VANCOUVER, July 8 /CNW/ - Commerce Resources Corp. (TSXv: CCE, FSE: D7H) (the "Company") is pleased to report that its joint venture partner Canadian International Minerals Inc. (CNSX: CIN) has announced an update on exploration activities at the Carbo Project, northeastern British Columbia. Canadian International has an option to earn up to a 75% interest in the Carbo Project by paying the Company $30,000 cash, issuing 1,500,000 common shares, and incurring a total of $198,000 in exploration expenditures, over a three year period.
Canadian International has engaged Aeroquest Limited to fly a close spaced AeroTEM III-Radiometric-Mag survey over the Carbo property. Field crews currently are continuing the geological mapping and soil sampling program that began in 2009. A permit application for a minimum 1,000 meter diamond drill program has been submitted to B.C. Ministry of Energy, Mines and Petroleum Resources.
The Carbo Project is located in the emerging Wicheeda rare earth carbonatite camp approximately 80 km northeast of Prince George and consists of seven claims totalling an area of 2,778.63 hectares. The Wicheeda camp is located within the Rocky Mountain trench, a major continental geologic feature which includes numerous rare earth and rare metal deposits being explored and developed. Much of this terrain has seen very little exploration incorporating current models and modern technology.
A technical paper presented at the Minerals South Conference and Trade Show in late 2009 by C. Graf, P. Eng., R. Lane, P. Geo., and M. Morrison B.Sc., outlined significant exploration results from Spectrum Mining Corporation's Wicheeda property in the camp. Select drill hole intersections cited in the paper included 48.64 meters of 3.55% combined rare earth elements (REE), 144 meters of 2.2% combined REEs and 72 meters of 2.92% REEs. All intersections were collared in mineralization and assays were given in total elemental REEs which understates actual REE oxide content. No separate analyses were reported for heavy rare earth elements (HREE).
Mineral analysis on 2009 drill core by Dr. Anthony Mariano, a recognized authority on REEs, indicated that the primary REEs are contained in coarse grained monazite and a bastnesite-synchistite-parasite mineral. Dr Mariano also conducted a bench scale heavy liquid and magnetic separation study on a composite sample of Wicheeda drill core and was able to produce a high grade REE concentrate that contained 56.09 wt. % REE.
The Company and Canadian International's Carbo claims directly adjoin Spectrum's property with the 2008/09 drilling being within 700 meters of the property boundary. A map showing the location of Spectrum's discovery and the Carbo claims is available for download at http://www.commerceresources.com/s/Carbo.asp
Previous work conducted on the Carbo claims has identified REE bearing carbonatite/syenite outcrops as well as significant cerium bearing soil anomalies and rock samples (Lane 2009, Groat 2009, Guo 2009, Betamis 1987, 1988). These geological units were confirmed in June of this year by Mackevoy Geoscience Inc. personnel under the supervision of Professor Lee Groat. Assays results from rock and soil sampling are pending.
NI 43-101 Disclosure
The technical information in this news release has been reviewed and approved by Jody Dahrouge, P.Geol, VP Exploration and Director of the Company, who is a Qualified Person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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
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.
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 Canadian International has engaged Aeroquest Limited to fly a close spaced AeroTEM III-Radiometric-Mag survey over the Carbo property, that field crews were continuing a geological mapping and soil sampling program that began in 2009, and that a permit application for a minimum 1000 meter diamond drill program was submitted to B.C. Ministry of Energy, Mines and Petroleum Resources.
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 and at depth; 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 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 & Analysis of its audited financial statements filed with the British Columbia Securities Commission.
For further information: For further information: please visit the corporate website at http://www.commerceresources.com or contact Investor Relations at 1.866.484.2700 or firstname.lastname@example.org