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Commander Resources Ltd. (TSX VENTURE:CMD) has negotiated an option agreement for a package of claims located in the Little Highland River Valley, Watson Lake mining district in the Yukon. Recently, this region has seen a great deal of gold exploration activity following the success of the 3Ace property, owned by Northern Tiger, which is situated immediately south of Commander’s new claims. 2010 reported drill results on the 3Ace property included intercepts of up to 14.8 g/t gold over 10.9 m, including 145 g/t over 1.05 m.
The package of 127 claims is owned by a prospector syndicate based out of Whitehorse. In addition, Commander Resources has added another 150 claims to the area, for a total package of 277 claims, covering approx. 5,800 ha over a 20 km strike extent. The project area will be known as the Glenmorangie property.
“We have been assessing several opportunities to gain a position in the Yukon gold region and this property package is very attractive due to its accessibility and location in a known gold bearing trend,” said Eric Norton, President and CEO of Commander.
Under the terms of the option agreement, Commander has an option to earn a 100% interest in the property through the staged issue of 840,000 shares, staged cash payments of $147,000 and a total exploration expenditure of $500,000 over four years. The NSR terms are 2% plus an advance smelter return of $12,000 per year, with an option to buy down to 1% NSR, each half per cent costing $1 million. The first year’s commitment calls for $125,000 of exploration, issuance of 300,000 shares and cash payments of $27,000. The agreement is subject to Board and TSX Venture Exchange approval.
The area has been explored with funding from the Yukon Mining Incentive Program (YMIP) for the past two seasons. Gold was first discovered on the adjacent Culvert claims, now owned by Hinterland Minerals. The main showing is located 1.5 km from Commander’s claims and along trend. For the full press release click here
