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Fjordland optioning claim near South Voisey's Bay nickel-copper property


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Fjordland optioning claim near South Voisey's Bay nickel-copper property

Fjordland Exploration Inc. said March 29 that it entered into a letter of intent to acquire a 65% interest a mining claim in Labrador from Unity Resources Inc.

The claim is contiguous to the mineral tenure held by Fjordland and Commander Resources Ltd. as part of their South Voisey's Bay nickel-copper-cobalt project.

Fjordland will be required to pay C$36,000 and incur C$75,000 in exploration expenditures over three years.

Upon exercise of the option, the companies will form a joint venture, whereby Unity Resources will be carried for 100% of its joint venture expenditures on the claims until Fjordland earns its full interest from Commander on the surrounding contiguous lands or spends at least C$7 million on the holdings.

Fjordland recently agreed to acquire a 65% working interest in 30 mineral claims contiguous to the South Voisey's Bay mineral tenure from Vulcan Minerals Inc.