News Release with exploration updatesFjordland to drill 2,000 m at Olympic-Rob in June
2007-05-03 13:21 ET - News Release
Mr. Victor Tanaka reports
FJORDLAND PREPARING FOR DRILLING AT COPPER-GOLD-URANIUM PROJECTS
Fjordland Exploration Inc.'s upcoming exploration programs will include drilling at two properties -- one prospective for copper-gold and the other for uranium, copper and gold.
At the Woodjam gold-copper porphyry project located in south-central British Columbia, five kilometres from Imperial Metals Corp.'s Mount Polley claim group, induced polarization and magnetic geophysical surveys are planned. The surveys are designed to provide more detailed information on the Takom zone, and to locate new exploration targets on untested parts of the almost 30,000-hectare property. Upon completion of the entire surveys, drilling is planned later this year. Fjordland has conducted exploration at Woodjam since 2001 including approximately 16,000 metres of drilling. Exploration has demonstrated the property is prospective for bulk-tonnage gold-copper deposits similar to other porphyry deposits in British Columbia's Quesnel terranne.
At the Olympic-Rob IOCG uranium project located in the Wernecke terrane of the Yukon, approximately 2,000 metres of drilling is planned. The drilling program, scheduled to start in June, will comprise six holes on the Rob zone and three holes on the Olympic zone. The exploration program is budgeted for $600,000.
The Rob zone is a 400-metre-long open-ended copper and uranium in-soil anomaly that envelopes a number of copper-uranium float boulders ranging from 0.01 per cent to 1.57 per cent U3O8, along with copper values ranging from 0.3 per cent to 10.8 per cent from selected samples. The float coincides with a distinct magnetic and radiometric anomaly.
On the adjacent Olympic zone, a two-kilometre-diameter continuous copper-in-soil anomaly envelopes numerous copper showings ranging from 100 parts per million to 21.4 per cent copper from grab samples. Copper minerals identified in the hematite breccia host rock are chalcopyrite, bornite and malachite. The breccia complex on the Olympic property has similar age, geometry, structure and trace element signatures to BHP Billiton Ltd.'s giant IOCG Olympic Dam deposit, a polymetallic orebody containing the world's largest uranium reserve. Also similar to the Australian analogue is a three-kilometre-long annular magnetic anomaly that coincides with the breccia zone. Limited drilling by previous explorers was too shallow to test the magnetic anomaly. A geological model may be viewed at the company's website.
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