Commander Reports Drill Contract Awarded for Orion Project
January 20 2011 - 4:09PM
Marketwired
Commander Resources Ltd. (TSX VENTURE: CMD) ("Commander") reports
that Maritime Resources Corp. (TSX VENTURE: MAE) has awarded a
drilling contract for a minimum of 4,000 metres to test for
extended potential at the Orion Gold Deposit, located near Kings
Point, Newfoundland. The successful bidder is Springdale Forest
Resources Inc. of Springdale, Newfoundland. Drilling is expected to
start in early February.
The Orion Gold deposit is located 1.5 km southwest of the
Hammerdown Gold Deposit which was mined from 2000 to 2004. It
produced over 300,000 tonnes of ore at an average grade of 16.3 g/t
Au at a time when gold was priced in the $300/ounce range.
The Orion Deposit contains an inferred resource of 119,000
ounces of gold in a 710,000 tonne deposit grading 5.2 g/t Au. The
deposit consists of two main vein systems, both of which are open
along strike, up and down plunge. Part of the drilling will test
for these extensions, but drilling will also test new targets
developed by recent geophysical surveys between Orion and
Hammerdown. A target of particular interest is a deep Induced
Polarization anomaly which has a signature that could represent the
deep portion of the Hammerdown deposit which was displaced by a
major fault.
Under the terms of the Option Agreement, Commander received 12
million shares of Maritime, representing over 50% of their issued
and outstanding shares in exchange for 50% of the Orion gold
property. Maritime has the right to earn an additional 50% of the
property by issuing another 5 million shares to Commander. Please
see Commander's News Release dated October 7, 2010 for full details
of the Orion Property transaction with Maritime.
The company would like to acknowledge that financial support is
provided by the Junior Exploration Assistance Fund granted by the
Government of Newfoundland and Labrador's Department of Mines and
Energy.
On Behalf of the Board of Directors,
Eric Norton, President & CEO
Shares Issued: 90,942,516
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Commander Resources Ltd. Cathy DiVito Investor
Relations (604) 484-7111 or Toll-free: 1-800-667-7866
info@commanderresources.com www.commanderresources.com
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