Commander-Led Syndicate Acquires Large, Prospective Gold Property in NW Ontario
VANCOUVER, BC - Commander Resources Ltd. (CMD-TSX.V, "Commander") reports that following the receipt of encouraging results of this year's work on the Sabin Property, it has acquired, by staking, a large area of land covering the strike extent of rock formation hosting geochemical anomalies and gold, silver and base metals mineralization adjacent to Commander's Sabin property in Ontario. The newly staked area covers an approximate 26 km x 6 km W-E trend of the Savant Lake Greenstone belt, which forms the northern limb of the prolific Sturgeon Lake greenstone belt, host to past producers of base and precious metals deposits.
The new claims, collectively named the "Houghton Lake Property" ("Houghton Lake") were acquired by a syndicate led by Commander. A syndicate of private individuals was assembled by Commander to fund the staking program in order to minimize cost to shareholders while maintaining significant exposure to the upside potential of this opportunity. Under this structure, Commander will own 40% of Houghton Lake and will manage all future work programs. The syndicate has no ownership rights to Commander's adjacent Sabin Property.
The rationale for the acquisition is as follows:
- Commander adds a strategic land package in an area of increasing exploration activity and adjacent to its existing Sabin holdings - becomes the dominant land holder in the greenstone belt.
- Historical work was mainly for base metals and not gold.
- The property has year-round access and is in close proximity to paved roads and power in an area of historic mine operations.
- Low acquisition cost and potential to carry out value-added exploration at a low cost.
Recent research of private and public exploration records by Commander has shown that a number of drill hole intersections and grab samples located on the Savant Lake Greenstone belt assayed from 2 to 6 g/t gold. This formation underlies the Company's Sabin property and extends westward along Ontario highway #518.
Gold mineralization located to date is hosted in both the local volcanic sequences as well as smaller granitic bodies situated within the Greenstone belt. Structurally, gold appears to be associated with northeasterly trending shear zones which occur throughout the newly acquired property. One of the strongest N-E structures forms the axis on the Sabin property where the volcanic stratigraphy flexes from trending north-south to east-west.
Competitor activity in the area has also focused on gold targets within this prospective district. The large new property acquired by Commander will allow the Company to undertake methodical exploration in an area which has previously been under-explored for gold.
The Sabin property is known to host a base metal deposit, with significant precious metals credits (see CMD News dated December 17, 2012 for more information).
COMMANDER trades on the TSX Venture Exchange under the symbol "CMD". For additional information, please visit the Company's website at http://www.commanderresources.com.
On behalf of the Board of Directors,
Bernard Kahlert, P.Eng.
V.P. of Corporate Development
For further information, please call:
Cathy DiVito, Investor Relations
Toll Free: 1-800-667-7866
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.