Fjordland Exploration Inc V.FEX

Fjordland Concludes Exploration Program at South Voisey’s Ba

[Titeline]

Fjordland Exploration Inc. (TSX-V: FEX) (the Company) announces that in conjunction with Ivanhoe Electric Inc., and Commander Resources Ltd, the Companys drill program on the South Voiseys Bay nickel project located in Labrador has been concluded for 2022. The program operated out of the community of Hopedale Labrador. Initially the plan was to complete up to 2,500m of diamond core drilling by the fall; however, operational and safety issues curtailed this to approximately 500m. James Tuer, Fjordlands CEO commented, This years program was the first significant exploration program since the 2017 and 2018 field seasons. The addition of Dr. David Corrigan, who recently retired form the Geological Survey of Canada, has greatly enhanced our understanding of the exploration potential of the area. A number of samples and field observations have been collected to help us surmise the ultimate source of the nickeliferous rocks found in previous surface samples and drill core. Unfortunately, a number of these targets remain untested due to the poor performance of the drill program. In order to preserve a budget for next season, this years drill program was cut short. Drill hole 22-001 targeted the Worm gabbro and reached a target depth of 420m. It was designed to test a modelled conductor plate at between 250m and 300m downhole and a modelled density high at 400m. Gabbro was intersected between 206m and 260m followed by paragneiss. Another section of gabbro was intersected from 400m to the end of the hole. Drill hole 22-002 also targeted a strong modelled conductor plate at 300m; however, the hole was terminated at 60m. Once assays have been received and the program has been reviewed by the partners, a plan for future work will be announced. Robert Cameron, P. Geo., a technical advisor to the Company, is a qualified person within the context of National Instrument 43-101 and has read and takes responsibility for the technical aspects of this release. For further technical information please visit Fjordlands website at www.fjordlandex.com. The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources' Junior Exploration Assistance (JEA) Program for its financial support that aided the 2021 LT Squid MLTEM survey. In collaboration with Ivanhoe Electric Inc. and Commander Resources Ltd., Fjordland is exploring the SVB Pants Lake Intrusive target which is in a geologic setting analogous to the nearby nickel-cobalt-copper Voiseys Bay deposit. Fjordland has earned a 75% interest in the project. Renzy, Quebec On March 8, 2022, the Company announced that it had initiated a drill program based on the results of the VTEM survey. The Company plans to drill a minimum of 2,500 meters. Equity Exploration Consultants Ltd. (Equity) has been contracted to manage the program and Cartwright Drill Inc is supplying the drill rig and personnel. The initial budget for the program is $1 million. The first phase of the drill program was completed at the end of April and results are pending. On July 18, 2022, the Company and Quebec Precious Metals Corporation (QPM) agreed that the Company completed its 100% earn-in to the property by completing the exploration expenditures of $1 million. As a result, QPM retains a 1% NSR of which the Company may repurchase 0.5% of the NSR for consideration of $500,000 and the remaining 0.5% for $2,500,000. A pre-existing 1% NSR is payable to Jacques Duval and 1% NSR payable to Andre Gauthier of which the Company may repurchase 0.5% for the sum of $250,000; and the remaining 0.5% for the sum of $250,000, to each of Gauthier and Duval.