VANCOUVER, Oct 7 /PRNewswire-FirstCall/ - Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (the "Company" or "Commerce") reports that it will add 1,500 metres (six holes) to the already 3,000 metres drilled this year at its Eldor Rare Earth Project located in northeastern Quebec. The expanded program has been driven by the discovery of significant intersections of rare earth elements announced earlier this year.
The Company has also commissioned SGS Geostat Ltd. of Montreal, Quebec to prepare a National Instrument 43-101 compliant Mineral Resource Estimate and associated Independent Technical Report following the receipt of results from the entire 2010 exploration program.
"We are encouraged by the results to date leading us to this decision to expand the drilling and to commission a resource estimate," said Dave Hodge, President of Commerce.
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 totaling approximately 19,006 hectares.
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. 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.
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.
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 the Company will add an additional 1,500 metres of drilling to the exploration program this year, and that SGS Geostat Ltd. of Montreal, Quebec has been commissioned to prepare a NI 43-101 compliant mineral resource estimate and associated independent technical report on the Eldor Property, following the receipt of results from the entire 2010 exploration program.
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.