VANCOUVER, July 9, 2015
/CNW/ - Commerce Resources Corp. (TSXv: CCE, FSE: D7H)
(the "Company" or "Commerce") is pleased to announce that the
second phase of the 2015 drill program is underway at its 100%
owned Ashram Rare Earth Deposit located in northern
Quebec.
The program will consist of approximately 3,000 metres (~32
holes) and will focus on the remaining resource infill, mine-site
infrastructure assessment, and hydrological test work as required
for the ongoing Pre-feasibility Study (PFS).
Approximately 2,200 m (17 holes) will be completed as part of
the infill drill program in order to increase the resource
confidence from the current inferred category to the indicated
and/or measured categories. An indicated or measured resource
category is required for all in-pit mineralized material in order
to convert mineral resources to ore reserves as required for the
completion of the PFS.
The infill drilling will comprise NQ and HQ core size with hole
depths ranging from 50 to 200 m. In addition, one drill hole
will target a gravity anomaly proximal to the south of the deposit.
This anomaly is postulated to be related to the middle and heavy
rare earth oxide mineralization present at Ashram, which has been
associated with a strong gravity anomaly.
The infrastructure assessment will include an estimated 14
geotechnical drill holes (~600 m), of which, 2-3 will also serve as
condemnation drill holes to be located at the mill and ancillary
structure site, as well as the tailings management facility site
options (both conventional and drystack). Drill hole depths
are anticipated to range from 10 m to 150 m.
One hole (~200 m) will be completed for hydrogeological purposes
and will serve as a pumping well location (pumping test) to
evaluate the sub-surface water flow and slope stability. This
pumping test will be carried out mid-summer and will also utilize
the previously drilled monitoring well nest holes (EC15-129, 130,
131, 132, 135, 136).
The summer/fall drill program is anticipated to be completed in
September.
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 Ashram Rare Earth
Element Deposit in Quebec and the
Upper Fir Tantalum and Niobium Deposit in British Columbia.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
"Chris Grove"
Chris
Grove
President
Tel: 604.484.2700
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 our ongoing drill program. These forward-looking
statements 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; increased capital costs; 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; 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.