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Woodjam South


Introduction

The Woodjam gold-copper project is located in south-central British Columbia 70 kilometres east of Williams Lake and 30 kilometres south of the Mount Polley property, owned by Imperial Metals Corporation. Woodjam is located east of Williams Lake near the town of Horsefly.

Woodjam is located in the Cariboo, a region that is prolific with copper-gold mineralization. Between 1858 and 1865, the Cariboo Gold Rush occurred, bringing thousands of miners to the area. Exploration has demonstrated that the Woodjam property is prospective for bulk-tonnage gold-copper-molybdenum deposits similar to other porphyry deposit areas in B.C.'s Quesnel Terrane.

In June 2009, the Woodjam project was split into two properties that are now known as Woodjam North and Woodjam South. The Woodjam North section of the property, encompassing 40,500 hectares was optioned to Gold Fields Limited. The Woodjam South section, encompassing 7,500 hectares was optioned to Gold Fields in a separate deal in Jume 2010.

Woodjam South has the Southeast Zone, a new porphyry copper-gold-molybdenum discovery with significant size potential. The Southeast Zone still remains open in all directions, including depth.

Geology

The Quesnel-Stikine Terrane, also known as the Quesnel Trough, is a large regional depositional belt extending 2,000 kilometres from the U.S. border in the south to the Stikine River in the north. The region hosts several large tonnage copper-gold 'porphyry type' deposits including Imperial Metals' Mount Polley Mine, Cross Lake Minerals' QR mine, Terrane Metals' Mt. Milligan deposit and Northgate's Kemess Mine. In addition, the prolific Gibraltar Cu-Mo mine lies 50 kilometres to the west of Woodjam, outside the Quesnel Trough. Quesnel Trough alkali-porphyry deposits typically occur in basalts and andesitic flows, fragmental rocks and alkalic intrusive complexes. They are generally gold-copper deposits consisting of chalcopyrite-pyrite and minor bornite sulphide mineralization. Sulphide zones are developed adjacent to concentrically-zoned alkaline plutons that are themselves seldom sulphide bearing.

A sample of molybdenite from the Southeast Zone was submitted to the BC Geological Survey for age dating and has returned a date of approximately 197 million years. This date coincides very closely with age dating from Teck Cominco Limited's huge Highland Valley Copper mine which returned dates from 191.3 to 198.0 million years. The Southeast Zone has geological characteristics comparable to the Highland Valley Copper mine such as being hosted within a quartz monzonite to monzodiorite and the association of mineralization with quartz stockworks, disseminated and coating fractures. Both deposits are associated with large intrusive complexes or batholiths; Highland Valley Copper with the Guichon Batholith and the Southeast Zone with the Takomkane Batholith.

Breakthrough in 2007

An IP study performed in 2007 gave evidence that a large intrusive/hydrothermal complex measuring approximately five kilometres by six kilometres underlies Woodjam North and Woodjam South properties. This led to the dilling of an anomaly called the Southeast Zone and the subsequent discovery of a large area of copper-gold-molybdenum porphyry mineralization.

The geophysical survey data dramatically expands the area of interest for exploration on the Woodjam North and South properties and suggests a much greater potential for discovery than previously envisioned. Northeasterly trending geologic features have long been considered important in determining the location of large mineralizing systems in the generally northwest trending Quesnel Terrane. This recent data suggests that such a feature is present and is aligned with the known mineralized areas on the property.

Southeast Zone

In 2007 a new zone, called the Southeast Zone was discovered by an IP survey and is currently being drilled. The style and grades of mineralization in the Southeast Zone are comparable or better than significant copper-molybdenum mines in BC such as Teck Cominco's Highland Valley Copper deposit (2007 reserves of 318.7 Mt grading 0.43% Cu and 0.008% Mo) and Taseko's Gibraltar deposit (2007 reserves of 383.6 Mt grading 0.31% Cu and 0.009% Mo).

The recently completed hole 07-79 intersected 207.45 metres of copper-molybdenum mineralization. The hole encountered chalcopyrite and molybdenite mineralized quartz monzonite from the bed rock surface at 145.2 metres to 352.65 metres. The final 5.5 metres of the hole (352.5-357.5 metres) cross-cut a post mineralized basaltic dyke that is considered to be unmineralized and was stopped due to machine limitations and seasonal considerations. The dyke is similar to a 1.5 metre dyke noted further up in the hole. Mineralization is expected to continue beyond the dyke and is considered to be open ended.

Holes 08-80 and 08-81 were step out holes from 07-79 and confirmed that a copper-molybdenum deposit with significant size potential may be present. Hole 08-82, the latest hole from which assays have been received, intersected 570.9 metres grading 0.35% copper equivalent. Hole 03-83, the most recent and promising hole is in the table below.

Southeast Zone Drill Summary for 2007
Hole Location From (m) To (m) Interval (m) Cu (%) Mo (%) Au g/t
07-72 Southeast 29.6 338.9 309.3 0.11 0.0014 -
07-73 Southeast 82.6 325.2 242.6 0.18 0.0064 -
Including   249 315 66 0.27 0.015 -
07-78 Southeast 139 140.2 1.2 0.38 0.012 -
07-79 Southeast 145.2 348.8 203.6 0.34 0.014 0.047
including   145.2 259 113.8 0.40 0.014 -


Southeast Zone Drill Summary for 2008
Hole Location From (m) To (m) Interval (m) Cu (%) Mo (%) Au g/t
08-80 Southeast 189.9 581.6 391.7 0.219 0.012 0.046
Including   202.6 264.4 242.6 0.419 0.014 -
08-81 Southeast 172.2 393.2 221.0 0.28 0.018 0.060
Including   172.2 268.5 96.3 0.33 0.024 -
08-82 Southeast 129.5 700.4 570.9 0.24 0.013 0.038
Including   129.5 231.0 101.5 0.37 0.016 -
Including   129.5 182.2 52.7 0.42 0.024 -
08-83 Southeast 128.6 530.7 402.1 0.44 0.006 0.079
Including   128.6 365.0 236.4 0.56 0.003 0.106
Including   128.6 200.6 71.9 0.80 0.003 0.123
Including   160.9 200.6 39.63 1.02 0.006 0.221
08-84 Southeast 125.88 485.00 (eoh) 359.12 0.69 0.006 0.27
Including   125.88 326.64 200.76 1.01 0.002 0.44
Including   260.64 311.64 51.00 1.61 0.004 0.84
08-95 Southeast 100.98 367.81 (eoh) 267.23 0.25 0.006 0.06
Including   103.00 148.00 45.00 0.37 - 0.11
08-96 Southeast 173.74 425.81 (eoh) 252.07 0.39 0.008 0.09
Including   245.97 270.35 24.38 0.47 0.006 0.11
Including   317.00 347.00 30.00 0.49 0.005 0.13
08-97 Southeast 131.06 270.36 (eoh) 139.30 0.13 0.007 0.02


Southeast Zone Digital Core Shack

Click on link to view hole photos:

Access

The project area is in a low elevation terrain with moderate topography. The property is bisected by a well maintained network of logging roads and is amenable to drilling on a year-round basis. To view in Google Earth click here.

Comparables

At Woodjam, the company is targeting mineralization similar to what occurs at Cadia Hill in Australia (Newcrest Mining Limited) and the Kemess deposit in BC. (Northgate Minerals Corporation). Cadia Hill commenced production in 1996 with a resource of 210 million tonnes grading 0.72 g/t gold and 0.18% copper while Kemess commenced in 1999 with a resource of 200 million tonnes grading 0.22% copper and 0.63 g/t gold. Gold-copper mineralization at Cadia Hill, Kemess, Mount Polley and Woodjam are all associated with monzonite intrusives into adjacent, generally mafic, volcanic rocks.

Status

Fjordland Exploration Inc. earned a 60% interest in the project and a joint venture agreement was signed in early 2006. Since that date, the Woodjam South project has been a joint venture with Cariboo Rose holding the remaining 40%.

The Woodjam South project was optioned to Gold Fields Ltd. in May 2010. Gold Fields can earn an initial 51% interest in the property by spending US$7 million in exploration over a 3.5-year period. During the initial option period, the WJV will be the operator of the project, while Gold Fields will provide technical direction. Gold Fields can extend the option a further 19% by completing a feasibility study on the property. In addition, Gold Fields must spend a minimum of US$2 million on the property for each of the first 4 years of the second option period.

Click here to view Woodjam South Maps

Click here to view Woodjam South Photos

Technical Document

Woodjam NI43-101 (pdf)
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This page was created on Fri Sep 10, 2010 at 4:43:49 AM Pacific Time.