Commerce Resources (TSX-V:CCE, StockForum), a Vancouver-based exploration stage firm engaged in the acquisition, exploration, development and evaluation of Canadian mineral properties, announced today that the company had begun a winter drill program at its wholly-owned Ashram rare earth deposit located in northern Quebec.
According to the news release, the program will consist of 1,000 to 1,500 metres of drilling at Ashram over a period of six to eight weeks focusing on the infill holes over Centre Pond in order to further confirm a higher level of existing resources in relation to the currently accepted numbers of inferred resources at the location.
It went on to note, “It is anticipated that the current winter drill program will be sufficient to fully define the heavy rare earth enrichment of the Middle and Heavy Rare Earth Element Oxide ("MHREO") Zone at the indicated or measured level, although this cannot be confirmed until a resource update is completed.”
Then added, “The MHREO Zone is a unique section of the Ashram Deposit in that it has significant enrichment in the middle and heavy rare earth oxides, it is central to the overall deposit, it extends from surface to depths exceeding 178 metres, and is therefore anticipated that this material will be the focus of early development activities.”
At present, the Ashram deposit has a measured and indicated resource of 29.3 million tonnes at 1.90% total rare earth oxide (“TREO”) and an inferred resource of 219.8 million tonnes at 1.88% TREO.
Commerce Resources was in the news recently when the company closed a $2.5 million brokered private placement.
Currently there are 167.0m outstanding shares with a market cap of $25.0 million.