Kivalliq Energy Earns 100% Interest in Commander’s Baffin Gold Property, Nunavut
VANCOUVER, BC - Commander Resources Ltd. ("Commander") (CMD:TSX-V) is pleased to announce that it has received a 250,000 share option payment from Kivalliq Energy Corporation (TSX-V: KIV) (“Kivalliq”) resulting in Kivalliq vesting a 100% interest in Commander’s Baffin Island Gold Property in Nunavut Territory, Canada which includes mineral claims and a recently signed 2017 MEA with NTI on two blocks within Inuit Owned Land parcel BI-35 (8,105 hectares).In addition to other consideration further outlined below Commander will retain a 0.25% to 0.5% NSR on the ground that was optioned from Commander. Separately Commander also retains a 0.25% NSR on Kivalliq’s regional lands through a previously announced data sales agreement with Kivalliq with respect to regional geoscience data held by Commander pertaining to additional lands held 100% by Kivalliq. The combined area of the Baffin Gold Property is 4089.8 square kilometres.
The larger Kivalliq property covers 160 kilometres of the Foxe Fold belt on central Baffin Island, one of the largest undeveloped greenstone-iron formation gold belts in Nunavut, Canada. This represents a district-scale land package covering an entire Proterozoic gold belt with geological and structural similarities known to be host to multi-million ounce gold mines elsewhere in Nunavut (i.e. Meadowbank, Lupin) as well as the prolific Homestake mine in South Dakota. Previous exploration has identified numerous prospects along 140 kilometres of strike length, with high-grade gold occurring in multiple settings: silicate and sulphide iron formation; shear zones and quartz veins hosted in granodiorite, meta-volcanics and meta-sediments.
Future consideration will include 500,000 Kivalliq shares at a Bankable Feasibility Study and a cash payment of up to $6 million upon commencement of Commercial Production. These payments and the NSR may be adjusted up until the date of the first royalty payment to reflect the possible impact of any past commercial arrangement or interests.
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
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.