June 03, 2009
June 3, 2009 - Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) (the “Company”) is pleased to announce drilling results from the 2008 exploration program at the Eldor Tantalum, Niobium and Rare Earth Property in northern Quebec, Canada (the “Property”).
During 2008, 26 holes, totaling 5,842 meters, were completed at the following locations:
- Star Trench Area - 1 drill hole
- Northwest Area - 12 drill holes, 2,466 m
- Southeast Area - 13 drill holes, 2,773 m
Star Trench Area
The single hole, drilled at the Star Trench Area, yielded one of the most significant intervals of high grade tantalum (Ta2O5) and associated niobium (Nb2O5), uranium (U3O8), and phosphate (P2O5) mineralization.
Tantalum-niobium mineralization was initially discovered at the Star Trench Area following an airborne radiometric survey and trenching by previous operators in the 1980s that returned relatively high tantalum values. The historic values, and re-sampling by the Company in 2007, prompted the Company to expand the old trench and drill a single hole beneath the freshly exposed carbonatite.
This hole, EC08-025, encountered:
- 15.50 - 23.32 m (7.82 m): 454 ppm Ta2O5, 2,344 ppm Nb2O5, 593 ppm U3O8, and 10.0% P2O5
- 44.00 - 48.37 m (4.37 m): 597 ppm Ta2O5, 3,058 ppm Nb2O5, 736 ppm U3O8, and 16.6% P2O5
A drill plan as well as an aeromagnetic map for the Property may be viewed at: www.commerceresources.com.
At the Northwest Area, 2,466 meters of drilling was completed in 12 holes. The drilling targeted areas of surface radioactivity as well as areas of mineralized carbonatite boulders and bedrock discovered previously. All holes intersected carbonatite.
Some intersection highlights are as follows:
- Hole EC08-008: 37.05 - 77.53 m (46.88 m) grading 4,562 ppm Nb2O5; including 6,360 ppm Nb2O5 over 9.95 m (65.57 - 75.52 m)
- Hole EC08-006: 63.39 - 76.54 m (13.15 m) averaging 5,605 ppm Nb2O5
- Hole EC08-001: 115.89 - 120.00 m (4.11 m) averaging 5,050 ppm Nb2O5
At the Southeast Area, 2,773 meters of drilling was completed in 13 holes. The drilling encountered tantalum-niobium mineralization in a middle stage carbonatite, as in the Northwest Area, as well as a later stage carbonatite often associated with considerable quantities of purple fluorite.
Intersection highlights are as follows:
- Hole EC08-015: 177.20 - 203.30 m (26.10 m) grading 5,466 ppm Nb2O5; including 7,796 ppm Nb2O5 over 10.64 m (177.20 - 187.84 m) as well as 16.05% fluorine (32.98% fluorite) over 13.78 m (187.84 - 201.62 m)
- Hole EC08-016: 138.50 - 163.89 m (25.38 m) grading 281 ppm Ta2O5, 3,952 ppm Nb2O5, 8.8% P2O5, and 257 ppm U3O8; as well as 22.29 m (200.88 - 223.17 m) grading 14.95% fluorine (30.72% fluorite)
- Hole EC08-019: 232.07 - 266.05 m (33.99 m) grading 237 ppm Ta2O5 and 190.90 - 197.10 m (6.20 m) grading 283 ppm Ta2O5
- Hole EC08-021: 195.74 - 204.56 m (8.82 m) grading 214 ppm Ta2O5 and 5,999 ppm Nb2O5
Regional exploration consisting of trenching, soil and rock sampling, and a ground radiometric and magnetic survey successfully located several new tantalum, niobium, and rare earth occurrences on the property.
The 2008 field program included:
- Trenching and sampling: 11 trenches completed with 90 samples collected
- Rock sampling and prospecting: 95 samples collected
- Soil samples: 685 collected at 50 m intervals with 1 km line-spacings
- Ground magnetic survey: 16.25 line-km completed
- Ground scintillometer survey: 22.37 line-km completed
The previously established soil sampling grid was expanded during the 2008 field program. The data will be integrated with that from 2007 to provide targets for future follow-up.
Prospecting was completed over parts of the Property and 95 rock samples, dominantly from boulders, were taken. Outcrops are rare at the Eldor Carbonatite due to overburden cover however boulders can provide valuable information on the location of bedrock mineralization when referenced to glacial ice direction. Assay results for niobium ranged from 4.6 ppm to greater than 50,000 ppm Nb2O5 (above detection limit); tantalum from near detection limits to 3,734 ppm Ta2O5; uranium from detection limits to 4,164 ppm U3O8; and phosphate from 0.05 to 28.24% P2O5.
Several samples taken in 2007 and 2008 returned anomalous concentrations of rare earth elements (REE+Y) with 42 samples assaying greater than 0.5% and 23 samples assaying greater than 1%. A carbonatite boulder collected in 2007 assayed the highest total REE+Y of 41,828 ppm (4.18%). Considering that nearly 30% of all rock samples collected by the Company during 2007 and 2008 returned greater than 0.5% REE+Y, these results suggest there is potential for significant rare earth element mineralization on the Property.
The majority of the anomalous REE rock samples were concentrated just northwest of a central magnetic low, between the Northwest and Southeast areas. Additional prospecting is needed in the area but this magnetic low could represent an area favorable for concentrations of REE.
All historic data is currently being integrated with that obtained during 2007 and 2008 in order to better define targets for follow-up exploration.
Regarding the results, David Hodge, President of Commerce Resources states: “We are very pleased by these results and the success of our first drilling program at the Eldor Property. The Eldor provides our shareholders with exploration upside and also shows our commitment to actively advancing tantalum and niobium deposits. As the Company works to bring our Blue River project in British Columbia to feasibility, the Eldor property will be our second focus.”
Core of BTW size (42 mm) diameter core was split on site using a diamond saw and core splitter and shipped to ACME Analytical Laboratories in Vancouver, BC. Prospecting, trench and drill core samples were assayed for whole rock and trace elements using ACME’s 4A&4B (ICP and ICP-MS: 0.2 g, fused in LiBO2 / Li2B4O7 flux, dissolved in weak nitric acid) and 1DX (ICP-MS: 0.5 g, aqua regia digestion package).
Drill core sampling was guided by lithology and radiometrics with samples sizes generally less than 2 m. True widths of cored intervals are not known at this time.
A quality assurance/quality control (QA/QC) program including standard material of known niobium and tantalum content, blanks, and duplicate samples was followed. Standards and blanks were randomly inserted in drill core analytical batches. Approximately 4% of all samples have been sent to an alternate laboratory (Global Discovery Laboratories, Vancouver, BC) for check assaying of niobium, tantalum, phosphate and uranium. Several samples have also been sent to Activation Laboratories located in Ancaster, ON and results are pending.
Upon receipt of the results of the QA/QC reassaying program, full results of the 2008 Eldor Carbonatite drilling program will be released
Alex Knox, P.Geo. 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 stated goal is to become a large and profitable low-cost producer of tantalum and niobium for the global market. Commerce is the most active tantalum and niobium explorer in North America, with a focus on developing its Blue River Project (Upper Fir, Fir & Verity deposits) into production.
Exploration to date at the Upper Fir deposit has outlined an indicated resource of 14.6Mt with 190 g/t Ta2O5 and 1,300 g/t Nb2O5 and an inferred resource of 19.8Mt with 188 g/t Ta2O5 and 1,612 g/t Nb2O5 (Gorham, 2008). Exploration to date at the Fir deposit has outlined an indicated resource of 5.65Mt with 203.1g/t Ta2O5 and 1,047g/t Nb2O5 (Verzosa, 2003). The Fir is also host to an inferred resource of 6.7Mt with 196g/t Ta2O5, 646g/t Nb2O5 and 3.20% P2O5 (McCrea, 2001). The Verity deposit, 10 km north of the Fir, is estimated to host an inferred resource of 3.06Mt with 196g/t Ta2O5, 646g/t Nb2O5 and 3.20% P2O5 (McCrea, 2001).
Tantalum is essential for the modern electronics industry for use in the production of popular consumer products such as cellular telephones, digital cameras, iPods, and lap-top computers. During the last 30 years, the demand for tantalum has increased with the evolution of miniaturized and more elaborate electronic products that depend on the use of tantalum for their manufacture. Niobium is primarily used as an alloy for the production of harder and greater load-bearing steel.
For further details on Commerce Resources Corp. visit the corporate website at www.commerceresources.com, or contact Investor Relations at (604) 484 2700 or Toll Free at (866) 484 2700.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
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 release include the expansion of the prospective target area of the Eldor carbonatite; additional results being released when check assaying and other QA/QC checks are completed; and the increase in the multi-commodity potential of the Property due to the considerable local enrichments encountered.
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.