Commerce Resources Corp. (TSXV:CCE) Nears Completion of Winter Drill Program at Ashram Rare Earth Deposit, Eldor Property Quebec - Video Summary posted on Investmentpitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, May 2, 2011 - Commerce Resources Corp. (TSXV:CCE)
(FSE:D7H) (OTCQX:CMRZF) reports that it is nearing completion of its winter
drilling program at the Ashram Rare Earth Element Deposit at the Eldor Property
in northern Quebec.
To view Investmentpitch.com's video highlights of this news release, please
click here. If this link is not enabled, please visit www.investmentpitch.com
and enter "Commerce0502" in the search box.
Highlights of the news release:
As of April 28, approximately 3,367 metres of drilling over seven holes had been
completed (holes EC11-048 through EC11-054). The drilling was designed to expand
the deposit by testing the northeastern half of the Ashram Zone as well as
expanding its depth extent with deeper drilling. Drilling also aimed to continue
to define areas where significant near-surface enrichment in the valuable,
middle and heavy rare earth elements were encountered in 2010.
All drill holes were vertically collared over Centre Pond and were drilled to
depths between 320 and 600 metres. In 2010, the Ashram Deposit was tested to
depths of up to 365 metres, with the majority of the holes bottoming in
mineralization.
To date, all drill holes completed have intersected encouraging rock types
similar to previous holes. Portable XRF readings, along with rock types and
other indicators, support the presence of strong rare earth element
mineralization. Samples have been submitted to Activation Laboratories of
Ancaster Ontario for analysis with initial results expected around mid May. A
map showing the location of the drill holes is available on the Commerce
Resources' website at www.commerceresources.com/s/Eldor.asp.
The winter drilling program is expected to conclude this week with one to two
more holes planned. A pause in drilling of four to six weeks will follow to
allow for break-up with spring/summer exploration and drilling expected to
resume as early as late June.
The Eldor Property covers a carbonatite complex located within the central
Labrador Trough in northern Quebec; approximately 130 km south of the town of
Kuujjuaq. The Property is 100%-owned by Commerce and encompasses 404 claims
totalling approximately 19,006 hectares.
Commerce recently reported an initial NI 43-101 compliant resource estimate for
the Ashram Deposit of 117.34 million tonnes averaging 1.74% Total Rare Earth
Oxide ("TREO") in the Inferred Category using a base case cutoff of 1.25% TREO
(Laferrière, April 2011). The resource estimate was based on twelve holes
totalling 3,313 metres drilled in 2010.
Mineralization begins near surface and has been outlined over an area measuring
approximately 650 metres east-west by 350 metres north-south. The deposit is one
of the largest rare earth element deposits with NI 43-101 resources outside of
China and remains open for expansion to the north, south, east, at depth, and is
not fully constrained to the west. The target is coincident with a magnetic low
approximately 1 kilometre by 0.8 kilometres in size.
Drilling has also outlined the potential for near-surface enrichment in the
valuable, middle and heavy rare earth elements within the Ashram Deposit. The
enrichment is rare for a carbonatite-hosted orebody and its definition is an
important priority for future and ongoing drilling.
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 at the Blue River Project in British
Columbia and is also exploring its Ashram Rare Earth Element Deposit at the
Eldor Project in northern Quebec.
For more information please visit the corporate website at
www.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
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(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#1511659]
Unternehmensinformation / Kurzprofil:
Datum: 03.05.2011 - 00:50 Uhr
Sprache: Deutsch
News-ID 54134
Anzahl Zeichen: 4988
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Kategorie:
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