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Fjordland Enters Option Agreement for Vulcan Minerals South Voisey's Bay Claims
Vancouver, British Columbia--(Newsfile Corp. - September 23, 2021) - Fjordland Exploration In...
About this update from Fjordland Exploration Inc.
[{"type":"text","content":"Fjordland Enters Option Agreement for Vulcan Minerals South Voisey's Bay ClaimsVancouver, British Columbia--(Newsfile Corp. - September 23, 2021) - Fjordland Exploration Inc. (TSXV: FEX) (\"Fjordland\" or the \"Company\") is pleased to announce that it has entered into a binding Letter of Intent with Vulcan Minerals Inc. (\"Vulcan\") to acquire a 100% working interest in 30 mineral claims (750 hectares) located in the South Voisey's Bay (\"SVB\") area, Labrador. Under the terms of the agreement, Fjordland has the option to pay Vulcan 1,350,000 common shares, $70,000 cash and incur $250,000 in exploration expenditures over a period of three years, of which $25,000 cash and 600,000 common shares are payable upon signing the agreement. Vulcan reserves a 2% net smelter return (\"NSR\") royalty on the claims subject to the Company's ability to buy back 50% of the NSR for $2,000,000. The Agreement is subject to TSX Venture Exchange approval.James Tuer, Fjordland's CEO commented, \"In anticipation of future work on the South Voisey's Bay project, we believe that this is a great opportunity to consolidate the land position which incorporates the best geophysical anomalies found to date. An updated interpretation of existing gravity surveys has indicated that there are anomalies contiguous to our claims along the margin with the Vulcan claims. This option agreement allows us to protect our interests in the event a mineral deposit extends to the east of our claims.\"In collaboration with Ivanhoe Electric Inc. (formerly High Power Exploration Inc.) and Commander Resources Ltd., Fjordland is exploring the SVB Pant's Lake mafic intrusive complex. This area was first explored for nickel following the 1993 discovery of Vale's high grade Voisey's Bay nickel-copper-cobalt mine, located approximately 80 kilometers to the north. Several rounds of drilling and geophysics have established the intrusion's potential for significant accumulations of massive magmatic sulphides.About Vulcan Minerals Inc.Vulcan Minerals is a precious and base metals exploration company based in St. John's Newfoundland. The company has strategic land positions in multiple active Newfoundland gold exploration and development belts. It also holds approximately 38 % of the shares in Atlas Salt Inc. (formerly Red Moon Resources Inc.). Atlas Salt produces gypsum from its Ace Mi...