Commander Resources Ltd. (TSX VENTURE:CMD) reports that Teck Resources Limited has made a final property payment on the Tam-Misty porphyry copper-gold property in the Omineca mining district.
Final payments totaling $300,000 were received for this property in early January of which Commander Resources received $30,000 for its 10% ownership of this property.
The Tam-Misty property consists of a number of claims totaling close to 100 square kilometres in size. These claims cover several copper and gold occurrences and a number of partially drilled prospects. They are all hosted by the Duckling Creek syenite complex, a favourable host for porphyry occurrences in the Omineca terrane. Teck also has an interest in the nearby Lorraine and other Cu-Au prospects in the Duckling Creek complex.
The Tam-Misty property is located about 100 kilometres northwest of the recently permitted Mt. Milligan copper-gold deposit being developed by Thompson Creek Mining Ltd. Tam-Misty is serviced by numerous logging roads leading from the year-round serviced Omineca Mining Road at nearby Uslika Lake.
Teck and its partner Lorraine Copper Corp. now own 100% of the Tam-Misty property subject to a 3.0% NSR which is subject to a buy-down to 1% for $2,000,000. A $50,000 annual advance royalty payment will be payable beginning on December 31, 2012, capped at $500,000, half of which is payable to Commander Resources.
Bernard Kahlert, Commander's VP of Exploration stated, "Teck's recognition of the property potential in the highly mineralized Omineca porphyry belt is clearly stated and their early payment is appreciated."
Commander also owns 100% of five other copper-gold porphyry properties in the Omineca belt. They are located about 30 km to the north of the Tam-Misty property. Previous work completed on these properties has identified numerous Cu-Au showings, several of which are ready for further drill testing.
Source: Commander Resources Ltd.