VANCOUVER, Sept. 15 /PRNewswire-FirstCall/ - Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (the "Company" or "Commerce") is pleased to announce that the results from the second hole of the 2010 drilling program at the Eldor Project in Quebec, has further confirmed the potential for a significant new, and large tonnage, rare earth element ("REE") discovery at the Ashram Rare Earth Zone.
The program's second hole, EC10-028 was collared in mineralization with results as follows:
- 1.95% Total Rare Earth Oxides ("TREO") over 243.84 metres (2.53 to 246.37 m) - Including 2.40% TREO over 29.99 m (38.25 to 68.24 m) and; - 2.41% TREO over 28.32 m (130.58 to 158.90 m) - 0.79% TREO over 17.63 m (246.37 to 264.00 m) in a lithologically distinct zone beneath the interval above
Significant tonnage potential has been indicated by the broad thickness and relative continuity of grade encountered thus far in the first two holes at the Ashram Zone. The second hole returned a mineralized interval increased in both grade and width compared to the program's first hole, EC10-027 which returned 1.72% TREO over 215.30 m (see news release dated August 19, 2010). In addition, four samples assayed higher than 3% TREO (3.12%, 3.18%, 3.29% and 4.35%) and are the highest REE values intersected in core on the property to date, indicating the possibility that higher grade zones may exist within the target area.
EC10-028 was drilled with BTW size core at an azimuth of 230 degrees and dip of -45 degrees, and was located approximately 50 m northwest of the programs first hole, EC10-027. Drilling to date does not yet allow for an accurate estimation of the dimensions of the REE-bearing zone at Eldor, as such, no estimation of true thickness for the first two drill holes has been made.
The four most abundant REEs that make up the TREO reported above are cerium, lanthanum, neodymium, and praseodymium. Complete analytical results along with a drill hole plan map have been posted on the Company's website at: http://www.commerceresources.com/s/Eldor.asp
A total of six holes (1366.38 m) have now been completed at the Ashram Rare Earth Zone with assays for the remaining four holes pending. All six holes collared in mineralization, intersecting the same three lithologies encountered in the first two holes (A-Zone, B-Zone, and BD-Zone). The results from the remaining holes will be reported as soon as they are received from the lab.
The first two holes EC10-027 and EC10-028 tested surface mineralization to depth on the Ashram Peninsula along the western flank of a magnetic low that defines the target area, measuring approximately 1 kilometre by 0.8 kilometres in size.
EC10-029 was located approximately 70 m in front of EC10-027 and was drilled at an azimuth of 230 degrees, dip of -45degrees and to a total depth of 220.37 m. The hole will allow for a more accurate orientation of each mineralized zone to be determined as well as probing the extent of mineralization to the southwest.
EC10-030 and EC10-031 were located approximately 210 m north of EC10-028 and targeted an area with some of the highest-grade mineralized outcrop discovered so far at the Ashram Zone. Both holes were drilled from the same set-up at an azimuth of 230 degrees and dip of -45 degrees and -65 degrees respectively and total depths of 102.18 m and 117 m respectively.
EC10-39 was collared on the eastern side of Centre Lake, approximately 410 m east of EC10-028, and drilled at an azimuth of 230 degrees and dip of -75 degrees. Lithologically, this hole was extremely encouraging over its entire length and ended prematurely within the A-Zone at a depth of 348.96 m due to drilling complications.
Drilling to date at the Ashram supports a cone-shaped model for the deposit, dipping inwards towards the centre of the magnetic low. The A-Zone would occupy the inner core, grading outwards into the B-Zone and finally to the BD-Zone along its outer layer. Further drilling is required to confirm and more accurately refine the deposit's geometry. The Ashram Rare Earth Zone remains open to the east, south, north, and at depth and is not fully constrained to the west.
All samples were analyzed by Activation Laboratories of Ancaster, Ontario using their method 8 - major oxide, rare earths and trace element package by Fusion ICP and ICP/MS.
The Eldor Property covers a carbonatite complex located within the central Labrador Trough located in northern Quebec; approximately 130 km south of the town of Kuujjuaq. The property is 100%-owned by Commerce and encompasses 404 claims totalling approximately 19,006 hectares.
Geologically, the Eldor Project represents one of the largest carbonatite complexes known worldwide. Carbonatite related deposits are a major host for rare metals such as niobium and tantalum and rare earth elements. Geologically similar exploration projects include Hudson Resources Inc.'s Sarfartoq Carbonatite Project in Greenland and Rare Element Resources Ltd.'s Bear Lodge Carbonatite Project in Wyoming.
Sufficient working capital is available to complete all of the Company's development and exploration plans. As of the latest financials, April 30th, 2010, the Company had approximately $19 million in cash and investments.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geol., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Commerce Resources Corp.
Commerce Resources Corp. is an exploration and development company with a particular focus on tantalum, niobium and rare metal deposits with a potential for economic grades and large tonnages. The Company is specifically focused on the development of its Upper Fir Tantalum and Niobium Deposit in British Columbia and is also exploring its Eldor Project in northern Quebec and the Carbo Project in northern British Columbia.
On Behalf of the Board of Directors COMMERCE RESOURCES CORP. David Hodge President and Director Tel: 604 484 2700 TF: 866.484.2700 Email: email@example.com Web: http://www.commerceresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include that as four samples assayed higher than 3% TREO, higher grade zones may possibly exist within the target area; that assays for the remaining four holes completed at the Ashram Rare Earth Zone are pending and that the results will be reported as soon as they are received from the lab, that hole EC10-029 will allow for a more accurate orientation of each mineralized zone to be determined as well as probing the extent of mineralization to the southwest and that further drilling is required to confirm and more accurately refine the deposit's geometry.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Factors that could cause actual results to differ materially may include misinterpretation of data; that we may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our intended exploration and development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; that market prices for tantalum & niobium may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties.
Readers should refer to the risk disclosures outlined in the Company's Management Discussion & Analysis of its audited financial statements filed with the British Columbia Securities Commission.
SOURCE Commerce Resources Corp.