Vancouver, British Columbia--(Newsfile Corp. - July 26, 2023) - Commander Resources Ltd. (TSXV: CMD) ("Commander") is pleased to report the commencement of a 4,000 metre ("m") follow-up drill program at the Burn Copper and Gold porphyry project (the "Burn Property" or "Burn") located 100 km north of Smithers, British Columbia. Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport") is earning a 75% interest in the Burn Property and Commander is the operator. This program is a follow-up of the successful inaugural drill test completed in October 2022.
Burn represents a new greenfields porphyry copper and gold discovery.
4,000 metre fully funded drill program has commenced.
Drilling will test a large 9 km2 partially exposed porphyry system that was drilled for the first time in 2022.
Successful drilling in 2022 discovered a central porphyry zone in Hole BU22-01 that returned 50 metres @ 0.24% CuEq and a separate gold-rich zone in hole BU22-02 that returned 83.5 metres grading 1.08 g/t Au. (see source reference below)
Targets to be tested in the current program include step outs from 2022 holes and drilling of widespread magnetic and soil geochemical targets.
The Burn Property, which covers 17,675 ha, was acquired directly by Commander in 2018 to cover prominent gossans exposed along ridges and has seen limited historical exploration. The 2022 program was the first time the property has been drilled. The Burn Property is located within the Babine Porphyry belt 70 km north of two past producing mines at Bell and Granisle (Figure 1). It is underlain by numerous phases of feldspar-biotite-hornblende porphyry dykes and stocks exhibiting alteration from chlorite to chlorite-magnetite, and moderate quartz-sericite-pyrite (QSP) to intense QSP with local quartz veinlets and quartz magnetite stockworks.
Summary of Freeport Earn-In Agreement terms.
Freeport has been granted the right to earn up to a 75 % interest in the Burn Property through staged option payments and work expenditures totaling $2,500,000 in exploration expenditures and $560,000 in payments to Commander following which the companies would enter a 75% Freeport/25% Commander Joint Venture. On October 6, 2022, the Burn property was expanded by optioning a 100% interest in a seven mineral tenure cells (127 ha.) from private vendors for aggregate payments of $290,000. Freeport will be fully vested at the conclusion of this program.
2022 Drill Program QA/QC (Quality Assurance/Quality Control)
Commander's 2022 exploration program was supervised by Stephen Wetherup P. Geo., Commander's Vice President of Exploration. Details of the QA/QC program were provided in detail in a news release dated July 13th, 2023 and filed on the company's website and on Sedar.
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. All fieldwork completed to date and on-site supervision of the drill program was by Stephen Wetherup.
About Commander Resources
Commander Resources is a Canadian focused exploration company that has leveraged its success in exploration through a combination of partnerships and sole funded exploration. 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
For further information, please call:
Robert Cameron, President and CEO
Toll Free: 1-800-667-7866
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
Figure 1: Location Map
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/174937