VANCOUVER, June 3 /CNW/ - Commerce Resources Corp. (TSXv: CCE) (FSE: D7H)
(the "Company") is pleased to announce drilling results from the 2008
exploration program at the Eldor Tantalum, Niobium and Rare Earth Property in
northern Quebec, Canada (the "Property").
During 2008, 26 holes, totaling 5,842 meters, were completed at the
- Star Trench Area - 1 drill hole
- Northwest Area - 12 drill holes, 2,466 m
- Southeast Area - 13 drill holes, 2,773 m
The drilling program was the first for the Property and produced
encouraging grades and intersections of tantalum and niobium at all three
areas. Further, drilling discovered that in addition to tantalum and niobium,
the Property has multi-commodity potential, with considerable local
enrichments in uranium, phosphate, fluorite, and rare earths.
Star Trench Area
The single hole, drilled at the Star Trench Area, yielded one of the most
significant intervals of high grade tantalum (Ta(2)O(5)) and associated
niobium (Nb(2)O(5)), uranium (U(3)O(8)), and phosphate (P(2)O(5))
Tantalum-niobium mineralization was initially discovered at the Star
Trench Area following an airborne radiometric survey and trenching by previous
operators in the 1980s that returned relatively high tantalum values. The
historic values, and re-sampling by the Company in 2007, prompted the Company
to expand the old trench and drill a single hole beneath the freshly exposed
This hole, EC08-025, encountered:
- 15.50 - 23.32 m (7.82 m): 454 ppm Ta(2)O(5), 2,344 ppm Nb(2)O(5),
593 ppm U(3)O(8), and 10.0% P(2)O(5)
- 44.00 - 48.37 m (4.37 m): 597 ppm Ta(2)O(5), 3,058 ppm Nb(2)O(5),
736 ppm U(3)O(8), and 16.6% P(2)O(5)
The trench and single drill hole were located in an area of low airborne
magnetics not drill tested elsewhere, as previously discovered tantalum and
niobium values on the Eldor property are associated with magnetic highs. The
discovery opens up a multi-kilometer, ring-like trend of similar magnetic
background. The discovery of high grades of tantalum, niobium, uranium and
phosphate mineralization with non-magnetic carbonatite has increased the
Company's geologic understanding of the Property and expanded the target area.
A drill plan as well as an aeromagnetic map for the Property may be
viewed at: http://www.commerceresources.com.
At the Northwest Area, 2,466 meters of drilling was completed in 12 holes.
The drilling targeted areas of surface radioactivity as well as areas of
mineralized carbonatite boulders and bedrock discovered previously. All holes
Some intersection highlights are as follows:
- Hole EC08-008: 37.05 - 77.53 m (46.88 m) grading 4,562 ppm Nb(2)O(5);
including 6,360 ppm Nb(2)O(5) over 9.95 m (65.57 - 75.52 m)
- Hole EC08-006: 63.39 - 76.54 m (13.15 m) averaging
5,605 ppm Nb(2)O(5)
- Hole EC08-001: 115.89 - 120.00 m (4.11 m) averaging
5,050 ppm Nb(2)O(5)
In addition, eight core samples from Hole EC08-001 returned rare earth
element (REE+Y) mineralization from 0.5% to 1.01%.
At the Southeast Area, 2,773 meters of drilling was completed in 13 holes.
The drilling encountered tantalum-niobium mineralization in a middle stage
carbonatite, as in the Northwest Area, as well as a later stage carbonatite
often associated with considerable quantities of purple fluorite.
Intersection highlights are as follows:
- Hole EC08-015: 177.20 - 203.30 m (26.10 m) grading 5,466 ppm
Nb(2)O(5); including 7,796 ppm Nb(2)O(5) over 10.64 m
(177.20 - 187.84 m) as well as 16.05% fluorine (32.98% fluorite)
over 13.78 m (187.84 - 201.62 m)
- Hole EC08-016: 138.50 - 163.89 m (25.38 m) grading 281 ppm Ta(2)O(5),
3,952 ppm Nb(2)O(5), 8.8% P(2)O(5), and 257 ppm U(3)O(8); as well as
22.29 m (200.88 - 223.17 m) grading 14.95% fluorine (30.72% fluorite)
- Hole EC08-019: 232.07 - 266.05 m (33.99 m) grading 237 ppm Ta(2)O(5)
and 190.90 - 197.10 m (6.20 m) grading 283 ppm Ta(2)O(5)
- Hole EC08-021: 195.74 - 204.56 m (8.82 m) grading 214 ppm Ta(2)O(5)
and 5,999 ppm Nb(2)O(5)
The discovery of fluorite in addition to tantalum and niobium is
significant and points to the multi-commodity potential of the Eldor Property.
Regional exploration consisting of trenching, soil and rock sampling, and
a ground radiometric and magnetic survey successfully located several new
tantalum, niobium, and rare earth occurrences on the property.
The 2008 field program included:
- Trenching and sampling: 11 trenches completed with 90 samples
- Rock sampling and prospecting: 95 samples collected
- Soil samples: 685 collected at 50 m intervals with 1 km line-spacings
- Ground magnetic survey: 16.25 line-km completed
- Ground scintillometer survey: 22.37 line-km completed
A portable excavator was utilized to execute the trenching program which
was successful in prioritizing areas of anomalous surface radioactivity for
The previously established soil sampling grid was expanded during the
2008 field program. The data will be integrated with that from 2007 to provide
targets for future follow-up.
Prospecting was completed over parts of the Property and 95 rock samples,
dominantly from boulders, were taken. Outcrops are rare at the Eldor
Carbonatite due to overburden cover however boulders can provide valuable
information on the location of bedrock mineralization when referenced to
glacial ice direction. Assay results for niobium ranged from 4.6 ppm to
greater than 50,000 ppm Nb(2)O(5) (above detection limit); tantalum from near
detection limits to 3,734 ppm Ta(2)O(5); uranium from detection limits to
4,164 ppm U(3)O(8); and phosphate from 0.05 to 28.24% P(2)O(5).
Several samples taken in 2007 and 2008 returned anomalous concentrations
of rare earth elements (REE+Y) with 42 samples assaying greater than 0.5% and
23 samples assaying greater than 1%. A carbonatite boulder collected in 2007
assayed the highest total REE+Y of 41,828 ppm (4.18%). Considering that nearly
30% of all rock samples collected by the Company during 2007 and 2008 returned
greater than 0.5% REE+Y, these results suggest there is potential for
significant rare earth element mineralization on the Property.
The majority of the anomalous REE rock samples were concentrated just
northwest of a central magnetic low, between the Northwest and Southeast
areas. Additional prospecting is needed in the area but this magnetic low
could represent an area favorable for concentrations of REE.
All historic data is currently being integrated with that obtained during
2007 and 2008 in order to better define targets for follow-up exploration.
Regarding the results, David Hodge, President of Commerce Resources
states: "We are very pleased by these results and the success of our first
drilling program at the Eldor Property. The Eldor provides our shareholders
with exploration upside and also shows our commitment to actively advancing
tantalum and niobium deposits. As the Company works to bring our Blue River
project in British Columbia to feasibility, the Eldor property will be our
Core of BTW size (42 mm) diameter core was split on site using a diamond
saw and core splitter and shipped to ACME Analytical Laboratories in
Vancouver, BC. Prospecting, trench and drill core samples were assayed for
whole rock and trace elements using ACME's 4A&4B (ICP and ICP-MS: 0.2 g, fused
in LiBO2/Li2B4O7 flux, dissolved in weak nitric acid) and 1DX (ICP-MS: 0.5 g,
aqua regia digestion package).
Drill core sampling was guided by lithology and radiometrics with samples
sizes generally less than 2 m. True widths of cored intervals are not known at
A quality assurance/quality control (QA/QC) program including standard
material of known niobium and tantalum content, blanks, and duplicate samples
was followed. Standards and blanks were randomly inserted in drill core
analytical batches. Approximately 4% of all samples have been sent to an
alternate laboratory (Global Discovery Laboratories, Vancouver, BC) for check
assaying of niobium, tantalum, phosphate and uranium. Several samples have
also been sent to Activation Laboratories located in Ancaster, ON and results
Upon receipt of the results of the QA/QC reassaying program, full results
of the 2008 Eldor Carbonatite drilling program will be released.
Alex Knox, P.Geo. a qualified person as defined by National Instrument
43-101, supervised the preparation of the technical information in this news
About Commerce Resources Corp.
Commerce Resources stated goal is to become a large and profitable
low-cost producer of tantalum and niobium for the global market. Commerce is
the most active tantalum and niobium explorer in North America, with a focus
on developing its Blue River Project (Upper Fir, Fir & Verity deposits) into
Exploration to date at the Upper Fir deposit has outlined an indicated
resource of 14.6Mt with 190 g/t Ta(2)O(5) and 1,300 g/t Nb(2)O(5) and an
inferred resource of 19.8Mt with 188 g/t Ta(2)O(5) and 1,612 g/t Nb(2)O(5)
(Gorham, 2008). Exploration to date at the Fir deposit has outlined an
indicated resource of 5.65Mt with 203.1g/t Ta(2)O(5) and 1,047g/t Nb(2)O(5)
(Verzosa, 2003). The Fir is also host to an inferred resource of 6.7Mt with
196g/t Ta(2)O(5), 646g/t Nb(2)O(5) and 3.20% P(2)O(5) (McCrea, 2001). The
Verity deposit, 10 km north of the Fir, is estimated to host an inferred
resource of 3.06Mt with 196g/t Ta(2)O(5), 646g/t Nb(2)O(5) and 3.20% P(2)O(5)
Tantalum is essential for the modern electronics industry for use in the
production of popular consumer products such as cellular telephones, digital
cameras, iPods, and lap-top computers. During the last 30 years, the demand
for tantalum has increased with the evolution of miniaturized and more
elaborate electronic products that depend on the use of tantalum for their
manufacture. Niobium is primarily used as an alloy for the production of
harder and greater load-bearing steel.
On Behalf of the Board of Directors
President and Director
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 release include the expansion of the prospective target area of the Eldor
carbonatite; additional results being released when check assaying and other
QA/QC checks are completed; and the increase in the multi-commodity potential
of the Property due to the considerable local enrichments encountered.
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 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 property; that
we may not complete environmental programs in a timely manner or at all;
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 and Analysis of
its audited financial statements filed with the British Columbia Securities
For further information:
For further information: on Commerce Resources Corp. visit the corporate
website at www.commerceresources.com; or contact Investor Relations at (604)
484-2700 or Toll Free at (866) 484-2700