- Commander Resources (CMD) partners with Fjordland Exploration (FEX) and Ivanhoe Electric ‘IE’ to start drilling in Labrador
- Commander (CMD) 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 (CMD) is unchanged today, trading at C$0.09 as of Aug 16, 2022, 3:41pm ET
Commander Resources (CMD) has partnered with Fjordland Exploration (FEX) and Ivanhoe Electric to start drilling at the South Voisey’s Bay project in Labrador.
This is the start of a 2,500-metre drill program testing targets derived from historical and recent geophysical data, including a significant property-wide gravity inversion study and the recently completed Low Temperature ‘LT’ Superconducting Quantum Interference Device ‘SQUID’ Moving Loop Transient Electromagnetic ‘MLTEM’ survey performed in 2021.
Located 90 km south of Vale’s high-grade Voisey’s Bay nickel mine, the SVB Pants Lake Intrusive has the potential to host a massive sulphide nickel deposit similar to the Voisey’s Bay deposit. Nickel sulphide in varying amounts occurs in the vast majority of the previous drill holes assayed within the Pants Lake intrusive. This summer’s drill program aims to locate conduits within the SVB system where nickel-bearing magma has potentially accumulated in economic volumes.
The SVB property is in central Labrador, approximately 90 km south of the operating Voisey’s Bay nickel mine and covers parts of the Pants Lake gabbro complex in the South Voisey’s Bay area. The Pants Lake Complex contains host rocks with alteration and nickel mineralization styles that are geologically similar to the Voisey’s Bay host rocks.
Fjordland has a vested 75 per cent interest in the SVB Property and may acquire up to a 100 per cent interest by paying Commander additional combined cash payments of $250,000, completing an additional $5.0 million in exploration expenditures and issuing Commander an aggregate of 3.0 million shares of Fjordland.
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 65 per cent property interest upon Fjordland vesting at 100 per cent.
Commander Resources (CMD) 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.
Commander (CMD) is unchanged on the day, trading at C$0.09 at 3:41 pm ET.