 |
| | |
| | October 12, 2004
Commander Increases Ownership to 100% in B.C. Porphyry Cu-Au Properties
|
| | COMMANDER RESOURCES LTD. (CMD-TSX Venture) has entered into a Purchase and Royalty Agreement with John Robins whereby John Robins has agreed to sell to Commander its 50% interest in the ABE and PAL porphyry copper-gold mineral properties located within the Quesnel Trough approximately 100 kilometres south of the Kemess Cu-Au Mine within the Omineca Mining District, British Columbia. With the purchase of Robin's 50% interest, Commander owns 100% interest in the properties.
The Abe and Pal properties are located in the extensive alkalic copper-gold porphyry belt 100 kilometres south of the large Kemess copper-gold mine. Both properties are underlain by volcanic and intrusive rocks similar to the hosts of the Kemess mineralization.
With the recent strong increase of copper and gold prices, porphyry style mineralization represents excellent targets for very large polymetallic mineral deposits. By increasing its ownership to 100% in these properties at this time, the company has the potential to add significant future value to the shareholder base.
The Abe property consists of 12 claims covering 150 claim units or 37.5 square kilometres. Previous work outlined a 3.5 square kilometre copper soil anomaly exceeding 200 ppm copper within which a one square kilometre area exceeds 800 ppm copper. This copper anomaly is partly overlapped by a one square kilometre gold soil anomaly within which several smaller areas exceed 1,000 ppb (1 g/t) gold. These areas are underlain by an extensive induced polarization anomaly which is indicative of sulphide mineralization. In the mid 1990's, 10 shallow drill holes averaging less than 100 metres encountered widespread, low grade copper-gold mineralization in an alteration assemblage indicating a distal location from the centre of a porphyry system. This shallow drilling covered only a small portion of the geochemical and geophysical anomalies. Further drill testing here is warranted. Prospecting samples located in 1992 in fracture and shear zones assayed up to 2.3% Cu and 14,000 ppb (14 g/t) gold.
Separate from the copper-gold zones, a one square kilometre molybdenum soil anomaly is located 1-2 kilometres to the west. Historic values up to 0.14% Mo in angular float were located in this anomaly. Molybdenum prices have recently risen to a 20 year high.
The Pal property consists of 4 claims covering 80 units or 20 square kilometres. Wide spaced geochemical and geophysical work in the early 1990's outlined an irregular, 0.5 square kilometre soil copper geochemical anomaly with values up to 600 ppm Cu associated with a number of anomalous gold values up to 300 ppb Au. Geophysical work shows a wide induced polarization anomaly extending beyond the geochemical signatures. Infill geochemical and geophysical work are necessary prior to developing a drill proposal.
In consideration of the purchase, Commander will issue 70,000 units of Commander consisting of one common share and one-half of one purchase warrant. Each full warrant entitles Robins to purchase one common share of Commander at a price of $0.70 per share, exercisable for a period of one year. In addition, Robins retains a 1% NSR in the properties and will participate in certain cash/share considerations received from the future sale or option of the properties to a third party.
Prior to this agreement, the properties were governed by the "Takla Joint Venture Agreement" dated September 17, 1990 in which Commander (previously Major General Resources Ltd.) owned a 50% interest and the "Hunter Exploration Group" owned a 50% interest. Robins is the successor in title to all parties comprising the Hunter Exploration Group. With the completion of this agreement, the Takla Joint Venture Agreement is terminated.
The agreement is subject to the approval of the TSX Venture Exchange.
About Commander Resources Ltd.
Commander Resources Ltd. is a Canadian junior exploration company with a diversified portfolio of gold, copper-gold and nickel projects across Canada with focus on a large, emerging new gold camp on Baffin Island and advanced nickel projects in Labrador. The company holds 1.72 million shares of Diamonds North Resources Ltd.
On Behalf of the Board of Directors,
Kenneth Leigh
President
For more information, please call:
Commander Resources Ltd.
Cathy DiVito, Corporate Communications
Tel. (604) 685-5254 Toll Free Canada/U.S.: 1-800-667-7866
Email: info@commanderresources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
| |
| | You can view the Next News Releases item: Thu Oct 14, 2004, Drilling Extends & Opens Gold Zone at Malrok
You can view the Previous News Releases item: Mon Sep 27, 2004, Brian E. Abraham as Director
You can return to the main News Releases page, or press the Back button on your browser.
|
|
