NEWS OUT - but no market reactionI think the Woodjam drilling results are quite disappointing so far and only the announcement that drilling of the Wheeler Peak and Star City gold-silver properties will start Sept. 21st keeps the share price at the current level.
And in early October they plan drilling the Olympic-Rob property. Exciting, and hopefully successful, months ahead....
Here is the News Release (Source: www.stockwatch.com):
Fjordland drills 148.2 m of 0.46 g/t Au at Woodjam
2006-09-14 11:35 ET - News Release
Mr. Victor Tanaka reports
FJORDLAND OBTAINS PERMITS TO DRILL HIGH-GRADE U.S. GOLD-SILVER PROJECTS
Fjordland Exploration Inc. has received permits from the U.S. Forest Service to drill the high-grade Wheeler Peak and Star City gold-silver properties located in the Walker Lane mineral belt. An initial 2,000 feet of HQ core drilling is planned starting Sept. 21, 2006. The drilling program is designed to test the properties' high-grade, vein systems for bonanza-grade gold-silver mineralization at depth and along strike.
Victor Tanaka, president of Fjordland, stated: "Although it has taken a considerable time to secure drilling permits, our geological team feel these two properties, particularly Wheeler Peak, represent exceptional exploration targets. The extensive, high-grade, gold-silver mineralization found at surface at Wheeler Peak makes the upcoming drill program one of the most anticipated and exciting projects of the year."
Wheeler Peak
The Wheeler Peak property consists of 33 unpatented mining claims (267 hectares) located in Mono county, California, approximately 18 kilometres north of the city Bridgeport and five kilometres from the Nevada border. There has been very little exploration activity at Wheeler Peak since prospectors first visited the region in the 1880s. In 1995, the Wheeler Peak area was removed from "roadless area" status following recommendations from the United States Geological Survey which noted the high mineral potential of the area.
The main target at Wheeler Peak is a boulder field consisting of a dense concentration of hundreds of frost-heaved boulders within a northeast-trending graben structure measuring approximately 200 to 500 metres wide and 2,500 metres long. The bolder train has been traced over a strike length of 1,825 metres but mainly localized within a 250-metre by 100-metre (Boulder Flats) area of frost-heaved outcrop. Gold and silver mineralized boulders within the field exhibit quartz-after-calcite alteration textures, which indicate proximity to a boiling zone, the level where high-grade mineralization is deposited in bonanza-type vein deposits. Bonanza gold-silver vein deposits of this nature include the well-known Ken Snyder mine (Midas deposit) in Nevada operated by Newmont Mining Corp. Selected grab samples of boulders at Wheeler Peak graded up to 65.6 grams per tonne gold and 1,240.9 grams per tonne silver.
Star City
The Star City property consists of 20 unpatented mining claims located in Mono county, California, approximately four kilometres from the Nevada border and one kilometre from the Wheeler Peak property. The region where the Star City property is located was first actively explored in 1888 when high-grade ore was developed at the Monte Cristo vein by an open cut and two crosscut levels in a northeast-striking vein. The area was intermittently active until 1915 with total production was reportedly approximately 25,000 ounces (gold equivalent).
In the Star City area, near surface, low-grade gold mineralization was outlined by Homestake Mining and Golconda Resources during exploration programs in the 1980s and early 1990s. Neither of these previous operators was actively exploring for bonanza veins that normally occur in similar geological environments. A north-trending structural corridor, defined by normal faults, appears to be the centre of the property's many high-grade gold-silver-bearing veins that, when sampled by company geologists, graded up to 55 grams per tonne gold over 1.2 metres.
Further information about the Wheeler Peak and Star City properties is available from Fjordland's website.
Exploration update -- Woodjam gold-copper porphyry project
Fjordland also reports receipt of assay results for the first seven holes drilled at the Woodjam gold-copper porphyry project in British Columbia. All of the holes reported were drilled as steps-outs from the Megabuck zone to expand the system to the south. In this current program, 14 vertical holes have been drilled in the Megabuck area and one hole to the east to test an anomaly. The balance of the drill holes will be reported when available. Following a break, drilling will continue at Woodjam in the fall at the Takom zone, located two kilometres south of the Megabuck region.
2006 SECOND PHASE DRILL RESULTS -- MEGABUCK ZONE
From To Interval Gold Copper
Drill hole (m) (m) (m) (g/t) (%)
06-56 No significant mineralization encountered
06-57 311.8 460.0 148.2 0.46 0.06
including 311.8 378.0 66.2 0.75 0.16
06-58 No significant mineralization encountered
06-59 No significant mineralization encountered
06-60 385.6 441.0 55.4 0.31 0.06
including 423.0 441.0 18.0 0.50 0.10
06-61 159.7 308.0 148.3 0.35 0.09
including 423.0 441.0 18.0 0.50 0.10
06-62 9.1 161.5 152.4 0.43 0.06
The results of Fjordland's second phase 2006 drilling program at Woodjam were reviewed, compiled and verified by the company's geologists including John Peters, PGeo, the qualified person as defined by NI 43-101. Acme Analytical Labs, an ISO 9001-accredited laboratory, assayed the samples by multielement ICP-ES (1D) and fire geochemical methods with ICP analyses (3B) for gold.
Exploration update -- Olympic-Rob IOCG project
Fjordland also announces it has secured a drill rig to conduct an initial 1,800-foot drilling program at the Olympic-Rob project located in Yukon in early October. The Olympic-Rob property comprises 3,675 hectares covering an IOCG (iron-oxide-copper-gold) target that is geologically similar to BHP Billiton Ltd.'s giant IOCG Olympic Dam deposit, a multimineral orebody containing the world's largest uranium deposit.
As the name implies, the Olympic-Rob property comprising two separate zones -- the Olympic and the Rob. Both areas cover Wernecke Breccias, a geological rock-type associated with IOCG Olympic Dam-type deposits. Other exploration companies exploring geologically similar properties in this prospective Wemecke region of the Yukon include Cash Minerals Ltd. and Fronteer Development Group Inc.
Fjordland can claim up to an 80-per-cent interest in the project from Commander Resources Ltd. For further information about the project, see Stockwatch's Aug. 2. 2006. Mr. Tanaka commented on Fjordland's active autumn exploration programs: "We're delighted we were able to secure drills for our Nevada and Yukon properties given the shortage of available drill rigs. Drilling four high-impact projects this fall is an exciting discovery opportunity."