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Commerce Resources Corp. (TSXv:CCE) (FSE:D7H) (the "Company" or
"Commerce") is pleased to report analytical results for three
additional holes from the recently discovered Ashram Rare Earth Zone at the Eldor Project in northern Quebec. The results confirm
that the Ashram Zone has a large surface expression and depth profile with
potential to host a bulk mineable rare earth deposit. Highlights from the
latest results are summarized below:
<<
___________________________________________________
|Hole (number sign) |From (m)|To (m)|Interval (m)|TREO (%)|
|_____________|________|______|____________|________|
|EC10-029 | 3.18 |132.21| 129.03 | 1.50 |
|_____________|________|______|____________|________|
| incl.| 3.18 |24.64 | 21.46 | 1.91 |
|_____________|________|______|____________|________|
| incl.| 38.16 |115.00| 76.84 | 1.61 |
|_____________|________|______|____________|________|
|EC10-030 | 7.10 |62.61 | 55.51 | 1.97 |
|_____________|________|______|____________|________|
| incl. | 7.10 |50.00 | 42.90 | 2.15 |
|_____________|________|______|____________|________|
|EC10-031 | 5.50 |82.96 | 77.46 | 1.87 |
|_____________|________|______|____________|________|
| incl. | 11.00 |65.20 | 54.20 | 2.09 |
|_____________|________|______|____________|________|
>>
Complete analytical results for all of the holes as well as maps with
locations of all holes drilled to date will be posted on the Company's website
shortly at: http://www.commerceresources.com/s/Eldor.asp
Expanded Drilling Program
The expanded 2010 drilling program at the Ashram Zone has now been
completed and consisted of 12 holes totaling approximately 3,312 metres. To
date, the Company has provided results for the first five holes; results for
the remaining holes will be announced as soon as they are available.
All seven of the holes that remain to be reported have intersected
mineralized A/B/BD zone type material over most of their length. Drill holes
EC10-039, 044, 045, 046, and 047 ended in mineralization.
A table summarizing the holes pending is included below:
<<
_______________________________________________________________________
| Hole (number sign) |Azimuth|Dip(°)|Easting|Northing|Total Depth (m)| TREO (%) |
|________|_______|______|_______|________|_______________|______________|
|EC10-039| 230 | 75 |536760 |6312091 | 348.96 |Assays Pending|
|________|_______|______|_______|________|_______________|______________|
|EC10-042| 230 | 45 |536498 |6311993 | 286.78 |Assays Pending|
|________|_______|______|_______|________|_______________|______________|
|EC10-043| 50 | 45 |536498 |6311993 | 378.51 |Assays Pending|
|________|_______|______|_______|________|_______________|______________|
|EC10-044| 230 | 45 |536305 |6312133 | 242.85 |Assays Pending|
|________|_______|______|_______|________|_______________|______________|
|EC10-045| 0 | 90 |536105 |6312133 | 314.48 |Assays Pending|
|________|_______|______|_______|________|_______________|______________|
|EC10-046| 0 | 90 |536163 |6312234 | 364.97 |Assays Pending|
|________|_______|______|_______|________|_______________|______________|
|EC10-047| 0 | 90 |536191 |6312133 | 358.70 |Assays Pending|
|________|_______|______|_______|________|_______________|______________|
>>
(x)coordinate system NAD83, Zone19
"These results continue to support management's view that Commerce has
identified a large rare earth deposit which may be amenable to open-pit mining
methods at Ashram," stated Dave Hodge, President of Commerce. "We are
encouraged by the grade and thickness of results received to date, which occur
over an extensive area, and look forward to the remaining assays."
The 2010 drilling program was partially guided using a Niton XLp 533KW
portable XRF analyser, which has proven to be a valuable tool and indicator
for REE mineralization. Based on portable XRF results for the seven holes
pending at Ashram, all holes were shown to contain highly anomalous
concentrations of REE mineralization, with EC10-046 and EC10-047 demonstrating
the greatest potential. All holes are currently being logged and sampled.
Results will be released as soon as they are available.
The Ashram Rare Earth Zone is within an approximately 800 metre by 1,000
metre magnetic low located near the centre of the Eldor Project, with the
expanded drill program having tested an area measuring approximately 350
metres north-south by 650 metres east-west, within the western part of this
magnetic anomaly. Mineralization outcrops at surface and continues to depth;
it remains open to the north, east, south and at depth.
Additional Details on Holes EC10-029, 030, 031
All three holes collared in the main mineralized zone (A-Zone), graded
into the B-Zone and the BD-Zone. Each hole was drilled with BTW size core at
an azimuth of 230° and dip of -45°, -45°, and -65° respectively. Drilling to
date does not yet allow for an accurate estimation of the dimensions of the
REE-bearing zone at Eldor, as such, no estimation of true thickness has been
made. All samples were analyzed by Activation Laboratories of Ancaster, Ont.
using its method eight -- major oxide, rare earths and trace element package
by fusion ICP and ICP/MS. The four most abundant REEs that make up TREO
reported above were cerium, lanthanum, neodymium, and praseodymium.
Drill holes EC10-029, 030 and 031 were located west of the discovery hole
EC10-027, and were placed to target shallower extensions of the western
margins of the mineralized system. EC10-029 was situated approximately 70
metres southwest of EC10-027 and confirmed the western contact of the
mineralized system maintains a steep dip to the northeast, striking northwest.
It also confirmed the shallower extensions of the mineralization identified
within drill holes EC10-027 and 028. EC10-030 and EC10-031 were drilled from
the same pad located approximately 260 metres west-northwest of EC10-027 and
targeted the western flank of the magnetic low. Both holes encountered strong
and continuous REE mineralization with multiple assays in excess of 3% TREO
(3.03% over 4.19 metres).
Eldor Project
The Eldor Property covers a carbonatite complex located within the
central Labrador Trough of northern Quebec; approximately 130 km south of the
town of Kuujjuaq. Carbonatite-related deposits are a major host for rare
metals such as niobium and tantalum and rare earth elements. Several of the
world's largest rare earth element deposits and mines, including Lynas
Corporation's (ASX:LYC) Mt. Weld deposit in Australia and Molycorp Inc's
(NYSE:MCP) Mountain Pass deposit in the United States are hosted by
carbonatites. Geologically similar exploration projects include Rare Element
Resources Ltd.'s (TSXv:RES) (AMEX:REE) Bear Lodge Carbonatite Project in
Wyoming and Hudson Resources Inc.'s (TSXv:HUD) Sarfartoq Carbonatite Project
in Greenland.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geol., 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 tantalum, niobium and rare metal deposits with a potential
for economic grades and large tonnages. The Company is specifically focused on
the development of its Upper Fir Tantalum and Niobium Deposit in British
Columbia and is also exploring its Eldor Project in northern Quebec and the
Carbo Project in northern British Columbia.
On Behalf of the Board of Directors COMMERCE RESOURCES CORP.
David Hodge President and Director Tel: 604 484 2700 TF: 866.484.2700
Email: info(at)commerceresources.com Web: http://www.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.
Statements in this document which are not purely historical are
forward-looking statements, including any statements regarding beliefs, plans,
expectations or intentions regarding the future. Forward looking statements in
this news release include that complete analytical results for all of the
holes as well as drill hole plan maps showing the location of all holes
drilled to date will be posted on the Company's website, that the results of
the remaining holes will be announced as they become available from the lab
and that the drilling results continue to support management's view that the
Company has identified a large rare earth deposit which may be amenable to
open-pit mining methods at Ashram.
It is important to note that actual outcomes and the Company's actual
results could differ materially from those in such forward-looking statements.
Risks and uncertainties include economic, competitive, governmental,
environmental and technological factors that may affect the Company's
operations, markets, products and prices. Factors that could cause actual
results to differ materially may include misinterpretation of data; that we
may not be able to get equipment or labour as we need it; that we may not be
able to raise sufficient funds to complete our intended exploration and
development; that our applications to drill may be denied; that weather,
logistical problems or hazards may prevent us from exploration; that equipment
may not work as well as expected; that analysis of data may not be possible
accurately and at depth; that results which we or others have found in any
particular location are not necessarily indicative of larger areas of our
properties; that we may not complete environmental programs in a timely manner
or at all; that market prices for tantalum & niobium may not justify
commercial production costs; and that despite encouraging data there may be no
commercially exploitable mineralization on our properties.
Readers should refer to the risk disclosures outlined in the Company's
Management Discussion & Analysis of its audited financial statements filed
with the British Columbia Securities Commission.
For further information
please visit the corporate website at http://www.commerceresources.com
or contact Investor Relations at 1.866.484.2700 or info@commerceresources
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