Shares of Fjordland Exploration Inc. (OTCMKTS:FEXXF) (TSXV:FEX) have been trading within a narrow range over the past few weeks.
Market Reaction
On Tuesday, FEXXF stock ended flat at $0.0660 with 7K shares, compared to its average volume of 1.5K shares. The stock moved within a range of $0.0660 – 0.0660 after opening trade at $0.0660.
Fjordland Acquires the Witch Copper-Gold Porphyry Project West of Mount Milligan BC
Mineral exploration company, Fjordland Exploration Inc(OTCMKTS:FEXXF) (TSXV: FEX) on February 8, 2022 announced acquisition of 100 interest in Witch copper-gold porphyry project. Located in Quesnel Trough of central British Columbia, which is 35 km west of Centerra’s Mount Milligan mine, the Witch project is 10,336 hectares in size.
The company bought the core claims, which is a third of the property from Equity Exploration Consultants Ltd for 100,000 Fjordland common shares.
Subject to Net Smelter Royalty that the company renegotiated with royalty holders, the firm and its royalty holders have accepted to 1% NSR on Equity claims. This will be subject to onetime reduction of 0.5% on payment of $4 million or payment of $1.5 million.
The Equity claims hold till end of December 2025 resulting from its assessment credits. Rest of the
James Tuer, Fjordland’s CEO said that the acquisition of the project demonstrates approach of the firm to be opportunistic when properties in the EV battery metal space show themselves.
Tuer added that the company was to able to harness existing
BC Portable Assessment Credits for extending claims till end of 2025. The CEO said that the result was good for the firm and the Equity Exploration group as well as existing royalty holders. Company is close to its West Milligan project, in joint venture with Northwest Copper.
Key Quote
James Tuer, Fjordland’s CEO commented, “The acquisition of the Witch project exemplifies the approach of Fjordland to be opportunistic when properties of merit in the EV battery metal space present themselves. In this case, we were able to use our existing BC Portable Assessment Credits (“PAC”) to extend claims to the end of 2025 when they were about to expire.
Traders Review
FEXXF stock is trading above the 20-Day and 50-Day Moving averages of $0.0690 and $0.0752 respectively. However, the stock is trading below the 200-Day moving average of $0.0815.
