VANCOUVER, July 9, 2015 /CNW/ - Commerce Resources Corp. (TSXv: CCE, FSE: D7H) (the "Company" or "Commerce") is pleased to announce that the second phase of the 2015 drill program is underway at its 100% owned Ashram Rare Earth Deposit located in northern Quebec.
The program will consist of approximately 3,000 metres (~32 holes) and will focus on the remaining resource infill, mine-site infrastructure assessment, and hydrological test work as required for the ongoing Pre-feasibility Study (PFS).
Approximately 2,200 m (17 holes) will be completed as part of the infill drill program in order to increase the resource confidence from the current inferred category to the indicated and/or measured categories. An indicated or measured resource category is required for all in-pit mineralized material in order to convert mineral resources to ore reserves as required for the completion of the PFS.
The infill drilling will comprise NQ and HQ core size with hole depths ranging from 50 to 200 m. In addition, one drill hole will target a gravity anomaly proximal to the south of the deposit. This anomaly is postulated to be related to the middle and heavy rare earth oxide mineralization present at Ashram, which has been associated with a strong gravity anomaly.
The infrastructure assessment will include an estimated 14 geotechnical drill holes (~600 m), of which, 2-3 will also serve as condemnation drill holes to be located at the mill and ancillary structure site, as well as the tailings management facility site options (both conventional and drystack). Drill hole depths are anticipated to range from 10 m to 150 m.
One hole (~200 m) will be completed for hydrogeological purposes and will serve as a pumping well location (pumping test) to evaluate the sub-surface water flow and slope stability. This pumping test will be carried out mid-summer and will also utilize the previously drilled monitoring well nest holes (EC15-129, 130, 131, 132, 135, 136).
The summer/fall drill program is anticipated to be completed in September.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geol., Dahrouge Geological Consulting Ltd., 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 deposits of rare metals and rare earth elements. The Company is focused on the development of its Ashram Rare Earth Element Deposit in Quebec and the Upper Fir Tantalum and Niobium Deposit in British Columbia.
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.
This news release contains forward-looking information which 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 statements in this press release include our ongoing drill program. These forward-looking statements are 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. Risks that could change or prevent these statements from coming to fruition include changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, conditions changing such that the minerals on our property cannot be economically mined, or that the required permits to build and operate the envisaged mine can be obtained. 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.
For further information: For more information please visit the corporate website at http://www.commerceresources.com or contact Investor Relations at 604.484.2700 or [email protected]