Commander Reports Partner K2 Gold Results from the Flume Gold Property Yukon
Vancouver, British Columbia--(Newsfile Corp. - November 6, 2017) - Commander Resources Ltd. (TSXV: CMD) ("Commander") is pleased to report that K2 Gold Corp. ("K2") has provided exploration results from its 2017 work program on Commander's Flume Gold Property in Yukon, Canada.K2 is earning a 100% interest in the property as outlined further below.
In 2017, K2 collected 398 soil samples and 63 rock grab samples.Soil sampling in the northern section of the property confirmed an Au-in-soil anomaly approximately 1.2 km by 3 km in size with values up to 247 ppb Au (15% of soil samples were greater than 25 ppb Au).A new Au-in-Soil anomaly was also outlined in the south-eastern portion of the property marked by values up to 68 ppb Au (8% of soil samples were greater than 25 ppb Au).In addition, rock grab prospecting in the south-central portion of Flume, in the area of historical exploratory drilling, yielded assays up to 4.76 g/t within variably silicified, carbonate altered and mineralized metasedimentary rocks (22% of rock samples were greater than 0.5 g/t Au).Note that grab samples are selective by nature and values reported may not be representative of mineralized zones.
As announced on March 16, 2017, K2 may earn a 100% interest.To earn an initial 60% interest, K2 must spend $2 million in exploration, make cash payments totaling $400,000, and issue 1,000,000 shares to Commander.K2 will have the right to earn a further 40% (total 100%) in the property over the 3 years following the 60% earn-in by making an additional $3 million in expenditures and making additional cash payments of $250,000 and issuance of a further 2 million shares to Commander. If K2 has acquired 100% interest the Company and announces a decision to commence production, it will pay Commander a balloon payment of either $10 million cash or $5 million cash and $5 million value in shares of K2.Commander retains a 1% net smelter royalty (NSR).
Originally staked by Phelps Dodge in 1999, successive groups have since spent approximately C$3.5 million exploring the Flume property. This work has outlined a large 10 km by 3 km gold and arsenic soil anomaly covering the headwaters of Ten Mile and Sestak Creeks, both historical Placer Gold producers.Recent work by Ryan Gold in 2012 included nine widely spaced diamond drill holes that successfully intercepted broad shear zones with anomalous gold values in the plus 50 ppb range with local higher values in narrow widths including 2.25 g/t over 1 metre and 5.76 g/t over 2 metres. (see Ryan Gold press release dated November 6, 2012, filed on Sedar).
R. Allan Doherty, P.Geo., a Qualified Person, in accordance with NI 43-101 is responsible for the technical content of this press release on behalf of K2.Robert Cameron, P. Geo. is a qualified person within the context of NI 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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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.