- Commander Resources Ltd. (CMD), Fjordland Exploration Inc. (FEX) and Ivanhoe Electric Inc. completed a survey on the South Voisey’s Bay Project in Labrador
- Positive survey results are expected to lead to a drill program in 2022
- Commander has been notified that Fjordland also completed the required minimum $3 million project expenditures since initiation of the option agreement; Therefore, Fjordland earned a 75 per cent interest in the project
- Fjordland may acquire up to a 100 per cent interest by paying Commander additional combined cash payments of $250,000, completing an additional $5 million in exploration expenditures and issuing to Commander an aggregate of 3 million shares of Fjordland
- Commander Resources Ltd. (CMD) is unchanged trading at $0.15 per share at 1:58 p.m. ET
- Fjordland Exploration Inc. (FEX) is up 37.5 per cent and is trading at $0.11 per share at 1:59 p.m. ET
Commander Resources (CMD), Fjordland Exploration (FEX) and Ivanhoe Electric have completed a survey on the South Voisey’s Bay Project in Labrador.
The survey used was a Low Temperature (LT) Superconducting Quantum Interference Device (SQUID) Moving Loop Transient Electromagnetic (MLTEM).
Positive survey results are expected to lead to a drill program in 2022.
The LT SQUID MLTEM survey centred on modeled gravity anomalies found from work completed in 2019 and 2020
Preliminary SQUID data indicate that new targets may warrant drilling of the “Worm” Intrusion.
Commander has received a $40,000 cash and 400,000 share option payment from Fjordland.
Commander has been notified that Fjordland also completed the required minimum $3 million project expenditures since the initiation of the option agreement.
Therefore, Fjordland earned a 75 per cent interest in the project under its joint venture with Commander.
Fjordland may acquire up to a 100 per cent interest by paying Commander additional combined cash payments of $250,000, completing an additional $5 million in exploration expenditures and issuing to Commander an aggregate of 3 million shares of Fjordland.
Commander will retain a 2 per cent NSR with the conditions that Fjordland has the right to buy down 50 per cent of the royalty for a payment of $5 million as a cash payment, or a cash payment equal $2.5 million plus the issuance of shares having a market value of 50 per cent of the buy down amount.
Commander will also receive a $10 million advance royalty payment at the commencement of commercial production.
Commander Resources Ltd. (CMD) is unchanged trading at $0.15 per share at 1:58 p.m. ET.
Fjordland Exploration Inc. (FEX) is up 37.5 per cent and is trading at $0.11 per share at 1:59 p.m. ET.
