Consolidated Woodjam Copper Provides an Update on the 100% Owned Woodjam Copper-Gold Project
Vancouver, BC / TheNewswire / October 14, 2015 - Consolidated Woodjam Copper Corp. ("Woodjam Copper") (TSX-V: WCC) has closed an agreement with Gold Fields Netherlands Services BV ("Gold Fields"), whereby Woodjam Copper purchased all of the shares in Gold Fields' wholly owned subsidiary, Gold Fields Horsefly Exploration Corporation ("Gold Fields Horsefly"), (see news release dated August 13, 2015). This purchase gives Woodjam Copper control of 100% of the Woodjam copper-gold-molybdenum projects located near the community of Horsefly, approximately 45 kilometers east of the regional centre of Williams Lake, British Columbia.
Subsequent to closing the purchase a number of events have occurred:
- The wholly owned subsidiary Gold Fields Horsefly Exploration Corporation has had a name change to Woodjam Horsefly Resources Ltd.
- The Megaton option, which covers claims adjacent and to the east of the Southeast Zone, has been reactivated and extended such that Woodjam Copper can defer capital expenditures for up to three years by issuing shares to the vendors. The Megaton property holds a strong potential for extending the Southeast Zone mineralization to the northeast. Drilling in 2013 intersected alteration and mineralization in the same phases of intrusions as at the Southeast Zone at a location 1.3 km to the northeast.
- The Magalloy option has been similarly reactivated and extended. The Magalloy hosts the Three Firs Zone as well as other drill-ready targets defined by geophysical surveys.
- The Company has acquired, by staking, two mineral claims to the south and southwest of the Southeast Zone, covering approximately 2,934.0 hectares to bring the total property size to 64,087.8 hectares (lies within an area of approximately 25 km by 25 km). Exploration conducted by the prior owner of the claims outlined an untested IP chargeability geophysical anomaly similar in character to the Southeast Zone that covers an area of approximately 3.0 km long by 1.5 km wide and is open to the north and south. This target offers a good potential for discovering a new zone of mineralization.
The management team of Woodjam Copper views the Woodjam Project as a strong play on copper and gold that was purchased at the bottom of the commodity cycle. The Company also believes strongly that there is good potential to discover new zones in several areas as well as to expand known zones. The Woodjam Project has the potential to greatly increase in value in the next commodity cycle and lies in an area of well developed infrastructure in South-central British Columbia which would enable low-cost development.
G. L. Garratt, P.Geo., a qualified person for the purposes of National Instrument 43-101, has read and taken responsibility for this news release.
G. L. Garratt
G.L.Garratt, P.Geo.,Director
Consolidated Woodjam Copper Corp.
Contact: Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Consolidated Woodjam Copper Corp. ("Woodjam Copper") (TSX-V: WCC) trades on the TSX-V exchange and currently owns a 100% interest in the Woodjam Project in British Columbia. Visit the Company's website at: http://www.woodjamcopper.com.
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