Woodjam Copper Corporate Update
Consolidated Woodjam Copper Provides Corporate Update on the Woodjam North and South Copper-Gold Projects, BC
Vancouver, BC, February 26, 2013 – Consolidated Woodjam Copper Corp. (“Woodjam Copper”) (TSX-V: WCC) would like to provide an update on the Woodjam North and South Properties. The properties are located in the Cariboo region of south-central British Columbia, approximately 45 km via paved road east of the City of Williams Lake. The area has a strong history of mining and forest resource development with well developed infrastructure.
Review of 2012
The management of Woodjam Copper is encouraged by the results of the aggressive 2012 drilling program and in particular the drilling results from the Deerhorn Zone (see news releases dated Aug. 7 and Oct.22, 2012 and Jan. 21, 2013). In 2012, 36,623 metres were drilled in 114 holes. The 2012 drilling program focused primarily on definition and expansion drilling on the gold-copper bearing Deerhorn, Southeast, Takom, Megabuck Zones as well as the newly discovered Three firs Zone (see table below). The Southeast zone has a NI 43-101 compliant inferred resource of 146.5 million tonnes grading 0.33% copper with accessory gold; (see news release dated March 1, 2012).
Drilling Summary Table:
|
Zone |
2012 Drilling |
Drilling to Date |
2012 Select Intercepts |
|||
|
# of Holes |
Meters |
# of Holes |
Metres |
|||
| Southeast |
22 |
8,628.99 |
104 |
40,642.21 |
SE12-80: 310.90 m of 0.32% Cu and 0.13 g/t Au | |
| Deerhorn |
34 |
9,765.21 |
72 |
20,639.20 |
DH12-48: 255.00 m of 1.50 g/t Au and 0.26% Cu | |
| Takom |
7 |
2,069.50 |
52 |
13,363.68 |
TK12-34: 158.86 m of 0.32 g/t Au and 0.26% Cu | |
| Megabuck |
2 |
715.67 |
69 |
17,951.87 |
Holes were drilled outside the Zone | |
| Three Firs |
25 |
8,973.92 |
N/A |
N/A |
TF12-11: 162.0 m of 0.24 g/t Au and 0.24% Cu | |
Plans for 2013
Gold Fields, the project Operator, is currently undertaking a thorough review of the project. Goldfields advises that resource estimates and associated studies on some of the porphyry centres are being completed on an internal basis. This work is expected to be completed in Q2, 2013 after which decisions regarding the future project exploration strategy are expected.
PDAC Toronto
Woodjam Copper has been accepted by the Prospectors and Developers Association of Canada to display the Woodjam Project in the Core Shack area at the annual PDAC Convention held at the Metro Toronto Convention Centre in Toronto. Core will be displayed from 10 am to 5:30 pm on Sunday March 3 and Monday March 4 at Booth 5003 in the Core Shack, level 700.
Project Status
Gold Fields has vested a 51% interest in both the Woodjam North and South properties. Further, 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 $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 have not yet been accounted for. In addition, Gold Fields is required to complete a comprehensive feasibility study on the Woodjam South property. Woodjam Copper will retain a 30% interest in Woodjam North and South.
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) owns a 49% interest in the advanced stage exploration Woodjam North and 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). In addition to the Southeast deposit, the Deerhorn, Megabuck, Takom and Three Firs zones are areas of active exploration on the Woodjam Property. The Woodjam project is located in the Cariboo region of British Columbia, an area with excellent infrastructure and a history of mining.
About Gold Fields Limited
Gold Fields is one of the world’s largest unhedged producers of gold with attributable, annual production of 2.1 million gold equivalent ounces per annum from six operating mines in Australia, Ghana, Peru and South Africa. Gold Fields also has an extensive and diverse global growth pipeline with four major projects at resource development and feasibility level. Gold Fields has total managed gold-equivalent Mineral Reserves of 64 million ounces and Mineral Resources of 155 million ounces. For more information visit the company’s website at www.goldfields.co.za.
