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skleung
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August 15, 2001

Drilling Underway at Blue River Tantalum Project

Commerce Resources Corp. www.commerceresources.com/s/Home2.asp(“the Company”) announces that drilling has commenced at its Verity Property near Blue River, British Columbia.

Verity Property:
Tantalum, Niobium, Phosphate
Between May and August 2001, the Company conducted approximately 30.2 km of line-cutting/gridding and ground magnetic surveys, with lesser amounts of ground radiometric surveys and soil sampling. The resulting data outlined a magnetic - radiometric anomaly over a 3,000 m strike-length and which is coincident with minimally exposed outcrops of carbonatite associated with the Verity Tantalum Deposit. The geophysical anomaly remains open to the east. In addition, drill-pads and approximately 5,000m of roads were constructed in advance of drilling.

A minimum 12 hole diamond drill program is now underway at the Company’s wholly-owned Verity-Paradise Carbonatite Complex. The drill program will test the extension of the Verity Tantalum Deposit, where prior drilling outlined an estimated inferred resource of 3.06 Mt containing 196 g/t Ta2O5, 646 g/t Nb2O5, and 3.20 % P2O5. (McCrea, 2001).

Paradise Property:
Tantalum, Niobium, Phosphate
The Verity-Paradise Carbonatite Complex is comprised of the Verity Tantalum Deposit and the east striking Paradise Carbonatite (approximately 5,000m east). Work completed here consists of approximately 5,000m of line-cutting/gridding and ground magnetic surveys. The foregoing surveys have extended the Paradise Carbonatite southerly towards the recently discovered Roadside Carbonatite and beyond to the southern property border.

Initial surface grab samples of the Roadside Carbonatite have returned results that are consistent with other Tantalum-bearing carbonatites in the area. A single diamond drill hole is scheduled as part of the initial drill program to test the Roadside Carbonatite.

Fir Property:
Tantalum, Niobium, Phosphate
About 10 km south of the Verity Property, the company’s Fir Property encompasses the Fir and Bone Creek carbonatites. Here, about 13.7 km of line-cutting/gridding, and ground magnetic and radiometric surveys have been completed. In addition, soil sampling and prospecting were used to further delineate the surface expression of the Fir Carbonatite.

According to McCrea (2001, p.29), “The Fir Carbonatite, with the highest reported tantalum grades, is up to 75 m thick and near flat-lying. It has been intersected by four drill holes and traced (on surface) along a strike length of about 400 m. Significant prior drill results include:

Hole BC-19 with 8.2 m of 319 g/t Ta2O5, 1400 g/t Nb2O5 and 3.15 % P2O5

The apparently simple mineralogy of the Fir Carbonatite includes ferrocolumbite and pyrochlore in a ratio of approximately 20 : 1 (columbite : pyrochlore), with very low to negligible uranium. Given the foregoing, this carbonatite body has potential for exceptional grades and tonnages.”

A minimum 12 hole diamond drill program on the Fir Property is planned for 4th quarter, 2001.


Posts: 29 | From: Vancouver, BC Canada | Registered: May 2001  |  IP: Logged | Report this post to a Moderator
   

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