November 24, 2010 - Commerce Resources Corp. (TSXv: CCE; FSE: D7H; OTCQX: CMRZF) (the “Company” or “Commerce”) reports that it is in receipt of analytical results for drill holes EC10-046 and EC10-047 at the Eldor Project, Quebec.
Drill holes EC10-046 and EC10-047, the northernmost drill holes completed to date at the Ashram Rare Earth Element (“REE”) Zone, confirm the potential for a large, near surface deposit of REE mineralization and have identified a significant component of heavy rare earth element mineralization within the northern parts of the mineralized system. At Ashram, REE mineralization has now been confirmed within an area measuring in excess of 650 m east-west, by 350 m north-south, to depths of 364 metres. The mineralization remains open to the north, south, east, at depth, and is not fully constrained to the west.
EC10-046 and EC10-047 are located 250 m and 170 m, respectively, northwest of EC10-028 (1.95% Total Rare Earth Oxides (“TREO”) over 243.84 m) and were collared in mineralization which continued over their entire lengths. Both were vertical drill holes and, given a cone-shaped model for the Ashram REE Zone, are near to true thickness. Further, both holes bottomed in mineralization as the drill approached its maximum depth capabilities.
Results are as follows:
All samples were analyzed by Activation Laboratories of Ancaster, Ont. using its method eight - major oxide, rare earths and trace element package by fusion ICP and ICP/MS. Fluorine analysis is still pending for all holes.
The four most abundant REEs that make up the TREO reported above are cerium, lanthanum/neodymium and praseodymium. However, the REE distributions for the first 100+ metres of EC10-047 are significantly more weighted in the mid through heavy rare earth element oxides including Yttrium (MREO, HREO) compared to holes further to the south (EC10-027, EC10-028 and EC10-029). Starting near surface there is a ~61 m interval averaging ~20% MREO+HREO to a peak value >33% MREO+HREO with TREO grades between 1 and 2%. This is greater than double the average MREO+HREO component of previous holes. MREO are defined as Samarium through Gadolinium and HREO are defined as Terbium through to Lutetium plus Yttrium.
Complete analytical results for the holes as well as a drill hole plan map will be posted shortly on the Company’s website at:/projects
EC10-046 intersected mineralized A- and B-Zone type lithologies over its entire length (364.97 m) with only one sample assaying <1.0% TREO. This mineralized consistency continues to be present in all holes drilled in the Ashram Zone. Further, EC10-046 strongly demonstrates the potential for >3% TREO grades over significant widths by containing the largest 3% TREO interval returned to date in addition to seventeen samples assaying >3.0% TREO. Further, the hole’s TREO grade increases with depth with the strongest mineralized core only a few metres off the bottom.
EC10-047 intersected A-, B-, and BD-Zone type lithologies over its entire length (358.70 m). In addition to containing a significant heavy rare earth component, this hole also contained the highest TREO assay to date returning 4.92% TREO over 0.75 m.
The Ashram Rare Earth Zone is located within an approximately 800 m by 1,000 m magnetic low, as defined by an airborne geophysical survey. A total of 12 holes have now been completed at the zone; of these, analyses for five are still pending (EC10-039, EC10-042, EC10-043, EC10-044 and EC10-045).
The Eldor Property covers a carbonatite complex located within the central Labrador Trough in northern Quebec; approximately 130 km south of the town of Kuujjuaq. The Property is 100%-owned by Commerce and encompasses 404 claims totaling approximately 19,006 hectares.
Carbonatite-related deposits are a major host for REEs worldwide and have been proven to produce saleable REE concentrates and oxides. Three of the most advanced REE projects currently in development: Molycorp’s (NYSE:MCP) Mountain Pass Deposit, Lynas’s (ASX:LYC) Mt. Weld Deposit and Rare Earth Element Resource’s (TSXv:RES) (AMEX:REE) Bear Lodge Deposit, are all hosted by carbonatites.
Sufficient working capital is available to complete all of the Company’s development and exploration plans. As of the latest financials, July 31, 2010, the Company had approximately $17 million in cash and investments.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., 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. is an exploration and development company with a particular focus on tantalum, niobium and rare metal deposits with a potential for economic grades and large tonnages. The Company is specifically focused on the development of its Upper Fir Tantalum and Niobium Deposit in British Columbia and is also exploring its Eldor Project in northern Quebec and the Carbo Project in northern British Columbia.
For more information please visit the corporate website at http://www.commerceresources.com or contact Investor Relations at 1.866.484.2700 or firstname.lastname@example.org.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
Tel: 604 484 2700
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 drill holes EC10-046 and EC10-047 confirm the potential for vast, near-surface tonnages of REE mineralization; that mineralization remains open to the north, south and east, at depth, and is not fully constrained to the west; that EC10-046 strongly demonstrates the potential for 3%+ TREO grades over significant widths by containing the largest 3%+ TREO interval returned to date in addition to eight samples assaying >3.0% TREO; and that analyses for five drill holes are still pending (EC10-039, EC10-042, EC10-043, EC10-044 and EC10-045).
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 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 properties; that we may not complete environmental programs in a timely manner or at all; that 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 & Analysis of its audited financial statements filed with the British Columbia Securities Commission.