The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
CMD: TSX-V
President and CEO: Eric W. Norton
Chairman: David Watkins, M. Sc.
Vice-President, Exploration and Director: Bernard H. Kahlert, B.Sc., P.Eng.
Commander Resources Ltd., incorporated in 1987 in British Columbia, is a junior exploration company focused primarily on exploration and development of the Baffin Island Gold Project, a district-scale iron formation with multimillion-ounce gold potential.
Baffin Gold is in the early stages of exploration with good potential for one or more shallow high-grade gold deposits.
Gold discovered thus far has been largely free gold indicating the potential may exist to process ore on site without the requirement to produce and ship concentrates.
The project is located in central Baffin Island within the Qikiqtaaluk region of Nunavut.
In September 2009, Commander Resources signed a farm-in and joint venture agreement with AngloGold Ashanti Ltd.'s subsidiary AngloGold Ashanti Holdings Plc.
Under the agreement, AngloGold may earn a 51 percent participating interest in Commander's Baffin Island Gold Project by funding C$20 million in exploration expenditures over a six-year period, and other considerations to Commander.
The junior agreed to act as project manager for the initial two-year program.
AngloGold also has the right to increase its interest in the property to 70 percent by agreeing to sole-fund all ongoing expenditures to complete a feasibility study within four years.
Commander mobilized and began a US$4.55 million 2010 field program early in the second quarter.
By July 25, the junior had completed 5,559 meters of diamond drilling in 32 holes on two target areas: the Malrok Zone and the new Kanosak (formerly Hebert) Prospect Area despite permit and weather-related delays.
The budget also included target definition work on other areas of the district-scale property.
In July, AngloGold approved another US$800,000 to complete the drilling program and another US$427,000 to procure and ship supplies for the 2011 exploration season.
In early August, AngloGold also approved an additional US$500,000 to increase the scope of 2010 exploration to allow Commander to complete a 30-to-40 line-kilometer induced polarization survey over the Kanosak prospect trend and complete target definition work in preparation for 2011 exploration.
The junior Aug. 19 reported the expansion in size and potential of the Malrok Zone with results from the first nine holes in the 19-hole drill program completed this summer.
Encouraging gold mineralization included assays as high as 7.65 grams per-metric-ton gold over 3.24 meters and 5.9 g/t over 2.9 meters.
Cash and short-term deposits:
C$2.9 million (June 30, 2010)
Working capital: C$2.96 million (June 30, 2010)
Market capitalization: C$27.28 million (Sept. 1, 2010)
510 - 510 Burrard St. Vancouver, BC Canada V6C 3A8
Tel: 604-685-5254 Fax: 604-685-2814
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