Commerce Resources Corp. (“the Company”) is pleased to announce that its regional exploration program continues to expand the data for the Blue River Tantalum-Niobium Project in British Columbia, and that it has located two new occurrences of carbonatite within the Company’s 500 square kilometer claim group.
The two new carbonatites, Lower Gum Creek and Lower Switch Creek, are located approximately 2 km east and 12 km north, respectively, of the Company’s Upper Fir Deposit. These two new carbonatites were located during the regional exploration program, by soil geochemical surveys, which identified extensive, continuous zones with highly anomalous concentrations of niobium.
The Lower Gum Creek geochemical anomaly is a minimum of 1,000 meters long and between 200 to 400 meters wide. Historic exploration within the vicinity of the Upper Gum Creek anomaly resulted in the discovery of the Gum Creek Carbonatite. A single grab sample was collected during a field mapping program in 1989, and analysis of this sample returned concentrations of 3,211 g/t Nb2O5 and 75 g/t Ta2O5, with highly enriched light rare earth elements (lanthanum (La) equals 1,905 ppm; and cerium (Ce) equals 2,666 ppm). As the area of the Upper Gum Creek soil anomaly has previously been logged, the Company anticipates rehabilitating existing roads later this year, to facilitate improved access for further exploration.
The Lower Switch Creek anomaly is a minimum of 700 meters long and 50 meters wide, and was identified by soil assays, which returned values from background concentrations to 2,354 g/t Nb2O5. The Lower Switch Creek soil anomaly continues through the historical trench location, from which historic samples of carbonatite, collected by Anshutz Mining (Canada) Ltd., returned values between 21 and 2,930 g/t Ta2O5, and averaging 514 g/t. Depending on weather conditions, the Company anticipates drill testing this anomaly during 2007.
Within about 1,000 meters down slope and to the west of the Lower Gum Creek anomaly, the Company collected a number of stream-sediment samples with highly anomalous concentrations of niobium (Nb), yttrium (Y) and rare earth elements (REE’s), as follows:
|Note: 1 ppm equals 1 g/t Samples were analyzed by Acme Analytical Laboratories Ltd.|
The rare earth elements are the 15 lanthanide-series elements, with atomic numbers 57 to 71, which are in Group IIIA of the
Periodic Table; they are lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium,
holmium, erbium, thulium, ytterbium, and lutetium.
These results suggest the potential presence of an as yet undiscovered carbonatite in the area.
In addition, the Company’s ongoing regional soil and stream sediment sampling program in conjunction with the ground geophysical surveys have identified a potential third new carbonatite on the western slope of Mount Cheadle, from 3 to 5 km north of the Upper Fir Deposit. Results are pending.
“Carbonatites are very rare and unique rock types, with only approximately 500 complexes known worldwide. Often containing a variety of exotic minerals, carbonatites have been known to produce economic concentrations of REE’s, niobium, copper, iron, apatite, vermiculite, and fluorite; with significant byproducts including barite, zircon, tantalum, gold, silver, uranium and platinum group elements. Given the high ratio of discovery to deposit, the Company remains focused on exploring for and developing carbonatite deposits at Blue River (British Columbia), Eldor (Quebec), and elsewhere,” states Mr. Jody Dahrouge, Vice President of Exploration of Commerce Resources.
Jody Dahrouge, P. Geo., director, and Alexei Rukhlov, Ph.D. of Dahrouge Geological Consulting Ltd., qualified persons 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 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.
Niobium is an additive to the production of steel, which is alloyed in to increase strength. 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 source 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 196g/t Ta2O5, 646g/t Nb2O5 and 3.20% P2O5 (McCrea, 2001). 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.
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 two new occurrences of carbonatite within the Company’s 500 square kilometer claim group, the identification of a potential carbonatite zone on the western slope of Mount Cheadle, plans to become the world’s next source 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.