Commander and Fjordland Begin Drilling at South Voisey’s Bay Nickel Project, Labrador
VANCOUVER, BC - Commander Resources Ltd. ("Commander") (CMD:TSX-V) and project partner Fjordland Exploration Inc. ("Fjordland") (TSX.V: FEX) are pleased to announce that they have begun drilling at their South Voisey’s Bay Project (the “SVB Property”) located in Labrador, Canada. The initial program will comprise a minimum of 1000 metres of core drilling in 5 to 7 holes designed to test a number of conductors at the Sandy Target.
The SVB property is located in central Labrador some 80 kilometres south of Vale’s Voisey’s Bay Nickel mine and covers parts of the Pants Lake Gabbro Complex. The Pants Lake Complex contains host rocks with alteration and nickel mineralization styles consistent with high nickel prospectivity. In 2014 Commander and Fjordland completed a UTEM 3 and ground magnetic survey over a portion of the claims referred to as the Sandy Target. This survey outlined a strong horizontal conductor and 4 strong sub-vertical conductors near the Worm Gabbro, a possible feeder dyke to the larger gabbro bodies (see News Release dated March 2, 2015).Additional work this month included re-processing of historic geophysical data including a partially overlapping UTEM 3 survey completed in 2002 and successfully outlined two additional sub-vertical conductors several hundred metres to the west.
Fjordland currently owns a 15% interest in the property and may acquire up to a 100% interest by paying Commander combined cash payments of $290,000, completing $8.0 million in exploration expenditures and issuing to Commander an aggregate of 4.5 million shares of Fjordland (see press release dated June 5, 2017 for details).Upon Fjordland acquiring a 100% interest in the project, Commander will retain a 2% NSR with Fjordland having the right to buy down 50% of the Royalty for a payment of $5,000,000 as a cash payment, or a cash payment equal $2,500,000 plus the issuance of shares having a fair market value of 50% of the buy down amount. Commander will receive a $10,000,000 advance royalty payment at the commencement of commercial production.
Robert Cameron, P. Geo. is a qualified person within the context of National Instrument 43-101, and has read and takes responsibility for the technical aspects of this release.
About Commander Resources:
Commander Resources is a Canadian focused exploration company that has leveraged its success in exploration through partnerships and sale of properties, while retaining equity and royalty interests. Commander has a portfolio of base and precious metal projects across Canada and significant equity positions in Maritime Resources Corp. (MAE-TSX.V) and Aston Bay Holdings (BAY-TSX.V). Commander also retains royalties from properties that have been partnered, optioned or sold.
On behalf of the Board of Directors
Robert Cameron, P. Geo.
President and CEO
For further information, please call:
Robert Cameron, President and CEO
Toll Free: 1-800-667-7866
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.