VANCOUVER, July 2, 2014 /PRNewswire/ - Commerce
Resources Corp. (TSXv: CCE) (FSE: D7H) (the "Company") is
pleased to announce assay results from its 2014 winter drill
program at the 100% owned Ashram Rare Earth Deposit located in
northern Quebec.
The drill program, which finished on schedule and under budget,
consisted of twelve near-surface holes (1,557m), located within the
current defined extent of the Ashram Deposit, and further
delineated the Middle and Heavy Rare Earth Oxide Zone (MHREO
Zone).
Highlights
- Discovery of a potential in-pit extension to the MHREO
Zone via the following intersections:
- EC14-103 with 42.39m of 1.60% TREO at 11.6% MH/T(1)
- EC14-100 with 48.87m of 1.47% TREO at 12.0% MH/T
- Continued high grade intercepts at grades higher than
the resource grade previously announced (see news release dated
March 6, 2012), and central to the
pit shell identified in the Preliminary Economic Assessment (see
news release dated May 24, 2012).
- EC14-098: 2.13% TREO over 172.66m, including 2.32%
over 96.66m
- EC14-101: 1.97% TREO over 162.47m, including 2.25% over
56.32m
- EC14-099: 2.01% TREO over 81.00m
(1) MH/T = (MREO + HREO) / TREO
expressed as a percent.
The map below shows the locations of the 2014 drill holes and
may be viewed at
http://www.commerceresources.com/i/maps/Ashram-Drill-Plan.pdf.
President Dave Hodge comments:
"The Ashram Deposit continues to exceed our expectations in
nearly all respects. The winter program, which drilled holes inside
the previously identified resource, not only increased our
confidence in the resource model, but appears to have expanded the
identified MHREO Zone, the most valuable zone in the deposit, as
well as returning high grade TREO intercepts in adjacent material.
Coupled with its simple rare earth mineralogy which is amenable to
>40% TREO mineral concentrate grades at high recovery, our
Ashram Deposit is clearly a standout in the REE space."
A complete listing of drill results may be found below.
MHREO Zone Extension
The recent infill program indicates the zone of MHREO enrichment
identified within the open-pit modelled in our previous PEA extends
beyond the area of the original interpretation. This is best
evidenced in hole EC14-103 with 42.39m of 1.60% TREO
at 11.6% MH/T and hole EC14-100 with 48.87m of
1.47% TREO at 12.0% MH/T where a clear extension of
the MHREO Zone can be interpreted. To view a cross section, visit
http://www.commerceresources.com/i/maps/Ashram-Cross-Section.pdf.
In addition, EC14-099 bottomed unexpectedly in strong MH/T
mineralization (32.48m of 1.41% TREO at 12.6% MH/T) at a
depth of 192.02 m, further suggesting that a more extensive MHREO
mineralizing system is present than originally indicated.
Additional MHREO mineralized intersections within the current
interpreted zone include EC14-098 with 34.50m of 1.80% TREO at
10.5% MH/T (including 38 ppm Tb2O3 and 160
ppm Dy2O3) and EC14-099 with 64.50m of
1.68% TREO at 12.1% MH/T (including 38 ppm
Tb2O3 and 153 ppm
Dy2O3). These terbium and dysprosium
grades compare favourably with some of the better known heavy rare
earth deposits in the REE space (e.g. Kipawa), except at Ashram these values are
complemented by considerable enrichment in neodymium and
europium.
Management cautions that no additionally interpreted MHREO
Zone material may be attributed to the MHREO Zone Resource until
such time as the resource is updated and signed off by an
Independent Qualified Person under NI 43-101 Standards for
Disclosure. Further, no guarantee exists that the MHREO Zone
resource will be modified from its current resource
extent.
Strong TREO Intersections Returned Above Previously Reported
Resource Grade
The Ashram Deposit has a measured and indicated resource of 29.3
million tonnes at 1.90% TREO and an inferred resource of 219.8
million tonnes at 1.88% TREO, based on 45 holes and 15,692m
drilled. This also includes the MHREO Zone resource with 6.6
million tonnes of 1.63% TREO at 11.3% MH/T (measured and
indicated), and 2.8 million tonnes of 1.57% TREO at 11.1% MH/T
(inferred) (See news releases dated March
6 and May 24, 2012).
In addition to the interpreted extension of the MHREO Zone,
strong TREO mineralization was also intersected in the surrounding
mineralized material within the pit shell identified in the PEA.
Highlighted results include: EC14-098 with 2.13% TREO over
172.66m, including 2.32% over 96.66m; EC14-101
with 1.97% TREO over 162.47m, including 2.25% over
56.32m; and EC14-099 with 2.01% TREO over 81.00m. These
intersection grades are higher than the resource categories
previously reported (1.90% TREO measured and indicated, and 1.88%
TREO inferred).
Geotechnical Drilling
Three short holes (<25 m) were completed to assess the
projected location of the dyke on Centre Pond. The information from
these holes will determine whether more drilling will be required
to locate the position of the dyke(s). Data collected will also
assist with resource modelling and related project parameters for
future development.
Table 1: 2014 Drill Hole Analytical Results
|
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Nd Oxide
(ppm)
|
Eu Oxide
(ppm)
|
Tb Oxide
(ppm)
|
Dy Oxide
(ppm)
|
Y Oxide
(ppm)
|
TREO
(%)
|
MH/T
(%)
|
CaF2
(%)
|
Comments
|
|
EC14-098
|
4.92
|
194.16
|
189.24
|
3325
|
112
|
29
|
122
|
536
|
2.06
|
7.6
|
8.1
|
Bottomed in 2.49%
TREO
|
|
incl.
|
21.50
|
194.16
|
172.66
|
3397
|
113
|
29
|
122
|
534
|
2.13
|
7.4
|
8.3
|
|
|
or
|
97.50
|
194.16
|
96.66
|
3572
|
112
|
28
|
117
|
500
|
2.32
|
6.6
|
8.0
|
|
|
MHREO
Enriched
|
|
|
|
|
|
|
|
|
|
|
|
4.92
|
21.50
|
16.58
|
2695
|
116
|
30
|
132
|
605
|
1.38(2)
|
12.1
|
7.2
|
|
|
43.50
|
78.00
|
34.50
|
3119
|
130
|
38
|
160
|
689
|
1.80
|
10.5
|
7.0
|
|
|
136.82
|
142.00
|
5.18
|
3181
|
137
|
40
|
175
|
687
|
1.79
|
11.0
|
4.2
|
|
|
EC14-099
|
5.10
|
192.02
|
186.92
|
3145
|
125
|
33
|
136
|
688
|
1.80
|
10.1
|
9.0
|
Bottomed in 1.39%
TREO
|
|
incl.
|
77.00
|
158.00
|
81.00
|
3394
|
123
|
31
|
131
|
653
|
2.01
|
8.9
|
8.5
|
|
|
MHREO
Enriched
|
|
|
|
|
|
|
|
|
|
|
|
35.00
|
99.50
|
64.50
|
3095
|
141
|
38
|
153
|
782
|
1.68
|
12.1
|
8.6
|
|
|
117.50
|
125.00
|
7.50
|
3714
|
152
|
41
|
180
|
800
|
1.99
|
11.2
|
5.4
|
|
|
135.50
|
141.50
|
6.00
|
3479
|
148
|
44
|
211
|
1032
|
1.86
|
13.2
|
7.8
|
|
|
159.54
|
192.02
|
32.48
|
2614
|
118
|
34
|
147
|
675
|
1.41
|
12.6
|
7.2
|
Bottomed in 11.9%
MH/T
|
|
EC14-100
|
11.28
|
194.16
|
182.88
|
3041
|
116
|
28
|
115
|
528
|
1.71
|
9.2
|
7.9
|
Bottomed in 2.98%
TREO
|
|
incl.
|
11.28
|
37.92
|
26.64
|
3256
|
124
|
31
|
125
|
562
|
1.92
|
8.7
|
7.6
|
|
|
incl.
|
87.97
|
127.63
|
39.66
|
3166
|
112
|
28
|
119
|
581
|
1.91
|
8.5
|
10.1
|
|
|
incl.
|
167.26
|
194.16
|
26.90
|
3780
|
133
|
30
|
120
|
529
|
2.26
|
7.5
|
5.9
|
|
|
MHREO
Enriched
|
|
|
|
|
|
|
|
|
|
|
|
39.10
|
87.97
|
48.87
|
2866
|
124
|
32
|
135
|
628
|
1.47(3)
|
12.0
|
8.5
|
|
|
96.80
|
102.05
|
5.25
|
2895
|
112
|
30
|
137
|
694
|
1.62
|
10.9
|
7.9
|
|
|
105.62
|
112.11
|
6.49
|
2720
|
120
|
35
|
156
|
746
|
1.42
|
13.3
|
7.4
|
|
|
127.63
|
137.50
|
9.87
|
3068
|
136
|
31
|
120
|
512
|
1.49
|
11.3
|
8.7
|
|
|
EC14-101
|
10.06
|
172.53
|
162.47
|
3314
|
114
|
29
|
123
|
604
|
1.97
|
8.4
|
8.4
|
Bottomed in 2.60%
TREO
|
|
incl.
|
96.00
|
152.32
|
56.32
|
3606
|
120
|
30
|
123
|
616
|
2.25
|
7.6
|
7.9
|
|
|
MHREO
Enriched
|
|
|
|
|
|
|
|
|
|
|
|
10.06
|
66.30
|
56.24
|
3046
|
115
|
30
|
131
|
606
|
1.69
|
9.9
|
9.2
|
|
|
124.52
|
133.09
|
8.57
|
3700
|
147
|
42
|
182
|
884
|
2.21
|
10.2
|
5.6
|
|
|
150.88
|
161.93
|
11.05
|
3358
|
126
|
32
|
135
|
699
|
1.80
|
10.3
|
4.8
|
|
|
EC14-102
|
7.35
|
136.00
|
128.65
|
3009
|
100
|
25
|
103
|
461
|
1.74
|
8.0
|
7.5
|
Bottomed in 1.97%
TREO
|
|
82.29
|
101.02
|
18.73
|
3248
|
106
|
27
|
116
|
527
|
2.16
|
7.1
|
9.4
|
|
|
117.19
|
136.00
|
18.81
|
3316
|
98
|
22
|
93
|
415
|
2.01
|
6.6
|
7.5
|
|
|
MHREO
Enriched
|
|
|
|
|
|
|
|
|
|
|
|
20.50
|
33.69
|
13.19
|
2880
|
104
|
26
|
117
|
515
|
1.31
|
11.3
|
7.3
|
|
|
43.00
|
46.57
|
3.57
|
2666
|
112
|
27
|
116
|
522
|
1.19
|
13.0
|
4.8
|
|
|
59.39
|
69.57
|
10.18
|
2930
|
119
|
33
|
128
|
517
|
1.68
|
9.6
|
4.0
|
|
|
99.54
|
108.91
|
9.37
|
2490
|
103
|
22
|
90
|
386
|
1.00
|
13.3
|
3.3
|
|
|
EC14-103
|
17.27
|
157.58
|
140.31
|
2974
|
116
|
30
|
123
|
525
|
1.73
|
9.2
|
8.3
|
Bottomed in 1.65%
TREO
|
|
incl.
|
17.27
|
43.50
|
26.23
|
3010
|
102
|
24
|
94
|
425
|
1.93
|
6.9
|
8.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MHREO
Enriched
|
|
|
|
|
|
|
|
|
|
|
|
48.00
|
54.93
|
6.93
|
2960
|
123
|
31
|
122
|
526
|
1.62
|
10.0
|
6.1
|
|
|
62.15
|
74.75
|
12.60
|
2829
|
130
|
30
|
112
|
479
|
1.48
|
10.8
|
6.2
|
|
|
105.61
|
148.00
|
42.39
|
2886
|
127
|
37
|
160
|
652
|
1.60
|
11.6
|
7.9
|
|
|
EC14-104
|
Geotechnical
hole, No Mineralization (Max 0.48% TREO)
|
|
|
EC14-105
|
Geotechnical
hole, No Mineralization (Max 0.54% TREO)
|
|
|
EC14-106
|
8.86
|
139.29
|
130.43
|
2546
|
88
|
20
|
80
|
368
|
1.50
|
7.7
|
7.3
|
Bottomed in 1.37%
TREO
|
|
incl.
|
89.50
|
129.74
|
40.24
|
2716
|
88
|
19
|
74
|
347
|
1.70
|
6.6
|
6.9
|
|
|
MHREO
Enriched
|
|
|
|
|
|
|
|
|
|
|
|
71.74
|
78.41
|
6.67
|
2212
|
89
|
23
|
95
|
446
|
1.31
|
9.6
|
6.5
|
|
|
85.77
|
90.61
|
4.84
|
2776
|
128
|
33
|
139
|
648
|
1.50
|
12.0
|
5.4
|
|
|
EC14-107
|
7.43
|
154.53
|
147.10
|
3000
|
96
|
23
|
96
|
511
|
1.81
|
7.6
|
8.3
|
Bottomed in 1.71%
TREO
|
|
MHREO
Enriched
|
|
|
|
|
|
|
|
|
|
|
|
69.05
|
89.63
|
20.58
|
2777
|
109
|
29
|
123
|
625
|
1.52
|
10.6
|
7.2
|
|
|
EC14-108
|
Geotechnical
hole, weak mineralization (Max 0.90% TREO)
|
|
|
|
EC14-109
|
9.40
|
154.29
|
144.89
|
2971
|
106
|
25
|
100
|
440
|
1.76
|
7.9
|
8.4
|
Bottomed in 2.08%
TREO
|
|
incl.
|
13.35
|
39.12
|
25.77
|
2998
|
99
|
22
|
82
|
329
|
2.01
|
5.9
|
10.6
|
|
|
incl.
|
135.10
|
151.16
|
16.06
|
4030
|
136
|
33
|
140
|
632
|
2.26
|
8.4
|
8.2
|
|
|
MHREO
Enriched
|
|
|
|
|
|
|
|
|
|
|
|
83.50
|
100.73
|
17.23
|
2770
|
119
|
30
|
120
|
516
|
1.33
|
11.9
|
3.4
|
|
|
116.33
|
125.50
|
9.17
|
2685
|
100
|
26
|
109
|
512
|
1.35
|
10.7
|
3.8
|
|
| (1) |
MH/T = (MREO + HREO) / TREO expressed as a
percent. |
| (2) |
Composited to account for 2.14 m of zone
lost in transit, thus, preventing analysis. The interval will be
re-collected from the remaining core on-site |
| (3) |
Composited to account for 7.82 m of zone
lost in transit, thus, preventing analysis. The interval will be
re-collected from the remaining core on-site |
| (4) |
All samples were sent to Activation
Laboratories of Ancaster, Ontario for analysis |
| (5) |
CaF2 is calculated based on F
analysis using a conversion factor of 2.055 on the assumption all F
is sourced from fluorite |
|
|
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 Upper Fir Tantalum and
Niobium Deposit in British
Columbia and the Ashram Rare Earth Deposit in Quebec.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
"David Hodge"
David
Hodge
President and Director
Tel: 604.484.2700
Email: dhodge@commerceresources.com
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.
Forward-Looking Statements
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 but are not limited to
reference to a potential in-pit extension to the MHREO Zone;
comments related to exceeding our expectations, increased our
confidence in the resource model, and the most valuable zone in the
deposit; interpretation of a clear extension of the MHREO Zone;
suggestions that a more extensive MHREO mineralizing system is
present than originally indicated; comparisons to other known rare
earth deposits; references to future development and references
to any information contained in the pre-feasibility study
(PEA).
These forward-looking statements are based on the opinions and
estimates of management and its consultants at the date the
information is disseminated. They 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 and their impact on the
cut off value established; increased capital costs; changing
forecasts of mine production rates; 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; market pricing 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.
