News Release: 2007 Exploration UpdateSource: www.stockwatch.com
Fjordland to drill Olympic-Rob in early summer
2007-01-10 18:34 ET - News Release
Mr. Victor Tanaka reports
FJORDLAND EXPLORATION UPDATE: 2007 EXPLORATION PLANS INCLUDE DRILLING AT OLYMPIC-ROB IOCG-URANIUM PROJECT AND WOODJAM GOLD-COPPER PROPERTY
Fjordland Exploration Inc. is providing a summary of 2007 exploration and corporate developments. Planned exploration this year will be highlighted by drilling at the Olympic-Rob IOCG (iron-oxide copper-gold) uranium project and at the Woodjam gold-copper porphyry property.
Olympic-Rob IOCG-uranium project
The 3,675-hectare Olympic-Rob project, located in the Wernecke region of the Yukon, covers an IOCG and uranium target that is geologically similar to BHP Billiton Ltd.'s giant IOCG Olympic Dam deposit, a polymetallic orebody containing the world's largest uranium reserve. Other exploration companies exploring geological similar properties in the prospective Wernecke region of the Yukon, Canada, include Cash Minerals Ltd., Twenty-Seven Capital Corp., and joint venture partners Fronteer Development Group Inc. and Rimfire Minerals Corp.
On the Olympic claims, numerous copper showings ranging from 100 parts per million to 21.4 per cent copper in grab samples are enveloped by a continuous approximate two-kilometre-diameter copper in-soil anomaly, which has not been systematically explored for uranium. On the adjacent Rob property, a 500-metre-long copper and uranium in-soil anomaly envelopes a number of copper-uranium showings ranging from 0.01 per cent to 1.57 per cent U3O8, along with copper values ranging from 0.3 per cent to 1.8 per cent.
As the Olympic-Rob property has defined targets, the company plans to drill test selected targets in early summer. Fjordland has an option to earn up to an 80-per-cent interest in the properties from Commander Resources Ltd. Further information about the Olympic-Rob is available on the company website.
Woodjam gold-copper porphyry property
At the 26,936-hectare Woodjam gold-copper porphyry property in central British Columbia, a review of geological and exploration data is under way in preparation for the next stage of exploration. To assist with its assessment of the property, the company has engaged the services of independent consulting geologist Dr. Peter Fox. Dr. Fox is a recognized authority worldwide on alkaline porphyry gold-copper deposits, particularly in British Columbia, where he is credited with pioneering work that recognized alkaline porphyry deposits and led to his discovery of the QR gold deposit and the Gambier copper deposit.
In November, 2006, a 526-metre diamond drill hole (06-71) was completed at the Takom zone.
The purpose of the drill hole was to test coincident induced polarization (IP) and geochemical anomalies, as well as to follow up a single 314-metre core hole (05-48) drilled last fall that intersected 0.1 g/t gold and 0.12 per cent copper over 82.6 metres. Hole 06-71 intersected 464 metres grading 0.03 g/t gold and 0.06 per cent copper, including 300 metres grading 0.04 g/t gold and 0.07 per cent copper, and including 31 metres grading 0.16 g/t gold and 0.18 per cent copper. These results indicate the potential for a large porphyry system that has to be systematically explored.
Following completion of the current property assessment, the company and partner Cariboo Rose Resources Ltd. will announce the next exploration program which is expected to resume in the spring.
Fjordland geologist John Peters, PGeo, is the qualified person as defined by National Instrument 43-101 who has reviewed, compiled and verified the assay results reported in this news release.
Capital and marketing
In December, Fjordland raised approximately $700,000 through private placements that were oversubscribed. The company's current cash position is approximately $1.4-million. On Jan. 20 and Jan. 21, Fjordland will be an exhibitor at the Vancouver Resource Conference at booth No. 817, a shared booth space with Serengeti Resources Inc.
Change of auditor
Fjordland also reports that, effective Jan. 9, 2007, Davidson & Company has been appointed as the company's auditor until the next annual general meeting of the company. The board of directors thanks the firm of Staley Okada & Partners for its services and wishes it well in its future partnership with PriceWaterhouseCoopers.
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