VANCOUVER, Dec. 21 /CNW/ - Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (the "Company" or "Commerce") is pleased to report that sampling has identified additional rare earth element mineralization (REE) within the newly discovered Ashram Zone at the Eldor Project, northern Quebec.
The Ashram Zone was discovered in 2009 by tracing the source of a glacially dispersed boulder train that assayed significant REE. The zone is located near the centre of the Eldor Carbonatite complex, and is coincident with a magnetic low approximately 1 kilometre by 0.8 kilometres in size.
A total of 70 rock samples were collected as follow-up to the discovery made during the 2009 summer exploration program. A high value of 2.74% REE was returned from exposed outcrop, with values in excess of 1% REE representing over 55% of the total rock samples collected (boulders and outcrop).
Significant mineralization ((greater than)1% to 2.74% REE) was consistently returned from numerous samples over multiple outcrops within an area measuring approximately 500 metres by 150 metres, truncated to the east by a shallow lake. Sample lithology is consistently moderately radioactive, very fine grained to massive, grey-green carbonatite, with variable amounts of fluorite and disseminated pyrite.
REE distribution is dominantly light rare earth enriched (Ce, La, Nd and Pr), however, several samples show a flatter distribution indicative of a relative enrichment in the heavy REE. Preliminary thin section work by Roger Mitchell of Almaz Petrology has identified several REE bearing minerals as common sources of REE mineralization. These include the REE fluorocarbonates bastnaesite (Ce,La,...)CO(3)F, synchysite Ca(Ce,La,...)(CO(3))(2)F and parasite Ca(Ce,La,...)(2)(CO(3))F(2) as well as the minerals aeschynite (Nd,Ce,Y,Ca)(Ti,Nb)(2)(O,OH)6 and monazite (Ce,La,..)PO4.
During the fall program, sampling was also conducted at a tantalum-niobium target, the "Glimmerite Occurrence," originally identified in 2007, located 1.5 kilometres north of the Ashram Zone. Significant tantalum-niobium mineralization was confirmed with a sample assaying 1682 ppm tantalum and exceeding the detection limit for niobium (greater than 50,000 ppm (5%) Nb). Further work is required to fully assess the zone's significance and extent.
A map showing the location of the Ashram Zone and the Glimmerite Occurrence along with rock sample results is available for download at: http://www.commerceresources.com/s/Eldor.asp
Given the success of the reconnaissance work at Eldor, Commerce intends to significantly expand the scope of exploration in 2010. It is anticipated that next years' program will include prospecting, mapping, and drilling at the Ashram Rare Earth Zone as well as further exploration at the tantalum-niobium targets developed during the 2008 drilling program. In addition, the 2007 airborne radiometric and magnetic survey is currently being re-interpreted, by Rob Shives of GamX Inc., to examine the significance of the magnetic low that marks the Ashram Zone as well as other priority targets.
The Eldor Property is located in northern Quebec, approximately 130 km south of the town of Kuujjuaq. The property is 100% owned by Commerce and now encompasses 404 claims comprising approximately 18,886 hectares. Additional ground was recently acquired, adjacent to the south and east of the property, to cover anomalies identified from prospecting and soil sampling.
The Eldor property hosts several mineralized zones including the Ashram Rare Earth Zone as well as the Northwest, Southeast and Star Trench zones where previous drilling has identified significant concentrations of tantalum and niobium as well as appreciable amount of uranium, phosphate and fluorine. Geologically, the Eldor Project is a large carbonatite complex. Carbonatites and carbonatite related deposits are a major host for rare metals, such as niobium and tantalum, and rare earth elements. The world's largest niobium mine, Araxa in Brazil, and several of the world's largest rare earth element deposits, including Mt. Weld in Australia, and Mountain Pass in the United States, are all hosted by carbonatites.
Alex Knox, P.Geo., 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.
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 an expanded exploration program is planned for 2010, that next years' program will include prospecting, mapping, and drilling at the Ashram Rare Earth Zone as well as further exploration at the tantalum-niobium targets developed during the 2008 drilling program, and that the 2007 airborne radiometric and magnetic survey is being re-interpreted to examine the significance of the magnetic low that marks the Ashram Zone as well as other priority targets.
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 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 property; that we may not complete environmental programs in a timely manner or at all; 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 and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
For further information: For further information: contact Investor Relations: Tel: (604) 484-2700, TF: 1-866-484-2700, Email: email@example.com, Web: http://www.commerceresources.com