🕐07.02.12 - 17:27 Uhr
FJORDLAND OPTIONS COPPER-GOLD PROPERTY IN SOUTHERN BC
Fjordland Exploration Inc.
1111 Melville Street, Suite 1100
Vancouver, British Columbia
Canada V6E 3V6
www.fjordlandex.com
NEWS RELEASE
Fjordland Options Copper-Gold Property in Southern BC
Acquisition Consolidates Porphyry Properties; Historical Drilling Intercept
of 207 Metres Grading 0.25% Copper
Vancouver, BC, February 7, 2012 - Fjordland Exploration Inc.
(TSX-V:
FEX) is pleased to report that it
has signed an Option Agreement with Almaden Minerals Ltd.
("Almaden") (TSX:
AMM, NYSE AMEX:
AAU) to acquire a 100% interest in
the Dill Property, a porphyry copper-gold property where previous drilling
has intercepted several long intervals of copper mineralization including
207 metres (m) grading 0.25% copper.
This hole - like most drill holes -
bottomed in mineralization and therefore remains open to expansion at depth,
as well as laterally.
The 400-hectare (ha), road-accessible Dill Property, is located 47
kilometres (km) southeast of Merritt in southern British Columbia,
approximately 45 kms north of Copper Mountains (TSX:
CU) flagship Copper Mountain mine
that started production last September.
The Dill Property adjoins
Fjordlands recently optioned Dillard Property that was acquired due to
numerous porphyry copper mineralized showings exposed from recent logging
activities (see August 31,
2011 news release for further details).
Fjordland is planning a systematic
exploration program during 2012 which will include drilling on both the
Dillard and Dill Properties which total 2600 ha.
The Dill copper-gold property was explored from 1963 to 1991 by several
mining companies, including Primer Group Minerals (1966-1969) that completed
18 core holes totaling 2330 metres (m) and 3 percussion holes totaling 201
m, Cominco Ltd.
(1981-1983) that conducted geochemical and geophysical
studies, and Placer Dome Inc.
(1989-1991) that completed 11 angled drill
holes totaling 2020 m.
A selection of mineralized drill intercepts from
previous drilling is shown in the table below:
SELECTED HISTORICAL MINERALIZED DRILL INTERCEPTS
DDH
Total Depth (m)
>From (m)
To (m)
Interval (m)
Cu (%)
Au (ppb)
Company
D66-1
127.4
10.7
127.4
116.7
0.22
303
Primer Grp Min
D66-2
126.2
83.8
126.2
42.4
0.22
Primer Grp Min
D67-4
189.0
6.1
125.0
118.9
0.23
78
Primer Grp Min
D67-5
94.2
2.4
94.2
91.7
0.23
303
Primer Grp Min
D68-12
39.0
1.2
39.0
37.8
0.33
Primer Grp Min
D69-1
247.5
40.2
247.2
207.0
0.25
Primer Grp Min
Including
40.2
99.7
59.4
0.37
Primer Grp Min
D91-2
219.5
32.3
219.5
187.2
0.24
97
Placer Dome
D91-3
197.5
125.3
151.2
25.9
0.22
64
Placer Dome
D91-5
188.0
158.2
188.1
29.9
0.30
105
Placer Dome
D91-6
183.5
82.9
86.0
3.1
2.02
330
Placer Dome
D91-10
147.2
9.1
66.1
57.0
0.22
76
Placer Dome
Since 1987, Fairfield Minerals Ltd.
(now Almaden) has owned the Dill
Property.
From 1989 to 1991, Placer Dome Inc.
held the Property under
option and drill tested an area measuring approximately 1300 m in length and
400 m in width, part of coincident copper-gold soil and induced polarization
(IP) anomalies, measuring approximately 1600 m by 700 m, and 1500 m by 900
m, respectively.
Structurally-controlled, near-surface, copper-gold
mineralization was encountered in alkalic monzonites to monzodiorities which
intrude Nicola Group volcanic rocks.
The westerly-trending northern zone
has been traced by drilling for 440 m in length and varying up to 140 m in
width and to depths of 180 m.
Drilling 400 m to the south of the northern
zone also intersected significant copper mineralization within a southern
zone trending west-northwest for 740 m and to depths of 220 m.
Most drill
holes bottomed in mineralization at depths of up to 220 m.
The source of
numerous gold soil geochemical anomalies (> 50 ppb) remains unclear.
One
isolated drill intercept in the drilling returned a 3.1 m interval assaying
710 ppb gold.
Fjordland President Tom Schroeter commented, "We are very pleased to add the
Dill Property to our tenements, located between Highland Valley and Copper
Mountain, two major operating copper-gold mines.
The previous significant
drill intercepts on the Dill Property, combined with the positive assays
recently obtained from surface sampling on the Dillard Property, provide an
excellent stepping stone to drilling programs during 2012."
To earn a 100% interest in the Property, subject to a 2% NSR which Fjordland
has the option to purchase 50% of, Fjordland will pay $25,000 cash and issue
250,000 common shares of Fjordland within five days of receipt of approval
of the Agreement from the TSX-V.
To complete the purchase, Fjordland has
the option to pay an additional $25,000 cash and issue an additional 250,000
common shares of Fjordland to Almaden on or before the first anniversary of
the initial payment.
If Fjordland completes a NI 43-101 Resource Estimate
on the Dill Property, it will issue an additional and final 1,500,000 common
shares of Fjordland to Almaden.
The Agreement is subject to approval of the
TSX Venture Exchange.
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
(NYSE: TC and TSX:
TCM) 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.
(TSX-V:
SIR) 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.
(TSX-V: KTN) in southeastern BC.
Fjordland has an option to acquire a 100% interest in the Dillard copper and
gold property, north of Princeton.
Fjordlands shares trade on the TSX
Venture Exchange under the symbol "FEX".
For further information visit
Fjordlands 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
Contact:
John Gomez,
Manager, Investor Relations
Tel.
604-893-8365
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.