VANCOUVER, March 1 /PRNewswire/ - Commerce Resources Corp. (TSXV: CCE) (FSE: D7H) (OTCQX: CMRZF) (the "Company" or "Commerce") is pleased to announce that it has begun mobilizing field crews in advance of the 2011 winter/spring drill program at the Ashram Rare Earth Element ("REE") Zone located at the Eldor Property in northeastern Quebec.
The drill program will include a minimum of six, vertical, core holes totalling 3,000 metres with a drill rig capable of attaining depths in excess of 600 metres. Drill holes will be completed from ice over the Centre Pond on an approximately 200-metre spaced grid. A map showing the locations of the proposed drill holes will be posted on the Company's website at: http://www.commerceresources.com/s/Eldor.asp
To date, REE mineralization at the Ashram Zone has been defined by twelve holes over an area measuring in excess of 650 metres east-west, by 350 metres north-south, to depths of 365 metres with the majority of holes bottoming in mineralization. Mineralization at the Ashram Zone remains open to the north, south, east, at depth, and is not fully constrained to the west. The zone is located near the centre of the Eldor Carbonatite Complex and is coincident with a magnetic low which measures approximately 1 kilometre by 0.8 kilometres in size.
Based on the results of the first twelve holes, SGS Geostat Ltd. of Montreal, Quebec is in the process of completing an initial NI 43-101 compliant resource estimate for the Ashram Zone; with an anticipated completion date of early March.
Drilling is scheduled to begin March 2nd and, in the event that favourable drill conditions persist beyond the completion of the first six drill holes, will continue as long as weather permits.
The Eldor Property encompasses 19,006 hectares and, in addition to the Ashram REE Zone, is host to several other niobium, tantalum, phosphate and REE targets. Altogether in 2010, 21 drill holes totalling 5,389.98 metres were completed across the property as well as regional prospecting, trenching and soil sampling.
2010 Niobium, Tantalum, Phosphate and REE Exploration Drilling Results
The bulk of the 2010 drilling was completed at the Ashram Zone (12 holes totalling 3,312.67 metres) with nine other holes targeting separate niobium, tantalum and phosphate targets, as well as, a unique zone of REE mineralization.
The Company has now received all of the analytical results for the 2010 holes drilled outside of the Ashram Zone at three separate target areas, as follows:
|Southeast Zone Star Trench Area MC Exposure Area||4 holes (1391.65 m) 3 holes (493.66 m) 2 holes (192.00 m)|
At the Southeast Zone, all holes intersected significant intervals of niobium and phosphate mineralization. Results include some of the widest and highest grades of niobium thus far encountered at the property, including:
- EC10-032: 0.43% Nb2O5 over 155.95 metres including 0.71% Nb2O5 over 15.33 metres
- EC10-033: 0.58% Nb2O5 over 74.25 metres including 0.85% Nb2O5 over 19.54 metres
Carbonatites can host multiple commodities; notable examples include the Palabora Complex (Cu, Fe, P, Zr, U, Vermiculite) in South Africa, Araxa (Nb) in Brazil, Niobec (Nb) in Quebec and Cargill (P) in Ontario. Iamgold's Niobec Niobium Mine in Quebec is hosted by a carbonatite and is one of the world's largest primary niobium producers with proven and probable reserves of 32.09 MT at 0.56% Nb2O5.
At the MC Exposure Area, REE mineralization was encountered in two holes, further highlighting the potential for additional REE discoveries outside of the Ashram Zone. Highlights include:
- EC10-037: 1.08% total rare earth oxides ("TREO") over 18.94 m including 1.73% TREO over 7.87 metres
The MC Exposure Area is located more than 4.8 kilometres east-southeast of the Ashram Zone and is situated within a regional magnetic low. The drilled area is located near the southeast extremity of a soil geochemical anomaly which extends for more than 4 kilometres in length.
A map showing the location of all of the drill holes drilled outside of the Ashram Zone will be posted on the Company's website at: http://www.commerceresources.com/s/Eldor.asp
Further highlights from the drilling outside of the Ashram Zone are as follows:
|Hole||From (m)||To (m)||Width (m)||Nb2O5 (%)||Ta2O5 (g/t)||P2O5 (%)||TREO (%)|
|MC Exposure Area|
|Star Trench Area|
All samples were analyzed by Activation Laboratories of Ancaster, Ont. using its Method 8 - major oxide, rare earths and trace element package by fusion ICP and ICP/MS. The four most abundant REEs that constitute the TREO reported in this news release are: Cerium, Lanthanum/Neodymium and Praseodymium. TREO refers to the sum of Lanthanum through Lutetium plus Yttrium, reported as oxides. As the orientation of the mineralization zones are uncertain, drilled thickness is not necessarily true thickness.
Grant of Options
The Company also announces that it has granted a total of 2,705,000 incentive stock options to directors, officers and consultants. Subject to the acceptance of the TSX Venture Exchange, each stock option is exercisable into one common share of the Company at a price of $0.81 per share for a period of five years.
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 earth element deposits with a potential for economic grades and large tonnages.
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.
Forward Looking Statements This news release may contain forward-looking information and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking information is based on the opinions and estimates of management and its consultants at the date the information is given. It is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Information is based on reasonable assumptions which include but are not limited to the timing and content of the resource estimate on the Eldor Property, upcoming work programs as well as geological interpretations of the Eldor Property. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
SOURCE Commerce Resources Corp.