VANCOUVER,
Sept. 13, 2013 /PRNewswire/ -
Commerce Resources Corp. (TSXv: CCE, FSE: D7H, OTCQX: CMRZF)
(the "Company" or "Commerce") is pleased to announce the successful
completion of the 2013 summer field program at its 100% owned
Ashram Rare Earth Element (REE) Deposit located in northern
Quebec.
The July-August field program consisted of
twelve NQ size drill holes (1,177 m), as well as related
geotechnical and hydrological work focused on the advancement of
the Ashram Deposit. The objectives of the program were
to:
- Complete infill holes to increase the resource confidence from
the current inferred category to the indicated and/or measured
categories within the planned open-pit area,
- Evaluate a northwestern extension to the deposit,
- Complete Phase I (2013) geotechnical / hydrological work from
which to base Phase II (2014), and
- Complete additional baseline environmental work for year to
year evaluation.
The summer's program was successful in achieving
all four of its objectives. All drill holes were deliberately
ended shortly below the base of the anticipated pit, with casing
left in where practical to allow for easy access to deepen if
required. Most holes ended in strongly mineralized material,
and thus, the ability to deepen if required will be important as
the pit is optimized for position and throughput per day.
The three most northeasterly drill holes
(EC13-093, 094, and 095) collared in mineralization, thereby
extending mineralization further northeast than had been
anticipated. The presence of strongly mineralized material at
surface in these locations indicates a lip or 'fanning' of the
mineralized body near surface. As these holes were expected to
collar in non-mineralized in-pit material, the mineralization
encountered is anticipated to effectively lower the existing strip
ratio as currently outlined in the Preliminary Economic Assessment
(0.19:1, waste : mineralized material). The deposit
remains open to the north, south, at depth, and is not fully
constrained to the east and west.
All drill core samples are en route to
Activation Laboratories Ltd. of Ancaster,
Ontario for analysis with results to be reported when
received.
Phase I of the geotechnical and hydrogeological
program for the project was comprised of thermistor installation in
two holes, as well as, site specific soil documentation in order to
evaluate stability parameters of the open-pit and infrastructure
sites. Hydrological work included falling head tests in
several holes to evaluate ground water parameters and their
potential influence on the open-pit.
Environmental work consisted of ongoing data
collection from the weather station installed during Q1 of 2013, as
well as, water sampling of various lakes/ponds in the area.
Metallurgical studies continue to advance at
Hazen Research and UVR-FIA. An update will be released once
the next phases of tests have been completed.
Darren L. Smith,
M.Sc., P.Geol., of 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 the Ashram Rare Earth Element
Deposit
The Ashram Rare Earth Element (REE) Deposit is a
carbonatite within the Eldor Property, located in north-eastern
Quebec. The 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. The
deposit boasts a well-balanced distribution with enrichment in the
light, middle and heavy rare earth elements including all five of
the most critical elements (neodymium, europium, dysprosium,
terbium, and yttrium).
The REEs at Ashram occur in simple and
well-understood mineralogy, being primarily in the mineral monazite
and to a lesser extent in bastnaesite and xenotime. These minerals
dominate the currently known commercial extraction processes for
rare earths.
A Preliminary Economic Assessment, completed in
May 2012 by SGS-Geostat of
Montreal (Blainville) (see news release dated
May 24, 2012), outlines robust
economics for the Ashram Deposit. The PEA is based on a 4,000
tonne per day open-pit operation with an initial 25-year mine life
(300 years at economic cut-off if open-pit + underground
development), a pre-tax and pre-finance Net Present Value (NPV) of
$2.32 billion at a 10% discount rate,
a pre-tax/pre-finance Internal Rate of Return (IRR) of 44%, and a
pre-tax/pre-finance payback period of 2.25 years.
The Company continues to advance the Ashram
Deposit with ongoing metallurgical programs at both UVR-FIA and
Hazen Research.
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 are
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 the REEs at Ashram
occur in simple and well-understood mineralogy, the presence of
strongly mineralized material, and that the Ashram deposit can be
developed economically as an open-pit mine. 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 the ability to finance
ongoing exploration, development and metallurgical programs,
changing costs for mining and processing; 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 test work; 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.