- Vulcan Minerals (VUL) has optioned 30 mineral claims covering 750 hectares to Fjordland Exploration
- Fjordland signed a letter of intent to acquired a 100-per-cent working interest in the properties located in the South Voisey’s Bay area, Labrador
- Vulcan is maintaining a net smelter return royalty on the claims subject to Fjordland’s right to buy back 50 per cent of that royalty
- The cash and stock deal is worth approximately $580-thousand
- Vulcan Minerals is up 4.55 per cent, trading at $0.23 at 12:30 pm ET
Vulcan Minerals (VUL) has optioned 30 mineral claims covering 750 hectares to Fjordland Exploration.
Fjordland signed a letter of intent to acquired a 100-per cent working interest in the properties located in the South Voisey’s Bay area, Labrador.
Fjordland has the option to pay Vulcan 1,350,000 common shares, $70,000 cash and incur $250,000 in exploration expenditures over a period of three years, of which $25,000 cash and 600,000 common shares are payable upon signing the agreement.
Vulcan is maintaining a net smelter return royalty on the claims subject to Fjordland’s right to buy back 50 per cent of that royalty by paying Vulcan $2,000,000 cash.
The property is contiguous to mineral tenure held by Fjordland as part of their ongoing South Voisey’s Bay nickel-copper-cobalt Project. Several rounds of drilling and geophysics have established the intrusion’s potential for significant accumulations of massive magmatic sulphides.
Fjordland is exploring the South Voisey’s Bay Pants Lake Intrusive target which is in a geologic setting analogous to the nearby nickel-cobalt-copper Voisey’s Bay deposit.
Vulcan Minerals is a precious and base metals exploration company based in St. John’s Newfoundland. The company has strategic land positions in multiple active Newfoundland gold exploration and development belts.
Vulcan Minerals is up 4.55 per cent, trading at $0.23 at 12:30 pm ET.