HPX partner Fjordland Exploration Inc. (TSX.V: FEX) has expanded the company’s South Voisey’s Bay nickel-copper-cobalt project (the “SVB Property”) located 80 kilometres south of Vale’s Voisey’s Bay nickel mine in Labrador, Canada. Fjordland has signed a Letter of Intent with a consortium of private claim holders granting Fjordland the option to acquire a 100% interest in 38 mining claims located in the South Voisey’s area, Labrador. Under the terms of the agreement, Fjordland has the option to pay to the consortium $110,000 and incur $120,000 in exploration expenditures over a period of three years.The Vendors retain a 3% net smelter royalty that may be reduced to 1% by paying $600,000 for the first 1% reduction and $1,200,000 for the second 1% reduction.
The property is contiguous to mineral tenure held by Fjordland and Commander Resources Ltd. (TSX.V: CMD) as part of their South Voisey’s Bay nickel-copper-cobalt Project (“SVB Project”).Fjordland’s strategic investor, High Power Exploration Inc. is funding this year’s $1.2 million work program.
For more information please see Fjordland’s news release.