June 6, 2019 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H) (the “Company” or “Commerce”) is pleased to announce the results from Saville Resources Inc. (TSXv: SRE, FSE: S0J) (“Saville Resources”) second and third drill holes from the Mallard Target at the Niobium Claim Group Property (the “Property”), a subset of the Company’s Eldor claims, which are located approximately 130 km south of Kuujjuaq, Quebec. The Property covers several prospective and advanced-stage niobium-tantalum targets, with Saville Resources completing Year-1 of its Earn-in Agreement on these claims.
Company President, Chris Grove states “We are very pleased with these results and look forward to receiving from Saville the remaining drill hole assays of the program. Considering the work we have done on these claims in the last decade, and with these new results, we believe that we have a leading global niobium asset and further, have only scratched the surface of its potential”
Saville Resources continues to return strong drill intersections of niobium mineralization at Mallard with sample assays for drill holes EC19-172 and 173 now received. Highlights include 0.67% Nb2O5 over 27.0 m, including 1.03% Nb2O5 over 5.3 m (EC19-172), and 0.66% Nb2O5 over 14.5 m, including 0.78% Nb2O5 over 8.8 m (EC19-173). In addition, the widest high-grade tantalum intercept to date on the Property was returned from drill hole EC19-172 at 274 ppm Ta2O5 over 100.8 m, including 373 ppm Ta2O5 over 46.7 m.
Drill hole EC19-172 bottomed in mineralization at a depth of 240.0 m (core length) with the final sample assaying 0.78% Nb2O5 over 1.5 m. This drill hole was positioned to undercut EC19-171 and the success of both holes indicate that mineralization has significant depth and strike length potential. Further, coupled with drill hole EC19-171, which also bottomed in mineralization, as well as the numerous mineralized intersections at depth in historical holes, collectively indicate a large and robust niobium mineralized system is present at Mallard.
The results of the 2019 drill program to date have significantly expanded the near-surface niobium mineralized zone, initially identified historically in 2010, at least 60 m to the southeast of drill hole EC10-033. At Mallard, the mineralization is interpreted to extend from surface and form several elongate northwest striking horizons that remain open in all directions. Drill holes EC19-171 and 172 have significantly expanded the mineralized strike length to the southeast, while drill hole EC19-173 located further along strike to the northwest support continued potential in that direction towards the Spoke and Miranna Targets. In addition, the recent 2019 drill results further demonstrate a strong tantalum component/zonation associated with the niobium mineralization is present.
A summary of the analytical results is presented below in Table 1 as well as a map with hole locations at the link below.
Table 1: Summary of mineralized intercepts for drill holes EC19-172, and 173
|EC19-171||Results reported in news release dated June 3rd, 2019|
|EC19-172||2.75||240.00||237.25||170||0.40||6.0||Entire Hole (last sample 0.78% Nb2O5)|
|incl.||79.00||80.50||1.50||490||1.64||8.1||Highest grade sample|
|or||93.00||94.50||1.50||500||1.10||11.6||Highest grade sample|
|EC19-174||No samples (hole lost)|
- Analytical detection limits are 0.003% (30 ppm) for Nb2O5 and Ta2O5, and 0.01% for P2O5.
- Fluorine analysis yet to be completed.
- All drill holes are NQ core size, with approximate strike/dip of 230/45
- True width is not fully constrained; however, the dip of mineralization is interpreted as moderate/steep to the northeast. Incorporation of the 2019 drill data is anticipated to provide a proper basis for true width to be reasonably estimated.
The Mallard Target is the most advanced prospect on the Property, with 2,490 m over nine (9) drill holes completed by the Company (2008 and 2010), and 1,049 m over five (5) drill holes now completed by Saville Resources (2019). Coupled with the strong mineralization returned historically, Saville Resources’ Phase I drill program at Mallard will provide the foundation for advancement towards an initial mineral resource estimate. Further drilling at Mallard as well as several other high-priority targets, including Miranna, is planned as part of Phase II. The 2019 exploration of the Property is being carried out by Dahrouge Geological Consulting Ltd. and managed out of Quebec.
Quality Assurance / Quality Control (QAQC)
A Quality Assurance / Quality Control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches, as well as collection of quarter-core duplicates, at a rate of approximately 5%. Drill holes EC19-171, 172, 173, and 174A were sampled in their entirety, for a total of 764 samples including QAQC, and were shipped to Activation Laboratories in Ancaster, ON for analysis. No samples were collected from EC19-174 as it was unexpectedly lost at a depth of 81 m and recollared as EC19-174A.
Lab analysis included niobium, tantalum, and major oxides by XRF (package 8-Coltan XRF). Standard drill core sample preparation was completed and comprised of crushing to 80% passing 10 mesh, followed by a 250 g riffle split and pulverizing to 95% passing 105 µ (package RX1). Additional sample analysis is anticipated.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and 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-Niobium Deposit in British Columbia.
Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in 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 that the work has extended the strike length of the high-grade niobium mineralization by approximately 60 m, and that this work will provide the foundation for advancements towards an initial mineral resource estimate. 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.