November 24, 2009
Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (the “Company”) is pleased to report the results of an updated independent resource estimate for its Upper Fir deposit at the Blue River Project, British Columbia.
Caracle Creek International Consulting Inc. (“CCIC”) of Toronto, Ontario used all data available from exploration drilling programs carried out on the Upper Fir from 2005 through the end of 2008 to complete three dimensional (“3D”) geological modeling and provide a resource estimation. Data was drawn from a total of 153 drill holes totaling 30,648 metres (“m”), which cut the Upper Fir carbonatite.
A summary of the Upper Fir resource estimate based on data to the end of 2008 follows:
|Tonnes > Cutoff (T)||Grade (gpt) Ta2O5||Contained lbs Ta2O5||Grade (gpt)|
|Contained lbs Nb2O5|
• Mineral resources which are not mineral reserves do not have demonstrated economic viability.
• Not all tonnage will be recovered in mining, nor will all tantalum and niobium values be recovered during milling and processing.
• 1 tonne = 2204.6 pounds (lbs)
• Tonnes and pounds rounded to the nearest 1,000
The resource comprises a series of sill-like carbonatite bodies with up to 91.2 m in estimated cumulative true thickness. This composite body extends more than 1450 m in a north-south direction and as much as 800 m in an east-west direction. Tantalum and niobium are contained in the minerals pyrochlore and ferrocolumbite, which are present as microscopic grains as well as megascopic composite grains that exceed one centimetre in diameter.
“Our updated resource estimate demonstrates that the Upper Fir deposit is a large, well defined tantalum and niobium deposit with the tonnage to provide long term stable supply for the tantalum and electronics industry,” stated Dave Hodge, President of Commerce Resources. “It provides us with a solid foundation to move the deposit into development.”
In 2009, a further 5587 m of drilling (22 holes) were completed at the Upper Fir adding to the previous (2005 to 2008) total of 30,648 m for a grand total of 36,235 m in one hundred and seventy five holes. The 2009 drilling included both infill and step-out holes. The program was completed on September 10, 2009 and results are pending. When received in total, they will be used to update the resource model.
Resource Estimation Methodology
Geological and resource modeling was completed using Gemcom Surpac v6. 1. 3, 3D modeling software. Assay data were composited to 1m from a total of 153 holes (2005-2006: 21 holes; 2007: 18 holes; 2008: 114 holes) drilled in the area of the Upper Fir mineralization. The grade of blocks measuring 20 m by 10 m by 5 m was estimated using the inverse distance squared method, with a flat-lying search ellipse oriented along 180°.
Specific gravity was modeled using an inverse distance method (average SG = 3.125) to estimate tonnage.
Indicated resources are those where the average distance between points used to estimate grade was less than or equal to 30 m. Inferred resources are those where the average distance between points used to estimate grade was greater than 30 m but less than 100 m.
The mineral resource estimate above has been prepared by CCIC’s Michelle Stone, Ph.D., P. Geo., an independent Qualified Person as defined by NI 43-101. Michelle Stone has read and approved the contents of this release. John Gorham, P.Geol., an Qualified Person as defined by NI 43-101 has read and approved the contents of this release as they pertain to the 2009 drill program.
A Technical Report compliant with National Instrument 43-101 standards describing the resource estimation and providing details of the 2008 drilling and sampling, as well as the associated QA/QC review, will be filed on SEDAR (www.sedar.com) within 45 days of this release.
In addition, the Company announces that it has granted a total of 250,000 incentive stock options to a director. Subject to the acceptance of the TSX Venture Exchange, each stock option is exercisable into one common share of the Company at a price of $0.66 per share for a period of five years.
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, Canada and is also exploring its Eldor Project in northern Quebec.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
For more information, contact Investor Relations:
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 the Technical Report will be filed on SEDAR within 45 days of this news release, that the results of the 2009 exploration program are pending and will be added to the resource model and reported separately, that the updated resource estimate demonstrates that the Upper Fir deposit can provide long term stable supply for the tantalum and electronics industry, and that the updated resource estimate will provide a solid foundation to move the deposit into development.
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.