TheNewswire - April 15th, 2020 - At the request of IIROC and the TSX Venture Exchange the Company wishes to clarify certain disclosure in its news release dated April 14, 2020 titled Consolidated Woodjam Copper Discusses the Woodjam Gold Endowment.
The Company wishes to clarify several inconsistencies that exist between Consolidated Woodjam Copper Corp's news release dated April 14, 2020 titled Consolidated Woodjam Copper Discusses the Woodjam Gold Endowment and the two 2013 Gold Fields authored NI-43-101 reports from which the news release derives. The conclusion of the NI 43-101 Technical Report for 2012 Activities on the Woodjam South Property CARIBOO MINING DIVISION British Columbia, do not support the statement the "exceptional gold potential of the Woodjam copper gold project" as the gold content declared in the mineral resource statement is restricted to the two smaller satellite deposits, the Deerhorn and Takom deposits, of the Woodjam property that collectively comprise approximately 10% of the mineral resource base.
In 2013 Gold Fields published NI 43-101 resources for three zones: Southeast Zone, Deerhorn Zone and Takom Zone. The porphyry system at Woodjam responsible for the five zones of mineralization that have now been discovered have two predominant characters: one being high-K calc-alkalic and copper sensitive (typified by the Southeast Zone, where the preponderance of the identified inferred resource exists, and the other being sub-alkalic and gold sensitive.
NI 43-101 resources prepared by Gold Fields and previously reported are as follows:
See notes below
See notes below
(*a filed on Sedar, July 8, 2013, *b filed on Sedar July 9, 2013):
Note: (Southeast Zone Resource notes from Sherlock and Trueman, May 15, 2013)
1. The Au grade is 0.05 gpt for 391.1 koz, a portion of which may be recovered as a by-product,
2. These Mineral Resources are not Mineral Reserves and do not have demonstrated economic
3. NSR calculation uses USD 1,650/oz Au, USD 3.90/lb Cu and recoveries of 69% Au and 85% Cu,
4. The Mineral Resource is reported at a USD 8.60/t NSR cut-off constrained within an optimized pit
5. The pit shell is based on a price assumption of USD 1,650/oz Au & USD 3.90/lb Cu,
6. On May 30, 2013, a topography correction was made to the geologic model, and as a result the
Inferred Mineral Resource figures changed to 221.7 Mt at 0.31% Cu for 1507.1 Mlb Cu and 383.7 koz
The April 14th news release reported the Southeast mineral resource as 227.5 MT at 0.31% Cu containing 1,541.9 Mlb Cu. This mineral resource has been subsequently revised to 221.7 Mt at 0.31% Cu containing 1,507.1 Mlb Cu. The Company does not consider this to be a material revision.
J.W. (Bill) Morton P. Geo is the Qualified Person who accepts responsibility for this news release.
J.W. (Bill) Morton, President
Consolidated Woodjam Copper Corp.
Contact: (604) 681-7913 or Toll Free: 888-656-6611
Consolidated Woodjam Copper Corp. (the "Company") (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
Forward Looking Statements: This news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Forward-looking statements in this release include statements regarding the timing of the date of any financing and exploration activity on the Woodjam Project. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, the timely receipt of any required regulatory approvals. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
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 release.
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