VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 28, 2013) - Commander Resources Ltd. (TSX VENTURE:CMD) ("Commander") reports that Maritime Resources Corp. (TSX VENTURE:MAE) ("Maritime") has just released its first NI 43-101 compliant Resource Estimate encompassing the entire Green Bay Property, Newfoundland. Maritime's news release is quoted in full, below. Commander owns 12 million shares or 39.3% of Maritime and also holds a 2% NSR Royalty on future production from the property, with the exception of the Orion gold deposit.
Maritime Resources Corp. announces that it has received the initial independent NI 43-101 Mineral Resource Estimate for its 100% owned Green Bay Gold property near Springdale, Newfoundland. The mineral resource for the property is estimated to contain in excess of 400,000 ounces of gold in the Measured and Indicated category, using a 3 g/t cut-off grade, and in excess of 600,000 ounces in the Inferred category, also at a 3 g/t cut-off grade.
The estimate was compiled by Tetra Tech and includes all newly discovered gold mineralization resulting from the 2011 and 2012 exploration programs in addition to any un-mined deposits on the Green Bay property that remain from previous operation. The property consists of the former Hammerdown Mine (developed between 2001 and 2004), including the Rumbullion and Muddy Shag zones in the north, and the Orion deposit situated 1.5 km to the south. The effective date of the Mineral Resource Estimate is May 23, 2013.
Eric Norton, President and CEO, comments:
"We are extremely pleased to have completed this maiden Mineral Resource Estimate. The resource model is robust and incorporates all historic as well as new drilling results. The uniquely appealing aspects of this project are the high grades of the veins, the accessibility of the deposit from surface, including access to the existing underground ramp system, and excellent local infrastructure including roads, power and fresh water to the site. It is particularly satisfying to see that the overall grade of the Hammerdown deposit is relatively insensitive to the selection of the cut-off grade.
Our exploration activity completed in 2012 demonstrated that the deposit remains open along strike, and the Company is confident that there is potential for this estimate to increase with further work. The 3D modelling that has now been completed will help guide future drill programs by highlighting strategic drill targets that can hopefully add new ounces, or upgrade resource categories."
The Mineral Resource Estimate incorporates 724 historic drill holes from which over 16,000 gold assay samples were collected. Recent work includes over 3,700 metres of diamond drilling in 11 holes at Orion in 2011 and 2,500 metres in 16 holes drilled at Hammerdown in 2012. The 2012 exploration program also trenched and exposed 120 metres of the Rumbullion vein system at surface where 445 channel samples were taken from 37 channels cut at strict three metre intervals. Work was curtailed due to the onset of winter weather, but the veins remained robust at the eastern extremity and are available for further follow-up work and sampling.
MINERAL RESOURCE STATEMENTS FOR THE GREEN BAY, NEWFOUNDLAND PROJECT
USING 3 G/T GOLD CUT-OFF GRADE
|Category||Deposit or Zone||Tonnes||Grade |
|Category||Deposit or Zone||Tonnes||Grade |
SENSITIVITY OF RESOURCES TO GRADE CUT-OFF
|Resource Category||Cut-off||Deposit||Tonnes||Grade |
|Measured and Indicated||2 g/t Au||HD, RM, MS||831,330||10.46||279,574|
|3 g/t Au||HD, RM, MS||727,460||11.59||271,072|
|4 g/t Au||HD, RM, MS||642,180||12.67||261,592|
|5 g/t Au||HD, RM, MS||562,760||13.82||250,048|
|Inferred||2 g/t Au||HD, RM, MS||2,204,000||6.64||470,513|
|3 g/t Au||HD, RM, MS||1,767,000||7.68||436,304|
|4 g/t Au||HD, RM, MS||1,336,000||9.02||387,440|
|5 g/t Au||HD, RM, MS||1,027,000||10.39||343,066|
|HD = Hammerdown RM = Rumbullion MS = Muddy Shag|
|1. CIM definition standards were followed for the resource estimate.|
|2. The 2013 resource models used Ordinary Krig grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.|
|3. A cut-off grade of 3.0 g/t Au over 1.2 metres was used for reporting resources with capping of gold grades at 125 g/t at Hammerdown and 50 g/t at Orion.|
|4. A Specific Gravity of 2.84 was applied.|
|5. Numbers may not add exactly due to rounding.|
|6. Mineral Resources, which are not mineral reserves, have not demonstrated economic viability.|
|7. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.|
|8. A portion of the estimated resource, specifically the Hammerdown mineralization, may be located in close proximity to previously mined areas and, as such, may not be recoverable due to structural or safety concerns.|
The Resource Estimate was prepared by Todd McCracken, P. Geo. of Tetra Tech, Sudbury, ON. Mr. McCracken is a qualified person and independent of the Company, as defined by section 1.5 of NI 43-101.The mineral resource estimate is based on the combination of geological modeling, geostatistics and conventional block modeling using the Ordinary Krig method of grade interpolation. The mineral resources were estimated using a block model with parent blocks of 5m X 5m X 5 m split three times into sub-blocks. The geological model including mineralized intercepts were generated by Maritime personnel and then audited by Tetra Tech. The QAQC protocols and corresponding sample preparation and shipment procedures have been reviewed by Tetra Tech.
A technical report is being prepared and will be filed on SEDAR in the next 45 days.
Commander is a Canadian mineral exploration company with gold, base metal and uranium exploration projects in a number of Canadian mining jurisdictions. It also has holdings in numerous other exploration companies. Commander and predecessor companies have been active in exploration in Newfoundland and Labrador for over 20 years.
Maritime Resources holds 100% of the Green Bay property which hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance, and the Lochinvar base metals/precious metals deposit. Maritime purchased the property from Commander in exchange for 17.5 million shares of Maritime. Commander now holds 12 million shares (39.3%) of Maritime in addition to a 2% NSR royalty on future production from the property with the exception of Orion.
The Hammerdown gold deposit was successfully mined by Richmont Mines between the years 2000 and 2004 while gold prices averaged $325/oz. During its operation a total of 291,400 tonnes of ore were mined and milled, at an average grade of 15.83 g/t Au, recovering a total of 143,000 ounces of gold. All of the ore was processed at the Nugget Pond mill, now owned and operated by Rambler Metals, with an average gold recovery of 97.1%. Mining concluded in 2004 due to low gold prices with mineralization remaining, although uneconomic at that time. The Orion gold deposit consists of two main vein systems, both of which are open along strike, up and down plunge.
A map of the Green Bay property showing the location of the gold deposits and local infrastructure is posted on the Company's website.
On behalf of the Board of Directors,
Eric W. Norton, President & CEO
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.