Vulcan options Voisey's Bay claims to Fjordland
Vulcan Minerals Inc (C:VUL)
Shares Issued 105,902,765
Last Close 9/22/2021 $0.22
Thursday September 23 2021 - News Release
Also Fjordland Exploration Inc (2) (C:FEX) News Release
Mr. Patrick Laracy of Vulcan reports
VULCAN MINERALS INC. OPTIONS VOISEY'S BAY SOUTH CLAIMS TO FJORDLAND EXPLORATION INC.
Vulcan Minerals Inc. has signed a binding letter of intent with Fjordland Exploration Inc. granting Fjordland the option to acquire a 100-per-cent working interest in 30 mineral claims (750 hectares) located in the South Voisey's Bay area, Labrador. Under the terms of the agreement, Fjordland has the option to pay Vulcan 1.35 million 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 reserves a 2 per cent 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-million cash.
The property is contiguous to mineral tenure held by Fjordland as part of their continuing South Voisey's Bay nickel-copper-cobalt project. The South Voisey's Bay project area contains the Pant's Lake mafic intrusive complex which was first explored for nickel following the 1993 discovery of the Voisey's Bay nickel-copper-cobalt mine, approximately 80 kilometres north. Several rounds of drilling and geophysics have established the intrusion's potential for significant accumulations of massive magmatic sulphides.
About Fjordland Exploration Inc.
In collaboration with Ivanhoe Electric Inc. (formerly High Power Exploration Inc.) and Commander Resources Ltd., 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.
About Vulcan Minerals Inc.
Vulcan Minerals is a precious and base metals exploration company based in St. John's, Nfld. The company has strategic land positions in multiple active Newfoundland gold exploration and development belts. It also holds approximately 38 per cent of the shares in Atlas Salt Inc. (formerly Red Moon Resources Inc.). Atlas Salt is the new name for Red Moon Resources which commenced trading under the new stock symbol SALT on Sept. 1, 2021. Atlas Salt is an industrial minerals company that is carrying out a feasibility analysis on its Great Atlantic salt deposit. It also produces gypsum from its Ace mine and owns the mineral rights to the Fischell's Brook salt dome and other strategic salt claims. All of Atlas's projects are located in western Newfoundland.
Patrick J. Laracy, PGeo, president, is the qualified person responsible for the contents of this news release as defined in National Instrument 43-101.
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