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Commander Resources Ltd. (TSXV:CMD) (“Commander”) and project partners Fjordland Exploration Inc. (TSXV:FEX) (“Fjordland”) and privately-owned High Power Exploration Inc. are pleased to announce that they have begun the 2018 phase 1 drill program at their South Voisey’s Bay Project (the “SVB Property”), located in Labrador, Canada. The work is being funded by High Power Exploration, which also is providing technical support.
Commander Resources Ltd. (TSXV:CMD) (“Commander”) and project partners Fjordland Exploration Inc. (TSXV:FEX) (“Fjordland”) and privately-owned High Power Exploration Inc. are pleased to announce that they have begun the 2018 phase 1 drill program at their South Voisey’s Bay Project (the “SVB Property”), located in Labrador, Canada. The work is being funded by High Power Exploration, which also is providing technical support.
The initial program will comprise 1,300 metres of core drilling in six to eight holes, as well as property-wide geological mapping and additional target assessment.
The SVB Property is in central Labrador, some 80 kilometres south of Vale’s Voisey’s Bay Nickel-Cobalt Mine and covers the majority of the Pants Lake Gabbro Complex. The Pants Lake Complex is comprised of rocks with alteration and nickel mineralization styles consistent with high-nickel prospectivity. This program is a continuation of the initial drill test undertaken in 2017 and will target conductors derived from reprocessing of historical geophysical data. The geological model for Voisey’s Bay-style deposits emphasizes the strong role of structure in controlling magma emplacement, as well as control of sulphide accumulation.
A high-resolution satellite-based radar survey (RadarSat) completed earlier this year provides a new structural dataset that was utilized in interpreting and ranking the numerous modelled conductors. Areas to be drill tested in the upcoming program include a follow-up target at Sandy in the vicinity drilled in 2017, as well as targets at the south end of the project area referred to as the South Gabbro and an area north of the Sandy target with two conductors, referred to as the West and the East Bowl. A target map with permitted drill sites is attached (Figure 1). Details of the program are available at www.commanderresources.com.
Fjordland currently owns a 35% interest in the SVB Property and may acquire up to a 100% interest by paying Commander combined cash payments of $290,000 ($10,000 paid), completing $8.0 million in exploration expenditures (approximately $1,500,000 spent to date) and issuing to Commander an aggregate of 4.5 million shares of Fjordland (450,000 shares issued) (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. Commander will receive a $10.0 million advance royalty payment at the commencement of commercial production. An affiliate of High Power Exploration owns approximately 30% of Fjordland and has entered into a separate funding agreement with Fjordland to provide up to $7.4 million in expenditures and $290,000 in property payments, following which Fjordland has agreed to assign them a 65% project interest (see Fjordland’s news release dated August 28, 2017 for details).
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. and Aston Bay Holdings. 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
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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.
Figure 1 Target Map with Permitted Drill Sites
Source: www.newsfilecorp.com