Gold Fields Commences Fall Drilling Program at the Woodjam Copper-Gold Project
28 Ottobre 2013 - 7:31PM
Access Wire
Vancouver, BC, October 28, 2013 - Consolidated Woodjam Copper Corp.
("Woodjam Copper") (TSX-V: WCC) reports that Gold
Fields Horsefly Exploration Corporation ("Gold Fields"), a
subsidiary of Gold Fields
Limited (JSE, NYSE, NASDAQ, Dubai: GFI), resumed diamond
drilling on the Woodjam project on October 15. The current plan is
to drill approximately four holes (?1,500 m) in an area proximal to
the Southeast Zone on claims recently optioned from a third party
(See News Release Dated May 15, 2013) that have been included in
the Woodjam South option. The Southeast Zone is one of five known
zones of porphyry copper-gold mineralization on the property, which
includes the Woodjam North and South areas.
The 60,000 ha Woodjam property is
located in the Cariboo region of south-central British Columbia,
approximately 50 km east of the Williams Lake. Five zones of
copper-gold mineralization have so far been discovered at Woodjam
with NI 43-101 compliant inferred resources reported by Gold Fields
for three of them, namely:
Southeast Zone Resource:
----------------------------------------------------------
|Category|Tonnes (Mt)|Au (g/t)|Cu (%)|Au (Koz.)|Cu (Mlb.)|
|--------------------------------------------------------|
|Inferred|227.5 |* |0.31 |* |1,541.9 |
----------------------------------------------------------
*Gold, Molybdenum and Silver do occur in
the Southeast Zone, but were not included in the Resource
calculation
Deerhorn Zone
Resource:
----------------------------------------------------------
|Category|Tonnes (Mt)|Au (g/t)|Cu (%)|Au (Koz.)|Cu (Mlb.)|
|--------------------------------------------------------|
|Inferred|32.8 |0.49 |0.22 |516.2 |158.2 |
----------------------------------------------------------
Takom Deposit
Resource:
----------------------------------------------------------
|Category|Tonnes (Mt)|Au (g/t)|Cu (%)|Au (Koz.)|Cu (Mlb.)|
|--------------------------------------------------------|
|Inferred|8.3 |0.26 |0.22 |68.2 |39.7 |
----------------------------------------------------------
These Mineral
Resources are not Mineral Reserves and do not have demonstrated
economic viability. The tonnes and grade are reported at a
US$8.60/t NSR cut-off grade constrained within an optimized pit
shell. The pit shell is based on a price assumption of US$1,650/oz
Au and US$3.90/lb Cu. The NSR calculation uses recoveries of 85% Cu
and 60% Au for the Southeast Zone and 56% Au and 64% Cu for the
Deerhorn and Takom Zones. The results were estimated using GEMS(R)
software.
Gold Fields has
forwarded the results of the 2013 reconnaissance drilling program,
during which 13 core holes totalling 3733.35 m were completed. The
drill program tested widespread targets on the Woodjam South
property. A number of holes either did not get through the
overburden or were entirely in young basalt volcanic cover
overlying the prospective Nicola volcanic host rocks. Of
significance was hole SE13-86, which is located approximately 700 m
south of the Southeast Zone. This hole is located 200 m southeast
of hole WJ10-04, which returned a 172.5 m intercept, from 152.5 m,
grading 0.19% Cu. Drill hole SE13-86 returned 146.2 m grading 0.11%
Cu, starting at 254.0 m and continuing to the end of the hole.
These two holes indicate that a large mineralized system occurs
within the Takomkame Batholith, 1 km south of the Southeast Zone.
These holes have grades that are consistent with holes drilled in
proximity to the Southeast Zone and indicate the strong potential
for a new discovery on the Woodjam South property.
Additionally, hole
WSX-13-04, located approximately 4 km south of the Southeast Zone,
intersected anomalous copper-molybdenum mineralization (up to 825
ppm Cu) entirely within the Takomkane quartz-monzonite. While no
economic metal values were encountered the drill hole indicates a
new target area where the exploration potential is
enhanced.
Gold Fields has
vested a 51% interest in both the Woodjam North and South
properties. Gold Fields has given notice to Woodjam Copper that it
will exercise its right to earn a further 19% interest in each of
the Woodjam North and Woodjam South properties. To earn this
additional interest, Gold Fields will be required to spend CAD$12
million and US$8 million over the next four years on the Woodjam
North and Woodjam South properties, respectively. These expenditure
requirements will be reduced by the 2012
expenditures, which are under review. In addition, Gold Fields is
required to complete a comprehensive feasibility study on the
Woodjam South property.
J.W. Morton, P.Geo.,
a qualified person for the purposes of National Instrument 43-101,
has read and taken responsibility for this news release.
J.W. Morton
P.Geo.
President and CEO
Consolidated Woodjam Copper Corp.
Contact:
Paul Way, Investor Relations
Phone: (604)
681-7913, Toll Free: 888-656-6611; email:
office@woodjamcopper.com
The TSX Venture
Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
About Consolidated Woodjam Copper
Corporation
Consolidated Woodjam Copper Corp. ("Woodjam
Copper") (TSX-V: WCC) trades on the TSX-V
exchange and currently owns a 49% interest in the Woodjam North and
Woodjam South properties which are under option to Gold Fields who
own a 51% interest and may earn a further 19% to total a 70%
interest in the properties. In 2012, Woodjam Copper published an
initial Southeast Zone NI 43-101 compliant inferred resource of
146.5 million tons grading 0.33% copper (pit constrained). This
resource was updated as of May 15, 2013 to 227.5 Mt grading 0.31%
copper.
About Gold Fields Limited
Strategically
focussed on sustainable cash generation, Gold Fields Limited (GFI) is an unhedged, global producer of approximately two-million
ounces of gold per annum from six operating mines on three
continents. These are Agnew and St Ives in Australia, Tarkwa and
Damang in Ghana, Cerro Corona in Peru and the developing South Deep
in South Africa. In addition to an extensive and diverse global
exploration portfolio, the Company has four significant growth
projects either in resource development or pre-feasibility stage in
Finland, Mali, Peru and the Philippines.
Gold Fields has total
attributable gold Mineral Reserves of 54.9 million ounces and
Mineral Resources of 125.5 million ounces, and is listed on the JSE
Limited (primary listing), the New York Stock Exchange (NYSE),
NASDAQ Dubai Limited, Euronext in Brussels (NYX) and the Swiss
Exchange (SWX). For more information visit the company's website
at www.goldfields.co.za.
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