Commander Partner K2 Gold Provides Update on Flume Gold Project, Yukon
VANCOUVER, BC - Commander Resources Ltd. ("Commander") (TSX.V: CMD) is pleased to report that its project partner K2 Gold Inc. ("K2") (TSX.V: KTO) has recently completed a re-interpretation of the geochemical soil data from Commander’s Flume Property and confirms two distinct soil anomalies now known as Ferris and Pirate. The Flume Property is in the west-central Yukon Territory in the Traditional Territory of Tr’ondëk Hwëch’in First Nation.
The gold system footprint at Ferris increases to 2.5 km x 1.5 km and is marked by a distinct circular Mo and Sr halo, possibly indicative of a skarn type deposit. The gold footprint at Pirate increases to an area covering 3.5 km x 1.5 km and correlates well with As and coincident magnetic structural features that are typical of an orogenic style system. First pass historical 2012 diamond drilling at Pirate (FL12-06; 5.76 g/t Au over 2m, FL12-07; 1.57 g/t Au over 1.12m, and FL12-08; 1.35 g/t Au over 2m) were encouraging, but intersected gold values that may be marginal to the best mineralization. (See TSX.V:BRZ press release of November 14, 2012). The distinct geochemical signatures of the both Ferris and Pirate anomalies may indicate that there are multiple modes and sources of gold on the Flume property.
Re-interpretation of the existing rock, soil, and drill sample geochemistry was conducted by Chris Benn, a respected geochemist with 33 years’ practical experience in mineral deposit recognition, including 27 years with majors, most recently with Gold Fields Ltd.
The 2018 exploration program is currently being planned and program details will be released when available.
As announced on March 16, 2017, K2 may earn a 100% interest. To earn an initial 60% interest K2 must spend $2 million in exploration, make cash payments totaling $400,000, and issue 1,000,000 shares to Commander.K2 will have the right to earn a further 40% (total 100%) in the property over the 3 years following the 60% earn-in by making an additional $3 million in expenditures and making additional cash payments of $250,000 and issuance of a further 2 million shares to Commander. If K2 has acquired 100% interest the Company and announces a decision to commence production, it will pay Commander a balloon payment of either $10 million cash or $5 million cash and $5 million value in shares of K2. Commander retains a 1% net smelter royalty (NSR).
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.
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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.