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 Commander Resources Ltd. (TSXV: CMD) ("Commander") is pleased to report on exploration activities at the Company's Burn property located 100 km NNE of Smithers, British Columbia. The project is subject to an earn-in agreement with Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport") allowing for Freeport to earn a 75% interest in the large 16,000 ha Burn Property (see news release July 29, 2019 for details).
Highlights:
Four porphyry centres identified - central zone target defined by large 3 km circular magnetic high underlain by phyllic altered biotite feldspar porphyry intrusions
A gold-rich section of the target is associated with a prominent magnetic high and remarkably high gold in soil values (4 soil samples >1000 ppb Au with the highest at 3,929 ppb Au) over 1 km by 0.5 km
Rock grab samples include 4 samples greater than 250 ppb Au including one sample of 1,586 ppb Au
Multi-year drill permit received
The Burn Property is located within the Babine Porphyry belt 70 km north of two past producing mines at Bell and Granisle (Figure 1). Initial work at Burn in 2018 identified widespread phyllic-style alteration with trace amounts of chalcopyrite. There is no record of previous geophysical surveys or drilling. Work by Commander, funded by Freeport, included a property wide airborne magnetic survey (200 m spaced flight lines) which has outlined two prominent circular magnetic rings and several linear magnetic highs that coincide with stocks and dykes of Eocene age (Figure 2). A property-wide sampling program of stream sediment sampling, soil and rock sampling, and geological mapping has identified four alteration zones of which the largest is referred to as the Central zone.
The Central zone is underlain by numerous phases of feldspar-biotite-hornblende monzonite and quartz monzonite dykes and stocks exhibiting alteration from chlorite, to chlorite-magnetite, and moderate quartz-sericite-pyrite (QSP) to intense QSP with local quartz veinlets. In one location, angular boulders of K-feldspar-biotite-magnetite altered feldspar-biotite porphyry monzonite with sheeted and stockwork magnetite-quartz veins with K-feldspar haloes was discovered.
Reconnaissance soil sampling in the Central zone has identified several anomalous Au-Cu and Mo areas including one discrete region on the west side where three samples over a distance of 300 m returned 500 ppb Au to 3900 ppb Au (Figure 3). Silt sampling from one of the north flowing creeks draining the Main zone returned anomalous Cu-Mo-Au throughout. In 2020, 23 samples were collected around the anomalous gold in soil samples including samples of talus fines collected directly downhill from soil sample pits. The bedrock in this area is mainly underlain by a biotite-feldspar porphyry monzonite stock and intensely QSP altered and pyrite vein stockworks. The stock is cut by a series of sheeted WNW striking vertical pyrite veinlets with strong QSP altered haloes which are common at high-levels in porphyry Cu-Au systems and termed "D-veins". Rock grab samples include 4 samples greater than 250 ppb Au including one sample of 1,586 ppb Au with low Cu tenors, again typical at high-levels in porphyry Cu-Au systems.
In October, the Company received a multi-year exploration permit for drill testing and ground base geophysics.
QA/QC
Grab rock samples are selective by nature and may not represent the true grade or style of mineralization. Samples were collected in the field by Stephen Wetherup, P. Geo. Analytical work was completed by Bureau Veritas in Vancouver, BC. Gold was analyzed by fire assay fusion of a 30-gram aliquot and other elements by ICP-ES from a 4-acid digestion.
Stock Option Grants
The Board of Directors accepted the recommendations of the Compensation Committee and reports the grant of 530,000 incentive stock options to directors, officers, and contractors of the Company under its stock option plan, in accordance with the Company's compensation policy. The options are exercisable for five years at a price of $0.14 per share and are subject to the policies of the TSX Venture Exchange.
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. 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
info@commanderresources.com
@CommanderCMD
www.commanderresources.com
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.
Burn Project, British Columbia
Figure 1: Location Map
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4050/68126_c64b9fdc341aba46_004full.jpg
Burn Project, British Columbia
Figure 2: Magnetic Survey
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4050/68126_c64b9fdc341aba46_006full.jpg
Burn Project, British Columbia
Figure 3: Central Zone Detail
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4050/68126_c64b9fdc341aba46_008full.jpg
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68126
