VANCOUVER,
BRITISH COLUMBIA--(Marketwire - March 4, 2010) - Commander Resources Ltd. (TSX VENTURE:CMD)
plans to commence a comprehensive
exploration program in April on its wholly owned Baffin Island Gold Project,
Nunavut. The program will be operated by Commander and funded by AngloGold Ashanti under the terms of $20 million Farm-in JV Agreement announced September 3, 2009. The initial budget approved by AngloGold for the 2010 program is USD$4.55
million and will include at least 5,500 metres of drilling on two target areas.
The initial 2010 program will include 3,500 metres of
drilling on the Malrok Zone and 2,000 metres of drilling on the new Kanosak
Prospect Area (previously named the Hébert Prospect Area). In addition, target
verification work at Ridge Lake and Durette will include surface geological
mapping, core re-logging and structural interpretation to design appropriate
follow-up drill programs.
Malrok Zone
Gold mineralization at Malrok is hosted in structurally-thickened
silicate iron formation units. Drill results reported by Commander in 2004
included 9.15 grams per tonne gold over 6.0 metres (including 15.12 grams per
tonne gold over 3.0 metres), 12.1 grams per tonne gold over 3.3 metres, and 4.46
grams per tonne gold over 9.41 metres (including 12.7 grams per tonne gold over
1.5 metres). The gold zone at Malrok is exposed at surface and has only been
drill tested to a depth of about 50 metres; the current drill data indicates that the zone is open to expansion
along a predominant southeast or easterly plunge direction. It is anticipated that drilling will commence in
April; an initial pattern of drill holes will be designed to follow this trend
and expand the known gold zone.
Kanosak Prospect Area (formerly named Hébert)
The Kanosak Prospect Area, which consists of Kanosak
Main (formerly Hébert Main), Kanosak South (formerly Hébert South), and Kanosak
North (formerly Traciane) outlines a 3.5 kilometre long 300-400 metre wide
structural corridor that remains open to further expansion. Surface gold mineralization
extends from high-grade sub-vertical and
bedding-parallel quartz vein sets into altered arsenopyrite-bearing sedimentary units. Similarities in
vein orientation, style, alteration and gold mineralization confirm that the entire
Kanosak Prospect is part of one large gold mineralized system. There has been
no prior drilling on this target area.
The
initial drill program at Kanosak is expected to start in early June and will
consist of about 2,000 metres of drilling in 15-20 shallow holes. The drilling
will be focused on the Kanosak Main target area, designed to test the best
surface exposure of the gold mineralization and the width of a coincidental
Induced Polarization (IP) anomaly. Success in the first pass drilling program will
verify the potential of this mineralized corridor and may lead to an expanded
drilling and geophysical effort this year and in 2011.
Previously
reported surface channel sample results from Kanosak Main included 9.32 grams
per tonne gold over 5.87 m (including 104.3 grams per tonne gold over 0.40 m), 91.06
grams per tonne gold over 1.6 metres (including 446.6 grams per tonne gold over
0.3 metres), and 22.83 grams per tonne gold over 1.0 m. Results from surface
grab samples returned some high values such as 1,388 grams per tonne gold, 861 grams
per tonne gold, 720 grams per tonne gold, 213.5 grams per tonne gold, and 660.3
grams per tonne gold.
At
Kanosak South, which is located close to one kilometre south of Kanosak Main,
channel samples from a series of quartz veins included 373.90 grams per tonne
gold over 0.25 metres, 241.30 grams per tonne gold over 0.25 metres and 104.50 grams
per tonne gold over 0.30 metres. Grab sample results included high values up
to 442 grams per tonne gold. At Kanosak
North, located 1.5 kilometres north of Kanosak Main, channel samples in quartz
veins over a 100 metre outcrop exposure included 66.84 grams per tonne gold
over 0.38 metres, 31.49 grams per tonne gold over 0.85 metres and 96.51 grams
per tonne gold over 0.20 metres.
Ridge Lake Zone
The
Ridge Lake Zone, located 30 kilometres east of Malrok, contains a 3.5 kilometre
strike length of gold-bearing iron formation. Previous shallow drilling over a
1.3 kilometre strike length of the trend defined a structurally-thickened gold-rich
iron formation containing southwest-plunging higher grade shoots. Drill
intercepts from these shoots included 10.63 grams per tonne gold over 8.89 metres (including 21.30 grams per tonne gold over 4.24
metres) at a depth of 89 metres down-dip from a surface outcrop grading 15.4 grams
per tonne gold over 1.9 metres. Other notable intercepts included 10.17 grams
per tonne gold over 4.45 metres, 8.79 grams per tonne gold over 1.80 metres,
and 17.48 grams per tonne gold over 2.15 metres. The mineralized system remains
open. Detailed structural interpretation, re-logging of drill core and
surface mapping will be completed this season to define the next phase of
drilling.
Durette Prospect
Previous
diamond drilling and geophysics completed by Commander identified a significant
thickness (up to 30 metres thick) of highly silicified iron formation over a 700 metre strike length that contains variably high gold grades associated
with arsenopyrite and
pyrrhotite. The iron formation trend, defined by a strong geophysical
response, extends eastward under a large, shallow lake. An offset portion of the conductor continues for a
further 1,500 metres to the west. This offset has not been tested by drilling
and is largely covered by overburden. A separate discrete conductor located
one kilometre to the southwest of Durette is 900 metres in length and
associated with previously reported surface gold values grading up to 9.5 grams
per tonne gold from prospecting samples. Detailed
re-mapping of the target areas and re-logging of core is planned for this year to
confirm the main controls on gold mineralization in advance of a suitable and
necessary follow-up drilling program.
The Baffin Gold Project represents a district-scale gold belt with
similar geological and genetic origins as the large Homestake area in South Dakota and the Morro Velho Mine in Brazil. To date the Baffin Project has yielded
numerous gold prospect areas occurring over a strike length in excess of 100
kilometres. The property includes high-grade gold values in at least 3
separate iron formation units, within shear zones and quartz veins in younger
granodiorite, gabbro, and metasedimentary units. In each of the different
settings, gold occurs primarily as free gold.
The
location and detailed results from the gold zones and prospects on the Baffin
Property can be found on the Commander's website and in the Company's news
releases pertaining to the Baffin Island Gold Project. The property is
readily accessible to tidewater, contains abundant fresh water and is located close
to a "Distant Early Warning" (DEW line) radar station, which has an operational
4,000 foot airstrip.
The
Baffin Gold Project is subject to a Farm-in J.V. Agreement, announced September
3, 2009, with AngloGold Ashanti Limited's subsidiary AngloGold Ashanti Holdings
Plc ("AGA") that provides AGA the option to earn an initial 51% interest in the
project by funding $20 million in exploration over a six year term along with
other considerations as detailed in the Company's September 3, 2009 News
Release.
On Behalf of the Board of Directors,
Kenneth
Leigh
President
& CEO
Shares Issued: 90,399,516
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.