Woodjam Copper issues top-up shares to Gold Fields - Stockwatch
Consolidated Woodjam Copper Corp. has completed its share top-up obligation that was due on the third anniversary of completion of the transaction contemplated by the agreement dated Aug. 11, 2015, with Gold Fields Netherlands Services BV. The Company has issued 3,267,724 shares of the Company (the "Top-up Shares"), for no additional consideration, to Gold Fields and thereby topped-up its' shareholding in the Company to 19.9% of the issued and outstanding shares of the Company. The issue of the Top-up Shares has been accepted by the TSX-Venture Exchange, and they are subject to a hold period that will expire on January 24, 2019.
Under the Agreement, the Company purchased all of the shares of Gold Fields Horsefly Exploration Corporation ("Gold Fields Horsefly") and, as a result, now controls of 100% of the Woodjam copper-gold-molybdenum project located near the community of Horsefly, approximately 45 kilometers east of Williams Lake, British Columbia (B.C.). Gold Fields also has the option of maintaining its equity interest in the Company by participating in future share placements. Gold Fields retained a 2% Net Smelter Return Royalty (NSR) over all unencumbered land in the Woodjam Project, which may be reduced at any time to 1% by the Company paying Gold Fields $5,000,000 in cash. A 0.5% NSR will apply to certain encumbered claims, subject to terms and conditions. Refer to news releases dated August 13, 2015 and September 23, 2015 for further details.
The Woodjam Property
The Woodjam property is a copper-gold porphyry system that included both calc alkaline and alkaline styles of mineralisation. It is located in south central British Columba approximately 50 kilometers east of the community of Williams Lake encompassing an area of approximately 64,000 hectares (160,000 acres). Between 2009 and 2013 Gold Fields completed 281 diamond drill holes at Woodjam totalling 95,309 meters and completed and published NI43-101 compliant inferred resources for the Southeast Zone, Deerhorn Zone and Takom Zone as follows:
- Southeast Zone , 227.5 million tonnes grading 0.31% copper and 0.05 g/t gold.
- Deerhorn Zone , 32.8 million tonnes grading 0.22% copper and 0.49 g/t gold.
- Takom Zone , 8.3 million tonnes grading 0.22% copper and 0.26 g/t gold.
These inferred resources contain 1.8 billion pounds of copper and 925,000 ounces of gold. An internal (Gold Field) resource was also calculated for the Megabuck Zone but was not published because it was not produced in a NI43-101 compliant format.
Exemplary holes at Woodjam include:
- hole 08-84( Southeast Zone ), with 201 meters grading 1.01% copper and 0.44 g/t gold including 51m grading 1.61% copper and 0.84g/t gold.
- hole 12-48 ( Deerhorn Zone ) , with 289 meters grading 0.24% copper and 1.33 g/t gold including 56 meters grading 0.40% copper and 2.71 g/t gold.
- hole 04-32 ( Megabuck Zone ), with 379 meters grading 0.12% copper and 0.81 g/t gold.
Several international mining companies are currently reviewing the Woodjam project for which there are currently four CA's (confidentiality agreements) in effect. Management of the Company believes there are significant opportunities for expansion of the resource base laterally, at depth and by infilling known zones. Additionally, there are untested exploration targets ready for potential discovery. The Company intends, subject to financing, to aggressively advance further exploration of the Woodjam Project.
Adoption of a 10% rolling Stock Option Plan
The Company has elected to adopt a 10% "rolling" stock option plan (the "New Stock Option Plan"), to replace its existing "fixed number" stock option plan.
The adoption of the New Stock Option Plan is subject to the Company receiving shareholder approval at its next annual general meeting, to be held on November 7, 2018, as well as acceptance by the TSX Venture Exchange.
We seek Safe Harbor.
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