VANCOUVER, May 2 /CNW/ - Commerce Resources Corp. (TSXV: CCE) (FSE: D7H) (OTCQX: CMRZF) (the "Company" or "Commerce")
reports that it is nearing completion of its winter drilling program at
the Ashram Rare Earth Element ("REE") Deposit at the Eldor Property in
As of April 28, approximately 3,367 metres of drilling over seven holes
had been completed (holes EC11-048 through EC11-054). The drilling was
designed to expand the deposit by testing the northeastern half of the
Ashram Zone as well as expanding its depth extent with deeper drilling.
Drilling also aimed to continue to define areas where significant
near-surface enrichment in the valuable, middle and heavy REEs were
encountered in 2010.
All drill holes were vertically collared over Centre Pond and were
drilled to depths between 320 and 600 metres. In 2010, the Ashram
Deposit was tested to depths of up to 365 metres, with the majority of
the holes bottoming in mineralization.
To date, all drill holes completed have intersected encouraging rock
types similar to previous holes. Portable XRF readings, along with rock
types and other indicators, support the presence of strong REE
mineralization. Samples have been submitted to Activation Laboratories
of Ancaster Ontario for analysis with initial results expected around
mid May. A map showing the location of the drill holes will be posted
shortly on the Company's website at: http://www.commerceresources.com/s/Eldor.asp
The winter drilling program is expected to conclude this week with one
to two more holes planned. A pause in drilling of four to six weeks
will follow to allow for break-up with spring/summer exploration and
drilling expected to resume as early as late June.
The Eldor Property covers a carbonatite complex located within the
central Labrador Trough in northern Quebec; approximately 130 km south
of the town of Kuujjuaq. The Property is 100%-owned by Commerce and
encompasses 404 claims totalling approximately 19,006 hectares.
Commerce recently reported an initial NI 43-101 compliant resource
estimate for the Ashram Deposit of 117.34 million tonnes averaging
1.74% Total Rare Earth Oxide ("TREO") in the Inferred Category using a
base case cutoff of 1.25% TREO (Laferrière, April 2011). The resource
estimate was based on twelve holes totalling 3,313 metres drilled in
Mineralization begins near surface and has been outlined over an area
measuring approximately 650 metres east-west by 350 metres north-south.
The deposit is one of the largest REE deposits with NI 43-101 resources
outside of China and remains open for expansion to the north, south,
east, at depth, and is not fully constrained to the west. The target is
coincident with a magnetic low approximately 1 kilometre by 0.8
kilometres in size.
Drilling has also outlined the potential for near-surface enrichment in
the valuable, middle and heavy REEs within the Ashram Deposit. The
enrichment is rare for a carbonatite-hosted orebody and its definition
is an important priority for future and ongoing drilling.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geol., is the Qualified Person, as that term
is defined in National Instrument 43-101, who has reviewed and approved
the technical information in this press 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. The Company is
developing its Upper Fir Tantalum and Niobium Deposit at the Blue River
Project in British Columbia and is also exploring its Ashram Rare Earth
Element Deposit at the Eldor Project in northern Quebec.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
Tel: 604 484 2700
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
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 is nearing
completion of its winter drilling program at the Ashram REE Deposit at
the Eldor Property; that initial results from the program are expected
around mid-May; that the program is expected to conclude this week with
one to two more holes planned; and that spring/summer exploration and
drilling is expected to resume as early as late June.
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
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.
For further information:
please visit the corporate website at http://www.commerceresources.com or contact Investor Relations at 1.866.484.2700 or email@example.com.