Fjordland Exploration, a mineral exploration company, announced that Capstone Mining has sanctioned a budget for the Phase 4, 2012 exploration program for the Tak Copper-Gold-Molybdenum project, which is situated roughly 50 km east of Williams Lake. The project is a portion of the Tak-Milligan Property Option.
Fjordland is quite optimistic with the results obtained from the reconnaissance drilling program, which was conducted at the Moffat Property and also with the results obtained from other surveys performed in 2011 on other properties, including the Tak package.
The project’s Tak portion includes nine non-contiguous claim blocks such as Moffat East, Moffat, Tisdall, Canim, LaHache, Howard Lake, HR, Hazel North and Hazel South comprising an area of 48,350 ha. So far, under the option contract, Capstone Mining has funded exploration costs amounting to $827,087.09 in three stages of work on the Tak portion. In 2011, the phase 3 costs were approximately $526,790. By spending $1,400,000 in additional exploration in two phases, the company may earn a 60% interest. Likewise, by spending $6,000,000 either on or before December 31, 2016, the company may earn 70% of the property.
During the Phase 4 exploration program, the company will strive to define the regions of resistivity and induced polarization chargeability anomalies on the Moffat property. This will be followed by further drilling. Further induced polarization and soil geochemical surveys will be performed on the Tisdall property and, depending on results, drilling will be carried out.
Induced polarization surveys will be performed on the Hazel South, Hazel North and Canim properties, and soil sampling programs will be expanded on the LaHache and Howard Lake properties. Work is anticipated to begin in April 2012 and majority of it will be concluded by July.