Fjordland Exploration (TSX-V: FEX) announces a Letter of Intent has been signed with Unity Resources Inc. granting Fjordland the option to acquire a 65% interest in one mining claim located in the South Voisey’s area, Labrador. Under the terms of the agreement, Fjordland has the option to pay to Unity $36,000 and incur $75,000 in exploration expenditures over a period of three years.If the option is exercised a joint venture will be formed whereby Unity will be carried for 100% of its joint venture expenditures on the claims until Fjordland earns its full interest from Commander Resourceson surrounding contiguous lands or a minimum expenditure of $7 million on those lands.
The property is contiguous to mineral tenure held by Fjordland and Commander as part of their South Voisey’s Bay nickel-copper-cobalt Project (SVB Project). Fjordland’s strategic investor, HPX, has notified Fjordland that they intend to fund a minimum of $1.2 million of the proposed 2018 summer drilling program on the SVB Project.
For more information please see Fjordland’s news release.