Vancouver, British Columbia--(Newsfile Corp. - March 3, 2019) - Commander Resources Ltd. (TSXV: CMD) ("Commander") is pleased to present results from the 2018 sampling program on its wholly owned Henry Lee property located 140 km north of Smithers in north central British Columbia ("BC"). The Company has also entered into a purchase agreement to acquire a 100% interest in two mineral claims adjacent to the company's wholly owned Henry Lee property.
In September 2018, the Company completed preliminary mapping and sampling (soils and rocks) on the Henry Lee property which was acquired by map staking based on regional interpretations of government stream sediment data and magnetic surveys. Work comprised a program of soil sampling (3 lines spaced 200 metres apart with samples collected at 100 m intervals) a single silt sample and the collection of 10 rocks. The soil sampling program extended a historical soil grid that was conducted on the newly acquired claims. The new soil results extend a sporadic elevated copper-molybdenum in soil anomaly (defined by Cu >200 ppm) an additional 400 metres. A solitary silt sample located a further 400 metres to the north returned 545 ppm copper suggesting a possible additional extension to the area of anomalous copper. The sampling is discontinuous due to a series of large swamps. The anomaly is open to the north and west onto the newly acquired property where previous work had outlined a similar scale copper and molybdenum soil anomaly.
The Henry Lee property is underlain by andesite and basalt volcanic rocks which may belong to either Upper Triassic Takla Group (Savage Mtn Fm.) or lower Jurassic Hazelton (Telkwa Fm.) that have been intruded by a Kastberg Suite quartz monzodiorite stock that is Eocene in age. The region hosts several Kastberg intrusions which either host or are adjacent to porphyry Cu-Mo mineralization and alteration or Cu-Ag-Au skarn mineralization. On the Henry Lee Property, the Kastberg quartz monzodiorite underlays a greater than 1 x 2 km (open to north and west) Cu and Mo in soil anomaly and is host to several sheeted quartz and k-feldspar vein zones with chalcopyrite and molybdenite mineralization. Also, adjacent to the stock are several skarn altered zones with anomalous Cu and gold. Outcrop in the region is limited due to its low-relief and rolling hills mantled by glaciofluvial deposits.
Commander is acquiring a 100% interest in two claims totaling 650 ha for a one-time cash payment of $25,000 and 350,000 shares of Commander. The vendor retains a 1% net smelter return royalty (NSR) and a one-time advance royalty payment of $1,000,000 on the start of commercial production. The purchase is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. This acquisition expands the overall property to 2,450 ha.
Robert Cameron, President and CEO of Commander states, "The expanded Henry Lee property is a great addition to Commander's large and growing portfolio of porphyry copper-gold projects and royalties in British Columbia. This comprises 4 large properties totaling 29,000 ha. including the newly expanded Henry Lee property, the recently acquired Burn property and the Omineca property all in north central BC as well as the large Polley property that surrounds and adjoins the Mt Polley Mine in central BC. In addition, Commander has a cash flowing royalty on the Tam Property ($25,000 annual payments) which is part of Teck Resources and Lorraine Copper's Lorraine property as well as a production-based royalty on a portion of the Boundary Zone at Imperial Metal's Mt. Polley Mine (90% interest in a $2.50 per milled tonne royalty) which is not yet producing. We look forward to advancing these targets in 2019 and continue to seek partners consistent with our prospect generator business plan."
The analytical work was performed by Bureau Veritas Commodities Canada Ltd., an internationally recognized analytical services provider, at its Vancouver, B.C. laboratory. Rocks were crushed, split and pulverized with a subset of 250 g rock sieved to 200 mesh and analysed for gold by fire assay fusion Au by ICP-ES 30 and soils (b-horizon) and silts were analysed by selecting a -80 mesh subsample and analyses by 4 Acid digestion and Ultratrace ICP-MS analysis.
Robert Cameron, P. Geo. 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.
About Commander Resources:
Commander Resources is a Canadian focused exploration company that has leveraged its success in exploration through partnerships and sale of properties, while retaining equity and royalty interests. Commander has a portfolio of base and precious metal projects across Canada and significant equity positions in Maritime Resources Corp. and Aston Bay Holdings. Commander also retains royalties from properties that have been partnered, optioned or sold.
On behalf of the Board of Directors
Robert Cameron, P. Geo.
President and CEO
For further information, please call:
Robert Cameron, President and CEO
Toll Free: 1-800-667-7866
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43188