Wildrose options Woodjam property

Junior Wildrose Resources (WRS-V) has agreed to option an interest in its Woodjam gold-copper property in British Columbia to Phelps Dodge Corp. of Canada.

The wholly-owned subsidiary of Phelps Dodge (PD-N) can earn a 70% interest in the property, situated in the province’s Cariboo region, by funding $1.5 million in exploration and paying $295,000 over five years. A minimum of $150,000 must be spent in the first year to maintain the option agreement.

The Woodjam claims cover a porphyry gold-copper occurrence first identified in the mid-1970s and which was worked on sporadically by several companies in the mid-1980s and early 1990s. The claims were last explored in 1992, when a high-resolution airborne geophysical survey was carried out. Several target areas, including the historic Megabuck zone, are indicated by magnetic and radiometric responses.