VANCOUVER, May 13, 2014 /PRNewswire/ - Commerce
Resources Corp. (TSXv: CCE) (FSE: D7H) (the "Company") is
pleased to announce the completion of the winter drill program at
its 100% owned Ashram Rare Earth Deposit located in Northern Quebec.
The drill program, which commenced in late March, has been
completed on schedule and under budget. Final demobilization
of field crews is underway. Twelve drill holes were completed
for a total of 1,556.61 metres. The drill holes at the Ashram
Deposit included:
- Nine holes completed as infill on the Ashram Deposit over
Centre Pond, focusing on the MHREO Zone, and
- Three short geotechnical holes completed peripheral to the
deposit to assess the preferred location of the dyke to be emplaced
on Centre Pond.
A map illustrating the location of the 2014 drill holes may be
viewed at
http://www.commerceresources.com/i/maps/Ashram-Drill-Plan-TotMag-Pit-Footprint.pdf
Infill Drilling
The infill drill program was
successful with all nine drill holes (1,494.56 metres) collaring in
mineralization that continued over their entire length. Each
infill drill hole was intentionally ended at a set depth below the
base of the proposed pit bottom resulting in each hole bottoming in
mineralization. Further, mineralogical and lithological information
from several drill holes strongly indicate that the MHREO Zone was
intersected over significant widths. Samples are en route to
Activation Laboratories of Ancaster,
Ontario for analysis. Results will be released when
received.
Geotechnical Drilling
Three short geotechnical holes
(total of 62.05 metres) were completed to the east of the deposit;
two on Centre Pond and one on land. Information collected
included soil type, depth to bedrock, and assessment of bedrock
type and competency, which will assist in determining if the
proposed dyke location would be adequate. Preliminary results
appear positive with information currently being assessed by Roche
Ltd.
Additionally, the Company is informed that Secutor Capital
Management Corp., an Ontario based
licensed investment advisor and broker, has initiated coverage on
Commerce Resources. It is the policy of Commerce Resources
not to comment on any report, analysis or coverage by registered
financial analysts regarding any aspect of our Company.
The Ashram Deposit has 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, based on 57 holes and 16,868 metres
drilled. (See news release dated May 24,
2012).
NI 43-101 Disclosure
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 such statements as strongly indicate that the MHREO Zone
was intersected over significant widths and that the geotechnical
drilling will assist in determining the proposed dyke
location. 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.