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Fjordland to Acquire Historic Renzy Nickel Copper Project, Quebec; Quebec Precious Metals Monetizes Non-Core Asset
Vancouver, British Columbia--(Newsfile Corp. - December 10, 2020) - FJORDLAND EXPLORATION INC...
About this update from Fjordland Exploration Inc.
[{"type":"text","content":"Fjordland to Acquire Historic Renzy Nickel Copper Project, Quebec; Quebec Precious Metals Monetizes Non-Core AssetVancouver, British Columbia--(Newsfile Corp. - December 10, 2020) - FJORDLAND EXPLORATION INC. (TSXV: FEX) (\"Fjordland\" or the \"Company\") is pleased to announce that it has entered into an agreement with Quebec Precious Metals Corporation (\"QPM\") to acquire 100% of the Renzy nickel copper project (the \"Property\"), also known as the Vulcain project.Highlights: Option to acquire 100% interest in the Renzy nickel copper deposit High grade intercepts identified including 10.8 m of 1.3% nickel and 1.8% copper drilled in 2005 (Hole RZ-05-11) Historical NI-43-101 compliant resource estimate demonstrates nickel-copper prospectivity for the 86 km2 property Previous geophysical surveys to be reinterpreted to generate new drill targets Opportunity for larger mineralized bodies at depth. Limited number of drill intercepts deeper than 100mThe Option Agreement (the \"Agreement\") with QPM (the \"Optionor\") allows Fjordland (the \"Optionee\") to earn a 100% interest in 68 mineral claims in Hainaut Township, Quebec by paying to the Optionor a total amount of $50,000 in cash, issuing 1,000,000 Fjordland common Shares and by incurring $1,000,000 in exploration expenditures on the Property over a period of five years. As well, the Property is subject to a 1% Net Smelter Return royalty (the \"Royalty\") to be retained by the Optionor provided that the Optionee shall have the right at any time to purchase back one-half percent of the Royalty for the sum of $500,000 and the second one-half percent of the Royalty for the sum of $2,500,000. Fjordland is also assuming the 2% pre-existing net smelter royalties (\"NSR\") to underlying parties. Each one-half percent of the NSR can be repurchased at any time for $250,000. As a result, all the overriding royalties can be retired for $4,000,000 at any time. The Agreement is subject to TSX Venture Exchange approval upon which the cash payment and share issuance will be made within three (3) days.In conjunction with the transaction, the Company has staked an additional 79 claims along the south eastern margins of the Property. As a result, the total project area now measures approximately 86 km2 and covers the 2004 magnetic and electromagnetic AeroTEM II surveys flown by Aeroquest Limited. ...