Friedland-led company funds geophysical survey at South Voisey's Bay nickel project
(Kitco News) - Fjordland Exploration (TSX-V: FEX) announced Wednesday 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 company said that the survey is being conducted by Discovery International Geophysics, 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, the company added.
Upon conclusion of the program, Fjordland will have earned it's 75% interest in the SVB project under its option with Commander Resources. Fjordland said it 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. Positive survey results are expected to lead to a drill program in 2022, the company noted in a statement.
The SVB project is located 260 kilometres north-northwest of Goose Bay, Labrador, and 80 kilometers south of the Vale's Voisey's Bay nickel, copper and cobalt mine. The best drill results to date were from hole 17-2 which returned 0.8 metres grading 0.63% nickel, 0.30% copper and 0.1% cobalt and hole 17-6 which returned 3.9 metres grading 0.37% nickel, 0.27% copper and 0.1 % cobalt.