Consolidated Woodjam Copper, a tiny Canadian junior worth some $16 million on the Toronto exchange, rocketed 12.3% Thursday on news of a stellar initial resource estimate on the Woodjam property in northern B.C.

The Vancouver-based small-cap explorer (TSX-V:WCC) said the property, located 50 kilometres east of Williams Lake, hosts 146.5 million tonnes of 0.33% copper, which translates into 1.06 billion pounds of copper. The resource also contains low-grade gold ore at 0.06 g/t Au, which would be recovered as a byproduct.

The project is half-owned by South Africa-based gold major Gold Fields (NYSE:GFI), which earned a 51% interest in the property after spending $14.5 million on exploration over the past two and a half years. WCC was born out of a merger of Fjordland Exploration Inc. and Cariboo Rose Resources, which were 60-40% partners in the project.

The resource estimate was based on 31,712 metres of drilling and 80 holes. In late March, the companies plan to do another 20,000 metres of drilling through a $5.5 million exploration program.

http://www.mining.com/2012/03/02/northern-bc-...of-copper/