Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Fjordland Exploration Inc. (TSX VENTURE:FEX) and Cariboo Rose Resources Ltd. (TSX VENTURE:CRB), 60%-40% partners in the Woodjam Joint Venture (“WJV”), report that Gold Fields Limited’s (NYSE:GFI) exploration company, Gold Fields Horsefly Exploration Corporation (“Gold Fields”), has forwarded drill results from three new holes (1,214.6 m) of the 2011 infill and expansion diamond drilling program on the Southeast Zone of the Woodjam South copper-gold-molybdenum property. The property is located 45 km east of Williams Lake in south-central British Columbia.
At Woodjam South, a 15,000-metre (m) drilling program (5,000 m infill, 6,000 m expansion drilling, and 4,000 m unallocated) commenced on March 16th in the core area measuring 800 m by 630 m to a depth of more than 400 m. A number of the drill sites are planned to allow calculation of an inferred pit-constrained NI 43-101 compliant resource by the end of 2011. This work program is part of Gold Fields’ $5 million budget announced on March 2, 2011. This initial drilling program, utilizing two rigs, concentrated on the southern and southeastern areas of the core area of mineralization, primarily dictated by access logistics during the spring months. Drilling will next test the northern and northwestern areas of the core area of mineralization. To date, nineteen holes totaling more than 8,000 m have been completed; further results will be reported in batches when received. A drill location map may be viewed at www.fjordlandex.com/news/nr11-11b.pdf.
Click here for the full news release
