VANCOUVER, Dec. 14, 2011 /PRNewswire/ - Commerce Resources Corp. (TSXv: CCE), (FSE: D7H), (OTCQX: CMRZF) (the "Company" or "Commerce") is pleased to report the results for an additional five drill holes completed during the summer/fall exploration program at the Ashram Rare Earth Element ("REE") Deposit, at the Eldor Project in northern Quebec.
Of the results, two holes have significantly expanded the Middle and Heavy Rare Earth Oxide ("MHREO") zone at depth; increasing it to more than 175 metres from surface. Highlights are as follows:
- Drill Hole EC11-075: 104.19 metres of 12.7% MHREO at 1.54% Total Rare Earth Oxides ("TREO")
- Drill Hole EC11-076A: 176.43 metres of 12.3% MHREO at 1.56% TREO,
- Including 48.91 m of 14.2% MHREO at 1.46% TREO
- Including 38.71 m of 11.7% MHREO at 2.03% TREO
In addition, the summer/fall program has continued to return consistent and strong REE mineralization continuing to the north with grades greater than that of the initial NI43-101 resource estimate (1.74%). Several lengthy intersections also lie outside of the area of the initial resource estimate. Highlights are as follows:
- Drill Hole EC11-078A: 136.48 metres of 2.21% TREO
- Drill Hole EC11-077: 64.18 metres of 1.96% TREO
- Drill Hole EC11-082: 321.76 metres of 2.05% TREO
* Drill holes EC11-077 and 078A are located outside the area used for the initial 43-101 resource estimate while EC11-082 was collared approximately 35 m within.
The rare earth mineralized footprint at Ashram extends approximately 700 metres along strike, over 500 metres across, and to depths exceeding 600 metres. Mineralization remains open to the north, south, at depth, and is not fully constrained to the west and east.
A map showing the drill hole locations and detailed analytical results will be posted on the Company's website at: http://www.commerceresources.com/s/Eldor.asp
Complete results are as follows:
(% of TREO)
(% of TREO)
* All samples were analyzed by Activation Laboratories of Ancaster, ON using its method eight -- major oxide, rare earths and trace element package by fusion ICP and ICP/MS in addition to fluorine by method 4F-F. The four most abundant REEs that make up the TREO reported above are cerium, lanthanum / neodymium and praseodymium.
* Drill holes EC11-075, 077, and 078A are BTW in size. Drill holes EC11-076A and 082 are NQ in size. The true width of drill intersections is not confirmed. Strikes and dips are idealized as spotted.
Drill holes EC11-077, 078A, and 082 targeted the north-western contact of the deposit while drill holes EC11-075, and 076A probed the extent of the MHREO enriched zone. All five holes collared in mineralization.
Middle and Heavy Rare Earth Element Enrichment
A peak dysprosium oxide (Dy2O3) value of 529 ppm was returned from EC11-076A at an MHREO grade of 26.2% and a TREO grade of 2.02%. This is the highest value of Dy2O3 yet returned from Eldor and highlights the continued potential for MHREO enrichment at Ashram. The grade (2.02% TREO) and distribution of this sample (1.4% Eu2O3 and 2.6% Dy2O3 of TREO) is very rare in carbonatite hosted systems, and further adds to the potential of the zone.
In addition, an intensely neodymium (Nd) enriched ferro-carbonatite dyke appears to cut the deposit north of the main MHREO Zone with peak Nd oxide values of 41% (of TREO). The dyke has thus far been identified in EC11-065 and 077 with 9.82 m of 28.2% Nd oxide and 8.95 m of 30.5% Nd oxide at 1.09% and 1.06 % TREO respectively. MHREO values are also considerable at 16% and 12% respectively. The presence of this dyke illustrates the pervasiveness of the MHREO enrichment at Ashram, and suggests the presence of other distinct and enriched zones yet to be discovered.
Further Results to Come
A total of 33 holes (10,120 metres) were completed with 26 holes (9,012 metres) at the Ashram Rare Earth Zone, and 7 holes (1,108 metres) at regional targets. Analytical results from the remaining holes will be reported in batches as they are received. To date, assays for eighteen drill holes have been released, with twelve still pending. Three holes were not sampled, of which, two are being held for advanced metallurgical studies.
Data compilation of regional results is underway as well as, metallurgical, mineralogical, and environmental studies on the Ashram Deposit in preparation for a Preliminary Economic Assessment ("PEA").
The Eldor Property is located in northern Quebec approximately 130 kilometres south of the town of Kuujjuaq and 100 kilometres north of Adriana Resources Inc.'s Lac Otelnuk Iron Deposit. The property is 100%-owned by the Company and encompasses 404 claims totaling approximately 19,006 hectares.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geol., a Qualified Person as defined by National Instrument 43-101, has read and approved the contents of this news release.
Middle and Heavy Rare Earth Oxides ("MHREO") is defined as the sum of the middle rare earth oxides (Sm2O3, Eu2O3, Gd2O3) and the heavy rare earth oxides (Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3) plus Y2O3 expressed as a percent out of the TREO content.
Total Rare Earth Oxides ("TREO") include: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, and Y2O3.
About Commerce Resources Corp.
Commerce Resources Corp. is focused on building shareholder value through the discovery and development of Canadian rare metal and rare earth element deposits. Commerce's principal assets are its Blue River Tantalum-Niobium Project in British Columbia and its Eldor Rare Earth Project in Quebec. The Company trades on the TSX Venture Exchange under the symbol "CCE", the Frankfurt Stock Exchange under the symbol "D7H" and the U.S. OTCQX under the symbol "CMRZF."
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
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 analytical results from the remaining holes from the summer/fall drill program at Eldor will be reported in batches as they are received.
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; 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 rare earth elements 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.