Fjordland Exploration Inc.
TSX VENTURE : FEX

Fjordland Exploration Inc.

July 05, 2011 08:00 ET

Fjordland Exploration Inc.: Drilling at Woodjam South (Southeast Zone) Yields 264 m Grading 0.41% Copper, 0.12 g/t Gold and 0.01% Molybdenum

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 5, 2011) - Fjordland Exploration Inc. (TSX VENTURE:FEX) and Cariboo Rose Resources Ltd. (TSX VENTURE:CRB), 60%-40% partners in the Woodjam Joint Venture ("WJV"), report that Gold Fields Limited's (NYSE:GFI) exploration company, Gold Fields Horsefly Exploration Corporation ("Gold Fields"), has forwarded drill results from six new holes (2,434 m) of the 2011 infill and expansion diamond drilling program, testing a previously defined core area of mineralization measuring 800 m by 630 m on the Southeast Zone of the Woodjam South copper-gold-molybdenum property. The Property is located 45 km east of Williams Lake in south-central British Columbia.

To date, 22 holes totaling more than 9,000 metres (m) have been completed in the 2011 program; further results will be reported in batches when received. A drill location map may be viewed at www.fjordlandex.com/news/nr11-14b.pdf.

Southeast Zone Drilling:

Hole ID From (m) To (m) Int. (m) Cu% Au g/t Mo% Cu Eq %
SE11-27 115.8 401.1* 285.3 0.33 0.09 0.005 0.40
Including 115.8 234.0 118.2 0.52 0.16 0.005 0.64
SE11-28 88.4 478.5* 390.1 0.31 0.10 0.008 0.41
Including 88.4 144.0 55.6 0.53 0.34 0.000 0.71
Including 378.0 463.0 85.0 0.31 0.06 0.02 0.47
SE11-29 140.2 404.2* 264.0 0.41 0.12 0.010 0.53
Including 238.0 278.0 40.0 0.56 0.13 0.027 0.80
Including 322.0 357.7 35.7 0.83 0.30 0.000 1.02
SE11-31 106.9 416.4* 309.5 0.34 0.05 0.012 0.44
Including 106.9 243.1 136.2 0.38 0.06 0.011 0.48
SE11-32 158.5 440.7* 282.2 0.41 0.06 0.015 0.53
Including 412.0 440.7* 28.7 0.73 0.08 0.013 0.85
SE11-33 121.9 293.2* 171.3 0.49 0.08 0.004 0.56
Including 173.0 285.0 112.0 0.55 0.08 0.005 0.63
Table Notes: Intervals are core lengths; Cu Equivalent in % calculated using US$2.50/lb Cu, US$950/oz Au and US$15/lb Mo and the formula: ((%Cu x 22 x Price Cu/lb) + (g/t Au x 0.03215 x Price Au/oz) + (%Mo x 22 x Price Mo/lb))/(Price Cu/lb x 22). * = end of hole. Metallurgical recoveries and net smelter returns are not considered.

Hole SE11-27 was collared between holes WJ08-83, WJ08-84 and SE11-26 in an area of an interpreted high-grade core of mineralization. Copper-gold-molybdenum mineralization was intersected from the top of the bedrock to the end of the hole at 401.1 m. A 25.8-m non-mineralized plagioclase porphyry dyke occurs between 276.5 and 302.3 m. Hole WJ08-84, located 60 m to the southwest of SE11-27 assayed 0.69% Cu, 0.26 g/t Au and 0.006% Mo, including 1.01% Cu, 0.44 g/t Au and 0.002% Mo over 200.8 m.

Hole SE11-28 was collared between holes WJ08-86 and SE10-01, south of a trend of higher grade mineralization previously defined by drilling, and encountered copper-molybdenum mineralization from the top of the bedrock to the end of the hole at 478.5 m.

Hole SE11-29 was collared between WJ08-83 and WJ08-96 confirming an area of higher grade core of mineralization. Copper-gold-molybdenum mineralization was intersected from the top of the bedrock to the bottom of the hole at 404.2 m. A 9.9-m plagioclase porphyry dyke occurs between 290.5 and 300.5 m.

Hole SE11-31 was collared approximately 70 m northeast of hole WJ08-83, along strike to the northeast of the higher-grade core zone. Copper-gold-molybdenum mineralization was intersected from the bedrock to the end of the hole at 416.4 m.

Hole SE11-32 was collared approximately 60 m to the northeast of SE11-23, immediately west of an area of interpreted higher grade mineralization. Copper-molybdenum mineralization was intersected from the bedrock to the end of the hole at 440.7 m. A 19.7-m basalt dyke occurs between 392.4 and 412 m.

Hole SE11-33 was collared approximately 140 m northeast of SE10-14, along the interpreted northern portion of the higher-grade core area. Copper-molybdenum mineralization was intersected from the bedrock to the end of the hole at 293.2 m. The hole was lost in bad ground, between 100 and 150 m above the target depth.

Assay results for holes SE11-23, SE11-25 and SE11-30 have not yet been approved under the project's strict quality control/quality assurance procedures.

All 49 drill holes reported on the Southeast Zone to date are mineralized from the overburden/bedrock interface to the bottoms of the holes. The current drilling program is testing mineralization to depths of about 400 m; however, the deepest hole to date (WJ08-82) is just over 700 m and ended in mineralization. One drill has moved to begin infill and expansion drilling on the northern portion of the core area; the second drill will move to the north after completing a further six holes on the southern portion.

Fjordland President Tom Schroeter says: "Assay results from this batch of holes are very encouraging and appear to have expanded the core area of copper and gold mineralization, flanked by copper-molybdenum mineralization in the southern portion. We look forward to testing the northern portion."

Core samples were analyzed by ALS Laboratory Group, a certified facility in North Vancouver, BC. Tom Schroeter, P.Eng./P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.

About Fjordland Exploration Inc.

Fjordland Exploration is a mineral exploration company focused on the discovery of gold, copper and molybdenum deposits in British Columbia. Of the 28 properties Fjordland owns, the Woodjam North and Woodjam South properties (totaling 56,150 ha) are part of the Woodjam Joint Venture between Fjordland (60%) and Cariboo Rose Resources Ltd (40%); both properties are under separate option agreements to Gold Fields Horsefly Exploration Corporation. Fjordland also has a 100% interest in 7 properties known as "Tak" totaling 52,342 ha in the Woodjam area. Fjordland has a 100% interest in the 2,192 ha "Milligan" project, adjoining Thompson Creek Metals Company Inc.'s Mt. Milligan copper-gold deposits on the west. The Tak-Milligan properties have been optioned to Capstone Mining Corp. Fjordland and Serengeti Resources Inc. are 38%/62% partners exploring 12 properties (QUEST Project) totaling 56,670 ha in the Quesnel terrane north of Woodjam for precious and base metals. Fjordland has a 100% interest in 8 properties totaling 60,047 ha in the Iron Range area and has an option agreement on 7 properties totaling 21,222 ha with Kootenay Gold Inc. in southeastern BC. Fjordland's shares trade on the TSX Venture Exchange under the symbol "FEX". For more information visit Fjordland's website at www.fjordlandex.com.

About Gold Fields Limited

Gold Fields is one of the world's largest unhedged producers of gold with attributable, annualized production of 3.6 million ounces per annum from eight operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfield and near mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 77 million ounces and Mineral Resources of 225 million ounces. For more information visit the company's website at www.goldfields.co.za.

Tom Schroeter, President & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.

Contact Information

  • Fjordland Exploration Inc.
    John Gomez
    Investor Relations
    604-893-8365
    604-669-8336 (FAX)
    www.fjordlandex.com