VANCOUVER, Sept. 14, 2015 /CNW/ - Commerce Resources Corp. (TSXv: CCE, FSE: D7H, OTCQX: CMRZF) (the "Company" or "Commerce") is pleased to provide an update on the second phase of the 2015 drill program underway at its 100% owned Ashram Rare Earth Deposit located in northern Quebec.
To date, 17 drill holes (EC15-140 through 156), totalling approximately 732.14 m (8 HQ holes for 351.95 m, 9 NQ holes for 380.19 m) have been completed. The objective of the Phase II program is to complete the field work relating to resource infill, mine-site infrastructure assessment, and hydrogeological testwork as part of the ongoing Pre-feasibility Study (PFS).
The Company has now completed the planned mine-site infrastructure assessment program. This included a geotechnical drill and sampling program, condemnation drill holes, mapping, and monitoring well nest installations. The majority of this work was completed at the proposed process plant and tailings management facility (TMF) option sites, but also included ground evaluation of the proposed dyke and airstrip locations. Drilling over these areas (process plant and TMFs) totalled 529 m over 16 holes, with most holes completed to shallow depths from 5 to 60 m (15 holes) and one to a depth of 143 m for condemnation purposes.
The shallow holes were needed primarily to confirm the depth to bedrock, and to collect samples of the overburden (shelby tube / split spoon) to assess soil type and bearing capacity. Samples collected have been submitted to Laboratoires d'Expertises de Québec ltée for analysis. In addition, targeted, representative samples for condemnation purposes were collected and will be submitted to Activation Laboratories in Ancaster, ON, for major oxides by Fusion ICP, rare earths by ICP-MS, and for fluorine by Fusion ISE.
Although sample analysis has yet to be completed, the field interpretation of the work completed to date indicates the sites are acceptable for the infrastructure proposed.
In addition, one hole for 203 m (EC15-0143) was completed as resource infill at the north end of the deposit. Samples have been collected and will be submitted to Activation Laboratories for analysis.
The remaining program is anticipated to consist of:
- Completion of the remaining resource infill drill holes
- A single drill hole targeting a gravity anomaly proximal to the south of the deposit that may be related to the middle and heavy rare earth oxide mineralization present at Ashram
- Installation of hydrogeological equipment in several previously completed drill holes
- Completion of an HQ size drill hole at the north end of the deposit to be used for a pumping test
Additional updates will follow as the program advances. The Pre-feasibility Study is ongoing with the results of the programs described in this news release to be incorporated, along with other necessary technical data including geological and engineering studies, into the PFS with costs and benefits to be described in more detail therein.
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; all field work related to future processing plant, tailings management, dyke and airstrip locations and the early assumptions that the sites will be acceptable for the proposed infrastructure; any comments related to the completion of a Pre-feasibility study; and references that the anomaly to the south may be related to the middle and heavy rare earth oxide mineralization present at Ashram. 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: please visit the corporate website at http://www.commerceresources.com or contact Investor Relations at 604.484.2700 or [email protected]