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Fjordland and CanAlaska Announce Agreement to Explore North Thompson Nickel Project
Vancouver, British Columbia--(Newsfile Corp. - February 26, 2020) - Fjordland Exploration Inc...
About this update from Fjordland Exploration Inc.
[{"type":"text","content":"Fjordland and CanAlaska Announce Agreement to Explore North Thompson Nickel ProjectVancouver, British Columbia--(Newsfile Corp. - February 26, 2020) - Fjordland Exploration Inc. (TSXV: FEX) (\"FEX\") has executed a non-binding Letter of Intent (LOI) with CanAlaska Uranium Ltd. (CanAlaska) whereby Fjordland has been granted the option to acquire up to an 80% interest in CanAlaska's wholly owned Hunter and Strong properties, part of CanAlaska's North Thompson Nickel project. This large 18,685 ha. claim group is located 25 km north of the Thompson mine operated by Vale S.A. Canada Ltd. and 285 km north of Winnipeg Manitoba.CanAlaska has been exploring the Thompson Nickel Belt (\"TNB\") for the past several years and in 2017 commissioned Condor Geophysical Consulting to reprocess historic (2007) VTEM airborne surveys. This review demonstrated several potential Ni-Cu-PGE exploration targets, 14 in total of which 6 are considered a priority and that had never been drilled by the former tenure holder, Falconbridge Nickel. Due diligence carried out in collaboration with Fjordland's significant shareholder High Power Exploration (\"HPX\") confirmed the presence of several robust, near surface exploration targets as well as identifying additional geophysical targets that require further investigation.Richard Atkinson, President states, \"The North Thompson Nickel Belt project meets Fjordland's long-standing exploration criteria in that the high-quality work done to date clearly demonstrates large scale, drill ready targets in a well-documented geologic setting\". He notes that since the commencement of production in 1961, the Thompson, Birchtree and Pipe deposits have produced more than 150Mt of nickel sulphide ore grading 2.32% Ni,0.16% Cu,0.046% Co and 0.83 g/t platinum group elements (PGE) ) (Manitoba Government Publications). Vale's success in brownfield mine exploration, as exemplified by the recent extension of the Thompson deposit (T3-1D), demonstrates the exceptional potential of the TNB.\"Under the terms of the agreement, Fjordland can earn its interest by incurring the following exploration expenditure and share issuances:AdditionalInterestsWorkCommitmentsSharesIssuancesCash paymentsAdditional TimeOn signing1,000,000$25,000Upon TSX approvalFirst Option49%$1,500,00018 months Second Option21%$2,500,0001,500,000$50,00024 ...