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Fjordland Announces Update on South Voisey's Bay Agreement
Vancouver, British Columbia--(Newsfile Corp. - April 17, 2023) - Fjordland Exploration Inc. (TS...
About this update from Fjordland Exploration Inc.
[{"type":"text","content":"Fjordland Announces Update on South Voisey's Bay AgreementVancouver, British Columbia--(Newsfile Corp. - April 17, 2023) - Fjordland Exploration Inc. (TSXV: FEX) (the \"Company\") announces that it has received notice from Ivanhoe Electric BC Holding Limited (\"Ivanhoe Electric\") that it is terminating its investment agreement with Fjordland in the South Voisey's Bay (\"SVB\") Project, effective immediately. Fjordland currently owns a 75% interest in the project, with Commander Resources Ltd. owning the balance. Under the existing agreement with Commander, Fjordland has the option to increase its interest to 100% by expending $4 million in exploration expenditures, together with additional cash and shares, by October 31, 2024. The 150 square kilometer SVB project is in good standing with the Newfoundland and Labrador government until at least mid-2027. Due to exiting the venture, Mark Gibson, Ivanhoe Electric's Chief Operating Officer, has resigned from Fjordland's Board of Directors.\"We appreciate the time, effort and expenditures that Ivanhoe Electric put into evaluating the South Voisey's Bay project since they first entered into the agreement in 2017,\" said James Tuer, President and CEO of Fjordland Exploration. \"While we are disappointed that the agreement has been terminated, we remain committed to creating value for our shareholders by advancing this world-class nickel exploration asset, whether on our own or with the help of another senior nickel explorer.\"In 2022, Fjordland completed a small drill program which was cut short by poor performance from the drilling contractor. The one hole completed at the Worm gabbro reached a target depth of 420 m. Gabbro was intersected between 206 m and 260 m and from 400 m to the end of the hole. Assays failed to show any significant amounts of mineralization, however, there were obvious sulfide inclusions within the core suggestive of the potential for nearby mineralization. Recent re-interpretation of borehole EM from work completed in the late nineties across the entire property has generated some significant off-hole conductors that need to be tested. As demonstrated by several recent high grade nickel discoveries, world class nickel projects can be found within metres of near barren drill holes using this technique. Fjordland plans to create an exploration program in order t...