VANCOUVER, March 11, 2015 /CNW/ - Commerce Resources Corp. (TSXv: CCE, FSE: D7H) (the "Company" or "Commerce") is pleased to provide an update on the drill program currently underway at its 100% owned Ashram Rare Earth Deposit located in northern Quebec.
A total of seven holes have been completed with a focus along the eastern side of the near surface mineralization over Centre Pond, straddling the eastern contact of the deposit. The holes completed to date are NQ in diameter with depths ranging from approximately 80 to 160 m to coincide with end-of-hole depths targeted below the level of the deepest Whittle pit shell identified in the Preliminary Economic Assessment (PEA) (effective date of July 5, 2012; revised January 7, 2015). The preliminary economic assessment is preliminary in nature, in that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.
The primary goals of the winter/summer drill program are to increase the resource confidence from the current inferred category to the indicated and/or measured categories, as well as complete all geomechanical and hydrogeological work required for the ongoing Pre-feasibility Study (PFS).
The overall drill program will be comprised of 35 to 40 drill holes ranging from 20 m to 250 m of NQ and HQ core size. The 20 m drill holes will confirm soil parameters and depth to bedrock beneath the projected dyke location(s), while the deeper 200 m holes will allow for infill resource sampling as well as geomechanical and hydrogeological work. Assays will be released as they are received by the Company.
In addition to geomechanical sampling, DGI Geoscience Inc. of Toronto, ON will mobilize to the site shortly for downhole surveying using optical and acoustic televiewer instrumentation. These methods allow for structural delineation and orientation of the deposit to be accurately determined, and limit the need for oriented core methods which are more time consuming and costly. The survey will collect information on joints fractures, faults, and geophysical properties, as well as a high-resolution 360˚ digital image of the drill hole wall.
The hydrogeological work will be carried out by Hydro-Ressources Inc. of Quebec City, QC, and will include down hole packer testing on select drill holes. The packer testing will allow for sub-surface hydrostratigraphy and ground water movement to be understood.
The first phase of the 2015 program is anticipated to be completed during May, with the second phase beginning in early summer.
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 intended drill program, the number of drill holes, field programs and anticipated schedule. 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 current data 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: please visit the corporate website at http://www.commerceresources.com or contact Investor Relations at 604.484.2700 or [email protected]