October 01, 2007
October 1, 2007 - Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (“the Company”) is pleased to announce that it has, as part of the 2007 drilling program, completed 17 diamond drill holes with the 18th drill hole being underway, at the Upper Fir Carbonatite. All drill holes have intersected zones registering between 8 and 99 meters of carbonatite. Exploration to date has extended the tantalum- and niobium-bearing carbonatite over a strike length exceeding 1,100 meters north-south and more than 580 meters in an east-west direction.
In addition, the Bone Creek Carbonatite, which outcrops about 400 m to the west of the southern most drill holes, has been intersected in some of the 2007 drill holes, confirming that the Bone Creek - Upper Fir Carbonatite System is relatively continuous over a very large area. Based on the 2005 and 2007 drilling results, the Bone Creek Carbonatite extends over a strike length of more than 800 meters north-south and more than 930 meters in an east-west direction. Both the Upper Fir and the Bone Creek carbonatites remain open to the east and south. Drilling continues.
Commerce Resources Corp. is also in receipt of the analytical results for seven of the drill holes completed at the Upper Fir Carbonatite during this current program. These results confirm a significant increase in niobium content within the southern parts of the Upper Fir Carbonatite, with an enriched tantalum zone underlying it. Highlights include:
- Hole F07-18 contained 26.00 m of 2,198 g/t (0.22%) Nb2O5 and 182 g/t Ta2O5
- Hole F07-19 contained 20.56 m of 3,237 g/t (0.32%) Nb2O5 and 110 g/t Ta2O5
- Hole F07-20 contained 29.56 m of 3,136 g/t (0.31%) Nb2O5 and 246 g/t Ta2O5
- Hole F07-21 contained 15.50 m of 3,622 g/t (0.36%) Nb2O5 and 121 g/t Ta2O5
- Hole F07-23 contained 19.38 m of 3,067 g/t (0.31%) Nb2O5 and 163 g/t Ta2O5
The variability observed in the southern portions of the Upper Fir Carbonatite has also indicated potential for an underlying zone with significant tantalum enrichment and niobium depletion. For some of these drill holes the ratio of niobium:tantalum is between 2-4:1. Highlights include:
- Hole F07-19 contained 9.00 m of 2,310 g/t Nb2O5 and 284 g/t Ta2O5
- Hole F07-20 contained14.00 m of 478 g/t Nb2O5 and 212 g/t Ta2O5
- Hole F07-21 contained 7.19 m of 1,500 g/t Nb2O5 and 198 g/t Ta2O5
|Drill Hole Number||Carbonatite zone||Carbonatite total (m)||P2O5|
|From (m)||To (m)||Interval (m)|
|F07-22||12.50||247.41||234.91||58.19||being processed in the laboratory|
|F07-26||44.80||121.42||76.62||21.00||being processed in the laboratory|
|F07-27||12.20||225.78||213.58||38.04||being processed in the laboratory|
|F07-28||27.79||150.40||122.61||58.99||being processed in the laboratory|
|F07-29||6.00||137.86||131.86||8.47||being processed in the laboratory|
|F07-30||75.13||149.46||74.33||74.33||being processed in the laboratory|
|F07-31||52.61||173.18||120.57||92.03||being processed in the laboratory|
|F07-32||32.40||169.60||137.20||88.07||being processed in the laboratory|
|F07-33||26.34||219.16||192.82||61.91||being processed in the laboratory|
|F07-34||123.94||304.84||180.90||68.02||being processed in the laboratory|
Additional results will be released as they become available. All samples were analyzed at Acme Analytical Laboratories Ltd. in Vancouver, BC. using the fusion ICP-MS method.
Jody Dahrouge, P. Geol., and director of Commerce Resources, qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Tantalum and Niobium
Recent market fluctuations have not affected the prices of these metals In fact, as global demand for both metals has continued to increase, prices have actually risen. (metalsprices.com)
Tantalum is the metal with the highest capacitance known, which is the ability to hold and release instantaneously more electrical charge per gram than any other metal. As such tantalum is essential to most electronic devices manufactured today.
Niobium is an additive to the production of steel, which is alloyed in to increase strength and for its anti-corrosive properties. A 2% alloy of niobium has the ability to triple the tensile strength of steel - from a PSI (pounds per square inch) of 40,000 to 120,000. Niobium-alloyed steel is used in construction steel, oil and gas pipelines, nuclear plant pipelines, the automotive industry and aerospace.
About Commerce Resources Corp.
Commerce Resources Corp.’s stated goal is to become the world’s next resource of tantalum and niobium. Commerce is the most active tantalum and niobium explorer in North America, with a focus on developing its Upper Fir Deposit.
Exploration to date at the Upper Fir deposit has outlined an indicated resource of 8.6Mt with 208.2 g/t Ta2O5 and 1,372.6 g/t Nb2O5 and an inferred resource of 5.5Mt with 208.2 g/t Ta2O5 and 1,349.9 g/t Nb2O5 (Gorham, 2007). Exploration to date at the Fir deposit has outlined an indicated resource of 5.65Mt with 203.1g/t Ta2O5 and 1,047g/t Nb2O5 (Verzosa, 2003). The Fir is also host to an inferred resource of 6.7Mt with 203.1 g/t Ta2O5, and 1,047 g/t Nb2O5 (Verzosa, 2003). The Verity deposit, 10 km north of the Fir property, is estimated to host an inferred resource of 3.06Mt with 196g/t Ta2O5, 646g/t Nb2O5 and 3.20% P2O5 (McCrea, 2001). Detailed information on both resource estimates for the deposits may be viewed in the Company’s public disclosure on SEDAR.
Previous exploration at the recently acquired Eldor Carbonatite returned results ranging from >1.0% to 11.4% Nb2O5 (>10,000 g/t to 110,000 g/t Nb2O5) and from >0.01% to 0.21% Ta2O5 (100 g/t to 2,100 g/t Ta2O5). The Company will release assays from the extensive program of exploration conducted on the Eldor Carbonatite this summer when they are available.
For further details on Commerce Resources Corp. and the Blue River Tantalum-Niobium Property, visit the corporate website at www.commerceresources.com, or contact Investor Relations at (604) 484 2700 or toll free at (866) 484 2700.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
Tel: 604 484 2700
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 statements regarding the new drill holes having the potential to add significantly to the size of the Upper Fir deposit as well as to extend the known resources of the Upper Fir, plans to become the world’s next resource of tantalum and niobium, developing the Upper Fir deposit into production, as well as being the most active tantalum and niobium explorer in North America. 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, but are not limited to, 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 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 Ontario Securities Commission.