Commerce Resources Corp. (TSX: V.CCE, Stock Forum) on Wednesday released a progress update on recent work completed at its Blue River rare metals project in east-central British Columbia, roughly 250 kilometres north of Kamloops.
The project covers 105,373 hectares and is host to the Upper Fir Tantalum and Niobium Deposit, which was discovered in 2002 and which has been the focus of the company’s activities since 2005.
In fiscal 2012, Commerce spent approximately $3.8 million on the property, the company said in a press release.
The company has announced an update on work completed at Blue River since the release of a NI 43-101-compliant resource for the Upper Fir Deposit in July 2012.
Commerce said new metallurgical test continue to strengthen the foundation of broadly based technical knowledge developed in 2012, and after completion of the mineral resource update currently in progress by independent consultants, will be sufficient to support the initiation of a pre-feasibility study.
Commerce was unchanged at 9.5 cents on Wednesday, leaving the company with a market cap of $15.8 million, based on 167.2 million shares outstanding. The 52-week range is 32 cents and 9 cents.