Fjordland Encounters Mineralization in Drilling on Tak (Moffat) and Red Lobster Projects, British Columbia
27 Novembre 2011 - 12:54AM
Marketwired
Fjordland Exploration Inc. (TSX VENTURE:FEX) is pleased to report
that it has encountered mineralization in both its Tak (Moffat) and
Red Lobster late-season drilling programs, in central and
southeastern BC, respectively.
Tak (Moffat) Update
Between November 15th and 23rd, 2011, the Company completed
three widely-spaced diamond drill holes totaling 739.2 metres (m)
(one additional hole was lost in overburden) on large coincident IP
and geochemical anomalies in the northwestern portion of the
road-accessible Moffat Property, located approximately 50
kilometres (km) east of Williams Lake. Further information on the
Property is contained within a news release dated November 15,
2011.
Varying quantities of disseminated and/or fracture/vein-hosted
chalcopyrite and pyrite mineralization was encountered in all three
cored holes. The sulphide mineralization is hosted within
potassically-altered and magnetite-rich dioritic to monzodioritic
phases of the Takomkane batholiths and Nicola Group volcaniclastic
rocks.
Due to the success of the first three cored holes, Capstone
Mining Corp. (TSX:CS) has provided additional funding for another
hole, located approximately 1.3 km to the east of holes MOF11-03
and 04. Drilling will again target coincident IP and soil
geochemical anomalies approximately 250 m west of known surface
copper mineralization. Assay results are pending.
Red Lobster Update
During October-November, 2011, the Company completed 4 diamond
drill holes totaling 908 m on its road-accessible Red Lobster
Property, located 25 km west of the historic giant Sullivan Mine in
southeastern BC. As mentioned in a news release dated October 19,
2011, the principal targets for drilling are sedimentary exhalative
(SEDEX) zinc-lead-silver deposits, similar to those mined at
Sullivan.
On the Cominco Zone, two holes totaling 488.2 m were drilled.
Hole RL11-01, drilled at -45 degrees, encountered three mineralized
intervals over approximately 14 m, consisting of semi-massive
sphalerite and galena in foliated and deformed parallel bands and
crosscutting fractures associated with quartz and strong chlorite
+/- sericite +/- albite alteration. Hole RL11-02, drilled at -75
degrees from the same pad to undercut the mineralization
intersected in hole RL11-01, encountered similar-style
mineralization, and included pyrrhotite and minor chalcopyrite in
fractures and veinlets.
On the second target called the Shado Zone, two holes totaling
approximately 420 m intersected deformed pelitic rocks, within what
is interpreted to be structurally-controlled fault zones in
proximity to the Hall Lake Fault zone, containing varying amounts
of disseminated and coarse, blocky arsenopyrite, sphalerite,
galena, chalcopyrite, pyrrhotite, pyrite and tourmaline, hosted in
quartz-carbonate veinlets. Assay results for these four holes are
pending.
The Company believes that the mineralization in these four holes
may have been remobilized during deformation from a more massive
source of sulphides at depth. Fjordland will, in the very near
future, announce a flow-through financing to facilitate additional
drilling on this Property. In addition, the GCP gold target,
located approximately 35 km to the east, will be drill tested
(refer to additional details below).
GCP Update
During October, 2011, an induced polarization (IP) survey over a
portion of the road-accessible GCP Property located approximately
10 km southeast of the Sullivan mine was completed. The drill
targets are structurally controlled (shear-hosted) gold-bearing
quartz veins hosted by Middle Aldridge Formation quartzites. These
quartz veins are postulated to be part of a large
intrusion-related, gold-bearing mineralized system marginal to the
Cretaceous-aged Read Lake stock. Limited, shallow drilling by
previous operators, including Chevron in the mid-1970s, led to the
identification of the MW and KIM 53 Minfile precious and base
metals showings, hosted by highly altered large crackle/fault
breccias and explosive diatremes.
The 2011 IP survey, located along the trend of interpreted
mineralization, led to the identification of a 2000 m by 500 m,
north-south trending IP chargeability high anomaly. Within this
area, several coincident gold-arsenic-lead-zinc soil anomalies as
well as VLF geophysical anomalies occur. The Company plans to
initiate a 3-4 hole drilling program to test parts of the large IP
anomaly in December, pending completion of the previously mentioned
flow-through financing.
Tom Schroeter, President of Fjordland commented: "We are excited
to have encountered mineralization on the initial drilling of both
the Tak (Moffat) and Red Lobster properties. We look forward to
resuming drilling in the southeast very shortly; follow-up drilling
at Tak (Moffat) will take place next spring."
About Fjordland Exploration Inc.
Fjordland Exploration is a mineral exploration company focused
on the discovery of gold, copper and molybdenum deposits in British
Columbia. Fjordland currently has a portfolio with 38 properties.
It has a 51% interest in 7 properties known as "Tak" totaling
55,654 ha in the Woodjam area of central BC. Fjordland has a 51%
interest in two properties known as "Milligan" totaling 2,192 ha,
adjoining Thompson Creek Metals Company Inc.'s Mt. Milligan
copper-gold deposits on the west. Capstone Mining Corp. (TSX:CS)
owns a 49% interest in the combined Tak-Milligan Project. Fjordland
and Serengeti Resources Inc. are 37%/63% partners exploring 13
properties (QUEST Project) totaling 50,170 ha in the Quesnel
Terrane north of Woodjam for precious and base metals. Six of the
QUEST properties (totaling 27,690 ha) have been optioned to Xstrata
Copper; the QUEST JV owns 100% of the remaining 7 properties
totaling 22,480 ha. Fjordland has a 100% interest in 8 properties
totaling 60,047 ha in the Iron Range area and has an option
agreement on 7 properties totaling 21,222 ha with Kootenay Gold
Inc. in southeastern BC. Fjordland has an option to acquire a 100%
interest in the Dillard copper and gold property, north of
Princeton. Fjordland's shares trade on the TSX Venture Exchange
under the symbol "FEX". For more information visit Fjordland's
website at www.fjordlandex.com.
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.
Tom Schroeter, President & CEO
Neither TSX Venture Exchange nor its Regulation Services
providers (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Fjordland Exploration Inc. John Gomez Manager,
Investor Relations 604-893-8365
Fjordland Exploration (TSXV:FEX)
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