Commerce Resources Corp. Announces Completion of 2013 Summer Field
Program at Ashram Rare Earth Element Deposit, Northern Quebec
VANCOUVER, Sept. 13, 2013 /CNW/ - 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.