Fjordland Drilling Discovers Significant
Gold-Copper at Woodjam Project, BC
Intersects 275 Metres Grading 1.03 g/t Gold and 0.14% Copper
Vancouver, BC, July 6, 2004
Fjordland Exploration Inc. (TSX-V: FEX) reports it has discovered significant gold-copper porphyry-type mineralization at the Woodjam project in central British Columbia. Diamond drill hole 04-32 intersected 361.2 metres grading 0.84 g/t gold and 0.12% copper from bedrock surface to the end of the hole at 365.2 metres, including 274.9 metres of 1.03 g/t gold and 0.14% copper.
Gold-copper mineralization occurs throughout the -50° inclined hole. The drilling was stopped prematurely because of insufficient drill rods available at the time and the contractor's prior commitments to another project. Casing was left in place in anticipation of reentering the hole.
Being the deepest hole ever drilled at Woodjam, this discovery is considered to be significant since it demonstrates the potential for extensive mineralization at depth and laterally below the level of previous drilling. Past drilling by various operators on the Megabuck Zone, consisting of 28 holes drilled from 1974 to 2002, encountered inconsistent gold-copper mineralization from surface to a depth of approximately 175 metres within a 600 metre by 450 metre area at the western end of a 2 kilometre long induced polarization (IP) geophysical response.
As the first diamond drill hole of Fjordland's 2004 exploration program, hole 04-32 focussed on testing the depth extent of gold-copper mineralization on the Megabuck Zone. More deep holes to determine the extent of gold and copper mineralization to these levels are planned this year. A 2003 reconnaissance drill hole, located within the IP anomaly approximately 800 metres east of Megabuck, intersected 15 metres grading 0.90% copper, has yet to be followed-up.
Mineralization at Woodjam is associated with a subvolcanic quartz monzonite intrusion(s) in proximity to Takla Group volcanic rocks, a common characteristic of major porphyry copper-gold deposits in the Quesnel Trough mineral belt including Northgate Mineral's (TSX: NGX) Kemess deposits and Imperial Metals Corporation’s (TSX: III) Mount Polley mine. Geologically, another analogy can be made between the Woodjam property and Newcrest Mining's (AX: NCM) Cadia Hill deposit in Australia.
Drilling by Imperial Metals at the Mount Polley property, located 35 kilometres northwest of Woodjam, has resulted in significant copper-gold discoveries in 2003 and 2004. These discoveries have increased the value of Imperial Metal's market capitalization from a pre-discovery value of approximately $8 million in mid 2003 to greater than $150 million post discovery.
Given the success of the recent drilling at Woodjam, the Company has recently staked additional claims to increase the size of the property to approximately 4,550 hectares. The property has easy year-round road access and nearby infrastructure, being situated in a logging area 10 kilometres south of the village of Horsefly.
The entire Woodjam property is subject to an option agreement between the Company and Wildrose Resources Ltd. (TSX-V: WRS), which permits Fjordland to earn a 60% interest in Woodjam (see news release dated August 1, 2001 or Woodjam technical report http://www.fjordlandex.com/property/QPWoodjam04.pdf).
Commented Bill Morton, President of Wildrose, "Given Fjordland’s significant discovery, as well as the fact that the area is recognized as among the most prospective mining districts in North America for discovery of large gold-copper deposits, we feel it is prudent to add to our land position." Added Mr. Morton, "After being relatively inactive for over a decade, the Cariboo region is experiencing a surge in exploration activity, fueled by discoveries at Mount Polley and higher metal prices."
Under the supervision of L. John Peters, P.Geo., who is a qualified person as defined by National Instrument 43-101, all core samples were split in half at the drill site, with one-half of the core sample retained on site and the other half sent to Acme Analytical Laboratories Ltd, an ISO 9001:2000 accredited laboratory in Vancouver, B.C., for analyses. Samples were analyzed by fire assay fusion with an inductively coupled plasma atomic emission spectroscopy (ICP-ES) finish for gold, and dilute aqua-regia digestion with ICP-ES for a multi-element suite. Lab controls consist of having 2 in-house standards and 1 blank inserted as well as 1 randomly picked duplicate for every 30 samples.
Megabuck is one of three gold-copper zones identified to date at Woodjam. Further information about the Woodjam project is available on the Company's website at www.fjordlandex.com.
About Fjordland Exploration Inc.
Fjordland Exploration (TSX-V: FEX) is a mineral exploration company focused on the discovery of gold, silver and base metal deposits. The Company holds 100% options on five bonanza-type gold/silver properties in Nevada and California, USA. In Canada, Fjordland has a 60% earn-in option on the Woodjam gold-copper project. In the Yukon, Fjordland has an option to earn a 100% interest in a 9,000-hectare gold claim block located 75 kilometres south of Dawson City. The Company plans to drill-test most of its properties in 2004. Further information is available at www.fjordlandex.com.
Victor A. Tanaka
President
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For further information, please contact: |
John Gomez Telephone: (604) 893-8365 Website: www.fjordlandex.com |
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