Mr. Robert Cameron reports

COMMANDER INTERSECTS 140 M OF 0.1% CUEQ IN DRILLING AT BURN PORPHYRY COPPER PROPERTY, BRITISH COLUMBIA

Commander Resources Ltd. has released the results of its 2023 drill program at the Burn copper and gold porphyry project located 100 kilometres north of Smithers, B.C. Freeport-McMoRan Mineral Properties Canada Inc. is earning into the Burn property and vested at 75-per-cent interest during this program. The 2023 program comprised 10 drill holes totalling 4,403 metres and tested a wide-spaced variety of targets across a six-square-kilometre region.

Highlights:

• Burn represents a new greenfield porphyry system first drilled in 2022, with 4,403 metres in 10 holes completed in 2023.
• The 2023 program highlights potential for a deep porphyry target below current drilling, as well as to the northwest.
• A stepout hole on the gold zone, first intersected in hole B-02 in 2022, encountered elevated gold values, and the zone remains open to expansion.
• The best results were from hole B-10 that returned 140 m of 0.1 per cent copper equivalent starting at 12 metres downhole in the Central copper zone.

The Burn property, which covers 17,675 hectares, was initially acquired directly by Commander in 2018 to cover prominent gossans exposed along ridges. It is located within the Babine porphyry belt 70 km north of two past-producing mines at Bell and Granisle. There is no record of previous geophysical surveys or drilling. Previous work by Commander, financed by Freeport, included a property-wide airborne magnetic survey, which outlined two prominent circular magnetic rings and several linear magnetic highs that coincide with stocks and dikes of Eocene age. A follow-up reconnaissance program of stream sediment sampling, soil and rock sampling, and geological mapping identified four alteration zones, the largest of which is referred to as the Central copper zone. The Central copper zone, first drilled in 2022 (four holes, 1,513 m), was the focus of the 2023 drill program and is underlain by numerous phases of feldspar-biotite-hornblende porphyry dikes and stocks exhibiting alteration from chlorite to chlorite-magnetite, and moderate quartz-sericite-pyrite (phyllic) to intense phyllic with local quartz veinlets.

Robert Cameron, president and chief executive officer, stated: "The 2023 drill program tested a spectrum of magnetic and geochemical targets, and Commander believes this provides a strong basis for additional drilling in 2024. We believe the elevated copper encountered in holes B-01, B-09 and B-10, alteration vectors, and presence of stockwork-veined fragments (xenoliths) indicate potential for a deep porphyry target below the current drilling and to the northwest. The Western gold zone (B-02 and B-07) also remains open to expansion. The Burn project is a newly recognized greenfields porphyry system, still in the early stages of exploration. The area drilled so far is only one of four large alteration systems identified, and we look forward to continued exploration of this exciting property."

Drill results are presented in the attached table.

Drill hole B-05 and B-06

Holes B-05 and B-06 were drilled at the highest elevation on the property on a large alpine plateau. The target was a prominent circular magnetic high feature. Both holes encountered highly altered intrusive and volcanic rocks with lesser amounts of sediments until passing into massive hornfels sediments near the base of the hole. Alteration is dominated by sericite and iron carbonate, and is accompanied by pyrite, pyrrhotite and sphalerite with trace amounts of chalcopyrite.

Drill hole B-07

Hole B-07 was collared 120 m west of 2022 hole B-02 and was drilled on a section beneath it. Unlike hole B-02, the hole encountered mostly black, weak to moderate sericite-altered fossiliferous mudstone and local sections of mixed polylithic mudstone and volcanic breccias. Pyrite is pervasive as fine disseminations, thin-veined stockworks and local-planar one-centimetre-thick veins. Gold was elevated throughout with the best two-metre interval returning 5.18 grams per tonne gold at 308 metres downhole.

Drill holes B-08 and B-09

Holes B-08, B-09 and B-01 are drilled on the same section with hole B-09 drilled southerly toward hole B-01. All holes have encountered variably altered biotite feldspar porphyry, feldspar porphyry and k-feldspar porphyry with sulphides dominated by pyrite and chalcopyrite. Copper values in hole B-08 are low except for the bottom 100 metres, where values increase with a high value of 18 metres grading 0.05 per cent copper starting at 370.0 m. Hole B-09 returned 0.06 per cent copper over 232.8 m starting at 5.7 metres, including a 12-metre interval at 98 m grading 0.22 per cent Cu and 0.13 g/t gold. In both holes, intrusive rocks carried rare three-centimetre sericite-altered and quartz-stockwork-veined xenoliths.

Drill hole B-10

Hole B-10 was collared 200 metres southeast of hole B-01 and drilled to the northeast. It encountered an upper copper-rich interval hosted by biotite felspar porphyry, an intermediate interval dominated by felspar porphyry with minor copper and a lower end of hole copper-rich interval. The upper interval returned 140 metres grading 0.08 per cent Cu and 0.04 g/t gold starting at 12 metres, and the lower interval returned 114 metres starting at 364 metres grading 0.06 per cent Cu and 0.03 g/t gold.

Future work

Drill program data compilation is continuing. Final clay alteration mineral data are being processed, and, combined with geological and assay data, will aid the planning for follow-up drilling. Initial conclusions suggest that the Central copper zone may be the upper levels of a deeper porphyry centre. The Western gold zone is unconstrained and is open in all directions.

Summary of Freeport earn-in agreement terms

Freeport was granted the right to earn an up-to-75-per-cent interest in the Burn property through staged option payments and work expenditures totalling $2.5-million in exploration expenditures and $560,000 in payments to Commander following which the companies would enter a 75 per cent Freeport/25 per cent Commander joint venture. During the 2023 work program, Freeport met the required expenditures and made the necessary options payments to vest under the agreement, thus forming a 75 per cent Freeport and 25 per cent Commander joint venture. Separately and independent from Commander, Freeport entered into an agreement with Itochu Corp. to co-finance the earn-in obligations. On Oct. 6, 2022, the Burn property was expanded by optioning a 100-per-cent interest in seven mineral tenure cells (127 hectares) from private vendors for aggregate payments of $290,000. These claims are included within the joint venture lands.

QA/QC (quality assurance/quality control)

Commander's 2022 exploration program was supervised by Stephen Wetherup, PGeo, Commander's vice-president of exploration. The drill contractor was ITL Drilling of Smithers, B.C. Half-core NQ (47.6 millimetres) sawed samples from continuous intervals throughout the reported drill holes were sealed on site and shipped to Bureau Veritas labs in Vancouver, B.C., where fire assay and multielement analyses were completed. Drill core was crushed, pulverized and analyzed for 48 elements using a four-acid dissolution followed by ICP-MS (MA250), with a 30-gram sample analyzed for gold by fire assay and fusion gold by ICP-ES (FA330-Au) with overlimit gold analyzed by lead collection fire assay 30-gram fusion with gravimetric finish (FA530). Blanks and commercially certified reference materials were inserted blind into the sample stream with an overall insertion rate of 10 per cent. Field duplicates representing a quarter core split of the original sample are inserted at 2.5 per cent. In addition, pulp and crush duplicates are inserted by the laboratory. The QA/QC results were reviewed, and the QA/QC results for the reported drill holes are acceptable.

Qualified person

Robert Cameron, PGeo, is a qualified person within the context of National Instrument 43-101, and has read and takes responsibility for the technical aspects of this release. All fieldwork completed to date and on-site supervision of the drill program were by Stephen Wetherup, PGeo.

About Commander Resources Ltd.

Commander is a Canadian-focused exploration company that has leveraged its success in exploration through a combination of partnerships and sole financed exploration. 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.

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