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Fjordland and Commander Begin Drilling at South Voisey's Bay Nickel Project, Labrador
Vancouver, British Columbia--(Newsfile Corp. - September 21, 2017) - Fjordland Exploration In...
About this update from Fjordland Exploration Inc.
[{"type":"text","content":"Fjordland and Commander Begin Drilling at South Voisey's Bay Nickel Project, LabradorVancouver, British Columbia--(Newsfile Corp. - September 21, 2017) - Fjordland Exploration Inc. (TSXV: FEX) and project partner Commander Resources Ltd. (\"Commander\") are pleased to announce that they have begun drilling at their South Voisey's Bay Project (the \"SVB Property\") located in Labrador, Canada. The initial program will comprise a minimum of 1000 metres of core drilling in 5 to 7 holes designed to test a number of conductors at the Sandy Target.The SVB property currently comprises 29,450 hectares and is located in central Labrador some 80 kilometres south of Vale's Voisey's Bay Nickel mine and covers parts of the Pants Lake Gabbro Complex. The Pants Lake Complex contains host rocks with alteration and nickel mineralization styles consistent with high nickel prospectivity. In 2014 Commander and Fjordland completed a UTEM 3 and ground magnetic survey over a portion of the claims referred to as the Sandy Target. This survey outlined a strong horizontal conductor and 4 strong sub-vertical conductors near the Worm Gabbro, a possible feeder dyke to the larger gabbro bodies (see News Release dated March 2, 2015). Additional work this month included re-processing of historic geophysical data including a partially overlapping UTEM 3 survey completed in 2002 and successfully outlined two additional sub-vertical conductors several hundred metres to the west.Fjordland currently owns a 15% interest in the property and may acquire up to a 100% interest by paying Commander combined cash payments of $290,000, completing $8.0 million in exploration expenditures and issuing to Commander an aggregate of 4.5 million shares of Fjordland (see press release dated June 5, 2017 for details). Upon Fjordland acquiring a 100% interest in the project, Commander will retain a 2% NSR with Fjordland having the right to buy down 50% of the Royalty for a payment of $5,000,000 as a cash payment, or a cash payment equal $2,500,000 plus the issuance of shares having a fair market value of 50% of the buy down amount. Commander will receive a $10,000,000 advance royalty payment at the commencement of commercial production.Fjordland has entered into definitive agreements with an affiliate of High Power Exploration Inc. (\"HPX\") under which it is subscribing for common s...