Business
Fjordland Exploration: Camp Construction and Drill Mobilization Underway at South Voisey's Bay Project
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2017) - Fjordland Exploration Inc...
About this update from Fjordland Exploration Inc.
[{"type":"text","content":"Fjordland Exploration: Camp Construction and Drill Mobilization Underway at South Voisey's Bay ProjectDefinitive Agreement Executed with High Power ExplorationVancouver, British Columbia--(Newsfile Corp. - September 6, 2017) - Fjordland Exploration Inc. (TSXV: FEX) wishes to provide a status report regarding the initial drill test for Ni-Cu-Co mineralization of the Sandy target located on claims comprising the South Voisey's Bay project, Labrador. A minimum of 1000 meters of drilling is designed to test five shallow UTEM geophysical conductors.Innu Cartwright Drilling L.P. of Goose Bay, NL have been granted the camp construction and drill contract. The project will be managed by Dawn Evans-Lamswood, P.Geo. of Paradise, NL (refer to https://www.fjordlandex.com/news/2017/fjordland-announces-appointments for Ms. Evans-Lamswood's professional qualifications and experience).Fjordland also announces that it has recently completed the acquisition of an additional 21,800 ha of mineral tenure contiguous to existing claims. This staking increases the size of the claim group to a total of 29,450 ha.The South Voisey's Bay project, located 80 kilometers south of Vale's Voisey's Bay mine, is owned by Commander Resources Ltd. (\"Commander\") 85% and Fjordland 15%. As announced on June 5, 2017, Fjordland has been granted an option by Commander to earn up to a 100% interest subject to a 2% NSR in favor of Commander https://www.fjordlandex.com/news/2017/fjordland-announces-recpaitalization-voiseys-bay-option-agreement-2017-exploration-programs-and-financing.Fjordland has now also entered into definitive agreements with an affiliate of High Power Exploration Inc. (\"HPX\") under which it is subscribing for common shares and warrants from Fjordland for an aggregate consideration of $1.4 million by means of a private placement. In addition, HPX has also agreed to fund, on behalf of Fjordland, $7.4 million in exploration expenditures and to make $290,000 of property payments required to be made to Commander. If completed, and Fjordland acquires a 100% interest in the South Voisey's Bay project, Fjordland has agreed to assign a 65% project interest to HPX. The terms of the transaction were originally announced on August 28, 2017. https://www.fjordlandex.com/news/2017/high-power-exploration-and-fjordland-execute-a-non-binding-term-sheet-for-a-proposed-...