Commander Partner Fjordland Concludes Exploration Program at South Voisey's Bay, Labrador
Vancouver, British Columbia--(Newsfile Corp. - September 15, 2022) - Commander Resources Ltd. (TSXV: CMD) ("Commander") has been notified that project partner Fjordland Exploration Inc. (TSXV: FEX) ("Fjordland") has concluded the drilling program at the South Voisey's Bay ("SVB") nickel copper cobalt project in Labrador. The program operated out of the community of Hopedale Labrador. Initially the plan was to complete up to 2,500m of diamond core drilling by the fall; however, operational and safety issues curtailed this to approximately 500m.
James Tuer, Fjordland's CEO commented, "This year's program was the first significant exploration program since the 2017 and 2018 field seasons. The addition of Dr. David Corrigan, who recently retired from the Geological Survey of Canada, has greatly enhanced our understanding of the exploration potential of the area. A number of samples and field observations have been collected to help us surmise the ultimate source of the nickeliferous rocks found in previous surface samples and drill core. Unfortunately, a number of these targets remain untested due to the poor performance of the drill program. In order to preserve a budget for next season, this year's drill program was cut short."
Drill hole 22-001 targeted the Worm gabbro and reached a target depth of 420m. It was designed to test a modelled conductor plate at between 250m and 300m downhole and a modelled density high starting at 400m. Gabbro was intersected between 206m and 260m followed by paragneiss. Another section of gabbro was intersected from 400m to the end of the hole. Drill hole 22-002 also targeted a strong modelled conductor plate at 300m; however, the hole was terminated at 60m. Once assays have been received and the program has been reviewed by the partners, a plan for future work will be announced.
Fjordland has a vested 75% interest in the SVB Property and may acquire up to a 100% interest by paying Commander additional combined cash payments of $250,000, completing an additional $5.0 million in exploration expenditures (approximately $3,000,000 spent to date: 2017 to 2021) and issuing to Commander an aggregate of 3.0 million shares of Fjordland (see Fjordland's news release dated June 5, 2017 for details). Upon Fjordland acquiring a 100% interest in the project, Commander will retain a 2% NSR (Fjordland having the right to buy down 50% of the Royalty for a payment of $5,000,000 as a cash payment, or a cash payment equal $2,500,000 plus the issuance of shares having a fair market value of 50% of the buy down amount). Commander will also receive a $10.0 million advance royalty payment at the commencement of commercial production. Separately, Fjordland and Ivanhoe Electric have an agreement whereby Ivanhoe Electric funds Fordland's earn-in obligations in return for future 65% property interest upon Fjordland vesting at 100%.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources' Junior Exploration Assistance (JEA) Program for its financial support that aided the 2021 LT Squid MLTEM survey.
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
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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.
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