Drilling at Woodjam North (Deerhorn
Zone) Intersects 160.3 m Grading 1.03g/t Gold and 0.25% Copper, Including 39.6
m Grading 2.07g/t Gold and 0.47% Copper
Vancouver, BC, May 12, 2011 ? Fjordland Exploration Inc. (TSX-V: FEX) and Cariboo Rose Resources Ltd. (TSX-V: 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 an additional 4 holes of the 2011 drilling program
on the Deerhorn Zone of the Woodjam
North gold-copper property. The property is located 45 km east of
Williams Lake in south-central British Columbia.
The focus of this phase of drilling has been on the southwest side of
the Deerhorn geophysical anomaly. Holes previously
defining the mineral trend are DH09-03, 10-04, 05, 20, 21, 23, 25 and DH11-26.
The higher-grade shoot appears to plunge moderately to the southeast and has
dimensions of approximately 300 m in strike, 100 m in width and 200 m in depth
and remains open. This higher grade shoot is enclosed within a much
larger, lower grade envelope containing quartz (locally sheeted) with magnetite
vein-hosted and disseminated chalcopyrite mineralization in potassic-altered
zones of fine-grained volcaniclastic rocks with interfingering monzonitic
dykes. A drill location map may be viewed at www.fjordlandex.com/news/nr11-05b.pdf.
The Phase One 2011 drilling program commenced on February 10th
and ended on April 4th; 9 holes totaling 2,050.7 metres
were completed. Assay results for the remaining 4 holes are pending. The
program was designed to expand the mineralized zone intersected in previously
reported holes DH10-21 (156.6 m grading 1.14g/t Au and 0.29% Cu,
including 64 m grading 1.92g/t Au and 0.26% Cu) and DH11-26 (151.5 m
grading 0.83g/t Au and 0.21% Cu, including 68.8 m grading 1.17g/t Au and 0.35%
Cu). Drilling continues to return very good results.
Deerhorn Zone Drilling Highlights:
Hole ID
|
From (m)
|
To (m)
|
Int. (m)
|
Au g/t
|
Cu%
|
Au Eq g/t**
|
DH11-27
|
162.9
|
167.4
|
4.4
|
0.11
|
1.10
|
2.10
|
|
233.0
|
251.2*
|
18.2
|
0.16
|
0.12
|
0.37
|
DH11-29
|
60.0
|
153.6*
|
93.6
|
0.52
|
0.17
|
0.83
|
including
|
105.2
|
125.6
|
20.4
|
1.05
|
0.30
|
1.58
|
DH11-30
|
65.0
|
225.3
|
160.3
|
1.03
|
0.25
|
1.47
|
including
|
102.0
|
225.3
|
123.3
|
1.30
|
0.28
|
1.82
|
including
|
107.0
|
159.0
|
52.0
|
1.73
|
0.40
|
2.45
|
including
|
112.0
|
151.6
|
39.6
|
2.07
|
0.47
|
2.91
|
including
|
181.9
|
219.0
|
37.0
|
1.38
|
0.26
|
1.83
|
** 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. * = End of Hole.
Hole DH11-27 was lost in a fault, just prior to
reaching the target depth in the favourable Deerhorn latite tuff/andesite sequence. Nonetheless, two mineralized intervals
were encountered; the last 18.2 m assay interval ends at the bottom of the hole
and the gold values appear to be increasing at the bottom.
Holes DH11-28 and 29 were terminated in a fault zone at 74.1 m and 153.6
m respectively, prior to reaching the target depth.
Hole DH11-30 intersected disseminated, fine-grained
chalcopyrite with magnetite and hematite hosted by fine-grained volcaniclastic rocks and narrow monzonitic
dykes between 65 and 225.3 m. This 160.3-m interval assayed 1.03g/t Au and
0.25% Cu, including a high grade interval over 39.6 m grading 2.07g/t Au and
0.47% Cu, plus additional significant intervals (see Table). Below 225.3
m there is an unmineralized monzonite
body; the hole was lost at 261.8 m.
In addition, a second mineralization trend in the Deerhorn
Zone, to the north of the zone reported in this release and with approximate
dimensions of 700 m in length and 100 m in width, was previously indicated by
drilling in 2010. No further testing has yet taken place on this trend.
The drill rig has been moved to the Southeast Zone on the Woodjam South Property, where two drill rigs are now
grid-drilling in anticipation of a resource calculation at the end of the
program later this fall. Results from the Southeast Zone drilling will be
released when they are received from Gold Fields.
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 (NYSE: TC and TSX: TCM) Mt. Milligan
copper-gold deposits on the west. The Tak-Milligan
properties have been optioned to Capstone Mining Corp. (TSX: CS). Fjordland
and Serengeti Resources Inc. (TSX-V: SIR) are 41%/59%
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. (TSX-V: KTN) 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
Contact:
John Gomez
Investor Relations
Tel. 604-893-8365