Commander Optionee Commences Work at Storm Copper Property
July 23 2012 - 11:20AM
Marketwired Canada
Commander Resources Ltd. (TSX VENTURE:CMD) ("Commander") reports that Aston Bay
Ventures, who have optioned and are earning into Commander's Storm copper
property, have mobilized to site on Somerset Island, Nunavut and commenced the
2012 work program. Aston Bay is currently a private company, which has the right
to earn up to 70% interest in the property by funding $15 million in exploration
expenditures, as detailed in Commander's News Release dated November 23, 2011.
Aston Bay's plans for 2012 include staking of approximately 75,000 acres,
surface sampling, geological mapping and prospecting in and around the
identified VTEM EM anomalies that were identified in 2011 (as detailed in
Commander's news release dated December 15, 2011). Drill core from historic work
on both the Storm copper and Seal zinc prospects will be examined and resampled
to provide complete assay data for missing or incomplete results in the historic
data base. As metal prices for both copper and zinc were near historic lows when
these prospects were drilled, extra core sampling will be undertaken outside
previous assayed zones if sulphide mineralization is visible. Additionally, the
geological team will conduct confirmation sampling, geological mapping in and
along the general trend of the Storm mineralization and collect bulk samples
from both Storm and Seal mineralization that are large enough for preliminary
metallurgical test work.
The Storm copper prospects presently consist of four drill tested zones
containing high grade chalcocite and bornite mineralization. Drill intercepts
grading up to 5.05% Cu over 53 metres and 0.96% Cu over 96 metres were
encountered by previous operators, Cominco Ltd. At the Seal zinc zone, a
historic "geological resource" of 2 million tonnes grading 8% zinc and 30 g/t
silver was estimated from the drilling by Cominco geologists in 1997. This is a
historic estimate only and, while indicative of the presence of mineralization,
it should not be relied upon. Strong alteration zones surrounding this deposit
may allow for discovery of further zinc mineralization.
Additionally, Commander reports that the Option Agreement with Aston Bay has
been amended to reflect the change in market conditions for junior resource
companies that has occurred since the agreement was signed. The amendment will
provide Aston Bay more flexibility with respect to the timing and size of their
IPO. Under the terms of the original agreement Aston Bay was required to spend
$6 million dollars, consisting of a minimum of $2 million per year over three
years, and to complete a public listing by December 31, 2012 in order to earn an
initial interest of 50.1% in the Storm Copper Property. Under the amended
agreement, Aston Bay will be required to spend $6 million over 4 years, with a
minimum of $1 million in each of the first 2 years, and complete a public
listing by March 31, 2013. Aston Bay will issue 1 million shares to Commander by
August 31, 2012 and an additional 0.5 million shares by December 31, 2015. In
the original agreement Aston Bay was required to deliver 1 million shares by
December 31, 2014. These issuances are in addition to the 2 million shares that
were received by Commander upon signing the Option Agreement.
Bernard H. Kahlert, P. Eng, VP of Corporate Development is the Qualified Person
as defined by National Instrument 43-101 who has reviewed and approved the
technical disclosure contained in this release.
COMMANDER RESOURCES LTD. is a diversified exploration company that employs
project generation and leverage strategies to develop Canadian resources for,
either, sale or joint venture. By employing this strategic approach Commander is
able to systematically enhance shareholder value while managing the risk
associated in exploration and development.
COMMANDER trades on the TSX Venture Exchange under the symbol "CMD". For
additional information, please visit the Company's website at
http://www.commanderresources.com.
On behalf of the Board of Directors,
Eric Norton, President & CEO
Commander Resources (TSXV:CMD)
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