Roughrider Exploration Elects to Return Sabin Project, Ontario
VANCOUVER, BC - Commander Resources Ltd. ("Commander") (CMD:TSX-V) has been informed by Roughrider Exploration Limited ("Roughrider") that it will not be proceeding with the previously announced option to acquire Commander’s Sabin zinc-copper-silver volcanogenic massive sulphide (VMS) project (the “Sabin Zinc Property” or “Sabin”) located in northwest Ontario, Canada. Under the letter agreement between the parties announced March 6, 2017, Roughrider had until May 31 to conclude a definitive agreement. Roughrider has decided to pursue a different exploration objective and is now focused on acquisition of an advanced gold project in Nevada.
The Sabin Zinc Property is in the Sturgeon Lake greenstone belt, host to significant polymetallic VMS deposits including the Sturgeon, Mattabi, Lyon and “F’ VMS mines. Mining ceased in the belt in 1991. Sabin was first worked by Union de Miniere Exploration (UMEX) in the 1970’s which led to the discovery of the Marchington Zone where shallow drilling on 15 metre centres outlined a small historical resource. In addition to the Marchington Zone horizon three additional partially drill tested zones have been identified including the Kash, South and S-23 zones. The last drill program comprised three holes drilled in 1995.Zones identified to date are zinc- and silver-rich with indications of elevated gold values from sporadic incomplete assaying.
Commander holds a 100% interest in the property except for two small internal claim parcels that are subject to a participating interest with Glencore Canada Corporation who currently hold 41.5% and 33.3%.UMEX retains a 2.5% NSR over the property that will be reduced to 1% following $225,000 of royalty payments. Roughrider had recently staked an additional 2,983 hectares thus expanding the land positon to 4,278 hectares. The new claims will be transferred to Commander.
Robert Cameron, President and CEO of Commander comments, “Although we are disappointed in Roughrider’s decision, we are excited by the quality and scale of the target and will seek new partners for the project consistent with our prospect generator business model. Commander plans to complete a geological mapping and litho-geochemistry program this summer to firm up the newly defined targets.”
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
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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.