VANCOUVER, March 20, 2014 /CNW/ - Commerce Resources Corp. (TSXv: CCE, FSE: D7H) (the "Company" or "Commerce") is pleased to announce crew and equipment mobilization for a winter drill program to commence immediately at its 100% owned Ashram Rare Earth Deposit located in Northern Quebec.
The six to eight week drill program will include 1,000 to 1,500 metres of drilling targeting the Ashram Rare Earth Deposit. Drilling will focus on infill holes over Centre Pond in order to increase the confidence level of existing resources from the current inferred category to the indicated and/or measured categories.
It is anticipated that the current winter drill program will be sufficient to fully define the heavy rare earth enrichment of the Middle and Heavy Rare Earth Element Oxide ("MHREO") Zone at the indicated or measured level, although this cannot be confirmed until a resource update is completed. The MHREO Zone is a unique section of the Ashram Deposit in that it has significant enrichment in the middle and heavy rare earth oxides, it is central to the overall deposit, it extends from surface to depths exceeding 178 metres, and is therefore anticipated that this material will be the focus of early development activities.
The winter drill program follows the successful 2013 drill campaign at the Ashram Deposit that targeted land based holes, in which, additional rare earth mineralization was intersected where waste had been modelled in the current resource and where high grade zones of up to 2.48% Total Rare Earth Oxide ("TREO") were intersected (see news release dated January 10, 2014).
The Ashram Deposit has currently, based on 57 holes and 16,868 metres drilled, a measured and indicated resource of 29.3 million tonnes at 1.90% TREO and an inferred resource of 219.8 million tonnes at 1.88% TREO (see news release dated May 24, 2012).
Darren L. Smith, M.Sc., P.Geol., Dahrouge Geological Consulting Ltd., 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 deposits of rare metals and rare earth elements. The Company is focused on the development of its Upper Fir Tantalum and Niobium Deposit in British Columbia and the Ashram Rare Earth Element Deposit in Quebec.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
"David Hodge"
David Hodge
President and Director
Tel: 604.484.2700
Email: dhodge@commerceresources.com
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.
Forward-Looking Statements
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this press release include that our results will be sufficient to support the initiation of a pre-feasibility study; and that we will be able to enhance even further the quality of the resource. These forward-looking statements are based on the opinions and estimates of management and its consultants at the date the information is disseminated. They are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include changing costs for mining and processing and their impact on the cut off value established; increased capital costs; changing forecasts of mine production rates; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; the availability of labour, equipment and markets for the products produced; market pricing for the products produced; and despite the current expected viability of the project, conditions changing such that the minerals on our property cannot be economically mined, or that the required permits to build and operate the envisaged mine can be obtained. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
SOURCE Commerce Resources Corp.
please visit the corporate website at http://www.commerceresources.com or contact Investor Relations at 1.866.484.2700 or info@commerceresources.comCopyright CNW Group 2014