Commerce Resources (TSX-V:CCE) confirmed that its Joint Venture (JV) partner on the Carbo Rare Earth Project in British Columbia, Canadian International Minerals (TSX-V:CIN) had kicked off a 1,000 meter diamond drill program.
Canadian International Minerals has an option to earn up to a 75% interest in the project by paying Commerce CAD$30,000 in cash, issuing 1.5 million shares and incurring CAD$198,000 in exploration expenditures over three years. Commerce also retains a 2% Net Smelter Royalty (NYSE:NSR).
The 1000 meter drill campaign will comprise of at least 12 drill holes at up to six drill sites chosen from data collected by a auger soil geochemical sampling program and Aeroquest Radiometric-Mag survey.
The Carbo Property comprises seven claims totaling 2,778 hectares and is located 80 kilometres northeast of Prince George, and is directly adjacent to and contiguous with Spectrum Mining’s Wicheeda rare earth element discovery.
The goal of the drilling program is to identify carbonatite hosted rare earth element and rare metal mineralization.
Commerce Resources primary focus is the development of its Upper Fir Tantalum and Niobium Deposit in British Columbia and the continued exploration of the Eldor Rare Metal Project in northern Quebec.
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