Commander, Fjordland and Ivanhoe Electric Complete LT SQUID MLTEM Survey at South Voisey’s Bay, Labrador and Fjordland Earns 75% Project Interest
Commander is pleased to report that project partners Fjordland Exploration Inc. (“Fjordland") (TSX.V: FEX) and privately-owned Ivanhoe Electric Inc. (“IVNE”) have completed the previously announced Low Temperature (“LT”) Superconducting Quantum Interference Device (“SQUID”) Moving Loop Transient Electromagnetic (“MLTEM”) survey on its South Voisey’s Bay (“SVB”) nickel copper cobalt project in Labrador. The survey was completed by Discovery International Geophysics Inc., headquartered in Saskatoon. Commander has also received a $40,000 cash and 400,000 share option payment from Fjordland and has been notified that Fjordland has also completed the required minimum $3,000,000 in project expenditures since initiation of the option agreement thereby earning a 75% interest in the SVB project under its joint venture with Commander. Positive survey results are expected to lead to a drill program in 2022.
- LT SQUID MLTEM survey completed at South Voisey’s Bay nickel property centred on modeled gravity anomalies derived from work completed in 2019 and 2020
- Commander has received a $40,000 cash option payment and 400,000 shares of Fjordland and has been notified that the minimum expenditures have been met for Fjordland to vest at 75% interest.
- Preliminary SQUID data (subject to final data processing) indicate new targets may warrant drilling of the “Worm” Intrusion.
Fjordland has a vested 75% interest in the SVB Property as described above and may acquire up to a 100% interest by paying Commander additional combined cash payments of $250,000, completing an additional $5.0 million in exploration expenditures (approximately $3,000,000 spent to date) and issuing to Commander an aggregate of 3.0 million shares of Fjordland (see Fjordland’s news release dated June 5, 2017 for details). Upon Fjordland acquiring a 100% interest in the project, Commander will retain a 2% NSR (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 also receive a $10.0 million 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. Preliminary review of the survey data has indicated the presence of conductors that may warrant drill testing however final data processing is still in progress by survey contractors Discovery International Geophysics Inc. under the supervision of project partner Ivanhoe Electric. Inc.
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. 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
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.