Commerce Resources Corp. and Canadian International Commence Drilling on the Carbo Rare Earth Project, B.C.
report that its joint venture partner Canadian International Minerals
Inc. (TSXv: CIN) (“Canadian International”) has commenced a minimum
1,000 metre diamond drill program on the Carbo Rare Earth Project in
The program is designed to drill at least 12 diamond drill holes from up
to 6 drill sites. Drilling targets have been selected based on the
results from a recently completed high resolution Aeroquest
Radiometric-Mag survey (50 metre line spacing) and closely spaced auger
soil geochemical sampling (25 metre grid).
Expansion of the 1,000 metre drilling program will be dependent on
results and weather conditions. Core logging and storage facilities
have been arranged in
timely data acquisition and sampling. Samples will be sent to ALS
Chemex labs in
The Carbo Property comprises seven claims totaling 2,778 hectares and is
accessible by all-weather gravel roads. The project is located 80
kilometres northeast of
carbonatite camp and is directly adjacent to and contiguous with
Spectrum Mining Corporation’s Wicheeda rare earth element discovery. A
map with the location of the Carbo claims and Spectrum’s rare earth
element discovery is posted at: http://www.commerceresources.com/s/Carbo.asp
The goal of the drilling program is to identify carbonatite hosted rare
earth element and rare metal mineralization. Carbonatites and
carbonatite related deposits are a major host for known and producing
rare earth element deposits. Several of the world’s largest rare earth
element deposits and mines, including Lynas Corporation’s (ASX: LYC)
Mt. Weld deposit in
Pass deposit in
Canadian International has the option to earn up to a 75% interest in
the Carbo Project by paying Commerce
common shares and incurring a total of
expenditures over a three year period. Commerce also retains a 2% NSR
Royalty on the claims.
Appointment of Chief Financial Officer
Commerce is also pleased to announce the appointment of
with over 14 years experience as a corporate accountant. Ms.
Bellefleur was an accountant with a private manufacturing company for
12 years and more recently, has worked independently as an accountant
for various publicly listed mineral exploration companies. Ms.
Bellefleur is a graduate of the
Bachelor of Commerce degree, specializing in Accounting and has been a
member of the Certified General Accountants Association of
NI 43-101 Disclosure
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 tantalum, niobium and rare metal deposits with
potential for economic grades and large tonnages. The Company is
specifically focused on the development of its Upper Fir Tantalum and
Niobium Deposit in
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 the diamond
drill program is designed to drill at least 12 diamond drill holes from
up to 6 drill sites, that expansion of the 1,000 metre drilling program
will be dependent on results and weather conditions, that core logging
and storage facilities have been arranged in
facilitate secure and timely data acquisition and sampling, that
samples will be sent to ALS Chemex labs in
that the goal of the diamond drill program is to identify carbonatite
hosted rare earth element and rare metal mineralization.
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 and
other rare metals 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.
SOURCE Commerce Resources Corp.