July 22, 2009
Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (the “Company”) is pleased to report that it has initiated its summer field work program at the Eldor Project, located in the Labrador Trough area of northern Quebec, Canada.
The program will include mapping, prospecting, and rock and trench sampling and is designed to test some of the areas that were identified in 2008 with high values of rare earth elements, tantalum and niobium as well as new prospective areas nearby. In particular, work will focus on the area between the Northwest and Southeast zones close to the high concentrations of rare earth elements identified in rock samples in 2008.
Prior exploration at the Eldor has included soil geochemical surveys, airborne and ground geophysical surveys, geologic mapping, trenching, and diamond drilling. This exploration confirmed the tantalum and niobium potential of the project with results from the 2008 exploration reported June 3, 2009.
In addition to the high values of tantalum and niobium identified over the past two field seasons, anomalous rare earth element rock samples were found concentrated just northwest of a central magnetic low between the Northwest and Southeast areas. Additional prospecting is required, but this magnetic low could represent an area favourable for concentrations of rare earth elements.
Several samples taken in 2007 and 2008 returned anomalous concentrations of rare earth elements, with 42 samples assaying greater than 0.5 per cent and 23 samples assaying greater than 1 per cent. A carbonatite boulder collected in 2007 assayed the highest total rare earth elements, at 41,828 parts per million (4.18 per cent). Considering that nearly 30 per cent of all rock samples collected by the company during 2007 and 2008 returned greater than 0.5 per cent rare earth elements, these results suggest there is good potential for significant rare earth element mineralization on the property.
The diverse array of mineralization found in the Eldor Carbonatite is not uncommon to these types of systems. Carbonatites are very rare and unique rock types, with approximately 500 complexes known worldwide. Often containing a variety of exotic minerals, carbonatites have been known to produce economic concentrations of rare earth elements, niobium, copper, iron, apatite, vermiculite and fluorite; with significant byproducts which may include barite, zircon, tantalum, gold, silver, uranium, nickel and platinum group elements.
To view an aeromagnetic map with drill hole locations for the Eldor Property, click here.
Alex Knox, PGeo, a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
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 news release are that the work program on the Eldor Project includes mapping, prospecting, and rock and trench sampling to test some of the areas that were identified in 2008 that had high values of rare earth elements, tantalum and niobium, that the magnetic low in the Northwest and Southeast areas could represent an area favourable for concentrations of rare earth elements and that results from samples taken in 2007 and 2008 suggest there is good potential for significant rare earth element mineralization on the Eldor Project.
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 economic, competitive, governmental, environmental and technological factors 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 British Columbia Securities Commission.