Fjordland drilling expands Woodjam

Vancouver – The second drill hole on the Megabuck zone at Fjordland Exploration’s (FEX-V) and Wildrose Resources’ (WRS-V) Williams Lake, BC-area Woodjam project has encountered significant porphyry copper and gold mineralization.

Drill hole 04-33, a 50-metre step out collared grid-north of discovery hole 04-32, cut a wide zone of copper and gold in the Megabuck zone, proving the project much more than a one-hole-wonder. Results include:

• Hole 04-33 An intersection of 268 metres (essentially from surface) averaged 0.09% copper and 0.62 grams gold per tonne, including a 202 metre section of 0.1% copper and 0.71 grams gold;
• Hole 04-35 The drill hole collared 50-metres grid-south of discovery hole 32, returned an intercept of 294 metres (from surface) cut 0.07% copper and 0.45 grams gold, with the top 144 metres assaying 0.1% copper and 0.66 grams gold;
• Hole 04-36 Collared 50-metres grid-north and west of hole 32, drilling cored 219 metres (from surface) grading 0.04% copper and 0.3 grams gold, including 60 metres 0.08% copper and 0.54 grams gold.

Additionally, discovery hole 04-32 was extended from 365 metres to 543 metres, with another 17 metres of significant copper-gold mineralization encountered (to 382 metres) followed by elevated metal values and potassic, silicic and clay alteration to the bottom of the hole.

The initial phase of drilling has thus far indicated a significant copper-gold system at the Megabuck zone. Based on the limited drilling, the mineralized body has an irregular, tabular geometry, and is over 100 metres thick and open along strike and to a depth of at least 300 metres. The Megabuck zone is coincident with the western end of a 2-km. long induced polarization anomaly.

A second phase of drilling consisting of about 2,000 metres in 6-8 holes is scheduled to commence in late-October.

Fjordland, who are earning a 60% interest in Woodjam from Wildrose, saw heavy trading in its issue with over 670,000 shares changing hands at up to 39, before closing down three pennies at 31.5 per share on profit-taking. Fjordland reports 30.4 million shares outstanding. Meanwhile, Wildrose with 13.4 million shares outstanding saw similar trading with investors cementing profits, the issue closed down 7 on the close at 32 a share.

Copper issues across the board saw a lot of market interest with the metal reaching a 16-year high on spot and futures markets. The spot market saw prices for the red metal almost touch US$1.50 per pound before closing at US$1.485. The surge in copper price was fuelled by further supply concerns on the strike at Codelco in Chile, the world’s largest producer.