Commerce Resources Corp. (TSXV:CCE) Drills 2.10% Total Rare Earth Oxides over 586.92 Metres Including 3% over 36.99 Metres at the Eldor Property, Quebec - Video Summary on www.Investmentpitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, June 29, 2011 - Commerce Resources Corp. (TSXV:CCE)
(FSE:D7H) (OTCQX:CMRZF) reports results for the first four of seven drill holes
completed during the recent winter drilling program at the Ashram Rare Earth
Element Zone at its Eldor Project in Northern Quebec.
Investmentpitch.com has produced a "video news alert" based on this information.
If this link is not enabled, please visit www.investmentpitch.com and enter
"Commerce937" in the search box.
The highlight of the news release was hole EC11-048 which intersected rare earth
mineralized carbonatite over its entire length returning 2.1% total rare earth
oxides over 586.92 metres including 36.99 metres of 3.00% oxides. The hole ended
in mineralization as it reached the drills limitations. This was the best hole
reported to date in terms of grade and thickness with 7 sample intervals
returning greater than 4% total rare earth oxides.
During the winter program, 7 holes were drilled at the Ashram Zone, with the
8(th) drilled at a separate location approximately 1 kilometre to the north.
Complete assay results are available at www.commerceresources.com.
Back in early March, Commerce filed an initial NI 43-101 compliant resource
estimate of 117.34 million tonnes averaging 1.74% Total Rare Earth Oxide in the
Inferred Category for the Ashram Deposit. That report is available on
Sedar.com.
Based on that report, Vancouver based Fundamental Research raised their fair
estimate valuation from $1.51 to $2.13 per share. Fundamental stated, "Based on
this initial resource estimate, we believe, the Rare Earth Element resource at
the Ashram zone is one of the world's largest NI 43-101 or JORC REE deposits
outside of China."
John Kaiser, of Kaiser Research called this project, "The most important new
grassroots rare earth discovery since market interest in rare earths took off in
2009."
These new step-out holes have expanded the mineralization at Ashram by 150
metres to the northeast and extended the depth of known mineralization by
roughly 65%, from 365 metres to approximately 600 metres. The mineralization
remains open to the north, south, east, at depth, and is not fully constrained
to the west.
The deposit continues to display increased grade moving north as well as
enrichment in the middle and heavy rare earth elements. As drilling has
progressed northward, drill intersections of greater than 3% have increased in
occurrence with 4% total rare earth oxide assays becoming more common.
Commerce is also developing its Upper Fir Tantalum and Niobium Deposit in
British Columbia and the Carbo Rare Earth Project in Northern British Columbia.
The company is well financed, with $14 million in cash and investments, and has
sufficient working capital available to complete all of the development and
exploration plans. Commerce Resources currently trades at $0.68 per share, well
below the $2.13 target given by Fundamental, prior to the recent drill results.
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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Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1527070]
Unternehmensinformation / Kurzprofil:
Datum: 29.06.2011 - 20:37 Uhr
Sprache: Deutsch
News-ID 55971
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