Commerce Resources Corp TSXV:CCE announced assays from its Eldor Property in northern Quebec. Results include 2.06% total rare earth oxides over 344.5 metres (including 2.35% over 38.8 metres), 1.99% over 243.5 metres (including 2.83% over 37.2 metres), 1.67% over 237 metres (including 1.99% over 117.8 metres), 0.73% over 295.2 metres and 1.38% over 10 metres.
President/Director Dave Hodge tells ResourceClips.com, “In terms of rare earth results, these are truly spectacular. The grade is in the plus-2% category, and there’s a substantial amount of heavy rare earth as well as large amounts of neodymium. When you add these results onto the resource calculation that we released last April, which showed 117 million tonnes grading 1.74%, it’s going to add to the tonnage considerably and probably increase the overall grade. These are very, very exciting results.
It’s a very, very large deposit. When that deposit is finally mined in an open-pit manner, you’ll be able to see the Eldor Mine from the moon!—Dave Hodge
“The project is moving straight ahead. We have people out in the field—right as we speak, right at this moment—who are discovering new potential drill targets in parts of the carbonatite complex that have never been drill-tested,” he says.
“Today’s news comes from the last four holes of the winter drill program. Three of them were in the Ashram Zone, and they will increase the size and grade. The fourth hole went into a whole new rare earth showing. It hit significant rare earth and certainly suggests we need to keep drilling. The grades in that new zone are not quite as fantastic as the Ashram results, but that’s just one drill hole and certainly there’ll be more excitement there.
“We can keep drilling into October. Then we can come back in January and start selecting targets that are off the ice.
“Next we will be doing a resource calculation, and we’ll be doing some metallurgical work. We’re essentially in a strong financial position, and with the situation in the rare earth market today, we will moving this project forward as fast as we possibly can,” Hodge says.
“We’re building the development team on our Blue River Project here in British Columbia. That project is in scoping study at the moment, which will be released relatively shortly. But another advantage to Blue River is that it’s increasing our expertise on the development side, so we will have the capabilities to go into production. But considering the shortages in the world today, and the fact that this will undoubtedly be one of the finest and largest rare earth deposits globally, I’m not sure our little company’s going to be able to hang onto it. But we’re moving it straight ahead,” Hodge says. He adds, however, “Yes! We intend to take it into production.”
Asked how an Eldor Mine would affect the world rare earths market, Hodge replies, “That whole possibility is a ways off, and that’s a very interesting question. But it would depend on who else was successful at getting into production and at what cost or what price they could sell. But clearly the demand for rare earths, for critical elements, will do nothing but go up and up and up. Even considering that the Ashram Deposit is huge, it is only going to be able to handle a percentage of global demand. But Commerce Resources will be part of that.”
Hodge continues, “Quebec is certainly one of the most favourable jurisdictions to work in. The Quebec government is looking at road and rail construction all up through that corridor of opportunity, right up to the little town of Kuujjuaq, which is where we’re mobilizing out of. That is going to provide opportunities not just for the Eldor carbonatite complex, but it will help a number of very large iron ore deposits go into production. The whole mining sector in northern Quebec is going to do very well for Quebeckers and, for that matter, for all Canadians.
“Don’t ask me ask me about infrastructure,” he laughs. “There is none. It’s a little tough, that aspect. But the one thing that gets around infrastructure problems is size—and Eldor certainly has the size. I mean it’s a very, very large deposit. When that deposit is finally mined in an open-pit manner, you’ll be able to see the Eldor Mine from the moon!”
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by Greg Klein