Commander Acquires New Gold Property in BC
June 14 2011 - 2:51PM
Marketwired
Commander Resources Ltd. (TSX VENTURE: CMD) ("Commander") is
pleased to announce that it has entered into a Letter of Intent
dated June 10, 2011 ("Agreement") to acquire a package of claims on
a newly discovered epigenetic gold prospect in Southern BC. The
package of claims is held by The Marlow Prospecting Syndicate of
Kamloops (the "Vendors") and has been increased by additional
staking of adjacent claims by Commander. The property is located
near Stump Lake, 25 km south of Kamloops and can be worked
year-round with good access by road.
The Vendors recently discovered quartz-carbonate breccia
exposures assaying up to 6 g/t Au. These breccias and associated
open-space quartz veins clearly indicate the presence of a
high-level, epigenetic gold mineralizing system. Examination and
sampling by Commander during the due diligence period has confirmed
an extensive gold-bearing breccia-vein system which is exposed over
a 1.2 km north-south strike extent. The geological setting and
mineralization style shows some similarities to the Blackwater
property owned by Richfield Ventures.
Eric Norton, President and CEO of Commander, comments: "We are
very pleased to be acquiring such an exciting new gold prospect.
The location in Southern BC, with good road access and year-round
workability will be a significant enhancement to our
portfolio."
The Vendors hold five claims (2,140.84 hectares), and Commander
Resources has staked an additional eight claims (3,583.15
hectares), all of which will comprise the Stump Lake Property
covering over 57 square kilometers. Under the terms of the
Agreement, Commander may earn a 100% interest in the property over
a five year period by making total cash payments of $625,000,
issuing two million shares to the Vendors and completing $3 million
in exploration work. Of this, there is a firm commitment in the
first year of $60,000 cash, issuance of 300,000 shares and work on
the property totaling $400,000. The property is subject to a 2% Net
Smelter Return Royalty ("NSR") in favour of the Vendors. Commander
may reduce the NSR to 1% by paying $2 million to the Vendors.
Commander intends to run an aggressive first year program on the
property and will mobilize a crew to site in July. The 2011 program
will consist of detailed prospecting and mapping, soil grid
sampling, ground geophysics and trenching. Drilling, if warranted,
could be conducted in the fourth quarter of 2011.
The Agreement is subject to approval by Commander's Board of
Directors and the TSX Venture Exchange. Once approved, the parties
will enter into a definitive Option Agreement incorporating the
terms of the Letter of Intent.
Bernard H. Kahlert, P.Eng., VP of Corporate Development, is the
Qualified Person under 43-101 regulations responsible for the
technical content of this News Release.
On behalf of the Board of Directors,
Eric Norton, President & CEO
Shares Issued: 99,442,548
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 Toll Free: 1-800-667-7866 info@commanderresources.com
www.commanderresources.com
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