Commerce Resources Corp. Expands Tantalum and Niobium Mineralization at the Upper Fir Deposit
Commerce Resources Corp. (TSXv: CCE) (FSE: D7H) ("the Company") is pleased to announce that results of its 2007 diamond drilling program have expanded the known tantalum and niobium mineralization at the Upper Fir deposit. The deposit is located in south-central British Columbia and is wholly-owned by the Company.
During 2007, 18 HQ sized drill holes totaling 4,710 meters were completed at the Upper Fir deposit. All 18 holes intersected mineralized carbonatite, thereby extending the known mineralization by an additional 250 meters to the south and 200 meters to the east of the area identified in 2006. When combined with the apparently contiguous Bone Creek occurrence (drilled in Oct. 2005), the Upper Fir Carbonatite Complex now extends approximately 800 meters east-west, by 1,400 meters north-south. The Upper Fir Carbonatite remains open to both the east and to the south.
Highlights from the 2007 program include:
- The weighted average of Ta2O5 (tantalum oxide) without application of a cutoff grade is 176g/t; with an average apparent thickness of 55.2 meters. The weighted average grade of Nb2O5 (niobium oxide) is 1,549g/t and of P2O5 (phosphate) is 3.11% over the same interval.
- Using a 150g/t cutoff, the overall weighted average grade for Ta2O5 is 212g/t with an average true thickness of 29.7 meters. Weighted average grades of Nb2O5 and P2O5 (phosphate) for the respective intervals are 1,468g/t and 3.55% P2O5.
- Using a 1,500g/t cutoff for Nb2O5, the overall weighted average grade for Nb2O5 is 2,587g/t with an average true thickness of 16.7 meters. Weighted average grades of Ta2O5 and P2O5 for these respective intervals are 195g/t and 3.00%.
- Significant variability in grade was demonstrated by the 2007 drilling, indicating the potential for higher grade zones within the overall Upper Fir Carbonatite. For example, maximum values of 693g/t Ta2O5 and 9,142g/t Nb2O5 were recorded over one meter, and several significant zones of enrichment were noted, such as within Hole 28, the southernmost hole drilled to date, which contained:
- 11.00 meters between 128 and 139 meters, averaging 329g/t Ta2O5, 4,990g/t Nb2O5, and 2.83% P2O5;
- 17.04 meters between 92.96 and 110 meters, averaging 4,943g/t Nb2O5, 153 g/t Ta2O5, and 2.21% P2O5.
- Additional examples of higher grade mineralization which are correlative between drill holes, follows:
- 17 meters from 48 to 65 meters, averaging 232g/t Ta2O5, 1,789g/t Nb2O5, and 3.25% P2O5 (Hole #F07-18);
- 9 meters from 73 to 82 meters, averaging 284g/t Ta2O5, 2,309g/t Nb2O5, and 3.20% P2O5 (Hole #F07-19);
- 12 meters from 62 to 74 meters, averaging 245g/t Ta2O5, 1,581g/t Nb2O5, and 2.91% P2O5 (Hole #F07-20).
A summary of the 2007 results follows:
| Hole | Carbonatite | Total | Ta2O5 | Nb2O5 | P2O5 | ||
| From (m) | To (m) | Thick (m) | Carbonatite (m) | (g/t) | (g/t) | (%) | |
| F07-18* | 37.00 | 221.46 | 184.46 | 60.13 | 189 | 1,333 | 3.36 |
| F07-19* | 34.84 | 235.00 | 200.16 | 80.06 | 175 | 1,481 | 3.11 |
| F07-20* | 48.00 | 155.00 | 107.00 | 42.33 | 224 | 1,852 | 2.77 |
| F07-21* | 43.00 | 228.03 | 185.03 | 33.26 | 185 | 1,403 | 3.28 |
| F07-22 | 12.50 | 247.38 | 234.88 | 54.18 | 185 | 1,837 | 2.72 |
| F07-23* | 46.00 | 251.79 | 205.79 | 24.46 | 196 | 1,133 | 3.26 |
| F07-24* | 47.00 | 114.14 | 67.14 | 24.84 | 192 | 2,327 | 2.93 |
| F07-25* | 90.00 | 145.37 | 55.37 | 29.32 | 193 | 1,256 | 3.1 |
| F07-26 | 44.00 | 121.42 | 77.42 | 21.45 | 174 | 1,501 | 2.43 |
| F07-27 | 109.30 | 225.78 | 116.48 | 35.80 | 135 | 1,735 | 2.36 |
| F07-28 | 92.96 | 150.40 | 57.44 | 57.44 | 212 | 3,288 | 2.51 |
| F07-29 | 13.71 | 137.85 | 124.14 | 7.00 | 87 | 1,370 | 0.89 |
| F07-30 | 75.13 | 149.46 | 74.33 | 74.33 | 204 | 911 | 3.43 |
| F07-31 | 81.00 | 173.18 | 92.18 | 90.64 | 175 | 675 | 3.26 |
| F07-32 | 67.00 | 169.60 | 102.60 | 87.10 | 160 | 1,111 | 3.40 |
| F07-33 | 32.00 | 219.16 | 187.16 | 60.50 | 200 | 1,350 | 3.70 |
| F07-34 | 125.00 | 304.88 | 179.88 | 66.75 | 161 | 1,085 | 3.46 |
| F07-35 | 166.78 | 198.70 | 31.92 | 18.34 | 207 | 1,882 | 3.45 |
* results reported in Company news release of October 1, 2007
President of Commerce Resources David Hodge comments, "We are very excited by these results because they not only show an increase in the size of the Upper Fir Carbonatite, but also the discovery of zones of enriched grades of tantalum and niobium. These results point to an extension of the potential life span of this project. Our primary direction is the focus on the development of this near surface deposit, although we will continue our exploration of the other Blue River carbonatites under claim."
John Gorham, 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.'s stated goal is to become the world's next source of tantalum and niobium. Commerce is an active tantalum and niobium explorer in North America, with a focus on developing the Upper Fir Deposit in British Columbia and the Eldor Deposit in Quebec.
Exploration to date at the Upper Fir deposit has outlined an indicated resource of 8.6Mt with 208.2 g/t Ta2O5 and 1,372.6 g/t Nb2O5 and an inferred resource of 5.5Mt with 208.2 g/t Ta2O5 and 1,349.9 g/t Nb2O5 (Gorham, 2007). Exploration to date at the Fir Deposit has outlined an indicated resource of 5.65Mt with 203.1g/t Ta2O5 and 1,047g/t Nb2O5 (Verzosa, 2003). The Fir is also host to an inferred resource of 6.7Mt with 203.1 g/t Ta2O5, and 1,047 g/t Nb2O5 (Verzosa, 2003). The Verity Deposit, 10 km north of the Fir deposit, is estimated to host an inferred resource of 3.06Mt with 196g/t Ta2O5, 646g/t Nb2O5 and 3.20% P2O5 (McCrea, 2001). Detailed information on the deposits may be viewed in the Company's public disclosure on SEDAR.
For further details on Commerce Resources Corp. and the Blue River Tantalum-Niobium Property, visit the corporate website at www.commerceresources.com, or contact Investor Relations at (604) 484 2700 or toll free at (866) 484 2700.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
David Hodge
President and Director
Tel: 604 484 2700
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 release include statements regarding the increased opportunity for institutional investment; our commitment to continued growth as an exploration and development-stage company; and our .goal to become the world's next source of tantalum and niobium 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, but are not limited to, 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 or development; 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 property; that we may not complete environmental programs in a timely manner or at all; market prices 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 and Analysis filed with the British Columbia Securities Commission.
Commerce Resources Corp. Announces Graduation to TSX Venture Tier 1
Tier 1 is the TSX Venture Exchange's premier tier and is reserved for the Exchange's most advanced issuers with the most significant financial resources. Tier 1 Issuers have eased filing requirements and improved service standards. In addition, it also increases the opportunity for additional institutional participation in the Company.
"This advancement to Tier 1 will allow Commerce to take advantage of a more favorable regulatory environment," said Shaun Ledding, Director of Commerce Resources Corp. "Our graduation demonstrates our commitment to continued growth as an exploration and development-stage company."
About Commerce Resources Corp.
Commerce Resources Corp.'s stated goal is to become the world's next source of tantalum and niobium. Commerce is an active tantalum and niobium explorer in North America, with a focus on developing the Upper Fir Deposit in British Columbia and the Eldor Deposit in Quebec.
Detailed information on both deposits may be viewed in the Company's public disclosure on SEDAR.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
David Hodge
President and Director
Tel: 604 484 2700
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 release include statements regarding the increased opportunity for institutional investment; our commitment to continued growth as an exploration and development-stage company; and our .goal to become the world's next source of tantalum and niobium 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, but are not limited to, 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 or development; 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 property; that we may not complete environmental programs in a timely manner or at all; market prices 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 and Analysis filed with the British Columbia Securities Commission.
Commerce Resources Corp. Announces Significant Niobium-Tantalum-Uranium-Gold Mineralization at Eldor Carbonatite
The 2007 exploration program, designed to confirm the historic mineralization, consisted of an 862 line-km magnetic / radiometric airborne geophysical survey, and rock and soil sampling. In total, 895 soil samples and 60 rock (grab) samples were collected. The soil sampling (50 meter sample intervals) was considered reconnaissance in nature and consisted of lines spaced approximately 1 km apart across the property.
Highlights are as follow:
In addition, the soil geochemical survey outlined a nickel anomaly that exceeds 100 ppm nickel to a maximum of 595 ppm nickel. The anomaly measures 7 km long by up to 2 km wide, and is partly coincident, and to the east of the magnetic geophysical anomaly. This represents a separate exploration target from the carbonatite.
The Company is encouraged by the results of the 2007 exploration. Based on the local geology and the sampling results obtained in the field, the Company believes that the Eldor Carbonatite Project has potential for the discovery of a variety of high-value commodities within a very large carbonatite complex.
The diverse array of mineralization evidenced in the Eldor Carbonatite, are not uncommon to these types of systems. Carbonatites are very rare and unique rock types, with only approximately 500 complexes known worldwide. Often containing a variety of exotic minerals, carbonatites have been known to produce economic concentrations of rare earth elements, niobium, copper, iron, apatite, vermiculite and fluorite; with significant byproducts which may include barite, zircon, tantalum, gold, silver, uranium, nickel and platinum group elements.
The Eldor Carbonatite appears larger than the present and past producing Canadian carbonatite complexes Oka, and St. Honore, both located in Quebec. It is also comparable in size to the Araxa Carbonatite Complex in Brazil, which is about 4½ km in diameter.
Historic exploration of the Eldor Carbonatite outlined an elliptical shape body with dimensions of approximately 7.75 km by 2.5 km, and with localized, high concentrations of niobium and tantalum. Several of the historic grab and channel samples from the carbonatite ranged from >1% to 11.4% Nb2O5, and from >0.01% to 0.21% Ta2O5.
The primary mineral from which niobium is obtained is known as pyrochlore, found occurring in carbonatites globally. The world's largest deposit located at Araxa, Brazil, is operated by CBMM, and averages between 2.5% and 3.0% Nb205. Two other currently operating pyrochlore mines are Anglo American's Brasil Mineracao (Brazil), grading 1.34% niobium oxide and Iamgold's Niobec (Quebec) at their St. Honore deposit, grading 0.67% niobium oxide and mined underground.
Michael Guo, P.Geol., of Dahrouge Geological Consulting Ltd., the qualified person as defined by National Instrument 43-101, is responsible for the 2007 exploration of the Eldor Project. Jody Dahrouge, P.Geo., director and a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release.
Except as noted above, all samples were analyzed at Acme Analytical Laboratories in Vancouver, B.C., using ICP-MS (Group 4A and 4B methods).
About Commerce Resources Corp.
Commerce Resources Corp.'s stated goal is to become the world's next source of tantalum and niobium. Commerce is an active tantalum and niobium explorer in North America, with a focus on developing the Upper Fir Deposit in British Columbia and the Eldor Deposit in Quebec.
Detailed information on both deposits may be viewed in the Company's public disclosure on SEDAR.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
David Hodge
President and Director
Tel: 604 484 2700
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 release include statements regarding the Eldor Property having the potential for the discovery of a variety of high-value commodities within a very large carbonatite complex and that the Eldor Carbonatite appears larger than the present and past producing Canadian carbonatite complexes Oka, and St. Honore, both located in Quebec. It is also comparable in size to the Araxa Carbonatite Complex in Brazil. Forward-looking statements also include our plans to become the world's next source of tantalum and niobium. 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, but are not limited to, 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 property; that we may not complete environmental programs in a timely manner or at all; market prices 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 and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
Commerce Resources Corp. Doubles Claims for Blue River Tantalum-Niobium Project and New Discovery
The acquisition of the new claims reaffirms Commerce's commitment to the Blue River Project which is host to several known carbonatites, each with anomalous concentrations of tantalum and niobium.
The acquisition of the new claims was prompted by results from the 2007 exploration program, which led to the discovery of an extensive ultramafic body that outcrops about 12 km to the southeast of the Upper Fir Carbonatite. This dyke-like body is made up of massive to layered pyroxenites and hornblendites (see photos below). The steeply dipping body can be traced over a 6 km strike length, and is at least 400 m thick.
The occurrence of this very large ultramafic intrusion at the Blue River Property is significant due to the diverse styles of mineralization typically associated with these types of intrusions. Ultramafic intrusions can be host to minerals that contain nickel, copper, cobalt, platinum group elements and gold.
Also, the Company has added considerable data for the Howard Creek Carbonatite, which is located within the northeast part of the Blue River Property. Portions of this extensive carbonatite complex form an approximate dip slope, and contain significant titanium bearing minerals (ilmenite, magnetite, titantite) and zircon. This deposit has now been mapped and sampled (with a total of 43 surface rock grab samples) with assays ranging from background concentrations up to 7.00 % Ti02, 8.61 % P205, 4,843 g/t V205, and 3,055 g/t Zr02. Given the occurrence of a diverse array of commodities at the Howard Creek Carbonatite, the Company anticipates conducting additional field work in the area during the summer of 2008. Recently completed logging roads lead to within 1 to 2 km of the Howard Creek Carbonatite.
Jody Dahrouge, P.Geo., director of Commerce Resources and 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.'s stated goal is to become the world's next source of tantalum and niobium. Commerce is the most active tantalum and niobium explorer in North America, with a focus on developing its Upper Fir Deposit.
Exploration to date at the Upper Fir deposit has outlined an indicated resource of 8.6Mt with 208.2 g/t Ta2O5 and 1,372.6 g/t Nb2O5 and an inferred resource of 5.5Mt with 208.2 g/t Ta2O5 and 1,349.9 g/t Nb2O5 (Gorham, 2007). Exploration to date at the Fir Deposit has outlined an indicated resource of 5.65Mt with 203.1g/t Ta2O5 and 1,047g/t Nb2O5 (Verzosa, 2003). The Fir is also host to an inferred resource of 6.7Mt with 203.1 g/t Ta2O5, and 1,047 g/t Nb2O5 (Verzosa, 2003). The Verity Deposit, 10 km north of the Fir deposit, is estimated to host an inferred resource of 3.06Mt with 196g/t Ta2O5, 646g/t Nb2O5 and 3.20% P2O5 (McCrea, 2001). Detailed information on both resource estimates for the deposits may be viewed in the Company's public disclosure on SEDAR.
For further details on Commerce Resources Corp. and the Blue River Tantalum-Niobium Property, visit the corporate website at www.commerceresources.com, or contact Investor Relations at (604) 484 2700 or toll free at (866) 484 2700.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
David Hodge
President and Director
Tel: 604 484 2700
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 release include, but are not limited to: the additional properties staked having the potential to host additional mineralization, potential mine development; the Company's plans to become the world's next source of tantalum and niobium, developing the Upper Fir deposit into production, as well as being the most active tantalum and niobium explorer in North America. 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, but are not limited to, 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 property; that we may not complete environmental programs in a timely manner or at all; 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 and Analysis of its audited financial statements filed with the Ontario Securities Commission.
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Commerce Resources Corp. Announces Exercise Of 12,933,727 Warrants
"We would like to thank our shareholders for their continued support" said David Hodge, the President of the Company.
The proceeds received from the exercise of the warrants will be used towards the Company's continued exploration and development programs on its tantalum and niobium properties located near Blue River, British Columbia and for general working capital.
About Commerce Resources Corp.
Commerce Resources Corp.'s stated goal is to become the world's next source of tantalum and niobium. Commerce is the most active tantalum and niobium explorer in North America, with a focus on developing its Upper Fir Deposit.
Exploration to date at the Upper Fir deposit has outlined an indicated resource of 8.6Mt with 208.2 g/t Ta2O5 and 1,372.6 g/t Nb2O5 and an inferred resource of 5.5Mt with 208.2 g/t Ta2O5 and 1,349.9 g/t Nb2O5 (Gorham, 2007). Exploration to date at the Fir Deposit has outlined an indicated resource of 5.65Mt with 203.1g/t Ta2O5 and 1,047g/t Nb2O5 (Verzosa, 2003). The Fir is also host to an inferred resource of 6.7Mt with 203.1 g/t Ta2O5, and 1,047 g/t Nb2O5 (Verzosa, 2003). The Verity Deposit, 10 km north of the Fir deposit, is estimated to host an inferred resource of 3.06Mt with 196g/t Ta2O5, 646g/t Nb2O5 and 3.20% P2O5 (McCrea, 2001). Detailed information on both resource estimates for the deposits may be viewed in the Company's public disclosure on SEDAR.
For further details on Commerce Resources Corp. and the Blue River Tantalum Property, visit the corporate website at www.commerceresources.com, or contact Investor Relations at (604) 484 2700 or toll free at (866) 484 2700.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
David Hodge
President and Director
Tel: 604 484 2700
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 release include statements regarding plans to become the world's next source of tantalum and niobium, developing its Upper Fir deposit, as well as being the most active tantalum and niobium explorer in North America. 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, but are not limited to, 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 property; that we may not complete environmental programs in a timely manner or at all; 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 and Analysis of its audited financial statements filed with the Ontario Securities Commission.