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.
