Imperial places marker on Fjordland

Vancouver — Imperial Metals (III-T) will inject $500,000 into Fjordland Exploration (FEX-V) through a non-brokered transaction consisting of 1 million flow-through shares and 250,000 non-flow-through common shares priced at 40 each.

Warrants are included in the private placement, allowing Imperial to buy further Fjordland equity for two years.

Imperial retains a 1-year right of first refusal to participate in future financings and will join an advisory committee to guide exploration and development of the project.

Fjordland will use the funds to finance drilling at the Woodjam copper-gold project, in which the company is earning a 60% interest from Wildrose Resources (WRS-V). Woodjam is in central British Columbia, 35 km south of Imperial’s soon-to-be-reactivated Mount Polley copper-gold mine.

Results were exceptional, with Fjordland’s discovery hole intersecting 361.2 metres grading 0.84 gram gold per tonne and 0.12% copper from surface on the Megabuck zone. The intercept illustrates a significant gold-copper porphyry system. The hole ended in mineralization, owing to a shortage of drill rods. The casing has been left in place with hole re-entry possible.

Mineralization at Woodjam is associated with a quartz monzonite intrusive close to Takla Group volcanics, common with major copper-gold porphyries such as Imperial’s Mount Polley and Northgate Minerals‘ (NGX-T) Kemess deposits in the Quesnel Trough mineral belt.

Fjordland has 28.8 million shares outstanding and recently traded at a new yearly high of 40 per share.