VANCOUVER, June 19, 2013 /PRNewswire/ - Commerce Resources Corp. (TSXv: CCE, FSE: D7H, OTCQX: CMRZF) (the "Company" or "Commerce") is pleased to provide an overview of the pending 2013 field program at its 100% owned Ashram Rare Earth Element (REE) Deposit located in Northern Quebec.
A six to eight week field program is anticipated to commence July 15, 2013, which will include 1,000 to 1,500 m of drilling targeted at the Ashram Rare Earth Deposit. Drilling will focus on infill holes in order to increase the resource confidence from the current inferred category to the indicated and/or measured categories. The Deposit has currently 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. (see news release dated May 24, 2012) 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 ongoing Pre-feasibility Study (PFS).
Company President David Hodge states "We are fortunate to be in a position to move the project forward at this stage with cash on hand given the current markets. There is solid room for optimization in all facets of this project and we are very excited about the de-risking we have completed and continue to achieve during our Pre-feasibility work."
In Q3 2012 Roche Ltd. (Roche) was retained to complete the PFS for the Ashram Rare Earth Deposit. Since this time, Roche has made significant progress including the evaluation of potential docking facility locations, mine-site airstrip and facility locations, and road route optimization (mine-site to docking facility).Programmed work will include required environmental and geotechnical programs as well as reclamation of several historic trench sites. This work will complement the field program completed during February- March 2013 that included a small mammal survey as well as installation of a weather monitoring station. As part of the PFS, a total of nine potential airstrip sites are being evaluated, including five located directly on the Eldor Property. The weather station installed in Q1 2013 will monitor seasonal local climate fluctuations and, together with other local and regional data, will support the selection of a preferred airstrip location. All prospective locations have been selected based on an ability to incorporate changes to the principal orientation as the weather and other data will be required for final site confirmation. The site selected will also be amenable to future expansion if required.
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