Commerce Resources Corp. Intersects Significant Heavy Rare Earth Element Mineralization at Ashram, Eldor Project in Quebec
VANCOUVER, Oct. 19, 2011 /PRNewswire/ – Commerce Resources Corp. (TSXv: CCE, FSE: D7H, OTCQX: CMRZF) (the “Company” or “Commerce”) is
pleased to report the results for the first two drill holes completed
during the summer/fall exploration program at the Ashram Rare Earth
Element (“REE”) Zone at the Eldor Project in northern Quebec. To date,
32 drill holes have been completed at Eldor as part of this year’s
ongoing exploration program.
The initial two drill holes were successful in intersecting significant
Middle and Heavy Rare Earth Oxide (“MHREO”) enrichment at and near
surface. Results from EC11-056 include 1.76% Total Rare Earth Oxides
(“TREO”) over 44.56 metres with a MHREO/TREO ratio of 15.6%; including
1.28% TREO over 12.26 metres with a MHREO/TREO ratio of 27.9%. The
enriched zone was within a wider zone of mineralization of 2.00% TREO
over 92.28 metres with a MHREO/TREO ratio of 10.6%. Of particular
importance are the high values of dysprosium, europium, terbium and
yttrium as well as enrichment in neodymium (neodymium consistently
exceeds 15% of the TREO) which compare favorably with other advanced
rare earth deposits.
Complete results are as follows:
_________________________________________________________________ | | | From | To |Interval|TREO|MHREO| Neodymium | | | Hole | (m) | (m) | (m) |(%) |(% of| Oxide | | | | | | | |TREO)|(% of TREO)| |__________|________|______|______|________|____|_____|___________| | |EC11-056| 2.14 |94.42 | 92.28 |2.00|10.6 | 17.1 | |__________|________|______|______|________|____|_____|___________| | | Incl. |50.27 |78.08 | 27.81 |2.31| 5.8 | 15.0 | |__________|________|______|______|________|____|_____|___________| | | | | | | | | | |__________|________|______|______|________|____|_____|___________| | | | 5.71 |50.27 | 44.56 |1.76|15.6 | 18.6 | | |________|______|______|________|____|_____|___________| |MHREO Zone| Incl. | 5.71 |25.05 | 19.34 |1.62|22.4 | 20.9 | | |________|______|______|________|____|_____|___________| | | or | 7.04 |19.30 | 12.26 |1.28|27.9 | 23.6 | |__________|________|______|______|________|____|_____|___________| | | | | | | | | | |__________|________|______|______|________|____|_____|___________| | |EC11-057| 1.32 |280.54| 279.22 |2.06| 7.1 | 16.6 | |__________|________|______|______|________|____|_____|___________| | | Incl. |261.81|280.54| 18.73 |2.89| 3.1 | 12.8 | |__________|________|______|______|________|____|_____|___________| | | | | | | | | | |__________|________|______|______|________|____|_____|___________| | | | | | | | | | | |________|______|______|________|____|_____|___________| |MHREO Zone| |77.54 |116.82| 39.28 |1.62|12.2 | 17.6 | | |________|______|______|________|____|_____|___________| | | | | | | | | | |__________|________|______|______|________|____|_____|___________| | | | | | | | | | |__________|________|______|______|________|____|_____|___________|
* All samples were analyzed by Activation Laboratories of Ancaster, ON
using its method eight — major oxide, rare earths and trace element
package by fusion ICP and ICP/MS in addition to niobium by XRF and
fluorine by method 4F-F. The four most abundant REEs that make up the
TREO reported above are cerium, lanthanum/neodymium and praseodymium.
All holes are BTW in size. The true width of drill intersections is not
The MHREO enrichment encountered in both EC11-056 and EC11-057 expands
the zone of middle and heavy enrichment approximately 50 metres
north-northwest of EC10-047. A peak value of 41% MHREO, of the total
TREO, was returned from EC11-056. In addition, the grade of the
enriched zone increased significantly in EC11-056 with a grade of 1.78%
TREO over 44.56 metres at 15.6% MHREO, thereby demonstrating the
potential of further increased grade within the MHREO enriched zone. By
comparison, EC10-047 intersected 1.41% TREO over 61.19 metres at 19.7%
MHREO. Furthermore, neodymium enrichment continues to be prevalent
within the MHREO zone (peak of 29% of TREO in EC11-056, 37% in
EC10-047) with other portions of the deposit commonly exceeding 20%
neodymium as a percentage of the TREO content.
Very few carbonatites are host to REE deposits that are significantly
enriched in the middle and heavy REEs such as at Eldor. This unique
zone of mineralization is dominated by large, fluorine rich
ferrocarbonatite dykes of near massive texture and dark, olive-green to
brown colour. They appear concentrated at or near surface within A-Zone
The main area of MHREO enrichment is more extensive than previously
thought and may exist at higher grades near to or exceeding the deposit
average (1.74% TREO) as defined from the recent 43-101 resource
estimate (SGS Canada Inc. – Geostat, April 2011). The zone is central
to the northwest part of the deposit, is present at or near surface
(<100 m) and is underlain and adjacent to some of the higher grade (2+%
TREO) material within the deposit. In addition, signficant 2+% TREO
interections continue to be prevalent throughout the deposit with drill
hole EC11-057 returning 2.06% over 279.22 metres thereby highlighting
the continuity and vast extent of mineralization within the deposit
David Hodge, President of Commerce stated, “We are very pleased with the
initial results from the summer program at the Eldor Project. We had
indications from hole 47 drilled last year that there may be a
significant near-surface middle and heavy rare earth component to the
Ashram Deposit and these two holes confirm the zone and expand it.”
Drill holes EC11-056 (230 azimuth, 45 dip) and EC11-057 (vertical) were
collared in mineralization and drilled from the same pad. They targeted
the western contact of the deposit. A map showing the location of the
drill holes, along with an Excel spreadsheet with detailed analytical
results, will be posted on the Company’s website at: http://www.commerceresources.com/s/Eldor.asp
Further Results to Come
The summer/fall drilling program has been expanded beyond the minimum
7,500 metres. As of October 17, 2011 a total of 9,338 metres over 32
holes have been completed including 25 holes (8,230 metres) at the
Ashram Zone and a further 7 holes (1,108 metres) at regional targets.
Analytical results from the remaining holes will be reported in batches
as they are received. Surface exploration, as well as metallurgical,
mineralogical and environmental studies are ongoing.
The Eldor Property is located in northern Quebec approximately 130
kilometres south of the town of Kuujjuaq and 100 kilometres north of
Adriana Resources Inc.’s Lac Otelnuk Iron Deposit. The property is
100%-owned by Commerce and encompasses 404 claims totalling
approximately 19,006 hectares. The Company is well financed and has
sufficient working capital available to complete all of its development
and exploration plans. The Company currently has approximately $12
million in cash and investments.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geol., a qualified person as defined by
National Instrument 43-101, supervised the preparation of the technical
information in this news release.
Middle and Heavy Rare Earth Oxides (“MHREO”) is defined as the sum of
the middle rare earth oxides (Sm(2)O(3), Eu(2)O(3), Gd(2)O(3)) and the heavy rare earth oxides (Tb(2)O(3), Dy(2)O(3), Ho(2)O(3), Er(2)O(3), Tm(2)O(3), Yb(2)O(3), Lu(2)O(3)) plus Y(2)O(3) expressed as a percentage out of the TREO content.
Total Rare Earth Oxides (“TREO”) include: La(2)O(3), Ce(2)O(3), Pr(2)O(3), Nd(2)O(3), Sm(2)O(3), Eu(2)O(3), Gd(2)O(3), Tb(2)O(3), Dy(2)O(3), Ho(2)O(3), Er(2)O(3), Tm(2)O(3), Yb(2)O(3), Lu(2)O(3) and Y(2)O(3).
About Commerce Resources Corp.
Commerce Resources Corp. is focused on building shareholder value
through the discovery and development of Canadian rare metal and rare
earth element deposits. Commerce’s principal assets are its Blue River
Tantalum-Niobium Project in British Columbia and its Eldor Rare Earth
Project in Quebec.
At Blue River, Commerce is advancing its Upper Fir Tantalum and Niobium
Deposit through development with a Preliminary Economic Assessment in
the advanced stages of completion. At the Eldor Project, Commerce’s
2010 exploration program led to the discovery of a significant new rare
earth deposit known as Ashram. Commerce reported an initial NI 43-101
Inferred Resource Estimate for Ashram and is continuing exploration and
drilling in combination with metallurgical, mineralogical and
environmental work. The data from these studies will be used to
undertake a resource update and Preliminary Economic Assessment for the
Commerce Resources Corp. trades on the TSX Venture Exchange under the
symbol “CCE”, the Frankfurt Stock Exchange under the symbol “D7H” and
the U.S. OTCQX under the symbol “CMRZF.”
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.
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 analytical results from
the remaining holes from the summer/fall drill program at Eldor will be
reported in batches as they are received..
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; 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 rare earth elements may
not justify commercial production costs; and that despite encouraging
data there may be no commercially exploitable mineralization on our
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.
SOURCE Commerce Resources Corp.