Business
Gold Fields Drilling at Woodjam North, British Columbia
Gold Fields Drilling at Woodjam North, British Columbia
About this update from Cariboo Rose Resources Ltd.
[{"type":"text","content":"\nGold Fields Drilling at Woodjam North, British Columbia\n\n\n Nov. 18, 2009 (TheNewswire.ca) -- Vancouver, BC, November 18, 2009 - Cariboo Rose Resources Ltd. (TSXV:CRB) (TSX-V: CRB) and Fjordland Exploration Inc. (TSXV:FEX) (TSX-V: FEX), Woodjam Joint Venture 40%/60% partners, are pleased to report that Gold Fields Horsefly Exploration Corporation (a member of the Gold Fields Limited group of companies (NYSE: GFI)) commenced drilling on October 10th on the Woodjam North gold-copper property, located 45 kilometres east of Williams Lake in central British Columbia.To date, approximately 3,300 metres of drilling has been completed on the Takom Zone, following up a 2008 intersection grading 0.34% copper and 0.6 g/t gold over 72 metres, as well as a small portion of the much larger 3-kilometre wide induced polarization anomaly. The planned 6,000-metre diamond drilling program is designed to initially test the extent and depth potential of the existing Takom and Deerhorn gold-copper occurrences. Additional drilling will be designed to test IP, magnetic and geochemical anomalies identified from new data generated from the 2009 surveys.As of mid-November, Gold Fields has completed the following additional exploration:-Geological mapping over all areas covered by soil and induced polarization (IP) surveys;-Approximately 85 line-kilometres of line-cutting and an induced polarization survey, at 100 metre line-spacing, over the Corner Lake grid, which extends northwards from the Megabuck and Deerhorn Zones;-Approximately 90% of a planned 5,000 line-kilometre airborne magnetic-radiometric survey, on lines spaced 100 metres apart;-500 gravity stations on a nominal 250 metre spacing with local more detailed 100 metre nominal spacing over the Takom area;-Soil sampling survey consisting of 4,250 samples collected over the Takom-Corner Lake grid;Gold Fields has an option to earn up to a 70% interest in the property by spending $19 million in exploration over the next 7 years (see July 30, 2009 News Release for details). Gold Fields has budgeted approximately $3 million for the first-year work program of the option agreement on the 40,750-hectare property.About Gold Fields LimitedGold Fields is one of the world's largest unhedged producers of gold with attributable production of 3.6 million ounces* per annum from nine operating mines in South A...