Fjordland Discovers Two New Copper-Gold-Molybdenum Targets at Moffat
12/7/2010 8:00:03 AM - Market Wire
Grab Samples Assay Up to 0.36% Copper, 0.29g/t Gold and 52 ppm Molybdenum
VANCOUVER, BRITISH COLUMBIA, Dec 7, 2010 (Marketwire via COMTEX News Network) --
Fjordland Exploration Inc. (TSX VENTURE:FEX) is pleased to provide an update on exploration activities on its Tak-Milligan copper-gold-molybdenum project in central British Columbia, under a recent option agreement with Capstone Mining Corp., whereby Capstone may acquire up to a 70% interest in a large property portfolio (over 50,000 hectares) prospective for copper-gold, porphyry-type deposits (see News Release dated September 30, 2010).
Fjordland recently received assays for five grab samples taken from the Moffat property that forms one of the seven properties under the Tak Package. Anomalous copper, along with isolated gold and/or molybdenum values, were received for all five samples. The best assay returned 0.36% copper, 0.29g/t gold, 6.9g/t silver and 11 ppm molybdenum.
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Cu Au Ag Mo Sample
Sample No. (ppm) (g/t) (g/t) (ppm) Type
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MR-10-05 3630 0.29 6.94 11.0 Grab
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MR-10-05A 509 0.01 0.16 1.5 Grab
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MR-10-08 1960 0.01 0.33 2.4 Grab
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MR-10-08A 2910 0.01 0.21 2.2 Grab
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MR-10-08B 896 0.05 0.70 52.1 Grab
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The samples were collected from an area on Fjordland's Moffat property approximately 15 km south-southeast of the Woodjam gold-copper-molybdenum properties currently being explored by Gold Fields under an option agreement with Fjordland and Cariboo Rose Resources Ltd., and approximately 1.5 km north of Fjordland's Harrison Creek occurrence where the BC Geological Survey Branch, during its 2008 mapping program, discovered mineralized vein material which returned 1671 ppm copper, 1432 ppb silver and 105 ppb gold.
Disseminated and fracture-filled chalcopyrite occurs in granodioritic to monzodioritic rocks of the Takomkane batholith on the Moffat property. Mineralization is associated with varying amounts of magnetite and epidote. The five samples reported were collected from two separate sites, approximately 800 m apart, on newly constructed logging roads that have recently opened up the area; access is from Williams Lake, approximately 50 km to the west.
During late October and mid- November, Scott Geophysics Ltd., under contract to Fjordland, completed a total of 23.1 line kilometers of reconnaissance induced polarization (IP) surveys over four properties (Moffat, Tisdall, Hazel and Canim) in the Tak package. A map showing the locations of the IP lines, as well as the mineral occurrences reported in this release is available at https://www.fjordlandex.com/news/nr10-22b.pdf.
Also, in October, Fjordland collected 519 soil samples from both the Tak and Milligan properties; analytical results are awaited.
Tom Schroeter, President of Fjordland commented: "The significant assays from the two new occurrences on the Moffat property are very encouraging, particularly considering the area has only recently been opened up by new logging roads. We look forward to an expanded exploration program in 2011."
T.G. 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. Analyses were performed by Agat Laboratories of Alberta using an aqua regia digest and ICP-MS finish. Gold was analyzed via Fire Assay with ICP-OES finish. Results for copper and molybdenum are provided in ppm (parts per million), and for gold and silver in grams per tonne. Quality control protocol includes pick up of samples by the laboratory and laboratory internal controls.
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 20 properties Fjordland currently 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 now under option to Gold Fields Horsefly Exploration Corporation. Fjordland also has a 100% interest in 7 other properties ("Tak Package") totaling 52,342 ha in the Woodjam area. Fjordland and Serengeti Resources Inc. are 41%/59% partners (QUEST) exploring 10 properties totaling 56,670 ha in the Quesnel terrane north of Woodjam for precious and base metals. Fjordland has a 100% interest in the 2,192 ha Milligan property, adjoining Thompson Creek Metals Company Inc.'s Mt. Milligan property on the west. The Tak-Milligan properties have been optioned to Capstone Mining Corp. Shares of Fjordland Exploration Inc. trade on the TSX Venture Exchange under the symbol "FEX". For more information visit Fjordland's website at www.fjordlandex.com.
About Capstone Mining Corp.
Capstone is a Canadian based copper producer with two operations, the Cozamin and Minto mines, that are forecast to produce 80-85 million pounds of copper in 2010 at a total cash cost, net of by-product credits, of US$1.10 to US$1.20 per pound of payable copper, as well as the high grade Kutcho copper-zinc project, which is being advanced towards a production decision. As reported on August 10, 2010, Capstone has a strong balance sheet with cash on hand of US$151.6 million (including US$10.8 million of restricted cash) and liquid investments of US$18.1 million as of June 30, 2010. For further information about Capstone visit www.capstonemining.com.
Tom Schroeter, President & CEO
SOURCE: Fjordland Exploration Inc.
Fjordland Exploration Inc. John Gomez Manager, Investor Relations 604-893-8365 info@fjordlandex.com www.fjordlandex.com