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Fjordland: Ivanhoe Electric Funds LT SQUID MLTEM Survey at South Voisey's Bay
Vancouver, British Columbia--(Newsfile Corp. - October 6, 2021) - Fjordland Exploration Inc...
About this update from Fjordland Exploration Inc.
[{"type":"text","content":"Fjordland: Ivanhoe Electric Funds LT SQUID MLTEM Survey at South Voisey's BayVancouver, British Columbia--(Newsfile Corp. - October 6, 2021) - Fjordland Exploration Inc. (TSXV: FEX) (\"Fjordland\" or the \"Company\") is pleased to announce that the Company has initiated a Low Temperature (\"LT\") Superconducting Quantum Interference Device (\"SQUID\") Moving Loop Transient Electromagnetic (\"MLTEM\") survey on its South Voisey's Bay (\"SVB\") nickel copper cobalt project. The survey is being conducted by Discovery International Geophysics Inc., headquartered in Saskatoon. As per the SVB option agreements, the project is being funded by Ivanhoe Electric Inc. (\"IVNE\"), a privately owned US corporation led by CEO and Co-Chair Robert Friedland. Upon conclusion of the program, Fjordland will have earned it's 75% interest in the SVB project under its option with Commander Resources Ltd. (subject to Commander receiving a $40,000 option payment and an additional 400,000 shares of Fjordland). Fjordland can increase its interest to 100% by funding an additional $5M in exploration expenses by October 2024. Under its agreement with Fjordland, IVNE can earn a 65% interest in the project by funding these commitments leaving Fjordland with a residual 35% interest. Upon conclusion of the survey, IVNE will have expended $3M of the $8M required under the Fjordland/Commander option agreement. Positive survey results are expected to lead to a drill program in 2022.HighlightsLT SQUID MLTEM survey underway at South Voisey's Bay nickel property.Low frequency EM survey centred on modeled gravity anomalies derived from work completed in 2019 and 2020.Fjordland recently expanded the project through acquisition of the adjacent Vulcan property.Fjordland expected to vest at 75% interest following the field program and completion of upcoming option payment. James Tuer, Fjordland's CEO commented, \"Very low frequency SQUID surveys are a relatively new tool being used in the hunt for highly conductive massive sulfide nickel deposits. They have been very successful in finding and expanding nickel deposits in Western Australia. In Canada, during the year BHP/Midland and Wyloo Metals/Orford have also announced SQUID surveys on their nickel projects in northern Quebec. The survey is expected to help discriminate amongst the large number of graphite related condu...