VANCOUVER, May 13, 2014 /CNW/ - Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (the "Company") is pleased to announce the completion of the winter drill program at its 100% owned Ashram Rare Earth Deposit located in Northern Quebec.
The drill program, which commenced in late March, has been completed on schedule and under budget. Final demobilization of field crews is underway. Twelve drill holes were completed for a total of 1,556.61 metres. The drill holes at the Ashram Deposit included:
- Nine holes completed as infill on the Ashram Deposit over Centre Pond, focusing on the MHREO Zone, and
- Three short geotechnical holes completed peripheral to the deposit to assess the preferred location of the dyke to be emplaced on Centre Pond.
A map illustrating the location of the 2014 drill holes may be viewed at http://www.commerceresources.com/i/maps/Ashram-Drill-Plan-TotMag-Pit-Footprint.pdf
The infill drill program was successful with all nine drill holes (1,494.56 metres) collaring in mineralization that continued over their entire length. Each infill drill hole was intentionally ended at a set depth below the base of the proposed pit bottom resulting in each hole bottoming in mineralization. Further, mineralogical and lithological information from several drill holes strongly indicate that the MHREO Zone was intersected over significant widths. Samples are en route to Activation Laboratories of Ancaster, Ontario for analysis. Results will be released when received.
Three short geotechnical holes (total of 62.05 metres) were completed to the east of the deposit; two on Centre Pond and one on land. Information collected included soil type, depth to bedrock, and assessment of bedrock type and competency, which will assist in determining if the proposed dyke location would be adequate. Preliminary results appear positive with information currently being assessed by Roche Ltd.
Additionally, the Company is informed that Secutor Capital Management Corp., an Ontario based licensed investment advisor and broker, has initiated coverage on Commerce Resources. It is the policy of Commerce Resources not to comment on any report, analysis or coverage by registered financial analysts regarding any aspect of our Company.
The Ashram Deposit has a measured and indicated resource of 29.3 million tonnes at 1.90% TREO and an inferred resource of 219.8 million tonnes at 1.88% TREO, based on 57 holes and 16,868 metres drilled. (See news release dated May 24, 2012).
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 Upper Fir Tantalum and Niobium Deposit in British Columbia and the Ashram Rare Earth Element Deposit in Quebec.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
Email: [email protected]
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 such statements as strongly indicate that the MHREO Zone was intersected over significant widths and that the geotechnical drilling will assist in determining the proposed dyke location. These forward-looking statements are based on the opinions and estimates of management and its consultants at the date the information is disseminated. They 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 and their impact on the cut off value established; increased capital costs; changing forecasts of mine production rates; 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; market pricing 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: please visit the corporate website at http://www.commerceresources.com or contact Investor Relations at 1.866.484.2700 or [email protected]