Vancouver, British Columbia, January 30, 2012 - Commerce Resources, (TSXV:CCE) (FSE:D7H) (OTCQX:CMRZF) releases results for an additional four drill holes completed during the summer/fall exploration program at the Ashram Rare Earth Element Deposit at the Eldor Project in Northern Quebec.
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As drilling progresses north, significant rare earth element mineralization continues to be intersected at surface down to considerable depths.
Highlights from these four holes include:
- Drill Hole EC11-084 - 325 metres of 1.96% Total Rare Earth Oxides (TREO), including 52 metres of 2.26% (TREO)
- Drill Hole EC11-085 - 144 metres of 1.94% (TREO), including 90 metres of 2.21% (TREO)
- Drill Hole EC11-083 - 89 metres of 2.14% (TREO)
- Drill Hole EC11-086 - 81 metres of 2.14% (TREO)
Drill Hole EC11-086 was collared off a small peninsula on the eastern side of Centre Pond, attempting to cross-cut the centre of the deposit. This hole intersected approximately 50 metres of what is interpreted to be the north end of a poorly mineralized breccia unit, diluting the grade of an otherwise well mineralized 389 metre intercept.
The Middle and Heavy Rare Earth Oxide ("MHREO") zone at Ashram has expanded significantly with the results from the 2011 summer/fall drill program and now has a surface footprint of approximately 175 metres along strike, 200 metres in width, and to a depth of 175 metres, with considerable room for expansion remaining.
Middle and heavy rare earth enrichment remains consistent throughout the deposit with the main enriched zone still present in EC11-083, 084, and 085 as small zones averaging ~ 10% MHREO grading in and out down hole. Peak values greater than 20% MHREO continue to be returned including one sample with 410 ppm dysprosium and 201 ppm europium at TREO of 1.86%.
Exploration in 2011 included 9,012 metres of diamond drilling in 26 holes. To date, analytical results for 24 drill holes from Ashram have now been released. The remaining 2 holes are being held for advanced metallurgical studies.
An updated block model and resource estimate with accompanying technical report is currently underway using mapping and drill data from the 2011 winter and summer/fall campaigns.
In addition to the drilling at the Ashram Deposit, the company completed 7 holes (1,108 metres) at regional targets, for which results are pending. Data compilation of regional results is underway as well as, metallurgical, mineralogical, and environmental studies on the Ashram Deposit, in preparation for a Preliminary Economic Assessment Report.
The shares currently trade at $0.36, and with 148 million shares outstanding, the company is capitalized at $53 million.
For a more information on Commerce Resources, please visit their website at www.commerceresources.com, phone 866-484-2700 or email info@commerceresources.com.
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