Fjordland Exploration Inc.
TSX VENTURE : FEX

Fjordland Exploration Inc.

July 07, 2010 07:00 ET

Fjordland Provides Update on Sampling Programs on Six Copper-Gold-Molybdenum Prospects in North-Central BC

New Soil Test Program Utilized to Identify Blind Porphyry Mineral Deposits

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2010) - Fjordland Exploration Inc. (TSX VENTURE:FEX) has received notice from its joint venture partner, Serengeti Resources Inc. (TSX VENTURE:SIR), that it has recently completed an extensive geochemical sampling program on six properties held by the QUEST Joint Venture (Serengeti 59% and Fjordland 41%) in the Quesnel trough of north-central British Columbia. The goal of the survey is to upgrade and prioritize the porphyry copper-gold-molybdenum targets for future drill testing. The exploration program utilized a new soil test method that has been effective in identifying blind porphyry mineral deposits in glacial environments.

To date, the QUEST JV has spent roughly $1.2 million on acquisition, target development and exploration. The QUEST JV was formed in 2007 with the stated goal of identifying porphyry deposits in the central portion of the underexplored and highly prospective Quesnel trough, consisting initially of 18 properties covering 115,000 hectares. Past exploration in this part of British Columbia has been hampered by the presence of extensive tracts of glacial overburden. Recent exploration successes within the province and around the world demonstrate that prospective terrains under cover can be successfully explored by experienced exploration teams. In addition, a recently published study carried out by Geoscience BC over Serengeti's Kwanika copper-gold-molybdenum deposit demonstrated that employing new methods such as Ah soil geochemical and pH soil testing can be highly successful in identifying blind porphyry deposits within glaciated environments. This same test method was used at the six QUEST properties.

Work completed to date on the QUEST JV properties includes airborne magnetic surveys, follow-up ground induced polarization and magnetic surveys, as well as soil geochemical surveys and prospecting. The current portfolio consists of 10 properties covering 56,600 hectares, located from south of Imperial Metal's (TSX: III) Mount Polley copper-gold mine to Terrane Metals' (TSX-V: TRX) Mt. Milligan gold-copper deposits, which are being readied for development. Most recently, the portfolio was expanded to include a promising target area at Reid Lake, located 20 kilometers northwest of Prince George. This property adjoins a large block of claims to the north held by Xstrata Copper. Xstrata already holds a large claim package and has been operating in the area since 2007. In April 2009, Xstrata made an option agreement with Rimfire Minerals Corp. (now Kiska Metals Corp.) on seven properties in the area, whereby it can earn up to a 75% interest in them. Xstrata is conducting a large exploration program in the area this summer, including drilling.

Serengeti, as operator, funded the 2010 geochemical survey program and as a result is expected to increase its ownership in the joint venture to approximately 62%. Fjordland maintains the right to participate in any future work.

About Fjordland Exploration Inc.

Fjordland Exploration Inc. is a mineral exploration company focused on the discovery of gold, copper and molybdenum deposits in British Columbia. Of the 20 properties Fjordland currently owns, the Woodjam North and 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 now under option to Gold Fields Horsefly Exploration Corporation. Fjordland also has a 100% interest in 7 other properties ("Tak Package") totaling 52,342 ha in the Woodjam area. Fjordland and Serengeti are 41%/59% partners (QUEST) exploring 10 properties totaling 56,670 ha in the Quesnel trough north of Woodjam for precious and base metals. Fjordland also has a 100% interest in two claim blocks immediately west of the Mt. Milligan deposits in central BC. Shares of Fjordland Exploration Inc. trade on the TSX Venture Exchange under the symbol "FEX". For more information visit the Company's website at www.fjordlandex.com.

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
    Manager, Investor Relations
    604-893-8365
    604-669-8336 (FAX)
    www.fjordlandex.com