Commerce Resources Corp TSXV:CCE announced results from the Ashram deposit of its Eldor project in northern Quebec. Assays include
2.04% total rare earth oxides over 491.1 metres
2.2% over 218.7 metres
2.47% over 123.4 metres.
The Ashram deposit has an NI 43-101 inferred mineral resource estimate of 117.34 million tonnes averaging 1.74% total rare earth oxides, using a base cutoff of 1.25% TREO.
President/Director Dave Hodge tells ResourceClips.com, “Commerce Resources started as a tantalum-niobium opportunity in BC. Through that process we identified a rare earth target in northern Quebec. Originally we were following for tantalum and niobium and in that process discovered what we believe will be one of the world’s largest resources of rare earths in a small portion of a very large carbonatite complex. The Ashram deposit itself is still an extremely large, heavy rare earth deposit.
“The latest drill program was actually a series of drill programs that we’ve been running continuously for the last couple of years. Every time we’ve started a new program we had to bring in a different drill—one that would go deeper—because the deposit just seemed to keep going and going. This drill program was no different. We hit some huge intersections of total rare earths, and within that—and fortunately near surface—is a zone that’s enriched with heavy rare earths. This drill program has proven that to be the case, and it’s a very exciting aspect of the Ashram deposit.
Every time we’ve started a new program we had to bring in a different drill—one that would go deeper—because the deposit just seemed to keep going and going. This drill program was no different—Dave Hodge
“A new resource calculation and a PEA are in the works,” Hodge continues. “It is going to take some time to get both of those done. I think we have another 18 holes from the current drill program that we’re still waiting for assays on. But ultimately we’re extremely confident that not only will this drill program increase the confidence category in the current resource calculation, it’s going to expand it extensively.
“There are a number of results that we’ll be waiting for in order to include them in the resource calculation, and they can’t get going on the PEA until they’ve got the resource calculation. We’ll have everything out by next summer. So it is going to take some time, but that’s not going to change our drive to move straight ahead. It’s not going to change the fact that this deposit is growing by leaps and bounds, both in size and in the location of that heavy zone—being near surface. And it’s increasing in grade as well.
“We always focus on moving straight to production. However, with the more advanced aspect of our asset in BC [i.e., the Blue River tantalum-niobium project], we are having ongoing discussions with a variety of end-users that would have an interest in both projects. That’s happening now.”
Hodge concludes, “We’re very happy with the progress we’re making in particular at the Ashram heavy rare earth deposit. It’s a spectacular, world-class kind of deposit. It is challenged with the infrastructure a little bit; however, the size and grade of the deposit will certainly overcome those challenges very easily. We’re going to turn the Eldor carbonatite into a huge, multi-resource asset for Commerce Resources and its shareholders.”
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by Ted Niles