- Commander Resources (CMD) received the final option payment of C$100,000 from Imperial Metals Corporation.
- New royalty consists of C$1.25 per tonne-milled, which encompasses 3,331 hectares
- A deep-looking IP survey identified three target settings within the new royalty lands
- All of this is owned by Commander except for 648 hectares which are owned 90 per cent by the company and 10 per cent by a private company
- Commander Resources (CMD) is up 12.50 per cent, trading at C$0.09 at 2:06 pm EST
Commander Resources (CMD) received the final option payment of C$100,000 from Imperial Metals Corporation.
Imperial now owns a 100 per cent interest in the property.
The new royalty consists of C$1.25 per tonne-milled, which encompasses 3,331 hectares.
All of this is owned by Commander except for 648 hectares which are owned 90 per cent by the company and 10 per cent by an arm’s length private company.
The production fee from mineral claim 1064105 will be split 90 per cent to Commander and 10 per cent to the previously mentioned privately held company.
Imperial shall have the right upon payment of $1,000,000 to Commander to reduce the production fee reserved to Commander to half of the production fee in effect at the election date.
Commander already holds an existing production-based royalty that covers a portion of the Boundary Zone deposit at the Mount Polley Mine.
Robert Cameron, President and CEO, mentioned, “With the creation of this new royalty interest in addition to the existing royalty that Commander currently has over a portion of the Boundary Zone at the Mount Polley Mine.”
“We have exposure to a highly prospective, near-mine land package with the potential to host satellite deposits to the existing Mount Polley mine operations,” added Cameron.
A deep-looking IP survey was completed over the optioned claims by Imperial in 2020 and identified three different target settings.
The first was a potential northern projection of the high-grade Quarry zone beneath a post-mineral conglomerate unit.
The second target setting was a partially tested glacial till-covered area where regional magnetics suggests a faulted offset of the Mount Polley Intrusive complex, which hosts the Mount Polley orebodies.
Lastly, a till-covered prospective area was conducted immediately east of the Southeast zone open pit at the mine.
Commander Resources is a Canadian-focused exploration company.
Commander Resources (CMD) is up 12.50 per cent, trading at C$0.09 at 2:06 pm EST.