Gold Fields Completes 36,623 m Drilling Program
Gold Fields Completes 36,623 meter Drilling Program
at the Woodjam Copper-Gold Property, British Columbia
Vancouver, BC, December 10, 2012 – Consolidated Woodjam Copper Corp. (“Woodjam Copper”) (TSX-V: WCC) is pleased to report that Gold Fields Horsefly Exploration Corporation (“Gold Fields”) a subsidiary of Gold Fields Limited (JSE, NYSE, NASDAQ, Dubai: GFI), has completed the 2012 drilling program which comprised 114 holes totaling 36,623.28 m. Woodjam Copper has previously released results for 55 of these holes, and is waiting for results on the remaining 59 drill holes (see news releases dated August 7, 2012 and October 22, 2012). It is anticipated that the results for the remaining holes will be available by the middle of January. The Property is located approximately 45 km east of the City of Williams Lake, BC.
Gold Fields will be continuing their compilation of the drilling program through the winter and is expected to update the Southeast Zone resource as well as calculate a first resource for the Deerhorn Zone.
The 2012 drilling program set out to accomplish a number of goals including the expansion of the known zones, particularly Deerhorn and Southeast. These zones contained just over half of the drill holes completed, and previously released results show this task was successfully completed. The 2012 program also dedicated considerable drilling to exploration and resulted in the discovery of the Three Firs Zone (see NR dated August 7, 2012) which indicates a strong discovery potential for the project. The program was initiated in early March and employed 3 core drills for most of the year. A summary of the distribution of the 2012 drilling is as follows:
|
Area |
Zone |
No. of Holes |
Total Metres |
| Woodjam North Property | Deerhorn |
34 |
9,765.21 |
| Three Firs |
25 |
8,973.92 |
|
| Takom |
7 |
2,069.50 |
|
| Megabuck |
2 |
715.67 |
|
| Megabuck East |
4 |
1,247.56 |
|
| Deerhorn-Corner Lake |
1 |
236.52 |
|
| Reconnaissance |
15 |
3,667.35 |
|
| Woodjam North Total |
88 |
26,675.73 |
|
| Woodjam South Property | Southeast |
22 |
8,628.99 |
| Three Firs South |
4 |
1,318.56 |
|
| Woodjam South Total |
26 |
9,947.55 |
|
| Woodjam Project Total |
114 |
36,623.28 |
Gold Fields has vested a 51% interest in both the Woodjam North and South properties. Furthermore, 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 US$12 million and US$8 million over the next four years on the Woodjam North and Woodjam South properties respectively. In addition, Gold Fields is required to complete a comprehensive feasibility study on the Woodjam South property.
Glen L. Garratt, P.Geo., a qualified person for the purposes of National Instrument 43-101, has read and taken responsibility for this news release.
Glen L. Garratt, P.Geo.
Director
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) was called for trading on the TSX-V on November 25, 2011. Woodjam Copper was created when Fjordland Exploration Inc. (“Fjordland”) (TSX-V: FEX) and Cariboo Rose Resources Ltd. (“Cariboo Rose”) (TSX-V: CRB), 60%-40% partners in the Woodjam Joint Venture (“WJV”), jointly put their interests in the WJV into the new company. Shareholders of Fjordland and Cariboo Rose received shares in Woodjam Copper. Woodjam Copper 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).
About Gold Fields Limited
Gold Fields is one of the world’s largest unhedged producers of gold with attributable, annual production of 3.5 million ounces per annum from eight operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfield and near-mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 80.6 million ounces and Mineral Resources of 217 million ounces. For more information visit the company’s website at www.goldfields.co.za.
