September 04, 2009
Commerce Resources Corp. (the “Company” or “Commerce”) announces that the summer field program has resulted in the identification a new rare earth (REE) zone at the Eldor Project in northern Quebec, Canada. The new zone, called the Ashram Peninsula, is associated with an approximately 1 km wide by 0.8 km long magnetic low where mineralization was discovered in outcrop with assays greater than 1.00 % REE+Y consistently returned over multiple samples. The area is also the postulated source for an adjacent glacially dispersed mineralized boulder train in which sampling previously returned assays as high as 4.18% REE+Y. Because of the potential significance of this new discovery, the Company is mobilizing a field crew for immediate follow-up sampling. A mapping, prospecting and sampling program will be completed in order to define drilling targets.
A map showing the location of the Ashram Peninsula along with rock samples is available for download at: Eldor Project
The Company is also pleased to report that summer prospecting produced a boulder assay of 1,408 g/t tantalum (Ta2O5), 6,171 g/t niobium (Nb2O5), and 0.16% uranium (U3O8) in the vicinity of the single drill hole drilled at the Star Trench Area in 2008 (EC08-025). The presence of such high grade mineralization points to the niobium-tantalum potential of the zone and the larger property that continues to be evident.
Summer Exploration Program Results
A total of 61 rock, 48 trench, and 5 soil samples were collected during the summer field program from various locations at the property. In addition, 102 drill core samples were collected from previously unsampled drill core, to provide additional information on non-radioactive, niobium-tantalum mineralized zones.
Rock sampling at a 1 km by 0.8 km magnetic low helped identify the new Ashram Peninsula REE mineralized zone. The zone has been defined by multiple outcrop samples returning greater than 1% REE+Y and is adjacent to a glacially dispersed boulder train that returned assays of up to 4.18% REE+Y. Soil samples were collected at locations where rock sampling was not possible. Of the five samples collected, two returned greater than 0.80% REE+Y (0.85% and 1.07%).
The high rare earth values at the Ashram Peninsula are generally within a moderately radioactive, fine-to very fine grained, massive, grey-green carbonatite. Variable amounts of fluorite, disseminated pyrite and other unknown minerals are present. Rare earth mineralization has previously been reported at the Eldor Property within the minerals monazite [(La,Ce,Nd)PO4], bastnasite [(Ce,La,)CO3F] and xenotime [YPO4]. Thin sections from the 2009 samples are currently being selected for mineralogical analysis, which will be completed this fall.
In addition to the rare earth zone discovered during the summer program, the presence of significant tantalum-niobium mineralization on the Eldor Project continues to be evident. Summer prospecting at the Star Trench area produced a boulder assay of 1,408 g/t Ta2O5, 6,171 g/t Nb2O5, 0.16% U3O8. Additionally, prospecting at the Southeast Zone in the area of drill hole EC08-025 discovered a large area of highly anomalous radioactivity. Boulder samples in this area, believed to be locally derived and possibly frost heaved, assay consistently higher than 200 g/t Ta2O5 to a high of 1,153 g/t.
Based on the encouraging results, a crew is being mobilized for follow-up sampling and is expected to be on site by early to mid-September 2009. A mapping, prospecting and sampling program will be completed with a focus on the significant rare earth values discovered in the vicinity of the Ashram Peninsula in order to define drilling targets.
The diverse array of mineralization found in the Eldor Complex 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 associated commodities which may include barite, zircon, tantalum, gold, silver, uranium, nickel and platinum group elements.
Alex Knox, P.Geol. 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 include that the discovery of a new rare earth zone on the Eldor Property is potentially significant, that a mapping, prospecting and sampling program is to be completed in September, 2009 in order to define drilling targets and that mineralogical analysis of the 2009 samples will be completed this fall.
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.