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Vancouver, British Columbia--(Newsfile Corp. - September 6, 2017) - Fjordland Exploration Inc. (TSXV: FEX) wishes to provide a status report regarding the initial drill test for Ni-Cu-Co mineralization of the Sandy target located on claims comprising the South Voisey's Bay project, Labrador. A minimum of 1000 meters of drilling is designed to test five shallow UTEM geophysical conductors.
Innu Cartwright Drilling L.P. of Goose Bay, NL have been granted the camp construction and drill contract. The project will be managed by Dawn Evans-Lamswood, P.Geo. of Paradise, NL (refer to https://www.fjordlandex.com/news/2017/fjordland-announces-appointments for Ms. Evans-Lamswood's professional qualifications and experience).
Fjordland also announces that it has recently completed the acquisition of an additional 21,800 ha of mineral tenure contiguous to existing claims. This staking increases the size of the claim group to a total of 29,450 ha.
The South Voisey's Bay project, located 80 kilometers south of Vale's Voisey's Bay mine, is owned by Commander Resources Ltd. ("Commander") 85% and Fjordland 15%. As announced on June 5, 2017, Fjordland has been granted an option by Commander to earn up to a 100% interest subject to a 2% NSR in favor of Commander https://www.fjordlandex.com/news/2017/fjordland-announces-recpaitalization-voiseys-bay-option-agreement-2017-exploration-programs-and-financing.
Fjordland has now also entered into definitive agreements with an affiliate of High Power Exploration Inc. ("HPX") under which it is subscribing for common shares and warrants from Fjordland for an aggregate consideration of $1.4 million by means of a private placement. In addition, HPX has also agreed to fund, on behalf of Fjordland, $7.4 million in exploration expenditures and to make $290,000 of property payments required to be made to Commander. If completed, and Fjordland acquires a 100% interest in the South Voisey's Bay project, Fjordland has agreed to assign a 65% project interest to HPX. The terms of the transaction were originally announced on August 28, 2017. https://www.fjordlandex.com/news/2017/high-power-exploration-and-fjordland-execute-a-non-binding-term-sheet-for-a-proposed-private-placement-and-concurrent-funding-for-the-south-voiseys-bay-nickel-copper-cobalt-project-in-labrador.
The definitive HPX Investment Agreement and definitive Subscription Agreement were executed on September 5, 2017 as scheduled. Completion of the investment is conditional on HPX's final due diligence review, to be completed on or before September 20, 2017, as well as shareholder and TSX Venture Exchange approval.
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
About High Power Exploration
HPX is a privately owned, metals-focused exploration company deploying proprietary in-house geophysical technologies to rapidly evaluate mineral prospects. The HPX technology cluster comprises systems for targeting, modelling, survey optimization, acquisition, processing and interpretation. HPX has a highly experienced board and management team led by Co-Chair and Chief Executive Officer Robert Friedland, President Eric Finlayson, a former head of exploration at Rio Tinto, and co-chaired by Ian Cockerill, a former Chief Executive Officer of Gold Fields Ltd. For further information, please visit www.hpxploration.com.
On behalf of the Board of Directors,
"Richard C. Atkinson"
Richard C. Atkinson, P.Eng.
President & CEO
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
