 |
| | |
| | September 19, 2007
Commander's Partner In The Yukon Reports 1.12% Cu over 5.6 metres from Olympic-Rob Property
|
| | Commander Resources Ltd. (CMD -- TSX Venture) reports that Fjordland Exploration Inc. (FEX- TSX Venture) has provided an update on the current diamond-drilling program on the 3,675 hectare Olympic-Rob copper-gold-uranium (IOCG) project, located 100 kilometres north of Dawson City, Yukon, that is geologically similar to BHP Billiton Ltd.'s giant Olympic Dam copper-gold-uranium mine. Under an option agreement with Commander Resources Ltd. (TSX-V:CMD), Fjordland can earn an initial 60% interest and up to an 80% interest in the Olympic-Rob project.
On Rob, two drill holes totalling 403.56 metres were completed. Both holes tested two distinct magnetometer high anomalies that are coincident with soil anomalies. Both holes encountered significant, copper +/- uranium mineralization, associated with highly altered and brecciated quartz-dolomite zones within a sequence of near-massive hematitic siltstone and shale.
The first hole cut 5.6 metres grading 1.12% copper within a wider, 19 metre envelope grading 0.44% Cu and 13 ppm U3O8 between 6 and 25 metres depth (see Table, below). A lower interval of 35.9 metres ran 0.21% Cu and 4 ppm U3O8 between 54 and 90 metres depth. The second hold cut two intervals of 10 and 18 metres width between 91 and 144 metres depth. These zones ran 0.21 % Cu with 27 ppm U3O8 and 0.19% Cu with 30 ppm U3O8 respectively. This copper and anomalous uranium mineralization occurred in zones with strong hematite-silica alteration and some brecciation.
These intervals are similar in alteration and copper-uranium values to early drilling encountered at Olympic Dam in Australia. Of the first eight holes drilled there, four contained negligible copper- uranium values while the other four had +1% copper intervals with uranium values ranging from 39 ppm to 75 ppm U3O8 over 11 to32 metres. A number of anomalous gold values at Rob exceeded 0.10 g/t, with the best one-metre interval running 0.33 g/t gold; again similar to the early gold results at Olympic Dam.
On the Olympic zone, the first hole (Oly-07-01) collared in chlorite-altered breccia, drilled through a sequence of hematite-altered siltstone with minor amounts of copper (see Table Below). Unfortunately, due to very bad ground conditions, the target depth of > 500 metres was not reached; the hole was lost at a depth of 307 metres. Drilling of a second deep (> 500 m) hole is delayed due to the drill contractor's manpower constraints.
On the Olympic zone, numerous copper showings ranging from 100 ppm to 21.4% copper in grab samples are enveloped by a 2-kilometre diameter copper in-soil anomaly. A strong magnetic anomaly also underlies the area, which is also similar to the Olympic Dam setting.
------------------------------------------------------
Drill Hole From To Core Cu U3O8 Co
No. (m) (m) length (%) (ppm) (ppm)
------------------------------------------------------
Rob-07-01 6.1 25.2 19.1 0.44 12.6153 70.9
including 19.6 25.2 5.6 1.12 17.8029 126.3
53.6 89.5 35.9 0.21 4.4802 19.5
including 53.6 60.4 6.8 0.43 8.6067 49.4
Rob-07-02 90.8 101.7 10.9 0.21 26.9991 37.3
125 143.7 18.7 0.19 30.0645 24.2
Oly-07-01* 110.9 123 12.1 0.1 3.1833 58.9
191 198 7 0.26 4.2444 39
------------------------------------------------------
* Hole lost at 307m
Analytical results for the first three holes drilled to date are currently being evaluated by the company. The preliminary results are consistent with an Olympic Dam-type target, as previously formulated. Fjordland plans to complete the proposed drilling by the end of the year.
As reported to Commander by Fjordland, the 2007 drilling program and sampling protocol are being supervised by Derek Torgerson, Project Geologist with Aurora Geosciences Ltd., who are contracted to provide full project support. Appropriate quality control and quality assurance protocols are used on the program. Standard reference samples are inserted in each batch of assays. Drill core was quick logged in the field and selected sections were transported to a base camp at the Blackstone Lodge, where the core was logged and sampled in detail, and stored. Drill core was prepared and analyzed in accordance with industry standards by Eco-Tech Laboratories, an ISO-900:2000 certified and accredited facility located in Kamloops, British Columbia, utilizing multi-element ICP (induced coupled plasma) techniques. John Peters, a qualified person pursuant to National Instrument 43-101, prior to release, reviews drill results and technical data. True thicknesses are not accurately known at this time; in some cases they may be less than the core lengths reported.
Under the agreement, Fjordland may earn an initial 60 percent interest in the property by paying Commander $250,000 in cash, issuing 1.6 million treasury shares of Fjordland to Commander and incurring exploration expenditures on the property totaling $7-million over a five-year period ending Dec. 31, 2011. Once Fjordland has earned its 60 percent interest, they have the option to increase their interest to 80 percent by issuing one million shares or $3-million cash to Commander, and by completing a bankable feasibility study and making a final lump-sum payment of $7-million cash to Commander. Commander also retains certain earn-back rights if Fjordland elects not to increase its interest to 80 percent.
About Commander Resources Ltd.
Commander Resources Ltd. is a Canadian junior exploration company with control of one of the largest new gold districts in Canada and a new uranium belt in Newfoundland. The Company also owns several high quality exploration properties that are being explored this year by partners. The Company uses a combination of aggressive land acquisition, focused projects and good deal-making to increase its exposure to success while reducing risk to shareholders.
On Behalf of the Board of Directors,
Bernard Kahlert, P. Eng.
V.P. Exploration
For further information, please call:
Commander Resources Ltd.
Telephone: (604) 685-5254 or 1-800-667-7866
www.commanderresources.com
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: Tue Oct 2, 2007, Baffin Project Update - New Mineralized Trend Discovered
You can view the Previous News Releases item: Thu Sep 13, 2007, Commander And Donner To Re-Activate The South Voisey's Bay Nickel Project
You can return to the main News Releases page, or press the Back button on your browser.
|
|
