Commander Resources (TSX-V: CMD) announced today that Fjordland Exploration (TSX.V: FEX) will fund a $1.2 million exploration program on the company's South Voisey's Bay nickel-copper-cobalt project, located in northeastern Canada.
The 29,400-hectare property is located in central Labrador, 80 kilometres south of Vale's Voisey's Bay Nickel mine. It covers parts of the Pants Lake Gabbro Complex.
In a press release, Commander said that Fjordland recently completed a 1469 metre drill program in which hole 17-6 returned a 3.9 metre interval of semi-massive to massive sulphide comprised of pyrrhotite, pentlandite and chalcopyrite grading 0.37% nickel, 0.27% copper and 0.1% cobalt at the base of the Worm Gabbro within a sequence of troctolite.
"Drill targets for the 2018 program consist of numerous high-quality untested conductors which were developed by a combination of the reprocessing of an immense data base of historic geophysical surveys aided by improved geological insights derived from the 2017 drilling," the statement reads.
Voisey's Bay was discovered in 1994 and it triggered an exploration frenzy in the region that lasted until 2002 when most projects were abandoned following the economic downturn. Throughout the years, Fjordland and Commander continued to work in the area and both companies' teams have delved into academic research, studied advances in geophysics and gained deep knowledge of Voisey's Bay mineral resource, an effort that has led them to develop more accurate targeting skills.
Vancouver-based Fjordland currently has a 35% project interest. Under the terms of the Commander/Fjordland option agreement, the latter may earn up to a 100% interest in the property by paying Commander combined cash payments of $290,000, completing $8.0 million in exploration expenditures and issuing to Commander an aggregate of 4.5 million shares of Fjordland.