VANCOUVER — Fjordland Exploration (TSXV: FEX) is raising funds to fuel an exploration program with 85% joint venture partner Commander Resources (TSXV: CMD) at their South Voisey’s Bay nickel-copper-cobalt project in northern Labrador.
The $1.2 million non-brokered private placement is being issued at a price of 13¢ per flow-through unit and 10¢ per non flow-through. Each unit consists of one share of Fjordland and one half warrant, exercisable within 18 months at 20¢ per share.
Almost half of the proceeds would be used to drill an untested, 800-metre wide electromagnetic (EM) geophysical anomaly, plus four vertical conductors at the project’s Sandy target. The anomalies are largely hosted within the Pants Lake gabbro, an intrusive complex, geologically identical to the one that hosts Vale’s (NYSE: VALE) world-class Voisey’s Bay nickel-copper-cobalt mine, 85 km to the north.
Continue reading at The Northern Miner.