Gold Fields Horsefly Exploration Corp., a subsidiary of Gold Fields Ltd., has completed its initial resource estimation on the Southeast zone at the Woodjam property, located 50 kilometres east of Williams Lake, B.C.
The resource is limited to the Southeast Zone, which is one of several zones of mineralization currently being explored by Gold Fields and provides a glimpse of the overall potential of the Woodjam Property. The resource is inferred, is open pit constrained and is reported only in regards to copper content although accessory gold, molybdenum and silver occur. Effective March 2, 2012, the inferred resource for the Southeast Zone (only) is:
146.5 million tonnes at 0.33% copper for 1.06 billion pounds of copper
In January 2012, Gold Fields vested a 51% interest in both the Woodjam North and Woodjam South properties by having spent a cumulative CND$14.6 million dollars over the past 2.5 years on exploration.
Gold Fields has notified Woodjam Copper of its intent to earn a further 19% interest in both properties (the second option); Woodjam North with a further expenditure of CND$12 million and Woodjam South with a further expenditure of US$8 million and the completion of a feasibility study.
Gold Fields has also advised WCC that it will initiate the 2012 program in late March 2012, with a CDN$5.5 million exploration program which will include 20,000 m of diamond drilling focusing on the target areas on the Woodjam North Property, and on continued expansion drilling to identify additional resources in the Southeast Zone and on other targets in the Woodjam South Property.
Vancouver, BC, March 26 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 (NYSE: GFI), has advised that it has initiated the 2012 exploration program on the Woodjam North and Woodjam South properties.
The program will primarily be exploration drilling with a CDN$5.5 million budget. The program will include 20,000 m of diamond drilling to be divided equally between the Woodjam North and Woodjam South Properties. On Woodjam North, drilling will test a number of targets developed by geophysical and geochemical surveys including the Megabuck East target where drilling in 2011 intersected Megabuck style mineralization.
Also on Woodjam North, drilling will test a postulated fault offset for Deerhorn Zone mineralization, approximately 500 m east of drill hole DH10-23 which returned assays of 95.7 m grading 0.53g/t Au and 0.22% Cu, including 41.2 m grading 0.89g/t Au and 0.26% Cu.
On the Woodjam South Property which hosts the Southeast Zone where an initial pit constrained, inferred resource of 146.5 million tons grading 0.33% copper (with accessory gold) was announced in a news release dated March 1, 2012 drilling will be directed at expanding the Southeast Zone where mineralization remains open in several directions. Additionally, geophysical targets on other parts of the Woodjam South Property will be drill tested.
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 on the Woodjam North and Woodjam South properties respectively, over the next four years. In addition, Gold Fields is required to complete a comprehensive feasibility study on the Woodjam South property.
Glen L. Garratt, PGeo, 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
Consolidated Woodjam Copper Corp.
Paul Way, Investor Relations
Phone: (604) 681-7913, Toll Free: 888-656-6611