Drilling at Woodjam South (Southeast Zone) Yields 349.9 m Grading 0.33%
Copper and 0.011% Molybdenum in the First Hole of the Planned 15,000 m Drilling
Program
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 the initial hole of the 2011 infill and expansion
diamond drilling program 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.
At Woodjam
South, drilling commenced on the Southeast Zone on March 16th, the
beginning of a 15,000 metres (m) drilling program
(5,000 m infill, 6,000 m expansion drilling, and 4,000 m unallocated) on the
main target in the core area measuring 800 m by 630 m to a depth of 400
m. A number of the drill sites are planned to allow calculation of an
inferred pit-constrained NI 43-101 compliant resource by the end of 2011.
In addition, a program of reverse circulation drilling will test other targets
on the southern part of the Woodjam South property.
This work program outlined above is part of the $5 million budget announced by
Gold Fields for 2011 (see News Release dated March 2, 2011). A drill
location map may be viewed at www.fjordlandex.com/news/nr11-08b.pdf.
Southeast Zone Drilling:
Hole
ID
|
From
(m)
|
To
(m)
|
Int.
(m)
|
Cu%
|
Au
g/t
|
Mo%
|
Cu Eq %
|
SE11-21
|
157.3
|
507.2*
|
349.9
|
0.33
|
0.05
|
0.011
|
0.42
|
Table Notes: Intervals are core lengths; Cu Equivalent in % calculated
using US$2.50/lb copper, 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 SE11-21 was collared
between holes SE10-12, WJ08-88 and WJ08-85, along the interpreted southwestern
portion of the higher-grade core area, and encountered copper-molybdenum
mineralization from the top of the bedrock to the end of the hole at 507.2
m. The 349.9-m interval assayed 0.33% Cu, 0.011% Mo and 0.05g/t Au.
Mineralization is hosted by quartz monzonite and
occurs primarily in veins and as disseminations. Drilling is ongoing utilizing
two machines.
To the end of 2010, a total of
38 diamond drill holes (14,544 m) have been completed on the Southeast
Zone. All holes are mineralized from the bedrock interface to the bottoms
of the holes, with the exception of one reconnaissance hole (SE10-20), drilled
approximately 800 m north of the northern-most mineralized hole (SE10-07) and
for two occurrences of host rock displacement by narrow, younger basalt
dykes. The current drilling program is targeting mineralization to depths
of greater than 450 m; however, the deepest hole to date (WJ08-82) is just over
700 m and ended in mineralization. The best hole drilled to date
(WJ08-84) averaged 0.69% Cu, 0.26g/t Au and 0.006% Mo over 359.1 m, including
1.01% Cu, 0.44g/t Au and 0.002% Mo over 200.8 m.
Elsewhere over the 2-km by
1-km induced polarization anomaly on the Southeast Zone, reconnaissance
drilling of three holes, SE10-04 (previously reported) and SE10-06 and SE10-11
(not previously reported) to the south of the core area currently being drilled
off intersected interesting but low-grade copper and molybdenum mineralization
hosted by quartz monzonite. Thus, mineralization has
been discovered over a total length of approximately 1500 m and width of 630 m.
Fjordland President Tom Schroeter says: ?The initial assay results from this infill
and expansion drilling program are very encouraging and have the potential to
expand the mineralized zone already defined in the Southeast Zone. We look
forward to continuing positive results from this program, culminating in a
43-101 inferred resource before the end of 2011.?
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