Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (“the Company”) is pleased to announce that results of its 2007 diamond drilling program have expanded the known tantalum and niobium mineralization at the Upper Fir deposit. The deposit is located in south-central British Columbia and is wholly-owned by the Company.
During 2007, 18 HQ sized drill holes totaling 4,710 meters were completed at the Upper Fir deposit. All 18 holes intersected mineralized carbonatite, thereby extending the known mineralization by an additional 250 meters to the south and 200 meters to the east of the area identified in 2006. When combined with the apparently contiguous Bone Creek occurrence (drilled in Oct. 2005), the Upper Fir Carbonatite Complex now extends approximately 800 meters east-west, by 1,400 meters north-south. The Upper Fir Carbonatite remains open to both the east and to the south.
Highlights from the 2007 program include:
- The weighted average of Ta2O5 (tantalum oxide) without application of a cutoff grade is 176g/t; with an average apparent thickness of 55.2 meters. The weighted average grade of Nb2O5 (niobium oxide) is 1,549g/t and of P2O5(phosphate) is 3.11% over the same interval.
- Using a 150g/t cutoff, the overall weighted average grade for Ta2O5 is 212g/t with an average true thickness of 29.7 meters. Weighted average grades of Nb2O5 and P2O5 (phosphate) for the respective intervals are 1,468g/t and 3.55% P2O5.
- Using a 1,500g/t cutoff for Nb2O5, the overall weighted average grade for Nb2O5 is 2,587g/t with an average true thickness of 16.7 meters. Weighted average grades of Ta2O5 and P2O5 for these respective intervals are 195g/t and 3.00%.
- Significant variability in grade was demonstrated by the 2007 drilling, indicating the potential for higher grade zones within the overall Upper Fir Carbonatite. For example, maximum values of 693g/t Ta2O5 and 9,142g/t Nb2O5 were recorded over one meter, and several significant zones of enrichment were noted, such as within Hole 28, the southernmost hole drilled to date, which contained:
- 11.00 meters between 128 and 139 meters, averaging 329g/t Ta2O5, 4,990g/t Nb2O5, and 2.83% P2O5;
- 17.04 meters between 92.96 and 110 meters, averaging 4,943g/t Nb2O5, 153 g/t Ta2O5, and 2.21% P2O5.
- Additional examples of higher grade mineralization which are correlative between drill holes, follows:
- 17 meters from 48 to 65 meters, averaging 232g/t Ta2O5, 1,789g/t Nb2O5, and 3.25% P2O5 (Hole #F07-18);
- 9 meters from 73 to 82 meters, averaging 284g/t Ta2O5, 2,309g/t Nb2O5, and 3.20% P2O5 (Hole #F07-19);
- 12 meters from 62 to 74 meters, averaging 245g/t Ta2O5, 1,581g/t Nb2O5, and 2.91% P2O5 (Hole #F07-20).
A summary of the 2007 results follows:
|From (m)||To (m)||Thick (m)||Carbonatite (m)||(g/t)||(g/t)||(%)|
* results reported in Company news release of October 1, 2007
President of Commerce Resources David Hodge comments, “We are very excited by these results because they not only show an increase in the size of the Upper Fir Carbonatite, but also the discovery of zones of enriched grades of tantalum and niobium. These results point to an extension of the potential life span of this project. Our primary direction is the focus on the development of this near surface deposit, although we will continue our exploration of the other Blue River carbonatites under claim.”
John Gorham, P. Geol., 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.’s stated goal is to become the world’s next source of tantalum and niobium. Commerce is an active tantalum and niobium explorer in North America, with a focus on developing the Upper Fir Deposit in British Columbia and the Eldor Deposit in Quebec.
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 deposit, 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 the deposits may be viewed in the Company’s public disclosure on SEDAR.
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 increased opportunity for institutional investment; our commitment to continued growth as an exploration and development-stage company; and our .goal to become the world’s next source of tantalum and niobium 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 or development; 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 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 filed with the British Columbia Securities Commission.