Commerce Resources (TSX.V - CCE) 117 Million Tonne Inferred Rare Earth Resource Averages 1.74% - Video Highlights Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, March 3, 2011 - Commerce Resources (TSX.V:CCE,
FSE:D7H, OTCQX:CMRZF) announces the first National Instrument 43-101 compliant
mineral resource estimate for the Ashram Rare Earth Element Zone at the Eldor
Project in Quebec. The Eldor Project is located in northeastern Quebec
approximately 130 kilometres south of the community of Kuujjuaq. The resource
estimate was prepared by SGS Canada Inc. - Geostat ("SGS Geostat") of Montreal,
Quebec, who have recommended an aggressive exploration and development program
to rapidly advance the project.
To view InvestmentPitch.com's video highlights of this news release, pleaseclick
here. If this link is not enabled, please visit www.InvestmentPitch.com and
enter "Commerce" in the search box.
Highlights of the news release:
Mineral resources were estimated by SGS Geostat applying four different Total
Rare Earth Oxide ("TREO") cut-off grades, with a base-case resource estimated
using a TREO cut-off grade of 1.25%. At this cut-off, the Ashram Zone hosts an
Inferred Resource of 117,340,000 tonnes grading 1.74% TREO. The mineral resource
estimate for TREO cut-offs of 1.00%, 1.25% (base case), 1.50% and 1.75% are
outlined in the table below.
+----------------------------------------------------------------------+
|Table: Mineral Resources Estimate - Eldor Property - Ashram Rare Earth|
| Element Deposit |
+-----------+----------+----------+-----+-----+-----+-----+-----+------+
| Cut-off | | | | | | | | |
| Grade |Resources | Tonnes |TREO |LREO |IREO |HREO |Y203 | CaF2 |
| TREO (%) |Categories|(millions)|(%)* |(%)* |(%)* |(%)* |(%)* |(%)** |
+-----------+----------+----------+-----+-----+-----+-----+-----+------+
| 1.00% | Inferred | 135 |1.663|1.538|0.067|0.018|0.040| 5.30 |
+-----------+----------+----------+-----+-----+-----+-----+-----+------+
| 1.25% | Inferred | 117 |1.740|1.612|0.069|0.019|0.040| 5.56 |
|(base case)| | | | | | | | |
+-----------+----------+----------+-----+-----+-----+-----+-----+------+
| 1.50% | Inferred | 95 |1.818|1.687|0.071|0.019|0.041| 5.78 |
+-----------+----------+----------+-----+-----+-----+-----+-----+------+
| 1.75% | Inferred | 51 |1.966|1.831|0.074|0.020|0.042| 6.15 |
+-----------+----------+----------+-----+-----+-----+-----+-----+------+
| * Rounded to nearest 0.001 ** Rounded to nearest |
|0.01 |
+----------------------------------------------------------------------+
Notes:
· Effective date March 1, 2011.
· Mineral resources are not mineral reserves and do not have
demonstrated economic viability.
· Bulk density of 3.0 t/m3 used.
· Total Rare Earth Oxides (TREO) include: La(2)O(3),
Ce(2)O(3), Pr(2)O(3), Nd(2)O(3), Sm(2)O(3), Eu(2)O(3), Gd(2)O(3),
Tb(2)O(3), Dy(2)O(3), Ho(2)O(3), Er(2)O(3), Tm(2)O(3), Yb(2)O(3),
Lu(2)O(3), Y(2)O(3).
· Light Rare Earth Oxides (LREO) include: La(2)O(3),
Ce(2)O(3), Pr(2)O(3) and Nd(2)O(3).
· Intermediate Rare Earth Oxides (IREO) include: Sm(2)O(3),
Eu(2)O(3) and Gd(2)O(3).
· Heavy Rare Earth Oxides (HREO) include: Tb(2)O(3),
Dy(2)O(3), Ho(2)O(3), Er(2)O(3), Tm(2)O(3), Yb(2)O(3) and
Lu(2)O(3).
"Commerce's exploration efforts at the Eldor Project have succeeded in outlining
a major new large-tonnage, near-surface rare earth element deposit in about six
months from the completion of the first drill hole at the Ashram Zone," stated
Mr. Jody Dahrouge, Vice President of Exploration. "Exploration during 2011,
which will include both step-out and infill drilling, will provide us with the
opportunity to significantly expand the deposit, outline locations with high
grade mineralization, and define near-surface zones with significant enrichment
in the middle and heavy rare earth elements."
The Ashram Zone begins at surface and is open to the north, south, east, at
depth, and is not fully constrained to the west. During 2011, Commerce intends
to advance the project with additional diamond drilling at the Ashram Zone and
at other high-priority Rare Earth Element exploration targets located at the
property. In addition, the Company will commence a program of metallurgical
testing and continue ongoing mineralogical studies.
"This large tonnage, initial resource estimate is a significant milestone for
Commerce and the Eldor Project," said Mr. Dave Hodge, President. "The resource
confirms the importance of the project and puts Commerce in a unique and
attractive position in that we control one of the largest rare earth deposits
with NI 43-101 compliant resources outside of China. We intend to continue to
advance the project rapidly with the aim to expand the deposit and continue to
define zones of enrichment in the middle and heavy rare earths that are unique
for these deposit types. The deposit is host to a significant inventory of high-
demand, light-rare earths with significant zones of enrichment in middle and
heavy rare earths."
Commerce recently commenced a winter drilling program that will include a
minimum of six drill holes totaling 3,000 metres. All holes will be drilled from
ice on an approximately 200 metre spaced grid. Since the majority of the 2010
drillholes at the Ashram Zone bottomed in mineralization, the Company is using a
drill rig capable of attaining depths in excess of 600 metres to potentially
penetrate the full vertical extent of the mineralized system. The drill program
commenced March 2nd, and will continue as long as weather permits.
Ashram Mineral Resource Estimate Details
The mineral resources were estimated using analytical results from 12 diamond
drill holes totaling 5,390 metres completed by Commerce at the Ashram Zone in
2010. The mineral resource estimate has been completed using a three-dimensional
wireframe modeling followed by block model interpolation methodology. The
wireframe model was interpreted by Commerce under the supervision of SGS
Geostat.
The block model was defined by block size 10 metres long by 10 metres wide by
10 metres thick and covers 650 metres in the east-west direction and 450 metres
in the north-south direction to a maximal depth of 430 metres below surface. The
interpolation process was conducted using ordinary kriging using assay
composites of three metres in length. The mineral resources were estimated using
the software SectCad version 5.5.18. No capping was applied to the assays.
Results are presented undiluted and in situ. A bulk density of 3 tonnes per
cubic metre was used to calculate tonnages from the volumetric estimates of the
mineral resources block model. The bulk density used is an average of 449
specific gravity measurements taken from core samples.
SGS Geostat determined the base case cut-off grade using a conceptual economic
model based on a 7,500-tonne-per-day, 25-years life-of-mine open pit mining
scenario with a concentration plant on site and a hydrometallurgical plant
located in Kuujjuaq to produce high purity rare earth oxides.
The Technical Report, compliant with National Instrument 43-101 standards,
describing the mineral resource estimation and providing details of the 2010
drilling and sampling will be filed on SEDAR (www.sedar.com) within 45 days.
Commerce Resources Corp. is an exploration and development company with a
particular focus on tantalum, niobium and rare earth element deposits with a
potential for economic grades and large tonnages. The Company is developing its
Upper Fir Tantalum and Niobium Deposit in British Columbia and is also exploring
its Eldor Rare Earth Project in northern Quebec and the Carbo Rare Earth Project
in northern British Columbia.
To view the full news release, please visit Commerce Resources' website
atwww.commerceresources.com or contact Investor Relations at 1.866.484.2700 or
info(at)commerceresources.com.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1494499]
Unternehmensinformation / Kurzprofil:
Datum: 04.03.2011 - 06:58 Uhr
Sprache: Deutsch
News-ID 52135
Anzahl Zeichen: 9639
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 231 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Commerce Resources (TSX.V - CCE) 117 Million Tonne Inferred Rare Earth Resource Averages 1.74% - Video Highlights Posted on InvestmentPitch.com"
steht unter der journalistisch-redaktionellen Verantwortung von
InvestmentPitch (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
