Fjordland Exploration Inc.
TSX VENTURE : FEX

Fjordland Exploration Inc.

November 22, 2010 07:00 ET

Fjordland Exploration Inc.-Woodjam North: Deerhorn Zone Drill Hole Intersects 157 m Grading 1.14g/t Gold and 0.29% Copper

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2010) - Fjordland Exploration Inc. (TSX VENTURE:FEX) and Cariboo Rose Resources Ltd., 60%-40% partners in the Woodjam Joint Venture ("WJV"), report that Gold Fields Limited's exploration company, Gold Fields Horsefly Exploration Corporation ("Gold Fields"), has forwarded additional drilling results from the 2010 drilling program on the Woodjam North gold-copper property, located 45 km east of Williams Lake in south-central British Columbia.

The highest gold-copper grades were intersected in drill hole DH10-21 that graded 1.14g/t Au and 0.29% Cu (1.65g/t Au Equivalent) over 156.6 m (514 feet), including a higher-grade intercept of 64.0 m grading 1.92g/t Au and 0.39% Cu (2.62g/t Au Equivalent). In total, six drill holes comprising 1,455.4 m were completed in September and October, 2010 on the Deerhorn Zone, as part of a much larger Phase Two (5,127.3 m in 21 holes) drilling program at Woodjam North. A drill location map may be viewed at www.fjordlandex.com/news/nr10-21b.pdf.

Deerhorn Zone: Significant Drill Results
Hole ID From (m) To (m) Int. (m) Au g/t Cu% Au Eq g/t*
DH10-21 141.9 298.5 156.6 1.14 0.29 1.65
including 173.0 288.0 115.0 1.44 0.34 2.05
including 212.0 276.0 64.0 1.92 0.39 2.62
*Au Equivalent in g/t calculated using US$950/oz gold, US$2.50/lb copper and the formula: g/t Au + ((%Cu x 22 x Price Cu/lb) / (Price Au/oz x 0.032151)). Metallurgical recoveries and net smelter returns are not considered.

Hole DH10-21 was one of three step out holes designed to test a mineralized zone, previously encountered in hole DH09-03 (89.5 m grading 1.16g/t Au and 0.26% Cu, including 26 m grading 3.25g/t Au and 0.60% Cu, reported in a News Release dated January 12, 2010). Hole DH10-21 was collared approximately 90 m south of hole DH09-03. Gold Fields plans to resume drilling later in November to test this area. Drilling is expected to continue until the Christmas break in mid-December.

Holes DH10-20 and DH10-22, one on each side of hole DH10-21, were also collared to the south of hole DH09-03. Hole DH10-20 was lost in a fault zone prior to hitting its target; it returned an intersection of 10.4 m grading 0.17g/t Au and 0.15% Cu. Hole DH10-22 also failed to cross the fault zone and the target was not reached.

Elsewhere on the Deerhorn Zone, holes DH10-17 and DH10-18 were drilled to test the northeast and southwest strike extensions of a northern zone of gold-copper mineralization. Both holes, located approximately 625 m apart, encountered narrow intervals containing minor gold and copper. Hole DH10-19 was drilled approximately 275 m northwest of hole DH10-09, along the northern extension of the NW-SE trending induced polarization anomaly which measures approximately 1100 m by 850 m. No significant mineralization was encountered.

During the first phase of drilling at Deerhorn in 2010 (13 holes totaling 3,921 m) several significant assay intervals were reported in previous News Releases (dated May 18, 2010 and July 27, 2010). The highlight drill intersection (DH10-09) was a 90.8 m section grading 0.58g/t Au and 0.39% Cu, including a higher-grade intercept of 30.4 m grading 1.10g/t Au and 0.72% Cu. To date, gold-copper mineralization has been traced by drilling along this northern zone over a strike length of approximately 700 m.

To November 2010 on the Woodjam North property, Gold Fields has completed 13,560 m of drilling in 52 holes, testing the Deerhorn Zone (19 holes = 5,376.4 m), the Takom Zone (17 holes = 4,636.4 m), the Spellbound Area (11 holes = 2,181.7 m) and the Deerhorn-Corner Lake Area (5 holes = 1,365.5 m).

Gold Fields holds an option (dated July 29, 2009) to earn up to a 70% interest in the Woodjam North Property by spending $19 million in exploration over 7 years. The option to earn an initial 51% interest requires Gold Fields to spend $7 million in exploration by July 29, 2012.

Tom Schroeter, President of Fjordland commented: "The significant intervals of gold and copper mineralization encountered in drill hole DH10-21 are very encouraging. We look forward to further drilling results from Gold Fields at the Deerhorn Zone."

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 20 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, and the 2,192 ha Milligan project adjoining Thompson Creek Metals Company Inc.'s Mt. Milligan copper-gold deposits; the Tak-Milligan properties have been optioned to Capstone Mining Corp. Fjordland and Serengeti Resources Inc. are 41%/59% partners exploring 10 properties (QUEST Project) totaling 56,670 ha in the Quesnel terrane north of Woodjam for precious and base metals. Fjordland's shares trade on the TSX Venture Exchange under the symbol "FEX". For more information visit www.fjordlandex.com.

About Gold Fields Limited

Gold Fields is one of the world's largest unhedged producers of gold with attributable production of 3.5 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 greenfield and near mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 78 million ounces and Mineral Resources of 281 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