December 7, 2011 - Commerce Resources Corp. (TSXv: CCE, FSE: D7H, OTCQX: CMRZF) (the “Company” or “Commerce”) is pleased to report the results for an additional eleven drill holes completed during the summer/fall exploration program at the Ashram Rare Earth Element (“REE”) Deposit at the Eldor Project in northern Quebec. A total of thirty-three drill holes were completed with assays pending for eighteen.
The summer/fall program continued to return lengthy intersections of REE mineralization, including several lying outside of the area used to calculate the initial NI 43-101 resource estimate. Highlights are as follows:
- Drill Hole EC11-064: 491.05 metres of 2.04% Total Rare Earth Oxides (“TREO”)
- Drill Hole EC11-068: 218.74 metres of 2.20% TREO
- Drill Hole EC11-059: 123.41 metres of 2.47% TREO
Expanded Middle and Heavy Rare Earth Enrichment
The Middle and Heavy Rare Earth Oxide (“MHREO”) enriched zone continues to expand at Ashram with significant intersections returned from EC11-062, 063, 073, and 074 that extend the zone approximately 100 metres to the southeast of EC10-047. The Zone continues to remain at or near surface, and typically ranges from 10-20% MHREO at 1.20-1.80% TREO with peak individual sample values of >20% MHREO not uncommon.
Highlights of this Middle and Heavy Rare Earth enrichment zone include EC11-062 with 43.32 metres of 13.1% MHREO, EC11-63 with 72.45 metres of 12.7% MHREO, EC11-073 with 52.02 metres of 14.9% MHREO, and EC11-074 with 4.51 metres of 15.0% MHREO and 39.94 metres of 10.4% MHREO.
A map showing the drill hole locations and detailed analytical results will be posted on the Company’s website at: /projects
Complete results are as follows:
(% of TREO)
(% of TREO)
* All samples were analyzed by Activation Laboratories of Ancaster, ON using its method eight — major oxide, rare earths and trace element package by fusion ICP and ICP/MS in addition to fluorine by method 4F-F. The four most abundant REEs that make up the TREO reported above are cerium, lanthanum / neodymium and praseodymium.
* Drill holes EC11-058, 059, 060, 061, 062, 063, 073, and 074 are BTW in size. Drill holes EC11-064, 065, and 068 are NQ in size. The true width of drill intersections is not confirmed. Strikes and dips are idealized as spotted.
Drill holes EC11-058 through 063, 073, and 074 all collared in mineralization while targeting the western contact of the deposit as well as probing the extent of the MHREO enriched zone. Drill holes EC11-064, 065, and 068 probed the northern extensions of the deposit with both EC11-064 and 065 collaring in mineralization. EC11-068 collared in calico-carbonatite while grading into highly mineralized magnesio-carbonatite at depth.
Further, the Ashram Zone has a marked enrichment in europium that ranks among the highest known worldwide. Most non-lateritic carbonatites typically contain a standard distribution (generally <0.40%) in europium compared with the other rare earths. However, Ashram is enriched with europium within the overall deposit (0.52%) and considerably so within the central MHREO Zone where it may exceed 1.2% of the total REO content over significant widths (e.g. EC10-047 and EC11-056). This is in stark contrast to most alkaline and per-alkaline hosted deposits that typically have a deficiency in europium, as it tends to be partitioned into the feldspars during crystallization. Carbonatites systems, such as Eldor, lack feldspar and are not subject to this process. Besides europium, the Ashram Deposit is considerably enriched in dysprosium, and neodymium (neodymium consistently exceeds 15% of the TREO) which compare favorably with other advanced rare earth deposits.
Further Results to Come
The 2011 summer/fall field program concluded on December 1, with the demobilization of the final crew from camp. A total of 33 holes (10,120 metres) were completed with 26 holes (9,012 metres) at the Ashram Rare Earth Zone, and 7 holes (1,108 metres) at regional targets. Analytical results from the remaining holes will be reported in batches as they are received. Data compilation of regional results is underway as well as, metallurgical, mineralogical, and environmental studies on the Ashram Deposit in preparation for a Preliminary Economic Assessment (“PEA”).
The Eldor Property is located in northern Quebec approximately 130 kilometres south of the town of Kuujjuaq and 100 kilometres north of Adriana Resources Inc.’s Lac Otelnuk Iron Deposit. The property is 100%-owned by the Company and encompasses 404 claims totaling approximately 19,006 hectares.
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.
Middle and Heavy Rare Earth Oxides (“MHREO”) is defined as the sum of the middle rare earth oxides (Sm2O3, Eu2O3, Gd2O3) and the heavy rare earth oxides (Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3) plus Y2O3 expressed as a percent out of the TREO content.
Total Rare Earth Oxides (“TREO”) include: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, and Y2O3.
About Commerce Resources Corp.
Commerce Resources Corp. is focused on building shareholder value through the discovery and development of Canadian rare metal and rare earth element deposits. Commerce’s principal assets are its Blue River Tantalum-Niobium Project in British Columbia and its Eldor Rare Earth Project in Quebec. The Company trades on the TSX Venture Exchange under the symbol “CCE”, the Frankfurt Stock Exchange under the symbol “D7H” and the U.S. OTCQX under the symbol “CMRZF.”
For more information on Commerce Resources Corp. visit the corporate website at http://www.commerceresources.com or contact investor relations at 1.866.484.2700 or email@example.com.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
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 analytical results from the remaining holes from the summer/fall drill program at Eldor will be reported in batches as they are received.
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; 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 rare earth elements 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.