The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
WCC: TSX
President and CEO: William (Bill) Morton
Vice President: Glen Garratt
Senior Technical Advisor: Tom Schroeter
Gold Fields Horsefly Exploration Corp. and its joint venture partner, Consolidated Woodjam Copper Corp., started a 2013 field program in April at the Woodjam copper-gold project.
The companies followed up on 2012 exploration at the 56,500-hectare (139,612 acres) Woodjam North and Woodjam South copper-gold-molybdenum properties located 50 kilometers (31 miles) east of Williams Lake in central British Columbia.
Work planned for 2013 consisted of about 4,000 meters of diamond drilling within the Woodjam South project area and was expected to take about two months to complete.
In May Gold Fields Horsefly released an updated NI 43-101-compliant resource calculation for the Southeast, Deerhorn and Takom zones, including a resource estimate for the Southeast Zone of 227.5 million metric tons grading 0.31 percent copper, or 482 million pounds of contained copper, up 45 percent from 146.5 million tons grading 0.33 percent copper.
The company also reported maiden resource estimates for the Deerhorn (32.8 million tons grading 0.49 grams per metric ton gold and 0.22 percent copper, or 516,200 ounces of contained gold and 158.2 million pounds copper) and Takom (8.3 million tons grading 0.26 grams per metric ton gold and 0.22 percent copper, or 68,200 ounces of contained gold and 39.7 million pounds copper) zones, which add significantly to the properties' potential.
Gold Fields also undertook an option to earn a 100 percent interest on the Megaton property, which is adjacent to the Woodjam South property and covers an area immediately east of the Southeast Zone and now will be included in the Woodjam South property.
Gold Fields must pay the vendors C$1 million in cash payments and make exploration expenditures of C$2.1 million over a six-year period, as well as reserve a 2 percent net smelter returns royalty for the vendors, which can be reduced to 1 percent by paying the vendors an additional C$1 million.
Gold Fields said it also would complete a drilling program on the Megaton property in 2013.
The company has vested a 51 percent interest in the Woodjam North and South properties and given notice to Woodjam Copper that it will exercise its right to earn a further 19 percent interest in each of the Woodjam North and Woodjam South properties by spending US$12 million and US$8 million (minus 2012 expenditures) 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.
Gold Fields also indicated in May that, while continuing Woodjam exploration to maintain its option agreement, it would welcome third-party proposals to acquire some or all of Gold Fields' holdings in the Woodjam and neighboring projects due to budget constraints and the copper-dominant nature of the Woodjam South deposit.
The company said it does not have specific terms and is essentially "fishing" for expressions of serious interest.
Cash and short-term deposits: C$78,308 (May 31, 2013)
Working capital: C$94,375 (May 31, 2013)
Market capitalization: C$4.05 million (Sept. 27, 2013)
110 - 325 Howe Street, Vancouver, B.C. Canada V6C 1Z7
Tel: 604-681-7913 Fax: 604-681-9855
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