Commander Reports 37% Owned Maritime Resources Files Technical Report and Commences Work Program on Green Bay Gold Property
VANCOUVER, BC - Commander Resources Ltd. (CMD-TSX.V, "Commander") reports that Maritime Resources Corp. (MAE-TSX.V, "Maritime") has filed the Technical Report entitled "Technical Report and Resource Estimate on the Green Bay Property, Newfoundland, Canada ". The Report, dated July 3, 2013 was authored by Tetra Tech of Sudbury, Ontario in accordance with NI 43-101 guidelines.
Maritime is now commencing a work program as recommended in the Report. This summer's work will be to continue trenching at the eastern extension of the Rumbullion zones, sample and analyze mine water from the closed Hammerdown gold mine, and test metallurgical recoveries of gold from ore on the Green Bay property.
Maritime 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. As a result of an expanded land position, Maritime now controls 51.7 square kilometres (12,775 acres) near Springdale in north-central Newfoundland.
Green Bay Gold Property NI 43-101 Mineral Resource Estimate:
The Resource is summarized below, at a 3 g/t cut-off grade, and shown in various cut-off grades in Table 1.
- 428,600 ounces of gold in the Measured and Indicated category
- 661,100 ounces in the Inferred category
|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|
Resource Estimate Notes and Parameters:
- CIM definition standards were followed for the resource estimate.
- The 2013 resource models used Ordinary Krig grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.
- 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.
- A Specific Gravity of 2.84 was applied.
- Numbers may not add exactly due to rounding.
- Mineral Resources, which are not mineral reserves, have not demonstrated economic viability.
- 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.
- 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.
On behalf of the Board of Directors,
Eric W. Norton
President & CEO
Cathy DiVito, Investor Relations
Toll Free: 1-800-667-7866
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. 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.