VANCOUVER, Jan. 27, 2012 /PRNewswire/ - Commerce Resources Corp. (TSXv: CCE), (FSE: D7H), (OTCQX: CMRZF) (the "Company" or "Commerce") is pleased to report the results for four drill holes completed during the summer/fall exploration program at the Ashram Rare Earth Element ("REE") Deposit, at the Eldor Project in northern Quebec.
As drilling progresses north, significant REE mineralization continues to be intersected at surface down to considerable depths.
Highlights are as follows:
- Drill Hole EC11-084: 325.31 m of 1.96% Total Rare Earth Oxides (TREO)
- Including 52.25 m of 2.26% TREO
- Drill Hole EC11-085: 144.52 m of 1.94% TREO
- Including 90.38 m of 2.21% TREO
- Drill Hole EC11-083: 88.68 m of 2.14% TREO
- Drill Hole EC11-086: 80.56 m of 2.14% TREO
Middle and Heavy Rare Earth Element Enrichment
The Middle and Heavy Rare Earth Oxide ("MHREO") zone at Ashram has expanded significantly with the results from the 2011 summer/fall drill program and now has a surface footprint of approximately 175 m along strike, 200 m in width, and to a depth of 175 m, with considerable room for expansion remaining.
Middle and heavy rare earth enrichment remains consistent throughout the deposit with the main enriched zone still present in EC11-083, 084, and 085 as small zones averaging ~10% MHREO grading in and out down hole. Peak values greater than 20% MHREO continue to be returned including one sample with 410 ppm dysprosium and 201 ppm europium at a TREO of 1.86%.
Complete results are as follows:
(% 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 EC11-083, 084, 085, and 086 are NQ in size. The true width of drill intersections is not confirmed. Strikes and dips are idealized as spotted.
Drill holes EC11-083 and 085 targeted the north-western contact of the deposit while EC11-084 was collared vertically near its north end. All three holes focused on infilling for increased confidence in support of updating current inferred status resources to indicated status.
EC11-086 was collared off a small peninsula on the eastern side of Centre Pond, attempting to cross-cut the centre of the deposit. This hole intersected ~50 m of what is interpreted to be the north end of a poorly mineralized breccia unit diluting the grade of an otherwise well mineralized 389 m intercept.
Drill holes EC11-083, 084, and 085 all collared in mineralization while EC11-086 collared in a heterogeneous mix of calico carbonatite, dolomite carbonatite, and glimmerite, while ending in mineralization.
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
Updated Mineral Resource Estimate
Exploration in 2011 included 9,012 m of BTW and NQ diameter diamond drilling in 26 holes for the purposes of expanding the mineralized area and infilling the geological and structural information within the Ashram Deposit. To date, analytical results for 24 drill holes from Ashram have now been released. The remaining two holes are being held for advanced metallurgical studies.
An updated block model and resource estimate with accompanying technical report under the supervision of SGS Geostat is currently underway using mapping and drill data from the 2011 winter and summer/fall campaigns. The initial, and current, resource includes only 12 holes (3,313 m) completed in 2010, leaving 33 holes (12,379 m) yet to be incorporated into the model.
Other Work Completed and Ongoing in 2012
In addition to the drilling at the Ashram Deposit, the Company completed 7 holes (1,108 m) at regional targets. Analytical results from these holes remain pending.
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 by SGS Geostat.
NI 43-101 Disclosure
The technical information in this news release has been reviewed and approved by Darren L. Smith, M.Sc., P.Geol., who is a Qualified Person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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.
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.