Commander cuts deal to acquire Flume, other Bearing gold properties
Last updated 7/3/2016 at Noon
Commander Resources Ltd. June 23 said it has finalized an agreement to acquire four mineral exploration properties from Bearing Resources Ltd., including the Flume gold property in Yukon Territory, two in British Columbia and one in Mexico.
Three royalties, including a production-defined royalty on a portion of the Boundary Zone deposit at Imperial Metals' Mt. Polley Mine in British Columbia, is also part of the agreement.
Situated about 60 kilometers (35 miles) southwest of Dawson City, the Flume property was recently explored by Ryan Gold Corp. The best intercept of nine holes drilled by Ryan gold was two meters averaging 5.76 grams per metric ton gold.
Commander reports that a 10-kilometer- (six miles) long gold-in-soil anomaly targeted by this drilling has only been partially drill-tested in one area.
The acquisition also will include the October Dome gold-copper property in central B.C. and the Pedro gold property in Durango, Mexico.
Under terms of the acquisition pact, Commander will issue 12 million shares and pay to Bearing C$15,000 for all the assets.