these has now been received. Minor pyritic intervals encountered in hole 09-P-06 will be sampled in the near term and analyzed for precious metal.
The third hole of the program, 09-P-07 which was located a further 1,600 metres to the west, passed through 197 metres of overburden before intersecting the bedrock interface. Bedrock in hole 09-P-07 is a grey brown tuffaceous unit with minor pyrite and is quite distinct from bedrock encountered in hole 09-P-06 and may represent the Triassic-Jurassic rocks typical of the Quesnel Terrane. The hole was bottomed at 258 metres after becoming stuck. The core from this hole was sampled but did not return any significant results.
The Pat project is located approximately fifteen kilometres southeast of the Village of Horsefly in the Cariboo region of BC. The Pat property is owned by Cariboo Rose Resources and is subject to an option agreement which gives Astorius the right to earn a 60% interest in it by completing $1.2 million in exploration, and paying $150,000 in cash and issuing 200,000 shares to Cariboo Rose, before July 9, 2011.
Gold Fields Doubles Drilling Plans at Woodjam North, B.C.
Posted by admin in Corporate Updates, News Releases on March 2nd, 2010
Cariboo Rose Resources and Fjordland Exploration, the Woodjam Joint Venture (’WJV’) 40%/60% partners, have been informed by Gold Fields Horsefly Exploration Corporation (a member of the Gold Fields Limited group of companies (NYSE: GFI)) that it has recently decided to increase its planned winter drilling program, which resumed on February 10, 2010, to 7,000 metres. The 12-month program which began in July, 2009 is budgeted at $3 million.
Gold Fields now plans to drill several additional holes tracing the northeasterly mineralized trend in the Takom Zone, as previously described. The drill will then move onto the Deerhorn Zone and Spellbound Area, as reported earlier.
Tom Schroeter, President of Fjordland commented, ”The WJV is pleased with Gold Fields’ recent decision to significantly expand the winter drilling program. We look forward to receiving results of the drilling program over the next several months and reporting on them in a timely manner.
G. L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
Gold Fields Resumes Drilling at Woodjam North, B.C.
Posted by admin in Corporate Updates, Field Work, News Releases on February 10th, 2010
Cariboo Rose Resources and Fjordland Exploration, the Woodjam Joint Venture (’WJV’) 40%/60% partners, are pleased to report that Gold Fields Horsefly Exploration Corporation (a member of the Gold Fields Limited group of companies) has resumed drilling on the 40,750-hectare Woodjam North gold-copper property, located 45 km east of Williams Lake in central British Columbia. This Phase Two, winter 2010 drilling program is a continuation of a budgeted $2.5 million, 12-month program which began in July 2009. Phase One drilling between October and December, 2009 consisted of 14 holes totalling 4,582 m on the Takom (11 holes) and Deerhorn (3 holes) zones (see January 12, 2010 News Release for details).
Gold Fields plans to complete 3,000 to 4,000 m of drilling in approximately 12 holes. At Takom, four holes (~ 1,200 m) are planned to follow up on significant drill intersections obtained over a northeasterly mineralized trend measuring over 500 m in strike. Within this trend hole TK09-001 returned 329.6 m grading 0.24% Cu and 0.27 g/t Au, including 101 m grading 0.43% Cu and 0.58 g/t Au.
At Deerhorn, four holes (~ 1,200 m) are planned to follow up significant drill intersections from four of five holes completed to date on this zone discovered in 2008. Hole WJ08-93 returned 69 m grading 0.22% Cu and 0.5 g/t Au, and DH09-003 returned 173 m grading 0.12% Cu and 0.50 g/t Au, including 89.5 m grading 0.26% Cu and 1.17 g/t Au. The remainder of the proposed drilling (four holes) is planned to test geochemical and magnetic anomalies east of the Megabuck and north of the Southeast zones, respectively — an area referred to as Spellbound.
Preliminary results from a 9,114 line-km low-level, high resolution airborne magnetic survey, an 85 line-km induced polarization survey and a 4,250-sample soil survey have resulted in the identification of several additional targets for future drill testing, including the Corner Lake area, north of the Megabuck and Deerhorn zones.
Tom Schroeter, President of Fjordland commented, “The Phase One program recently completed by Gold Fields has provided additional significant drill assays from the Takom and Deerhorn zones, as well as identifying several new target areas ready for drill testing. We are very pleased to see the resumption of a winter drilling program, demonstrating Gold Fields commitment to the project, as well as the ability to work year-round in this easily-accessible region of BC.”
Gold Fields has an option to earn up to a 70% interest in the Woodjam North Property by spending $19 million in exploration by July 2016 (see July 30, 2009 News Release for details).
G. L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
Gold Fields Exercises Right of First Refusal on Woodjam South, BC
Posted by admin in News Releases, Property Agreements on January 16th, 2010
Cariboo Rose Resources Ltd. (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), the Woodjam Joint Venture (”WJV”) 40%/60% partners, are pleased to report that Gold Fields Horsefly Exploration Corporation (a member of the Gold Fields Limited group of companies (NYSE: GFI)) has provided written notice that it intends to exercise a right of first refusal with respect to the WJV’s Woodjam South copper-gold property. This offer matches one presented by another major international mining company.
Pursuant to the offer, Gold Fields can earn a 51% interest in the Woodjam South Property in consideration for expending US$7 million on exploration over 42 months and the purchase of a total of C$500,000 of common shares of the WJV partners, which will divided relative to their interests. The offer includes the right to increase the earned interest to 70% by financing a bankable feasibility study. The transaction is subject to due diligence and the execution of a definitive agreement. A draft agreement is expected shortly; its terms will be released upon signing.
Gold Fields right of first refusal is contained in the existing Option and Joint Venture Exploration Agreement relating to the adjoining Woodjam North Property. The WJV recently released drill results which is part of a comprehensive exploration program budgeted at $3 million and operated by Gold Fields on this 40,750-hectare property (see January 12, 2010 News Release for details). Drilling is scheduled to resume in early February.
The 13,807-hectare Woodjam South Property includes the Southeast Zone, discovered in late 2007 by the WJV partners. Drilling of 7,700 m in 18 holes during 2007 and 2008 of a large, 1.5 km by 1 km, induced polarization (IP) target tested a length of 1,000 m, a width of 500 m and to a depth of 700 m. Fifteen of these holes were drilled on a grid pattern 600 m by 300 m. Porphyry-style copper-gold-molybdenum mineralization was intersected from the bedrock surface to the end of the hole in all 18 holes. The best intercepts (hole 08-84) included: 359.1 m grading 0.69% Cu, 0.27 g/t Au and 0.006% Mo, including 200.8 m grading 1.01% Cu, 0.44 g/t Au and 0.002% Mo. Less than one quarter of the IP anomaly has been tested. During 2009, no drilling was carried out at Woodjam South. A high resolution, low level airborne magnetometer survey was completed over the property and several prospective new anomalies were identified.
Tom Schroeter, President of Fjordland commented, “The earn-in proposal for the WJV’s Woodjam South Property by a major international mining company and the subsequent notice to exercise its right of first refusal by Gold Fields represents another important step in the WJV’s objective of advancing the entire Woodjam property without significant equity dilution.”
G.L. Garratt, P. Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
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2010-09-03 11:03
