Vancouver, British Columbia - July 11, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Fjordland Exploration Inc. (TSXV: FEX) ("Fjordland") and project partners Commander Resources Ltd. (TSXV: CMD) ("Commander") and privately-owned High Power Exploration Inc. are pleased to announce that they have begun the 2018 phase 1 drill program at their South Voisey's Bay Project (the "SVB Property"), located in Labrador, Canada. The work is being funded by High Power Exploration, which also is providing technical support.
The initial program will comprise 1,300 metres of core drilling in six to eight holes, as well as property-wide geological mapping and additional target assessment.
The SVB Property is in central Labrador, some 80 kilometres south of Vale's Voisey's Bay Nickel-Cobalt Mine and covers the majority of the Pants Lake Gabbro Complex. The Pants Lake Complex is comprised of rocks with alteration and nickel mineralization styles consistent with high-nickel prospectivity. This program is a continuation of the initial drill test undertaken in 2017 and will target conductors derived from reprocessing of historical geophysical data. The geological model for Voisey's Bay-style deposits emphasizes the strong role of structure in controlling magma emplacement, as well as control of sulphide accumulation.
A high-resolution satellite-based radar survey (RadarSat) completed earlier this year provides a new structural dataset that was utilized in interpreting and ranking the numerous modelled conductors. Areas to be drill tested in the upcoming program include a follow-up target at Sandy in the vicinity drilled in 2017, as well as targets at the south end of the project area referred to as the South Gabbro and an area north of the Sandy target with two conductors, referred to as the West and the East Bowl. A target map with permitted drill sites is attached (Figure 1). Details of the program are available at www.fjordlandex.com.
Fjordland currently owns a 35% interest in the SVB Property and may acquire up to a 100% interest by paying Commander combined cash payments of $290,000 ($10,000 paid), completing $8.0 million in exploration expenditures (approximately $1,500,000 spent to date) and issuing to Commander an aggregate of 4.5 million shares of Fjordland (450,000 shares issued) (see Fjordland's news release dated June 5, 2017 for details). Upon Fjordland acquiring a 100% interest in the project, Commander will retain a 2% NSR. Commander will receive a $10.0 million advance royalty payment at the commencement of commercial production. An affiliate of High Power Exploration owns approximately 30% of Fjordland and has entered into a separate funding agreement with Fjordland to provide up to $7.4 million in expenditures and $290,000 in property payments, following which Fjordland has agreed to assign them a 65% project interest (see Fjordland's news release dated August 28, 2017 for details).
Victor A. Tanaka, P. Geo. is a qualified person within the context of National Instrument 43-101 and has read and takes responsibility for the technical aspects of this release.
About Fjordland Exploration Inc.
Fjordland Exploration Inc. is a mineral exploration company that is focused on the discovery of large scale potentially economic deposits located in Canada. For further information visit Fjordland's website at www.fjordlandex.com.
On behalf of the Board of Directors,
"Richard C. Atkinson"
Richard C. Atkinson, P.Eng.
President & CEO
For further information, please call:
FJORDLAND EXPLORATION INC.
Richard C. Atkinson, President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.Some statements in this news release may contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
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