Technical Report: Commerce Resources Corp. (January 2011)
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Technical Report: Commerce Resources Corp. (January 2011)

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AMEC Americas Limited (AMEC) was commissioned by Commerce Resources Corp., to provide a Preliminary Assessment (PA) of Commerce’s wholly-owned Blue River tantalum and niobium Project (the Project)......

AMEC Americas Limited (AMEC) was commissioned by Commerce Resources Corp., to provide a Preliminary Assessment (PA) of Commerce’s wholly-owned Blue River tantalum and niobium Project (the Project) located in the Province of British Columbia. As part of the on-going PA, AMEC completed an
independent Qualified Person’s review and prepared an updated mineral resource estimate. This report documents the updated mineral resource estimate for the
Upper Fir and Bone Creek areas, collectively herein called the Blue River deposit.

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  • 1. Blue River Ta-Nb ProjectNI 43-101 Technical ReportBlue River, British ColumbiaPrepared for:Commerce Resources CorporationPrepared by:Albert Chong, P.GeoTomasz Postolski, P.EngEffective Date: 31 January 2011Project No. 162230
  • 2. CERTIFICATE OF QUALIFIED PERSON Albert Chong, P.Geo. AMEC Americas Limited 111 Dunsmuir Street, Suite 400 Vancouver, B.C. V6B 5W3 Phone: (604) 664-4116 E-mail: albert.chong@amec.comI, Albert Chong, P.Geo., am employed as a Senior Geologist with AMEC Americas Limited.This certificate applies to the Technical Report titled “Blue River Ta-Nb Project, Blue River, B.C., NI43-101 Technical Report” and dated 31 January 2011 (the “Technical Report”)I am a Professional Geoscientist in the Province of British Columbia (P.Geo. #23773). I graduatedfrom McMaster University, Canada with a B.Sc. degree in Geology, and from the University ofTasmania, Australia with a M.Sc. degree in Exploration Geoscience.I have practiced my profession for 25 years since graduation. I have been directly involved in greenfields and brown fields exploration, mining operations, consulting, and resource estimation of basemetal, precious metal and rare metal deposits.As a result of my experience and qualifications, I am a Qualified Person as defined in NationalInstrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101).I visited the Blue River property from July 11 to 16, 2010.I am responsible for Sections 2 to 16, Sections 18, 19, 22, 23, and those portions of the Summary,Interpretation and Conclusions, and Recommendations (Sections 1, 20, and 21) that pertain to thesesections of the Technical Report.I am independent of Commerce Resources Corporation as independence is described by Section1.4 of NI 43–101.I have been involved with the Blue River Ta-Nb Project since January 2010 as part of dataverification, geology and preparation of the Technical Report.I have read NI 43–101 and this report has been prepared in compliance with that Instrument.As of the date of this certificate, to the best of my knowledge, information and belief, the TechnicalReport contains all scientific and technical information that is required to be disclosed to make theTechnical Report not misleading.“Signed and sealed”Albert Chong, P.Geo.Dated: 02 February 2011AMEC Americas Limited111 Dunsmuir Street, Suite 400Vancouver, B.C. V6B 5W3Tel (604) 664-4315Fax (604) 669-9516 www.amec.com
  • 3. CERTIFICATE OF QUALIFIED PERSON Tomasz Postolski, P.Eng. AMEC Americas Limited 111 Dunsmuir Street, Suite 400 Vancouver, B.C. V6B 5W3 Phone: (604) 664-6096 E-mail: tomasz.postolski@amec.comI, Tomasz Postolski, P.Eng., am employed as a Senior Geostatistician with AMEC Americas Limited.This certificate applies to the Technical Report titled “Blue River Ta-Nb Project, Blue River, B.C., NI43-101 Technical Report” dated 31 January 2011 (the “Technical Report”)I am a Professional Engineer in the Province of British Columbia (P.Eng. #34784). I have graduatedfrom The University of Mining and Metallurgy, Krakow, Poland with a Magister Inzynier degree inGeological Engineering, and from the University of British Columbia with a Master of AppliedScience degree also in Geological Engineering. I have completed the Citation Program in AppliedGeostatistics at the Centre for Computational Geostatistics at the University of Alberta.I have 17 years of consulting, mine operations, and academic experience specializing ingeostatistical ore resource estimation and geological evaluation of gold, copper, rare earth metalsand other mineral deposits in Canada and abroad.As a result of my experience and qualifications, I am a Qualified Person as defined in NationalInstrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101).I did not visit the Blue River property.I am responsible for Section 17 and those portions of the Summary, Interpretation and Conclusions,and Recommendations (Sections 1, 20, and 21) that pertain to this section of the Technical Report.I am independent of Commerce Resources Corporation as independence is described by Section1.4 of NI 43–101.I have been involved with the Blue River Ta-Nb Project in February 2010 conducting geostatisticaldrill hole spacing study and again since July 2010 preparing the Mineral Resource estimate and theTechnical Report.I have read NI 43–101 and this report has been prepared in compliance with that Instrument.As of the date of this certificate, to the best of my knowledge, information and belief, the TechnicalReport contains all scientific and technical information that is required to be disclosed to make theTechnical Report not misleading.“Signed and sealed”Tomasz Postolski, P.Eng.Dated: 02 February 2011AMEC Americas Limited111 Dunsmuir Street, Suite 400Vancouver, B.C. V6B 5W3Tel (604) 664-4315Fax (604) 669-9516 www.amec.com
  • 4. IMPORTANT NOTICE This report was prepared as a National Instrument 43-101 Technical Report by AMEC Americas Limited (AMEC). The quality of information, conclusions, and estimates contained herein is consistent with the level of effort involved in AMEC’s services, based on: i) information available at the time of preparation, ii) data supplied by outside sources, and iii) the assumptions, conditions, and qualifications set forth in this report. This report is intended to be used by Commerce Resources Corporation (Commerce), subject to the terms and conditions of its contract with AMEC. That contract permits Commerce to file this Technical Report with Canadian Securities Regulatory Authorities pursuant to provincial securities legislation. Except for the purposes legislated under provincial securities law, any use of this report by any third party is at that party’s sole risk.Prepared by: “Signed and Stamped” Albert Chong, P.Geo “Signed and Stamped” Tomasz Postolski, P.EngReviewed by: “Signed and Stamped” Greg Gosson, Ph.D, P.GeoApproved by: “Signed” Arndt Brettschneider, Manager Geology & Mining
  • 5. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORTCONTENTS1.0 SUMMARY ................................................................................................................................... 1-1 1.1 Principal Findings ............................................................................................................ 1-1 1.2 Project Location and Access ........................................................................................... 1-1 1.3 Mineral Tenure, Surface Rights, and Permits ................................................................. 1-1 1.4 Geology, Deposit Type, and Mineralization..................................................................... 1-2 1.5 History, Exploration, and Drilling ..................................................................................... 1-2 1.6 Sample Preparation and Analysis ................................................................................... 1-2 1.7 Data Verification .............................................................................................................. 1-3 1.8 Processing and Metallurgical Testwork ........................................................................... 1-3 1.9 Market Study ................................................................................................................... 1-3 1.10 Commodity Price ............................................................................................................. 1-4 1.11 Mineral Resource Estimation........................................................................................... 1-4 1.12 Mineral Resource Statement ........................................................................................... 1-4 1.13 Exploration Potential ........................................................................................................ 1-5 1.14 Conclusions ..................................................................................................................... 1-6 1.15 Recommendations ........................................................................................................... 1-72.0 INTRODUCTION .......................................................................................................................... 2-1 2.1 Qualified Persons ............................................................................................................ 2-1 2.2 Site Visit ........................................................................................................................... 2-1 2.3 Effective Dates ................................................................................................................ 2-1 2.4 Sources of Information and Data ..................................................................................... 2-2 2.5 Technical Report Sections and Required Items under NI 43-101 ................................... 2-23.0 RELIANCE ON OTHER EXPERTS .............................................................................................. 3-1 3.1 Mineral Tenure ................................................................................................................ 3-1 3.2 Permitting and Environment ............................................................................................ 3-1 3.3 Market Analysis ............................................................................................................... 3-14.0 PROPERTY DESCRIPTION AND LOCATION ............................................................................ 4-1 4.1 Property Area and Location ............................................................................................. 4-1 4.2 Mineral Tenure ................................................................................................................ 4-1 4.3 Surface Rights ................................................................................................................. 4-1 4.4 Permitting and Environmental Liabilities ......................................................................... 4-4 4.5 Royalties, Payments, and Agreements ........................................................................... 4-4 4.6 Location of Known Mineralization .................................................................................... 4-4 4.7 Comment on Section 4 .................................................................................................... 4-55.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ......................................................................................................................... 5-1 5.1 Accessibility ..................................................................................................................... 5-1 5.2 Climate............................................................................................................................. 5-1 5.3 Local Resources .............................................................................................................. 5-1 5.4 Infrastructure ................................................................................................................... 5-1 5.5 Physiography ................................................................................................................... 5-2 5.6 Comment on Section 5 .................................................................................................... 5-26.0 HISTORY ...................................................................................................................................... 6-1Project No.: 162230 TOC i31 January 2011
  • 6. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT 6.1 Previous Work ................................................................................................................. 6-1 6.2 Commerce Exploration .................................................................................................... 6-2 6.3 Commerce Mineral Resource Estimates ......................................................................... 6-27.0 GEOLOGICAL SETTING ............................................................................................................. 7-1 7.1 Regional Geology ............................................................................................................ 7-1 7.2 Local Geology .................................................................................................................. 7-3 7.3 Blue River Project Geology ............................................................................................. 7-3 7.3.1 Metasedimentary Rocks ..................................................................................... 7-3 7.3.2 Intrusive Rocks ................................................................................................... 7-4 7.3.3 Structural Geology and Metamorphism ............................................................ 7-14 7.3.4 Geochronology ................................................................................................. 7-15 7.4 Fir and Verity Geology ................................................................................................... 7-16 7.4.1 Fir Carbonatite Geology ................................................................................... 7-16 7.4.2 Verity Carbonatite ............................................................................................. 7-16 7.5 Comment on Section 7 .................................................................................................. 7-178.0 DEPOSIT TYPES ......................................................................................................................... 8-1 8.1 Comment on Section 8 .................................................................................................... 8-39.0 MINERALIZATION ....................................................................................................................... 9-1 9.1 Blue River Mineralization ................................................................................................. 9-1 9.1.1 Carbonatite Mineralization .................................................................................. 9-1 9.1.2 Fenite Mineralization .......................................................................................... 9-3 9.2 Fir and Verity Mineralization ............................................................................................ 9-3 9.2.1 Fir Mineralization ................................................................................................ 9-3 9.2.2 Verity Mineralization ........................................................................................... 9-3 9.3 Comment on Section 9 .................................................................................................... 9-410.0 EXPLORATION .......................................................................................................................... 10-1 10.1 Data Compilation ........................................................................................................... 10-1 10.1.1 Historical Data Compilation .............................................................................. 10-1 10.1.2 Current Data Compilation ................................................................................. 10-1 10.2 Grids and Surveys ......................................................................................................... 10-2 10.3 Mapping ......................................................................................................................... 10-2 10.4 Geochemistry (stream sediment, soil, and rock) ........................................................... 10-2 10.4.1 Stream-Sediment Sampling ............................................................................. 10-3 10.4.2 Soil Sampling .................................................................................................... 10-3 10.4.3 Rock Sampling ................................................................................................. 10-5 10.5 Geophysical Surveys ..................................................................................................... 10-5 10.6 Drilling ............................................................................................................................ 10-6 10.7 Bulk Density ................................................................................................................... 10-6 10.8 Exploration Potential ...................................................................................................... 10-6 10.8.1 Blue River Exploration Targets ......................................................................... 10-6 10.8.2 Other Targets ................................................................................................... 10-6 10.9 Other Studies ................................................................................................................. 10-7 10.9.1 Bulk Samples .................................................................................................... 10-7 10.9.2 Academic Research ......................................................................................... 10-7 10.9.3 Environmental Geochemistry ........................................................................... 10-7 10.9.4 Geotechnical ..................................................................................................... 10-8 10.9.5 Tailings Location ............................................................................................... 10-8 10.9.6 Timber Assessment .......................................................................................... 10-9Project No.: 162230 TOC ii31 January 2011
  • 7. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT 10.10 Comment on Section 10 ................................................................................................ 10-911.0 DRILLING ................................................................................................................................... 11-1 11.1 Drill Campaigns ............................................................................................................. 11-1 11.2 Drilling Equipment ......................................................................................................... 11-2 11.3 Core Drilling ................................................................................................................... 11-2 11.3.1 Core Drilling Strategy ....................................................................................... 11-2 11.3.2 Core Sizes ........................................................................................................ 11-3 11.3.3 Collar Surveys .................................................................................................. 11-3 11.3.4 Downhole Surveys ............................................................................................ 11-3 11.3.5 Oriented Drill Core ............................................................................................ 11-3 11.3.6 Core Handling ................................................................................................... 11-3 11.3.7 Core Recovery.................................................................................................. 11-4 11.4 Planned Drill Programs.................................................................................................. 11-4 11.5 Comment on Section 11 ................................................................................................ 11-412.0 SAMPLING METHOD AND APPROACH .................................................................................. 12-1 12.1 Comment on Section 12 ................................................................................................ 12-313.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY ........................................................ 13-1 13.1 Sample Preparation ....................................................................................................... 13-1 13.2 Sample Analysis ............................................................................................................ 13-1 13.3 Quality Control ............................................................................................................... 13-2 13.3.1 Assessment of Accuracy with SRM Control Samples ...................................... 13-2 13.3.2 Assessment of Accuracy with Secondary Lab Pulp Checks ............................ 13-5 13.3.3 Assessment of Precision with Duplicates ......................................................... 13-8 13.3.4 Assessment of Contamination Using Blanks.................................................. 13-15 13.4 Density ......................................................................................................................... 13-16 13.5 Security ........................................................................................................................ 13-18 13.6 Comment on Section 13 .............................................................................................. 13-1814.0 DATA VERIFICATION ................................................................................................................ 14-1 14.1 Database Data Entry Check .......................................................................................... 14-1 14.2 Site Visit ......................................................................................................................... 14-2 14.2.1 Drill Collar Location Check ............................................................................... 14-2 14.2.2 Logging and Sampling Facilities ....................................................................... 14-2 14.2.3 Core Storage .................................................................................................... 14-3 14.2.4 Inspection of Drill Core and Verification of Mineralization ................................ 14-3 14.3 Comment on Section 14 ................................................................................................ 14-415.0 ADJACENT PROPERTIES ........................................................................................................ 15-116.0 MINERAL PROCESSING AND METALLURGICAL TESTING .................................................. 16-1 16.1 Head Samples for Initial Testing ................................................................................... 16-2 16.2 Phase I Testing .............................................................................................................. 16-2 16.3 Phase II Testing ............................................................................................................. 16-5 16.4 Review of Concentrate Treatment Options ................................................................... 16-7 16.5 Accuracy of Assaying .................................................................................................... 16-7 16.6 Comment on Section 16 ................................................................................................ 16-817.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES............................................. 17-1 17.1 Introduction .................................................................................................................... 17-1 17.2 Assay Data and Capping ............................................................................................... 17-1Project No.: 162230 TOC iii31 January 2011
  • 8. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT 17.3 Composites .................................................................................................................... 17-1 17.4 Exploratory Data Analysis ............................................................................................. 17-2 17.5 Contact Analysis ............................................................................................................ 17-4 17.6 Variography ................................................................................................................... 17-4 17.7 Carbonatite Solid Modeling ........................................................................................... 17-5 17.8 Block Model Dimensions ............................................................................................... 17-5 17.9 Assignment of Lithology and Specific Gravity to Blocks ............................................... 17-6 17.10 Block Model Grade Estimate ......................................................................................... 17-6 17.11 Block Model Validation .................................................................................................. 17-7 17.11.1 Visual Validation ............................................................................................... 17-7 17.11.2 Global Grade Bias Check ................................................................................. 17-9 17.11.3 Local Grade Bias Check (Swath Plots) .......................................................... 17-10 17.11.4 Selectivity Check ............................................................................................ 17-11 17.12 Preliminary Results from 2010 Drilling ........................................................................ 17-13 17.13 Mineral Resource Classification .................................................................................. 17-14 17.14 Reasonable Prospects for Economic Extraction ......................................................... 17-16 17.14.1 Market Study .................................................................................................. 17-16 17.14.2 Commodity Price ............................................................................................ 17-17 17.14.3 Physical Assumptions..................................................................................... 17-18 17.14.4 Operational Considerations ............................................................................ 17-18 17.14.5 Economic Assumptions .................................................................................. 17-18 17.14.6 Economic Cut-off ............................................................................................ 17-19 17.15 Mineral Resource Statement ....................................................................................... 17-1918.0 ADDITIONAL REQUIREMENTS FOR TECHNICAL REPORTS ON DEVELOPMENT PROPERTIES AND PRODUCTION PROPERTIES .................................................................. 18-119.0 OTHER RELEVANT INFORMATION ......................................................................................... 19-120.0 INTERPRETATION AND CONCLUSIONS ................................................................................ 20-121.0 RECOMMENDATIONS .............................................................................................................. 21-1 21.1 Comment on Section 20 ................................................................................................ 21-222.0 DATE AND SIGNATURE PAGE ................................................................................................ 22-123.0 REFERENCES ........................................................................................................................... 23-1T ABLE STable 1-1: Blue River Project Estimated Mineral Resources; Effective Date 30 June, 2010, Tomasz Postolski, P. Eng., Qualified Person ..................................................................... 1-5Table 2-1: Site Visit and Sections of Responsibility ............................................................................. 2-1Table 2-2: Form 43-101F1 Prescribed Items in Relation to Report Contents ..................................... 2-3Table 6-1: Blue River Exploration History Summary ........................................................................... 6-1Table 11-1: Drill Campaign Summary .................................................................................................. 11-1Table 11-2: Upper Fir Deposit Trench and Bulk Samples ................................................................... 11-2Table 12-1: Selected Ta and Nb Composite Values in Carbonatite .................................................... 12-2Table 13-1: Primary Analysis Lower Detection Limits ......................................................................... 13-2Table 13-2: Control Samples and Insertion Rates by Year ................................................................. 13-2Table 13-3: “Robert” Standard Reference Material “Best Values” ....................................................... 13-3Project No.: 162230 TOC iv31 January 2011
  • 9. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORTTable 13-4: Pulp Check Bias in Percent .............................................................................................. 13-8Table 13-5 Field Duplicate Precision by Year ................................................................................... 13-10Table 13-6: Specific Gravity Measurements for Blue River Rock Types ........................................... 13-17Table 14-1: AMEC Site Visit Confirmation of Mineralization ................................................................ 14-4Table 15-1: List of Adjacent Property Claims....................................................................................... 15-1Table 16-1: Results from F81............................................................................................................... 16-6Table 16-2: Results of a Sequential Hydrochloric Acid Leach of Flotation “Middling” ......................... 16-7Table 17-1: Capped Assays vs. 2.5m Composites Statistics Inside Carbonatites .............................. 17-1Table 17-2: Composite Statistics in Carbonatite .................................................................................. 17-2Table 17-3: Ta2O5 and Nb2O5 Correlogram Parameter in Carbonatite ................................................ 17-5Table 17-4: Block Model Dimensions .................................................................................................. 17-5Table 17-5: Estimation Parameters for Ta2O5 and Nb2O5 ................................................................... 17-6Table 17-6: Mean Grades for NN, OK and ID3 Models ....................................................................... 17-9Table 17-7: Blue River Project Estimated Mineral Resources; Effective Date 30 June, 2010, Tomasz Postolski, P.Eng, Qualified Person ................................................................... 17-20Table 17-8: Blue River Project Sensitivity of Estimated Mineral Resources to Tantalum Price; Effective Date 30 June, 2010, Tomasz Postolski, P.Eng, Qualified Person .................. 17-21Table 21-1: Recommendations Summary ........................................................................................... 21-1FIGURESFigure 4-1: Location Map ...................................................................................................................... 4-2Figure 4-2: Blue River Mineral Tenure Map .......................................................................................... 4-3Figure 7-1: Tectonic Belts of British Columbia and Carbonatite Occurrences ...................................... 7-2Figure 7-2: Local Geology Map ............................................................................................................. 7-5Figure 7-3: Deposit Area Surface Geology Map ................................................................................... 7-6Figure 7-4: Drill Collar and Vertical Section Locations .......................................................................... 7-9Figure 7-5: Lower Road Longitudinal Section 352800 E .................................................................... 7-10Figure 7-6: Geology Section 5796737 N ............................................................................................. 7-11Figure 7-7: Geology Section 5796425 N ............................................................................................. 7-12Figure 7-8: Folding Indicators (Hole F08-150 121.8 m to 129.8 m) .................................................... 7-13Figure 7-9: Folding Indicators (Hole F08-150: 143.5 m and 147.0 m) ................................................ 7-13Figure 7-10: Folding Indicators (Hole F08-151: 204.0 m to 204.5 m) ................................................... 7-14Figure 9-1: Tantalum and Niobium Rich Mineralogy within Carbonatite ............................................... 9-3Figure 10-1: Soil Geochemistry Map ..................................................................................................... 10-4Figure 13-1: SRM BR-01 Control Chart ................................................................................................ 13-3Figure 13-2: 2008 “Robert” SRM Ta Performance ................................................................................ 13-4Figure 13-3: 2008 “Robert” SRM Nb Performance ............................................................................... 13-4Figure 13-4: 2009 “Robert” SRM Ta Performance ................................................................................ 13-5Figure 13-5: 2005 Pulp Check Sample Ta RMA Plots .......................................................................... 13-6Figure 13-6: 2005 Pulp Check Sample Nb RMA Plots ......................................................................... 13-6Figure 13-7: 2008 Acme Pulp Check Sample Ta RMA Plots ................................................................ 13-7Figure 13-8: 2008 Acme Pulp Check Sample Nb RMA Plots ............................................................... 13-7Figure 13-9: Min-Max Plot – Ta Precision for Field Duplicates Between 2006 and 2009 .................... 13-9Figure 13-10: Min-Max Plot – Nb Precision for Field Duplicates Between 2006 and 2009 .................... 13-9Project No.: 162230 TOC v31 January 2011
  • 10. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORTFigure 13-11: 2008 Pulp Duplicate Failure Min Max Ta Chart .............................................................. 13-11Figure 13-12: 2008 Pulp Duplicate ARD vs. Grade Ta Chart ............................................................... 13-11Figure 13-13: 2008 Pulp Duplicate Failure Min Max Nb Chart ............................................................. 13-12Figure 13-14: 2008 Pulp Duplicate ARD vs. Grade Nb Chart ............................................................... 13-12Figure 13-15: 2008 Pulp Duplicate RMA Ta Chart................................................................................ 13-13Figure 13-16: 2008 Pulp Duplicate RMA Nb Chart ............................................................................... 13-13Figure 13-17: 2009 Pulp Duplicate RMA Ta Chart................................................................................ 13-14Figure 13-18: 2009 Pulp Duplicate ARD vs. Grade Ta Chart ............................................................... 13-14Figure 13-19: 2009 Pulp Duplicate RMA Nb Chart ............................................................................... 13-15Figure 13-20: 2009 Pulp Duplicate ARD vs. Grade Nb Chart ............................................................... 13-15Figure 13-21: Blank Control Chart for Tantalum Analyses ................................................................... 13-16Figure 13-22: Blank Control Chart for Niobium Analyses ..................................................................... 13-16Figure 14-1: Drill Hole Collar Identification ............................................................................................ 14-3Figure 16-1: Sample BS-2F – Gravity Separation (Different Grinds) .................................................... 16-3Figure 16-2: Sample BS-2G – Gravity Separation (Different Grinds) ................................................... 16-3Figure 16-3: Rougher and Cleaners by Centrifugal Gravity Concentration .......................................... 16-4Figure 16-4: Upgrading by Wilfley & Mozley Units ................................................................................ 16-5Figure 17-1: Ta2O5 Histograms and Probability Plot Within Carbonatite .............................................. 17-3Figure 17-2: Nb2O5 Histograms and Probability Plot Within Carbonatite .............................................. 17-4Figure 17-3: Ta2O5 ID3 Model Within Carbonatite – plan 1146.25 ....................................................... 17-7Figure 17-4: Ta2O5 ID3 Model Within Carbonatite – section N5796932.5 ............................................ 17-8Figure 17-5: Nb2O5 ID3 Model Within Carbonatite – plan 1146.25 ....................................................... 17-8Figure 17-6: Nb2O5 ID3 Model Within Carbonatite – section N5796932.5 ........................................... 17-9Figure 17-7: Swath Plot for Ta2O5 ID3 Model ...................................................................................... 17-10Figure 17-8: Swath Plot for Nb2O5 ID3 Model ..................................................................................... 17-11Figure 17-9: Herco Grade – Tonnage Curves for Ta2O5 ID3 Model ................................................... 17-12Figure 17-10: Herco Grade – Tonnage Curves for Nb2O5 ID3 Model ................................................... 17-13Figure 17-11: Lithology in 2010 Drill Holes vs. Current Solids – Section N5796902.5 ......................... 17-14Figure 17-12: Resource Classification - Plan 1,161.25 ......................................................................... 17-15Figure 17-13: Resource Classification – Section N 5,796,882.5 .......................................................... 17-16APPENDICESAppendix A: List of ClaimsProject No.: 162230 TOC vi31 January 2011
  • 11. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORTU NI TS OF M E AS URECentimetre ...................................................................................................... cm 3Cubic centimetre ............................................................................................. cm 3Cubic metre .................................................................................................... m 3Cubic yard ....................................................................................................... ydDegree ............................................................................................................ °Degrees Celsius ............................................................................................. °CDry metric ton ................................................................................................. dmtGram ............................................................................................................... gGrams per litre ................................................................................................ g/LGrams per tonne ............................................................................................. g/tGreater than.................................................................................................... > 2Hectare (10,000 m ) ....................................................................................... haKilo (thousand)................................................................................................ kKilogram .......................................................................................................... kgKilometre......................................................................................................... kmLess than ........................................................................................................ <Litre ................................................................................................................. LMetre ............................................................................................................... mMetres per second .......................................................................................... m/sMetric ton (tonne)............................................................................................ tMicrometre (micron)........................................................................................ µmMilligram ......................................................................................................... mgMilligrams per litre........................................................................................... mg/LMillilitre ............................................................................................................ mLMillimetre ........................................................................................................ mmMillion .............................................................................................................. MMillion tonnes .................................................................................................. MtMinute (plane angle) ....................................................................................... Minute (time) ................................................................................................... minMonth .............................................................................................................. moNiobium ........................................................................................................... NbOunce ............................................................................................................. ozParts per billion ............................................................................................... ppbParts per million .............................................................................................. ppmPercent ........................................................................................................... %Pound(s) ......................................................................................................... lbSecond (plane angle) ..................................................................................... "Second (time) ................................................................................................. sShort ton (2,000 lb) ......................................................................................... stShort ton (US) ................................................................................................. tShort tons per day (US) .................................................................................. tpdShort tons per hour (US) ................................................................................ tphShort tons per year (US) ................................................................................. tpySpecific gravity................................................................................................ SG 2Square centimetre .......................................................................................... cm 2Square foot ..................................................................................................... ft 2Square inch..................................................................................................... inProject No.: 162230 TOC vii31 January 2011
  • 12. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT 2Square kilometre............................................................................................. km 2Square metre .................................................................................................. mTantalum ......................................................................................................... TaThousand tonnes ............................................................................................ ktTonne (1,000 kg) ............................................................................................ tTonnes per day ............................................................................................... t/dTonnes per hour ............................................................................................. t/hTonnes per year.............................................................................................. t/aWeek ............................................................................................................... wkYard ................................................................................................................ ydYear (annum) .................................................................................................. aYear (US) ........................................................................................................ yrC ONV E RSI ON F AC TOR S1 ppm Ta = 1.2211 ppm Ta2O51 ppm Nb = 1.4305 ppm Nb2O5One tonne is the equivalent of 2,204.6 lbs.Dollars are expressed in United States currency (USD).Universal Transverse Mercator (UTM) coordinates are provided in the NAD83 datum of Canada, Zone 11.Project No.: 162230 TOC viii31 January 2011
  • 13. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT1.0 SUMMARY AMEC Americas Limited (AMEC) was commissioned by Commerce Resources Corporation (Commerce), to provide a Preliminary Assessment (PA) of Commerce’s wholly-owned Blue River tantalum and niobium Project (the Project) located in the Province of British Columbia. As part of the on-going PA, AMEC completed an independent Qualified Person’s review and prepared an updated mineral resource estimate. This report (Report) documents the updated mineral resource estimate for the Upper Fir and Bone Creek areas, collectively herein called the Blue River deposit.1.1 Principal Findings Total Indicated Mineral Resources are 36.35 million tonnes grading 195 ppm Ta2O5 and 1,700 ppm Nb2O5 Total Inferred Mineral Resources are 6.40 million tonnes grading 199 ppm Ta2O5 and 1,890 ppm Nb2O5 For the purpose of assessing reasonable prospects for economic extraction the following assumptions were made: ○ Underground room and pillar mining methods would be used ○ Metallurgical recovery of 65.4% and 68.2% for Ta2O5 and Nb2O5 respectively ○ $32.00/tonne mining and backfilling cost ○ $17.00/tonne processing and refining cost ○ $2.70/tonne General and Administration ○ $317/kg price of tantalum ○ $46/kg price of niobium1.2 Project Location and Access The Project is located near the community of Blue River, British Columbia, approximately 250 km north of the city of Kamloops and approximately 90 km south of the town of Valemount on Highway 5. Services for mining operations are available at Prince George, Kamloops, and Vancouver, British Columbia, or Edmonton, Alberta.1.3 Mineral Tenure, Surface Rights, and Permits The Project comprises 2-post, 4-post, and mineral cell claims encompassing just over 1,000 km2 of mineral rights within the Kamloops Mining Division. Surface rights are currently defined by the Mineral Tenure Act of British Columbia and allow claim holders to enter and occupy the surface of a claim or lease for the purposes of mineral exploration,Project No.: 162230 Page 1-131 January 2011
  • 14. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT development, or production. All work is controlled through an established permitting process. Commerce holds appropriate exploration permits and reclamation bonds.1.4 Geology, Deposit Type, and Mineralization Carbonatites represent a diverse carbonate-rich, igneous rock type commonly designated as magmatic segregation deposits. They result from the intrusion, cooling, and crystallization of a primary (magmatic) Ca-Fe-Mg rich carbonate melt, often with some late stage hydrothermal activity that can alter their host rocks. Almost all the known carbonatite occurrences are either intrusive or subvolcanic intrusive rocks. They are comprised of significant and variable amounts of calcite, dolomite, or siderite of igneous origin. Carbonatites can contain economic or anomalous concentrations of incompatible elements such as rare earth elements, niobium-tantalum, zirconium-hafnium, iron-titanium- vanadium, uranium-thorium and industrial minerals such as apatite, vermiculite, magnetite, and barite. The Blue River deposit is hosted within a carbonatite sill swarm with an average thickness of 30 m and a strike length of 1,000 m. The carbonatite is part of Late Proterozoic supracrustal rocks which lie on the north-eastern margin of the Shuswap Metamorphic Complex within the Omineca terrane. Mineralization comprises niobium and tantalum bearing minerals that have crystallized in carbonatite by primary magmatic concentration and in fenite formed by metasomatic alteration of the host metasedimentary rocks. Primary economic minerals are ferrocolumbite and pyrochlore.1.5 History, Exploration, and Drilling The Blue River area has been the subject of intermittent exploration since the discovery of vermiculite bearing carbonatite rock in 1949. Commerce acquired the property in 2000 and initiated exploration for new carbonatite deposits which culminated in the discovery and delineation of the Upper Fir and Bone Creek carbonatites. Diamond drilling is the most extensively used exploration tool at Blue River. There are a total of 215 drill holes within the Upper Fir, Bone Creek and Fir (Lower) carbonatites comprising 41,115 m of HQ and NQ diameter drill holes.1.6 Sample Preparation and Analysis Sampling was on average 1 m length half core, logged and sawn at a facility in the community of Blue River. Samples were shipped to Acme Analytical Laboratories or PRA/Inspectorate Laboratories for preparation. Analyses were completed at Acme Analytical Laboratories. Between 2005 and 2008, Ta and Nb were analysed by ICP-MS following a lithium metaborate / tetraborate fusion and nitric acid digestion. Analysis in 2009 was by X-Ray fluorescence methods following a lithium metaborate fusion.Project No.: 162230 Page 1-231 January 2011
  • 15. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT1.7 Data Verification Commerce implemented an industry-acceptable quality control program to manage logging, sampling, and analysis. Check samples for initial sample batches identified discrepancies. In 2008 Commerce prepared matrix-matched standard reference material control samples to monitor accuracy and initiated insertion of intra-lab pulp duplicates in addition to secondary pulp check control samples. Primary lab precision and accuracy has been poor but no significant biases are apparent for the bulk of results. AMEC completed a database verification check and concludes the collar coordinates, down-hole surveys, lithologies, and assay databases are sufficiently free of error and that the data are suitable to support mineral resource estimation.1.8 Processing and Metallurgical Testwork A mineral processing method using a standard grind-flotation procedure to make a concentrate of ferrocolumbite-pyrochlore is assumed for Blue River material. Metallurgical testing indicates a mineral concentrate assaying about 30% combined Nb-Ta pentoxide within the recovery range of 65% to 70% is possible. The proposed process is similar to that being used commercially at Iamgold’s Niobec Mine in Quebec. This concentrate would be further processed to produce marketable separate Ta and Nb products. The proposed processes are mature, are already used industrially, and consist of reducing the concentrate to metals as either carbide or ferroalloys in a standard aluminothermic, or carbothermic, or silicothermic furnace followed by chlorinating the alloys and distilling the product to separate high purity metal chlorides, TaCl5 and NbCl5. Recoveries from concentrate to pure chlorides are expected to be 97%. Both Ta and Nb chloride products are then readily converted and marketed as high purity oxides Ta2O5 and Nb2O5 respectively. These results are suitable to support the mineral resource classification of the deposit.1.9 Market Study Commerce has prepared assessments of the tantalum and niobium markets which outline their supply and demand. The tantalum assessment was prepared by a tantalum market expert. Although not independent of Commerce, his analysis reflects the general consensus of other analysts regarding the tantalum market expressed in publicly available information. The niobium market assessment was prepared by an independent niobium expert and reflects the publicly available general consensus of analysts for the niobium market. As the Project is still at an early evaluation stage, Commerce has not initiated requests for expression of interests in the proposed Blue River products and has not negotiated any purchase or off-take agreements.Project No.: 162230 Page 1-331 January 2011
  • 16. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT1.10 Commodity Price The proposed mineral process route by Commerce refines the Blue River concentrate to high purity oxides Ta2O5 and Nb2O5. For tantalum price, tantalum metal scrap was used as a reasonable proxy for price of high purity Ta2O5. For niobium, high purity Nb2O5 is marketed as such and also traded as Nb metal, or ferroalloy. Cut-off grade assumptions of US$317/kg tantalum and US$46/kg niobium, sold as high purity Ta2O5 and Nb2O5 are used to constrain the Mineral Resources. These prices are slightly higher than market information (beginning of Q4 2010) of US$280/kg of tantalum metal and US$44/kg of Nb metal. AMEC considers the slightly higher price assumption is appropriate and is consistent with industry practices of using more optimistic assumptions regarding inputs for resource estimation than what would be used for estimating mineral reserves. The base case price for tantalum metal scrap is reasonable for constraining Mineral Resources based on recent market conditions, but it should be noted it is significantly higher than historical prices. There is a risk that using current price assumptions may not reflect the long term price of Ta and Nb, particularly in the present volatile market conditions.1.11 Mineral Resource Estimation Ta2O5 and Nb2O5 were estimated using an inverse distance to the power of 3 method for the carbonatite domains. Capped drill core assays were composited down the hole to a fixed length of 2.5 m honouring geology boundaries. A four pass interpolation approach was used with each successive pass having greater search distances. A hard boundary was used, meaning that composites from outside the carbonatite were ignored in the interpolation process. The model was validated by comparing composites to block grades on screen, declustered global statistics checks, local bias checks using swath plots, and finally model selectivity checks. Eighty per cent of the carbonatite blocks are classified as Indicated. Fourteen per cent of the carbonatite blocks are classified as Inferred, and six per cent of the block model in carbonatite is unclassified.1.12 Mineral Resource Statement The Mineral Resources were classified in accordance with the 2005 Canadian Institute of Mining, Metallurgy, and Petroleum (CIM) Definition Standards for Mineral Resources andProject No.: 162230 Page 1-431 January 2011
  • 17. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Mineral Reserves, incorporated by reference into NI 43-101. Table 1-1 shows the estimated Mineral Resources for the Project. Table 1-1: Blue River Project Estimated Mineral Resources; Effective Date 30 June, 2010, Tomasz Postolski, P. Eng., Qualified Person Ta Price Confidence Mass Ta2O5 Nb2O5 Ta2O5 Nb2O5 [US$/kg] Category [tonnes] [ppm] [ppm] [1000s of kg] [1000s of kg] 317 Indicated 36,350,000 195 1,700 7,090 61,650 Inferred 6,400,000 199 1,890 1,300 12,100 Notes: 1. Assumptions include US$317/kg Ta, US$46/kg Nb, 65.4% Ta2O5 recovery, 68.2% Nb2O5 recovery, US$32/tonne mining cost, US$17/tonne process and refining cost. Mining losses = 0% and dilution = 0%. 2. Mineral resources are amenable to underground mining methods and have been constrained using a “Stope Analyzer”. 3. An economic cut-off was based on the Ta and Nb values per block which is variable based on the location of blocks used in the mineral resource estimate. A block unit value cut-off ranged from $52 to $59. 4. Discrepancies in contained oxide values are due to rounding. 5. In situ contained oxide reported. The Mineral Resource estimate is supported by base case price assumptions for Ta and Nb which are significantly higher than historic average prices. A review of publicly available market analysts’ opinions shows a general agreement that current political and market conditions support the probability of sustained higher prices. Underground mining methods are envisioned (room and pillar or variants), and the mining recovery may vary from 65 to 85% depending on the success in which pillars can be mined on retreat and/or fill is utilized.1.13 Exploration Potential The Upper Fir carbonatite has exploration potential northward of known deposit extents based on soil sample results. Additional resource definition drilling is warranted. The Bone Creek and Fir carbonatite has exploration potential along, and across strike based on soil sample anomalies. Additional in-fill soil sampling is warranted prior to diamond drilling. The soil sample geochemistry program highlights the need for additional soil sampling at the Mt. Cheadle area. Soil sampling and prospecting at the RD occurrence near Mud Lake, and the Roadside occurrence near Paradise, support follow-up work in the form of soil sampling, geological reconnaissance mapping and prospecting.Project No.: 162230 Page 1-531 January 2011
  • 18. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT1.14 Conclusions Commerce and its contractor Dahrouge have executed a professional work program that has resulted in the delineation of a tantalum and niobium resource. The Blue River Mineral Resources have the following characteristics: The mineralization is hosted by a poly-folded carbonatite sill swarm averaging 30 m thick and 1,100 m long Close-spaced drilling has confirmed local continuity of the carbonatite Tantalum and niobium occur in ferrocolumbite and pyrochlore minerals and are amenable to conventional flotation and refining processes with estimated recoveries of 65% to 70% The mineral resource estimate is based on information of reasonable quality Flat to moderate dips of the deposit allow large-scale room-and pillar mining. The risk factors are: The base case mineral resource estimate is supported by current Ta and Nb prices which are significantly higher than historic average prices and may not reflect long term prices. Market analysts are in general agreement that current political and market conditions support the probability of sustained higher prices, but this may not occur. The proposed refining methods have been used in commercial applications but have not been demonstrated in test work of Blue River material. Mining recovery is assumed at 70% but could be lower and dilution increased in areas with moderate dips greater than 10°. An extensional faulting event has potential for displacements of greater than 10 m in the carbonatite. Such offsets would likely impact deposit geometry and future mine designs. Uranium and thorium are present in the resource and waste rocks. Any radon produced in the mine and process plant is likely manageable with ventilation, dust control, and monitoring. Expected capex and opex costs will not be significantly increased as a result of these safety measures. Exploration programs completed on the Blue River Project have met their objective of identifying tantalum and niobium mineralization that has reasonable prospects of economic extraction.Project No.: 162230 Page 1-631 January 2011
  • 19. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT1.15 Recommendations AMEC recommends a work program for an estimated total cost of $4.35 M in Canadian currency. The recommendations are based on the stated Mineral Resource estimate and the assumed commodity price assumptions. The program involves completing the on-going Preliminary Assessment and updating the mineral resource block model with 2010 drilling data and interpretations. Looking forward, a program is recommended based on field work and supporting studies to prepare for more advanced studies. The field based component of the recommendations includes 8,250 m of HQ diameter diamond drilling, a staged re-assay program, metallurgical testwork, soil geochemistry surveys, analyses, geo-metallurgy studies, structural geology studies, marketing studies, core farm security improvements, manpower and field support costs. A Mineral Resource update is recommended upon completion of the recommended field program.Project No.: 162230 Page 1-731 January 2011
  • 20. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT2.0 INTRODUCTION Commerce Resources Corporation (Commerce) commissioned AMEC Americas Limited (AMEC) to provide an independent Qualified Person’s review and NI 43-101 Technical Report (Report) for the Blue River tantalum-niobium Project (the Project). The Report was prepared to support a Mineral Resource estimate on the Upper Fir and Bone Creek deposits of the Project.2.1 Qualified Persons The following professionals served as the Qualified Persons (QPs) responsible for the preparation of the Report as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, and in compliance with Form 43-101F1: Mr. Albert Chong, P.Geo., Senior Geologist (AMEC, Vancouver) Mr. Tomasz Postolski, P.Eng, Senior Geostatistician (AMEC, Vancouver) The QPs have been assisted in the preparation of this report by Mr. Greg Kulla, P.Geo. (data verification), Mr. Tony Lipiec, P.Eng. (process and metallurgy), Mr. Ramon Mendoza, P.Eng., (reasonable prospects for economic extraction), and Mr. Graham Wood, M.Sc., M.B.A. (commodity pricing).2.2 Site Visit Mr. Chong completed a data verification site visit to the Project during July 11 to 16, 2010. Outcrops, surface geology, drill hole collars, diamond drilling, logging, and sampling protocols were inspected. Independent quarter-core samples were collected to verify presence of the tantalum and niobium mineralization. Mr. Ramon Mendoza, P.Eng. assisted Mr. Chong during the site visit regarding sites amenable for locating potential infrastructure. Sections of responsibility are summarized in Table 2-1. Table 2-1: Site Visit and Sections of Responsibility Qualified Person Site Visit Sections of Responsibility Albert Chong, P.Geo. July 11 to 16, 2010 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 18, 19, 20, 21, 22, 23 Tomasz Postolski, P.Eng. No visit 1, 17, 20, 212.3 Effective Dates The effective date of the Report is 31 January 2011, which represents the date of the most recent scientific or technical information included in the Report.Project No.: 162230 Page 2-131 January 2011
  • 21. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT The effective date of the Mineral Resource estimate is 30 June 2010, which represents the date at which the drill hole database was closed. Commerce initiated a drill program 1 July 2010. These holes were not used in preparing the Mineral Resource estimate. AMEC inspected the lithology logged for these holes but complete assay data for these holes was not available as of the effective date of this report. There were no material changes to the scientific and technical information of the Project between the effective date of the Report and the signature date of the Report.2.4 Sources of Information and Data AMEC sourced information from reference documents as cited in the text and summarized in Section 22 of this Report. Two technical reports were previously filed on the Project by Commerce: Gorham. J. (2007). Technical Report on the Upper Fir Ta-Nb Bearing Carbonatite 20-June- 2007, 48 p. plus appendices. Stone, M., and Selway, J., 2010. Independent Technical Report, Blue River Property, Blue River, British Columbia, Canada. 116 p. A portion of the background information and technical data for this Report was obtained from the above reports. Additional information was requested from, and provided by Commerce.2.5 Technical Report Sections and Required Items under NI 43-101 Table 2-2 relates the sections as shown in the contents page of this Report to the Prescribed Items in Form 43-101F1.Project No.: 162230 Page 2-231 January 2011
  • 22. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Table 2-2: Form 43-101F1 Prescribed Items in Relation to Report Contents NI 43-101 Report Item Section Number NI 43-101 Heading Number Report Section Heading Item 1 Title Page Cover page of Report Item 2 Table of Contents Table of contents Item 3 Summary Section 1 Summary Item 4 Introduction Section 2 Introduction Item 5 Reliance on Other Experts Section 3 Reliance on Other Experts Item 6 Property Description and Location Section 4 Property Description and Location Item 7 Accessibility, Climate, Local Section 5 Accessibility, Climate, Local Resources, Resources, Infrastructure and Infrastructure and Physiography Physiography Item 8 History Section 6 History Item 9 Geological Setting Section 7 Geological Setting Item 10 Deposit Types Section 8 Deposit Types Item 11 Mineralization Section 9 Mineralization Item 12 Exploration Section 10 Exploration Item 13 Drilling Section 11 Drilling Item 14 Sampling Method and Approach Section 12 Sampling Method and Approach Item 15 Sample Preparation, Analyses and Section 13 Sample Preparation, Analyses and Security Security Item 16 Data Verification Section 14 Data Verification Item 17 Adjacent Properties Section 15 Adjacent Properties Item 18 Mineral Processing and Metallurgical Section 16 Mineral Processing and Metallurgical Testing Testing Item 19 Mineral Resource and Mineral Section 17 Mineral Resource and Mineral Reserve Reserve Estimates Estimates Item 20 Other Relevant Data and Information Section 19 Other Relevant Data and Information Item 21 Interpretation and Conclusions Section 20 Interpretation and Conclusions Item 22 Recommendations Section 21 Recommendations Item 23 References Section 23 References Item 24 Date and Signature Page Section 22 Date and Signature Page Item 25 Additional Requirements for Section 18 Additional Requirements for Technical Technical Reports on Development Reports on Development Properties and Properties and Production Properties Production Properties Item 26 Illustrations Illustrations are incorporated in Report under appropriate section number,Project No.: 162230 Page 2-331 January 2011
  • 23. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT3.0 RELIANCE ON OTHER EXPERTS3.1 Mineral Tenure The AMEC QPs have not reviewed the mineral tenure, nor independently verified the legal status, ownership of the Project area or underlying property agreements. AMEC has fully relied upon, and disclaims responsibility for, information derived from legal experts for this information through the following document: Letter from Clark Wilson LLP titled Commerce Resources Corp. – Mineral Claim Title Opinion to Mr. Greg Kulla, dated October 29, 2010 Information from this letter and memos has been used in Section 4 of this Report.3.2 Permitting and Environment The AMEC QPs have not reviewed the permitting requirements, nor independently verified the permitting status of the Project area. AMEC has fully relied upon, and disclaims responsibility for information derived from experts for this information through the following document: Letter from Sage Resource Consultants Ltd. titled Commerce Resources Corp. Upper Fir Deposit Preliminary Economic Assessment – Independent Professional Opinion on Environmental Permitting and Liability Issues to Mr. Greg Kulla and dated September 29, 2010. Information from this letter and memos has been used in Section 4 of this Report.3.3 Market Analysis The AMEC QPs have relied on tantalum and niobium market analyses derived from experts for this information through the following documents: Confidential memo from Dr. Axel Hoppe titled “Ap#6 Introduction to Tantalum Markets_Finalpdf_2June09.pdf” received 18 October 2010 Confidential memo from Michel Robert titled “Niobium_v3jh.doc” received 18 October 2010 Confidential memo from Michel Robert titled “Niobium_v3jh.doc” received 19 October 2010 Dr. Hoppe is an internationally acknowledged leader in the tantalum field and is Chairman of the Board of Directors for Commerce Resources.Project No.: 162230 Page 3-131 January 2011
  • 24. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Mr. Robert has extensive experience in niobium markets and is independent of the company. Information from these memos has been used in Section 17 of this Report.Project No.: 162230 Page 3-231 January 2011
  • 25. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT4.0 PROPERTY DESCRIPTION AND LOCATION4.1 Property Area and Location The Project is located within the North Thompson River valley of east-central British Columbia 25 to 60 km north and northeast of the community Blue River, British Columbia (Figure 4-1). The NTS sheets which cover the Project are: 83D.004-.006; 83D.014-.016; 83D.024-.027; 83D.034-.037; 83D.045-.047. The Project is centered at approximately 52° 19 N latitude and 119° 10 W longitude.4.2 Mineral Tenure The Project comprises 249 2-post claim, 4-post claim, and mineral cell title submission (MCX) mineral claims in good standing that encompass just over 1,000 km2 (105,373.23 ha) within the Kamloops Mining Division. These claims are wholly owned by Commerce. The claim boundaries are shown in Figure 4-2 and a table listing claim details is included in Appendix A. The Project’s 2011 annual work assessment cost is $ 834,607. An additional $ 42,149 is required for filing fees. Property boundaries are established in accordance with the Mineral Tenure Act of British Columbia. Commerce has staked the claims by a combination of ground and on-line staking. McElhanney Associates Land Surveying Limited of Vancouver B.C. has installed differential GPS control points. Two-post and 4-post claims were established through a legacy system of ground staking which involved physically establishing claim posts on the ground. MCX claims are established using the Government of British Columbia’s Mineral Titles Online (MTO) staking system. MTO is an Internet-based mineral titles administration system that allows mineral exploration industry to acquire and maintain mineral titles by selecting the area on a seamless digital GIS map of British Columbia. The electronic Internet map allows selection of single or multiple adjoining grid cells. Cells range in size from approximately 21 hectares (457 m x 463 m) in the south to approximately 16 hectares at the north of the province. All boundaries are oriented north-south and east-west4.3 Surface Rights The Mineral Tenure Act of British Columbia provides for a recorded claim holder to use, enter and occupy the surface of a claim or lease for the exploration and development or production of minerals or placer minerals, including the treatment of ore and concentrates, and all operations related to the exploration and development or production of minerals or placer minerals and the business of mining. Access to surface rights held by third parties typically requires compensation. No mining activity may be initiated until the recorded claim holder receives the permit under section 10 of the Mines Act.Project No.: 162230 Page 4-131 January 2011
  • 26. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Two of Commerce’s mineral claims (530510 and 530511) along the North Thompson River overlap surface rights owned by other parties. The overlapped area may require negotiations in the future for land use purposes. AMEC is not aware of any known material issues regarding access and land use for the claims. Figure 4-1: Location Map Note: Figure courtesy of Dahrouge Consulting Ltd (Dahrouge). Grid is in metres for UTM NAD83 Zone 11.Project No.: 162230 Page 4-231 January 2011
  • 27. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 4-2: Blue River Mineral Tenure Map Note: Figure courtesy of Dahrouge. Grid is in metres for UTM NAD83 Zone 11.Project No.: 162230 Page 4-331 January 2011
  • 28. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT4.4 Permitting and Environmental Liabilities There are no known environmental or permitting issues particular or unique to the Upper Fir and Bone Creek deposits. Commerce currently holds a multi-year Mineral and Coal Exploration Activities and Reclamation Permit, permit number MX-15-138, which was issued by the British Columbia Ministry of Energy Mines and Petroleum Resources under the Mines Act in September 2001 and most recently amended in June 2010. This permit grants permission for Commerce to continue carrying out exploration activities that will support the ongoing economic evaluation of the Upper Fir and Bone Creek deposit. The permit is valid until 31 December 2012 after which time an application to amend the permit will need to be prepared and submitted, if required. There are no foreseeable reasons that additional permit amendments would not be approved by the British Columbia Ministry of Energy Mines and Petroleum Resources for continued exploration activities. Associated with permit MX-15-138 is a reclamation security bond in the amount of $83,000. This bond is currently posted as Safekeeping Agreements held by both BMO and the B.C. Ministry of Finance. Commerce’s current reclamation practice is to reclaim areas disturbed during mineral exploration on an ongoing basis as they become available, thereby limiting their environmental liability.4.5 Royalties, Payments, and Agreements There are no known royalties, back-in rights, agreements, or encumbrances attributed to the claims.4.6 Location of Known Mineralization Locations of known tantalum-niobium enriched carbonatite mineralization are noted in Figure 4-1. Two main clusters of carbonatite occurrences are known at the Project. The first cluster hosts the Fir, Upper Fir and Bone Creek deposits and is located between Bone and Gum Creeks. The second cluster hosts the Verity, Mill, Serpentine, plus Roadside deposits and is located approximately 7 km further north and occurs between Serpentine and Mill Creeks.Project No.: 162230 Page 4-431 January 2011
  • 29. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT4.7 Comment on Section 4 AMEC concludes: Commerce owns 100% of the property mineral rights. Commerce has paid annual claim-holding fees for the property. Commerce holds a valid mineral exploration permit for the property. The property is not subject to any known environmental liabilities. The property is not subject to any royalties, back-in rights, agreements, or encumbrances.Project No.: 162230 Page 4-531 January 2011
  • 30. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY5.1 Accessibility The Project is located 23 km north of the community Blue River, British Columbia, approximately 250 km north of the city Kamloops and approximately 90 km south of the town of Valemount. The property is accessed from B.C. Highway 5 (Yellowhead Highway) via a 4 km well groomed gravel road. The Upper Fir and Bone Creek deposits can be reached from the Bone and Gum Creek forestry service road which branches from Highway 5 approximately 23 km north of Blue River. The east side of the property can be reached by forest service roads along the west side of Kinbasket Lake and up Howard Creek. Logging roads on Serpentine, Bone, Hellroar and Mud Creeks allow four-wheel drive and quad bike access to most of the property. Access to remaining portions of the property is by helicopter.5.2 Climate In July, the average daily temperature is 16.4°C and the average rainfall accumulation is 97.5 mm for Blue River (Environment Canada Climate Normals 1971-2000 web site: http://climate.weatheroffice.gc.ca/climate_normals/index_e.html). In January, the average daily temperature is -9°C and the average snowfall accumulation is 109 cm for Blue River. The average snow depth is 83 cm in February. Local rainfall and snowfall accumulations on parts of the property may be much higher due to elevation and orographic effects. Drilling is feasible from mid May through early to mid October. Snowfall can exceed 10 m making winter drilling very expensive and difficult, but not impossible.5.3 Local Resources The city of Kamloops currently supports mining operations at the New Afton and Highland Valley mines, and mineral exploration for the surrounding area. Services for mining operations are reasonably available at Prince George, Vancouver or Edmonton.5.4 Infrastructure Power transmission lines, rail, paved, and gravel roads are all adjacent to the Project near the Yellowhead Highway. The Yellowhead Highway runs sub-parallel to the North Thompson River. The community of Blue River has a municipal airport for light aircraft and helicopter support.Project No.: 162230 Page 5-131 January 2011
  • 31. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT The main line of the Canadian National Railway passes through the western part of the property. Sidings currently exist at Lempriere (16.5 km north) and Blue River (23.7 km south of the Upper Fir deposit). The flat area immediately north of Bone Creek may be suitable for a siding and is 4.9 km from the Upper Fir deposit. The BC Hydro 136,000 volt supply line for the North Thompson valley also passes through the west side of the property adjacent to the rail line. An 18 megawatt Bone Creek run-of- river hydroelectricity project is under construction near the Project by Transalta Corp.5.5 Physiography The Project topography ranges from 700 m to 3,100 m elevation above sea level and is located largely along the steep, west-facing slopes of the Monashee Mountains, to the east of the North Thompson River. The highest peak, Mt. Lempriere, is 3,183 m. Ice fields, glaciers and nevé dominate the higher elevations on the property. Significant major tributaries feeding into the North Thompson River in the area include Serpentine Creek, Pyramid Creek, Gum Creek, Bone Creek, Hellroar Creek and Mud Creek. Mountain slopes are typically covered by thick undergrowth consisting of grasses, buck brush, devil’s club, and shrubs of willow, alder, rhododendron, huckleberry, currants, gooseberry, thimbleberry, and raspberry. White spruce is common in replanted logging areas. Former trails and flat wet areas are typically overgrown by dense alder and willow. Areas not subjected to recent logging are covered by dense stands of hemlock, cedar, fir and white pine. Within the area, the tree line is at approximately 2,000 m elevation. Except for the Paradise Lake, Felix, Howard Creek and Gum Creek localities, all other carbonatites are below the tree line, and outcrop exposure is generally poor.5.6 Comment on Section 5 AMEC concludes: There is sufficient area within the defined Project to accommodate mining-related infrastructure such as a plant, mine, or waste rock facilities. The physiography and climate are reasonable to enable future mining. There is sufficient potential availability of manpower, power, water, communications facilities, and infrastructure for transportation of supplies to support any future mine. Area within the Project amenable for potential wet tailings facilities is limited. This is a minor to moderate logistical risk for the Project which may be mitigated through other options such as dry stacked tailings, underground disposal, or facilities external to the existing Property boundary.Project No.: 162230 Page 5-231 January 2011
  • 32. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT6.0 HISTORY The following has been taken largely from Stone and Selway (2010), Aaquist (1981a,b,c), McCrea (2001, 2002), Dahrouge (2001a, 2001b), Dahrouge and Reeder (2001, 2002), Smith and Dahrouge (2002a, 2003), Davis (2006), Rukhlov and Gorham (2007), Gorham (2008), and Mariano (1982).6.1 Previous Work The Blue River area has been the subject of intermittent exploration since the discovery of vermiculite bearing carbonatite rock in 1949. A summary of exploration activities on the Project is described below and summarized in Table 6-1. Table 6-1: Blue River Exploration History Summary Year Company Exploration Staking and prospecting; Discovered vermiculite-bearing Oliver E. carbonatite near Blue River, discovered uranpyrochlore in 1949-1951 French dolomitic carbonatite Optioned property, geologic mapping, prospecting, 1952-1955 St. Eugene stripping, trenching, and sampling Staking, reconnaissance surface mapping in the area south 1967-1968 Vestor of Paradise Lake 1976 J. Kruszewski Re-staked the area as the Verity and AR claims J. Kruszewski / Magnetometer and scintillometer surveys, trenching and 1977-1978 E. Meyers sampling Optioned property, discovery of Fir and Bone Creek 1980 AMC carbonatites 3,954.2 m of NQ diamond drilling at Verity, Mill, Fir and 1980-1982 AMC Bone Creek Government survey discovered two new carbonatite 1989 Diegel et al. localities near Serpentine Creek and Gum Creek Surface mapping, trenching, soil sampling, geophysics, 2000-Present Commerce diamond drilling, metallurgical testing, bulk sampling Abbreviations: St. Eugene = St. Eugene Mining Corporation Ltd.; Vestor = Vestor Exploration Ltd; AMC = Anschutz (Canada) Mining Ltd.; Commerce = Commerce Resources Corp. Mr. Oliver E. French first discovered vermiculite-bearing carbonate rock near Blue River in 1949, leading to the staking of several claims in 1950 over what became known as the Verity carbonatite. Zonalite Corporation conducted the first examination of the property but did not prove economic potential for vermiculite. In 1951 French discovered uranpyrochlore in dolomitic carbonatite. Having optioned the property, St. Eugene MiningProject No.: 162230 Page 6-131 January 2011
  • 33. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Corporation Ltd. conducted geologic mapping, prospecting, stripping, trenching, and sampling between 1952 and 1955. In 1976, J. Kruszewski re-staked the area as the AR 1 to 3 claims, and optioned the Verity claim from E. French. In October 1977, 4.9 line km of magnetometer and scintillometer surveys, as well as 4.2 line km of scintillometer surveys only were conducted in the area of the Verity and Mill showings near the mouth of Paradise Creek. During the summer of 1978, the uranium exploration program known as “Paradise Creek Uranium-Columbium Prospect” was completed by E. Meyers for J. Kruszewski. This program consisted of excavating and sampling of six trenches in the Verity-Mill showing area near Paradise Creek In 1980, Anschutz (Canada) Mining Ltd. (AMC) optioned the property and initiated extensive exploration programs focused on tantalum and niobium potential. This resulted in discovery of several new occurrences throughout the property, including the Fir and Bone Creek carbonatites. During 1980-1981, Anschutz completed 3,954.2 m of NQ diameter diamond drilling at the Verity, Mill, Fir and Bone Creek deposits. A tantalum- niobium resource was estimated at Verity as part of an economic assessment of the property, but the company abandoned the property due to a market drop in tantalum price. The carbonatites and alkaline rocks of the Blue River area have also been described by the following government and academic workers: Rowe (1958), Campbell (1968), Currie (1976), Ghent et al. (1977), Meyers (1977), Simony et al. (1980), Pell and Simony (1981), White (1982, 1985), Raeside and Simony (1983), Pell (1987, 1991, 1994), Pell and Hoy (1989), and Diegel et al. (1989). Two new carbonatite occurrences were discovered by government geologists in 1989 near Serpentine Creek and Gum Creek during detailed mapping and sampling surveys.6.2 Commerce Exploration In 2000, Commerce acquired the Property and confirmed known tantalum mineralization at the Fir and Verity carbonatites, and explored for new carbonatite deposits. During the summer of 2002, the Upper Fir Carbonatite showing was discovered and defined by drilling between 2005 and 2008.6.3 Commerce Mineral Resource Estimates During 2001 and 2002, Commerce commissioned preliminary Mineral Resource estimates on limited data for the Verity and Fir carbonatite deposits (McRae, 2001, 2002). During 2009-2010, Commerce commissioned Caracle Creek International Consulting Inc. (CCIC) to prepare a mineral resource estimate for the Upper Fir. This estimate was based on the interpretation of 168 Upper Fir drill holes completed between during 2005 to 2008. As part of the estimate, the Verity and Fir Mineral Resource estimates were audited. CCIC concluded the Verity and Fir estimates could not be verified, and therefore should not beProject No.: 162230 Page 6-231 January 2011
  • 34. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT relied upon. An initial NI 43-101 compliant Mineral Resource estimate for the Upper Fir tantalum and niobium rich carbonatite was completed in early 2010 by CCIC (Stone and Selway, 2010). During 2010, Commerce commissioned AMEC to complete a Preliminary Assessment (PA) study which is on-going. As part of the PA, the Upper Fir Mineral Resources were updated and initial Bone Creek Mineral Resources were established using drill holes completed during 2005 to 2009 and new geological interpretations of the data.Project No.: 162230 Page 6-331 January 2011
  • 35. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT7.0 GEOLOGICAL SETTING Carbonatites represent a diverse, carbonate-rich, igneous rock type commonly designated as magmatic segregation deposits. They result from the intrusion, cooling, and crystallization of a primary (magmatic) Ca-Fe-Mg rich carbonate melt, often with some late stage hydrothermal activity that can alter their host rocks. Almost all the known carbonatite occurrences are either intrusive or subvolcanic intrusive rocks. The susceptibility of carbonatites to chemical erosion in the atmosphere has resulted in their poor preservation throughout Earth’s history. Carbonatites are comprised of significant and variable amounts of calcite, dolomite, or siderite of igneous origin. They can contain economic or anomalous concentrations of incompatible elements such as: rare earth elements, niobium-tantalum, zirconium-hafnium, iron-titanium-vanadium, uranium-thorium; and industrial minerals such as apatite, vermiculite, magnetite, and barite.7.1 Regional Geology The regional geology is taken largely from Currie (1976), Pell (1987 and 1994), Gorham (2007), and Stone and Selway (2010). British Columbia is divided into three discrete areas hosting carbonatites and alkaline rocks (Figure 7-1): Eastern Area: the Foreland Belt, east of the Rocky Mountain Trench Central Area: the eastern edge of the Omineca Belt Western Area: the core of the Omineca Belt. The Eastern Area hosts northwest to southeast trending carbonatite occurrences. They are often associated with syenite intrusions. Most of the Eastern Area carbonatites have relatively high niobium and rare earth element (REE) levels, and little or no tantalum. Some known Eastern Area carbonatite or carbonatite-associated properties are: Aley, Prince, Ice River and Rock Canyon Creek. The Central Area carbonatite intrusions occur along the eastern edge of the Omineca Belt. The carbonatites of the Omineca Belt commonly have high concentrations of niobium but low REE values. Known carbonatite complexes include the Blue River and Mud Lake areas. The Western Area includes both intrusive and extrusive carbonatites and syenitic gneisses in the core of the Omineca Belt. Examples are Mount Copeland, Mount Grace, and Three Valley Gap.Project No.: 162230 Page 7-131 January 2011
  • 36. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 7-1: Tectonic Belts of British Columbia and Carbonatite Occurrences Omineca Belt Carbonatite Areas Central Area Western Area Note: Adapted after Pell (1994). The age of emplacement for carbonatites and alkaline rocks of the Eastern and Central Areas is Devonian-Mississippian (ca. 330 – 380 Ma). Some occurrences from the core, or Western Area of the Omineca Belt might be older (ca. 570 to 770 Ma).Project No.: 162230 Page 7-231 January 2011
  • 37. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT All of the alkaline and carbonatite complexes and their host rocks within the Omineca Belt rocks were deformed and metamorphosed during the Jurassic-Cretaceous Columbian Orogeny and have been subjected to upper amphibolite facies metamorphism.7.2 Local Geology The local geology is taken largely from Digel et al. (1998). The Project is located in the Central Area within the north-eastern margin of the Shuswap Metamorphic Complex. The area is composed of polyfolded, metamorphosed Late Proterozoic (ca. 700-550 Ma) supracrustal rocks and is bounded on the east and west by steep Eocene west-side down normal faults in the southern Rocky Mountain Trench to the east and the North Thompson valley to the west. The Malton gneissic complex lies to the north. The supracrustal rocks are part of a belt dominated by the Late Proterozoic Horsethief Creek Group and the overlying Kaza Group. The belt is continuous from the northern Selkirk Mountains in the southeast, through the Monashee Mountains, and into the Cariboo Mountains in the northwest. The Blue River carbonatites are hosted in the Mica Creek assemblage of the Horsethief Creek Group (Figure 7-2).7.3 Blue River Project Geology The following descriptions have been summarized from Kraft (2010), Chudy (2010), Raeside and Simony (1983), and Simonetti (2008).7.3.1 Metasedimentary Rocks Two units of the Mica Creek assemblage underlie much of the study area. The units are at least 1,000 m thick and comprise the lower pelite unit, and the stratigraphically overlying semipelite–amphibolite unit (Figure 7-3). The Mica Creek metasedimentary rock types include: biotite gneiss; muscovite-biotite schist and gneiss; garnet-muscovite biotite schist and gneiss; calc-silicate biotite gneiss; amphibolites; garnet amphibolites; and calc- amphibolite. The high intensity of deformation precludes determination of tops in metasedimentary rocks, thus relative ages of individual units are not clear. Layering in the gneiss is interpreted as relict bedding, not metamorphic segregation.Project No.: 162230 Page 7-331 January 2011
  • 38. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Gneisses and Schists Metamorphosed quartzo-feldspathic biotite gneiss is the most abundant lithology at surface. The biotite gneiss is ubiquitous and is inter-layered with all other lithologies on the property. Outcrops are moderately weathered with characteristic 0.2 to >1 m thick layers of uniform, massive, medium grained quartz-feldspar-biotite±muscovite divided by recessive schistose bands or fine partings. Fresh surfaces have a uniform, equigranular, salt and pepper texture of quartz, feldspar and biotite. Muscovite occurs as thin schistose partings from trace to abundant amounts. Sub-one mm diameter red garnet occurs in varying amounts. These units are interpreted to represent deformed and moderately re-crystallized turbidite. Calc-silicate bearing biotite gneiss has pale green bands a few centimetres thick likely related to microscopic trace actinolite +/- diopside. Amphibolites The amphibolite units occur as lenses within all gneiss and schist units. They are typically medium grained, massive to moderately foliated amphibolites and can contain red garnets (almandine) typically < 1 cm in diameter. Plagioclase and hornblende occur in varying proportions forming rocks ranging from tonalite to hornblendite composition (<10% hornblende to >90% hornblende respectively). Weak mineral lineations are present as observed by the alignment of hornblende. Rare banding is observed at centimetre scale. Locally, calc-amphibolite units are distinguished by an increase in mineral grain size, a strong contrasting black and white colour, local presence of garnets, and effervescent reaction with dilute hydrochloric acid. The amphibolites units are interpreted as metamorphosed mafic sills, dikes, and possibly subaqueous flows.7.3.2 Intrusive Rocks Ultramafic Rocks Ultramafic rocks associated with the carbonatites include fine- to medium-grained pyroxenites and cumulate pyroxene-hornblendites. The ultramafic units likely represent a metamorphosed ultramafic intrusion associated with mafic volcanism (amphibolite) roughly the same age as the intruded metasediments (Figure 7-3).Project No.: 162230 Page 7-431 January 2011
  • 39. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 7-2: Local Geology Map Note: Figure courtesy of Dahrouge.Project No.: 162230 Page 7-531 January 2011
  • 40. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 7-3: Deposit Area Surface Geology Map Note: Figure courtesy of Dahrouge.Project No.: 162230 Page 7-631 January 2011
  • 41. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Carbonatite The Blue River carbonatite is approximately 330 million years old (and possibly older) according to U-Pb geochronology data. The carbonatite was emplaced as dikes or sills into the metasedimentary rocks prior to regional deformation and metamorphism (c.a. 200 Ma). The carbonatite forms sill-like bodies with average thicknesses of 30 m, ranging between 5 m to about 90 m thick, and with strike lengths ranging between 50 m to 1,100 m (Figure 7-4, Figure 7-5, Figure 7-6 and Figure 7-7). Bedding parallel foliation in metasedimentary gneisses and the contacts of carbonatite intrusions, generally strike 335° and 155° with shallow to moderate northeast and southeast dips. Both dolomitic carbonatites and calcitic carbonatite occur at Blue River. Dolomitic carbonatites are often referred to as magnesio-carbonatite, or rauhaugite, or beforsite. Coarse-grained, calcitic carbonatites are also often referred to as calcio-carbonatite or sövite. Dolomitic and calcitic carbonatites usually form separate bodies but can occur together within single intrusions. At Blue River, dolomitic carbonatite typically makes up the cores of the carbonatite bodies. Crosscutting or gradational relationships can be observed from one variety of carbonatite into another. Dolomitic and calcitic carbonatites are medium to coarse-grained and have secondary tectonically-imposed textures. A cataclastic (porphyroclastic) texture is common in all the carbonatites. Most exposures display layering defined by varying quantities of accessory minerals. Accessory minerals include amphibole, pyroxene, phlogopite, olivine, magnetite, apatite, pyrite/pyrrhotite, ilmenite, zircon, and various tantalum and niobium bearing minerals. Contacts between carbonatite and the host metasediments are typically sharp and mantled by zones of metasomatized host rock, known as fenite (Figure 7-7). Fenite The following general description of fenites is from the website: http://umanitoba.ca/geoscience/faculty/arc/fenite. Fenites were described in the Fen area of Norway and are Na- and K-rich silicate rocks developed at the contact of alkaline igneous intrusions and their surrounding country rocks. Fenites are not necessarily confined to the intrusive contact and may develop at a significant distance from the intrusion through interaction of the country rock with percolating fluids, or inside the intrusion through reaction of xenoliths with their entraining magma. Fenites typically comprise potassium feldspar, albite, aegirine, various sodic amphiboles and, in someProject No.: 162230 Page 7-731 January 2011
  • 42. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT cases, nepheline. A variety of more exotic silicate, phosphate and oxide minerals can be found in these rocks. At Blue River, the fenite rocks commonly, but not always, envelope the carbonatite rocks and can extend up to 50 m from the carbonatite intrusions (Figure 7-5 to 7-7). The metasedimentary host rocks are characterized by foliated calcite-richterite-biotite (± apatite, ± vermiculite) rock. Of lesser importance are contact metasomatic veins commonly less than 1 m thick that are comprised of amphibole-pyroxene (± vermiculite ± carbonate).Project No.: 162230 Page 7-831 January 2011
  • 43. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 7-4: Drill Collar and Vertical Section Locations Note: See Figure 7-5 for the Lower Road longitudinal section; see Figure 7-6 for section 5796737 N; see Figure 7-7 for section 5796425 N. Bulk sample locations are noted at BS1, BS2 and BS3.Project No.: 162230 Page 7-931 January 2011
  • 44. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 7-5: Lower Road Longitudinal Section 352800 E North South Upper Fir Carbonatite Fenite Ta2O5 Bone Creek Carbonatite Undifferentiated metasediments 100 m Note: The figure illustrates the carbonatite geometry and its north-south geological continuity. View is to the east. Section influence is +/- 25 m. Carbonatite = blue coloured domains; fenite = dashed green outlines; undifferentiated metasediments = non-filled area below topography. Drill hole 2 m composites are colour coded for Ta 2O5 grade in ppm.Project No.: 162230 Page 7-1031 January 2011
  • 45. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 7-6: Geology Section 5796737 N West East Amphibolite Fenite Upper Fir Carbonatite Ta2O5 Bone Creek Carbonatite Undifferentiated metasediments 100 m Note: Illustrates the carbonatite geometry, its east-west geological continuity, and relationship between drilled thickness versus true thickness. View is to the north. Section influence is +/- 25 m. Carbonatite = blue coloured domains; fenite = dashed green outlines; undifferentiated metasediments = non-filled area below topography. Drill hole 2 m composites are colour coded for Ta2O5 grade in ppm.Project No.: 162230 Page 7-1131 January 2011
  • 46. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 7-7: Geology Section 5796425 N West East Fenite (A) (B) Upper Fir Fenite Carbonatite (C) Ta2O5 Undifferentiated metasediments 100 m Note 1: Illustrates the carbonatite geometry, east-west geological continuity, folding, and relationship between drilled thickness versus true thickness. View is to the north. Section influence is +/- 25 m. Carbonatite = blue coloured domains; fenite = dashed green outlines; undifferentiated metasediments = non-filled area below topography. Drill hole 2 m composites are colour coded for Ta2O5 grade in ppm. Fold indicators in core intersections observed in holes F08-150 and F08-151 (Figure 7-7: locations A, B, and C) are shown in Figures 7-8 to 7-10 respectively.Project No.: 162230 Page 7-1231 January 2011
  • 47. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 7-8: Folding Indicators (Hole F08-150 121.8 m to 129.8 m) T L, T P Notes: Left: Hole F08-150: 121.8m to 129.8m. HQ diameter diamond drill core. Hole was drilled vertical. Compositional layering (L) of biotite-quartz gneiss is typically at a high angle to the core axis indicating a sub-horizontal attitude when related to the sub-vertical dip of the drill hole. A ptygmatic fold is also observed (T). Top of hole is towards the top left of photo. Right: Hole F08-150: 125m. Indications of folding include asymmetric parasitic folds with short and long limbs (P) bracketed by sub-horizontal compositional layering. Centimetre scale ptygmatic folds (T) are noted. Figure 7-9: Folding Indicators (Hole F08-150: 143.5 m and 147.0 m) Note: Left: F08-150: 143.5 m. Right: F08-150: 147.0 m. Indications of folding include high and low angle layering indicating possible fold closures. Top of hole is towards the top left of photos.Project No.: 162230 Page 7-1331 January 2011
  • 48. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 7-10: Folding Indicators (Hole F08-151: 204.0 m to 204.5 m) Towards top of hole Carbonatite Carbonatite Towards bottom of hole Note: F08-151: 204.0 m to 204.5 m (top to bottom). Folding indicators include repetition of carbonatite to biotite-quartz gneiss and back into carbonatite. Upper carbonatite in figure has a contact at a high angle to core axis indicating that it is a flat lying contact (upper right dashed line). Middle gneiss has a trend of compositional layering with high - to low - to high angles relative to core axis (middle curved dashed line and lower middle dashed line). Black box highlights a possible fold closure which gives a characteristic bulls-eye appearance to the layering. Top of hole is towards the top left of photo. Pegmatite Dykes Pegmatite dykes and pods up to 500 m long and 15 m thick crosscut all lithologies throughout the property. At least some of the pegmatites are folded. Among the pegmatites, two mineralogically distinct types exist: (1) two-mica (± garnet, ± tourmaline) granitic pegmatites, and (2) syenitic pegmatites with minor biotite (± amphibole, ± pyroxene).7.3.3 Structural Geology and Metamorphism The structural geology is summarized largely from Kraft (2010), Ghent et al. (1977), Simony et al. (1980), and Raeside and Simony (1983). The style of structural deformation at the Project directly impacts the carbonatite geometry. A deformation model was developed on behalf of Commerce by J. Kraft during 2009 and early 2010. The structural deformation model was confirmed and enhanced by field work completed by J. Kraft during July and September of 2010. The following descriptions include the 2010 supporting observations and interpretations.Project No.: 162230 Page 7-1431 January 2011
  • 49. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Regionally, three phases of compressional deformation have been mapped throughout most of the region, from the northern Selkirk Mountains into the Cariboo Mountains. At the Project, at least two additional deformation events are observed. The first deformation event (D1) produced large recumbent folds (F1) with limbs approximately 50 km long and an associated early foliation (S1). Features from F1 are not observed within the immediate deposit area. The second deformation event (D2) is associated with peak, mid-amphibolite facies metamorphism with an associated foliation (S2). In general the S1 and S2 foliations can rarely be distinguished from one another in the field and are mapped as S1+S2. D2 has created boudinage, or pinch and swell features attributed to competency contrasts between rock type layers. The third deformation event (D3) is characterized by centimetre to decametre scale recumbent folds (F3) that deform the S2 foliation. Axial planar schistosity that deforms S1+S2, within micaceous lithologies such as fenite, are known as S3. The style and attitude of F3 folds are variable, but axial planes are generally southwest-dipping. The fourth deformation event (D4) is characterized by inclined, southwest trending folds that re-fold larger F3 folds in the deposit area. Open to tight upright folds with easterly to southeasterly hinges occur sporadically. D4 is suggested to include thrust faulting with top to the south west vergence. The fifth deformation event (D5) is described as a brittle extensional event characterized by normal faults with slickensides, weak quartz-pyrite alteration of wall rocks, and cross- cutting relationships with D4 structures. Folding is observed in waste rocks adjacent to the carbonatite in outcrop, in drill core, and is interpreted for carbonatite intercepts on large scale geological sections. Within carbonatite, compressional deformation with weak southeasterly elongation is suggested by zones with cataclastic to mylonitic foliation (Chudy, pers. comm.) and weakly to moderately developed mineral lineations defined by amphiboles. Carbonatite bodies are folded at metres to deposit scale, however their thickness and massive (non-layered) nature makes observation of folding indicators within the carbonatite comparatively difficult to observe in outcrop or drill core.7.3.4 Geochronology The geochronology is summarized largely from Pell (1994), Simonetti (2008), and Gervais (2009). A uranium-lead date of about 325 Ma was obtained from zircons from the Verity carbonatite. A lead-lead date of 332.5 +/- 5.7 Ma age was obtained from zircons for theProject No.: 162230 Page 7-1531 January 2011
  • 50. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Upper Fir carbonatite. A preliminary uranium-lead date of 328 +/- 30 Ma was obtained from zircons from the Mud Lake area carbonatite. Zircons separated from syenites at Paradise Lake yielded a uranium-lead age of about 340 Ma and lead-lead ages of about 351 and 363 Ma. Ongoing research on U/Th/Pb dating of zircons and monazites from the property shows a complex thermal history, indicating that the age of emplacement of the Blue River area carbonatites may be older than initial results have shown.7.4 Fir and Verity Geology The geology for the Fir and Verity carbonatite occurrences are described due to their past and current exploration activities. This section has been taken largely from the British Columbia Geological Survey website.7.4.1 Fir Carbonatite Geology The Fir showing is located 1.25 km north of the Bone Creek carbonatite. Carbonatite consisting of dolomitic and lesser calcitic carbonatite occurs as sills within the quartz- hornblende-mica schist of the Semipelite Amphibolite division of the Horsethief Creek Group. Other lithologies include amphibole-biotite schist, biotite-muscovite gneiss and amphibole-biotite-garnet gneiss. The Fir carbonatite likely strikes 400 m in a northerly direction based on outcrop exposures. A 2 m exposure of dolomitic carbonatite was located 400 m north of the discovery outcrops. Dolomitic outcrops are coarsely crystalline and typically weather white. Accessory minerals in the carbonatites include apatite, amphibole, olivine, magnetite, pyrite, pyrrhotite, pyrochlore and columbite. The dolomitic carbonatite is almost devoid of biotite and magnetite. Three distinct textures were observed: breccias composed of tightly packed dolomite fragments within a finely crystalline dolomite groundmass; a porphyritic texture with ghost dolomitic crystals in a fine grained matrix; and a massive texture with local banding of accessory minerals.7.4.2 Verity Carbonatite The Verity carbonatite is located about 40 km north of the community Blue River. The Verity carbonatite has the most varied stratigraphy of all the carbonatites in the area and is similar texturally and compositionally to the Paradise and Lempriere carbonatite showings. The Verity carbonatite consists of banded dolomitic and calcitic carbonatite that locally intrude each other. It occurs as a 15 to 30 m thick sill within quartz-hornblende-mica schist of the Horsethief Creek Group. It can be traced up the hillside for 800 m to the east-Project No.: 162230 Page 7-1631 January 2011
  • 51. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT northeast. It potentially continues to the Paradise showing located about 4,500 m to the east-northeast. A tectonic breccia showing hairline fractures is common in the dolomitic carbonatite. A banded texture caused by layering of the accessory minerals apatite, amphibole, olivine, magnetite, vermiculite, biotite, pyrite, pyrrhotite, pyrochlore, columbite, and zircon is common in calcitic carbonatite and less developed in the dolomitic carbonatite. Coarse olivine and apatite in calcitic dolomite form bands 1 to 5 cm thick. Magnetite occurs as discontinuous lenses in calcitic carbonatite layers up to 20 cm in diameter.7.5 Comment on Section 7 AMEC concludes: The geological setting, lithological and structural controls at Blue River are reasonably well understood.Project No.: 162230 Page 7-1731 January 2011
  • 52. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT8.0 DEPOSIT TYPES The mineralization identified to date at the Project is consistent with magmatic, carbonatite associated deposits. Carbonatite associated deposits are classified as either magmatic, replacement, or residual. Global examples of magmatic carbonatite complexes, or deposits include Oka, Niobec, and St. Honore (Quebec), Kovdor (Russia), Iron Hill (Colorado) and Gardiner (Greenland) (Mitchell, 2010). Examples of replacement carbonatite deposits are Rock Canyon (B.C.), Bayan Obo (China), and Palabora (South Africa). Araxa and Catalao (Brazil) are classified as residual carbonatite deposits due to the degree of lateritic weathering. Carbonatites are the main source of niobium +/- tantalum, and important sources of rare earth elements. Magmatic carbonatite deposits have the following common features (Birkett and Simandl, 1998). Commodities: niobium, tantalum, rare earth elements, phosphate, vermiculite, copper, titanium, strontium, fluorine, thorium, uranium, magnetite. Geological setting: Carbonatites intrude all types of rocks and are emplaced at a variety of depths. Carbonatites occur mainly in a continental environment, rarely in oceanic environments (Canary Islands) and are generally related to large-scale, intra- plate fractures, grabens or rifts that correlate with periods of extension and may be associated with broad zones of uplift. Age of Mineralization: Carbonatite intrusions are early Precambrian to Recent in age; they appear to be increasingly abundant with decreasing age. In British Columbia, carbonatites are mostly upper Devonian, Mississippian or Eocambrian in age. Host Rocks: Host rocks are varied, including calcite carbonatite (sövite), dolomite carbonatite (beforsite), ferroan or ankeritic calcite-rich carbonatite (ferrocarbonatite), magnetite-olivine-apatite ± phlogopite rock, nephelinite, syenite, pyroxenite, peridotite and phonolite. Carbonatite lava flows and pyroclastic rocks are not known to contain economic mineralization. Country rocks are of various types and metamorphic grades. Deposit Form: Carbonatites are small, pipe-like bodies, dikes, sills, small plugs or irregular masses. The typical pipe-like bodies have sub-circular or elliptical cross sections and are up to 3-4 km in diameter. Magmatic mineralization within pipe-like carbonatites is commonly found in crescent-shaped and steeply-dipping zones. Metasomatic mineralization occurs as irregular forms or veins. Residual and other weathering-related deposits are controlled by topography, depth of weathering and drainage development. Deposit Mineralogy: ○ Magmatic: bastnaesite, pyrochlore, columbite, apatite, anatase, zircon, baddeleyite, magnetite, monazite, parisite, fersmite.Project No.: 162230 Page 8-131 January 2011
  • 53. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT ○ Replacement/Veins: fluorite, vermiculite, bornite, chalcopyrite and other sulphides, hematite. ○ Residual: anatase, pyrochlore and apatite, locally crandallite-group minerals containing rare earth elements. Gangue Mineralogy: Calcite, dolomite, siderite, ferroan calcite, ankerite, hematite, biotite, titanite, olivine, quartz. Alteration: A fenite halo (alkali metasomatized country rocks) commonly surrounds carbonatite intrusions; alteration mineralogy depends largely on the composition of the host rock. Most fenites are zones of desilicification with addition of Fe3+, Na and K. Ore Controls: Intrusive form and cooling history control primary igneous deposits (fractional crystallization). Tectonic and local structural controls influence the forms of metasomatic mineralization. The depth of weathering and drainage patterns control residual pyrochlore and apatite deposits, and vermiculite deposits. Many features of the mineralization identified within the Project to date are analogous to magmatic carbonatite deposits, in particular the Oka (Husereau Hill) and St. Honore deposits, Quebec. Key features of the Blue River deposits supporting a magmatic carbonatite model are: Commodities: niobium and tantalum. Geological Setting: occurs along the eastern portion of the Omineca Crystalline Belt and hence its tectonic setting is along a large scale zone with associated uplift. Age of Mineralization: data yields results of about 330 Ma which is consistent with other British Columbia carbonatite deposits. Host Rocks: dolomite and calcite-rich carbonatite intrusion rocks. Deposit Form: the Blue River carbonatites occur as sills and dykes. Deposit Mineralogy: ferrocolumbite and pyrochlore. Gangue Mineralogy: dolomite, calcite, amphibole (richterite), quartz, pyroxene, phlogopite, olivine, magnetite, apatite, pyrite/pyrrhotite, ilmenite, and zircon. Alteration: Fenite halos occur around most carbonatites at Blue River. Ore Controls: The Blue River carbonatites have been deformed by multiple episodes of folding and faulting. The internal cooling history of the deposit is not clear.Project No.: 162230 Page 8-231 January 2011
  • 54. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT8.1 Comment on Section 8 AMEC concludes: A polyfolded sill-like carbonatite model suitably describes the Blue River deposits. The deposit concepts being applied as the basis for exploration planning at the Project are reasonable.Project No.: 162230 Page 8-331 January 2011
  • 55. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT9.0 MINERALIZATION The discussion in this section is summarized largely from observations during AMEC’s site visit, and from Stone and Selway (2010), Chudy (2008 and 2010), Woolley and Kempe (1989), Aaquist (1982a), and Mariano (2000). Blue River mineralization comprises niobium and tantalum bearing minerals that have co-crystallized in carbonatite by primary magmatic concentration and in fenite formed by metasomatic alteration of enclosing host rocks. The mineralization has the same or similar geometry and structural controlling features as the carbonatite on a deposit scale. See Section 7.3.2, Section 7.3.3, Figure 7.3, Figure 7.5, Figure 7.6 and Figure 7.7 for a discussion on the geometry of the Blue River deposit.9.1 Blue River Mineralization9.1.1 Carbonatite Mineralization This sub-section describes the Blue River carbonatite niobium and tantalum mineralization. There are two principal and one minor niobium or tantalum bearing minerals known at the Project. The minerals are: ferrocolumbite: (Fe,Mn,Mg)(Nb,Ta)2O6, pyrochlore: (Ca,Na,U)2(Nb,Ti,Ta)2O6(OH,F), and fersmite: (Ca,Ce,Na)(Nb,Ta,Ti)2(O,OH,F)6. Ferrocolumbite Ferrocolumbite occurs predominantly in medium to coarse-grained, granoblastic dolomitic carbonatites which typically form thin intervals (<6 m) or occur at margins of thicker intervals of carbonatite. Ferrocolumbite forms subhedral to anhedral, sometimes strongly poikilitic, individual grains or agglomerates of grains (Figure 9-1). Mineral liberation analyses show that the majority (~80%) of liberated grains are less than 110 μm in diameter. Locally, individual grains and agglomerates of ferrocolumbite may exceed 2 cm in diameter. Ferrocolumbite grains from marginal zones may contain large amounts of tiny inclusions such as thorite (Th-silicate), monazite (La, Ce-phosphate) and pyrochlore. Ferrocolumbite may also occur sporadically as inclusions in apatite and amphibole. It is often associated with layers and micro-veins of apatite that fill the interstices between anhedral ferroan- dolomite grains.Project No.: 162230 Page 9-131 January 2011
  • 56. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Element abundances in Upper Fir ferrocolumbite average 67.8% Nb2O5, 9.3% Ta2O5 and 1.6% TiO2 with a Nb2O5 / Ta2O5 ratio of about 12. Pyrochlore Pyrochlore occurs predominantly in the fine-grained and porphyroblastic dolomitic carbonatite which is commonly developed in the central portions of carbonatite intervals greater than 10 m thick. Such zones are less abundant or absent in thinner carbonatite intersections. Pyrochlore is the only tantalum mineral in the calcitic carbonatites where it occurs in accessory amounts. Black and brownish-yellow coloured varieties of pyrochlore are present. The majority of the pyrochlore occur as liberated grains in the dolomitic matrix. The vast majority (~ 85%) of pyrochlore forms subhedral to anhedral, rounded grains less than 200 μm in diameter. There are local larger grains and agglomerates (Figure 9-1), as well as accumulations or veins less than a few tens of centimetres in width with high pyrochlore abundance. This style of mineralization can result in high tantalum values (> 450 ppm Ta). Pyrochlore also occurs as inclusions in amphiboles (richterite), fluorapatite, and inclusions in ferrocolumbite. In some rare cases the pyrochlore grains can be coated with a thin film of pyrrhotite or pyrite. Element abundances in Upper Fir pyrochlore average 35.7% Nb2O5, 20.4% Ta2O5, 5.5% TiO2 and 15.4% UO2 with a Nb2O5/Ta2O5 ratio of about 1.8. The UO2 / Ta2O5 ratio averages about 0.8. Fersmite Fersmite occurs as anhedral inclusions in apatite and is considered a minor economic mineral at the Project. Mineral Zoning Mineral zoning or distribution, of ferrocolumbite and pyrochlore within the carbonatites is not clear due to the variable thicknesses and polyfolded geometry of the carbonatite. Further work is required to improve the understanding of the mineral zoning and to locate potential material types defined by metallurgical testwork.Project No.: 162230 Page 9-231 January 2011
  • 57. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 9-1: Tantalum and Niobium Rich Mineralogy within Carbonatite Note: Hole F08-150 162.0 m. Carbonatite host rock with dark red-brown opaque mineral ferrocolumbite intergrown with semi-transparent yellowish mineral pyrochlore which has a vitreous lustre. The dark green mineral is an amphibole named richterite. Left: Agglomerates of ferrocolumbite +/- pyrochlore can reach up to 5 mm in diameter ,but do not form a significant portion of the total of these minerals.9.1.2 Fenite Mineralization Mineralization in the fenite is dominantly ferrocolumbite, concentrated in apatite-rich layers. Ilmenite with ferrocolumbite inclusions appear to be a subdominant source of both niobium and tantalum. Niobium and tantalum grades within fenite at Blue River are considered to be sub-economic, but locally will provide grade-bearing mining dilution material.9.2 Fir and Verity Mineralization This section has been taken largely from the British Columbia Geological Survey website.9.2.1 Fir Mineralization Tantalum and niobium mineralization in the Fir carbonatite occurs in the minerals pyrochlore and columbite. The Fir carbonatite has the highest background niobium and tantalum values of all carbonatites in the area. Tantalum averages greater than 0.015 per cent. Sampling of the discovery outcrops returned assays of 1.02 per cent Nb2O5, 0.06 per cent Ta2O5, and 6.31 per cent P2O5. A sample from drill core returned values of 0.18 per cent tantalum and 8.51 per cent phosphate.9.2.2 Verity Mineralization Tantalum and niobium mineralization in the Verity carbonatite occurs in the minerals pyrochlore and columbite. The pyrochlore and columbite crystals occur as octahedrons upProject No.: 162230 Page 9-331 January 2011
  • 58. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT to 4 cm diameter. Calcitic carbonatite at the Verity occurrence also contains greater than 4 per cent phosphate and has abundant apatite relative to other nearby carbonatites at the Project. Rare earth elements are thought to be hosted in fluorine-rich carbonate.9.3 Comment on Section 9 AMEC concludes: The geological controls and extent of the mineralization is reasonably well understood The drill sections show that carbonatite thickness, and hence the mineralization thickness varies locally Mineral zoning work is required to better understand the distribution of niobium, tantalum, and potential material types within the carbonatite Blue River is a tantalum and niobium rich carbonatite which also has associated uranium and thorium. Uranium and thorium are present in low levels in the resource and waste rocks. The estimated blocks within the carbonatite have a mean grade of 41 ppm uranium and 6 ppm thorium. Any radon produced in a mine and process plant at Blue River would likely be manageable with ventilation, dust control, and monitoring.Project No.: 162230 Page 9-431 January 2011
  • 59. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT10.0 EXPLORATION Exploration work conducted at the Project has been completed, on behalf of Commerce, by Dahrouge Geological Consulting Ltd. (Dahrouge), an independent consulting firm based in Edmonton, Alberta. The following summary of exploration potential at the Project is based upon discussions with Dahrouge Geological Consulting geologists and is summarized from the following reports: Stone and Selway (2010), Gorham (2008), plus Gorham, Ulry and Brown (2009).10.1 Data Compilation10.1.1 Historical Data Compilation Prior to commencement of on-ground exploration in 2001, a review of historical data was compiled by Dahrouge for Commerce. This work comprised collation of the following: Review existing government mapping, thesis driven mapping, and structural studies of the Horsethief Creek Group Review of publicly available assessment reports Compilation of AMC data on the Verity and Fir deposits Identification of target drill holes for twinning. The collated data was used to identify areas that were considered more prospective within the Project.10.1.2 Current Data Compilation Prior to, and during, completion of the Mineral Resource update reported herein, the following data capture and compilation work was completed by Dahrouge for Commerce: Implemented and updated a diamond drilling database (2009 to June 2010) Re-coded geology within the database (2010) Re-mapped surface outcrops for structural geology features and developed a preliminary deformation history interpretation (2009-2010) Reviewed analytical QAQC data based on 2005 to 2009 drill core samples Reviewed check analysis programs based on 2008 and 2009 core pulps and coarse rejects.Project No.: 162230 Page 10-131 January 2011
  • 60. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT10.2 Grids and Surveys All surveys to date are in UTM NAD83 Zone 11 coordinates. In 2007, orthophotography and Lidar surveys were flown to create a 1:2,000 base map of the Upper Fir area. A topography map with 2 m contour intervals was created by Eagle Mapping Ltd. Drill collar surveys in 2006 and 2007 were initially determined by handheld GPS units. In 2008 and 2009, drill collar surveys were measured by conventional theodolite surveys. The mineral resource estimate drill collar data comprises the 2008-2009 survey data. In 2010, all legacy drill collars that could be clearly identified were re-surveyed using differential GPS, including 2010 drill collars. Differential GPS control points were set up at 6 independent locations in the Upper Fir area. The 2010 differential GPS collar data were not used for the current model and will require updating in the database and next model update.10.3 Mapping Geological and structural mapping has been completed at 1:2,500 scale on a continuous basis since 2006. The mapping area coverage is between Bone and Gum Creeks; and from the North Thompson River to the ridge top located about three km east on the slope that is known locally as either Fir or Cedar Mountain. The mapping area includes the Fir, Upper Fir and Gum carbonatites plus the nearby Hodgie Zone. Natural outcrops are best exposed at the top of the ridge and along the steep south slope above Gum Creek. Most of the exposure on the property was created by construction of roads, trails and drill pads.10.4 Geochemistry (stream sediment, soil, and rock) Geochemical sampling programs commenced in 2001. Program objectives were to: Test areas of interest from the geological interpretations Test existing mineral occurrences and reports of surface indicators of mineralization. Quality control of the data was maintained by Dahrouge. Data processing was completed using Microsoft Excel.Project No.: 162230 Page 10-231 January 2011
  • 61. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT10.4.1 Stream-Sediment Sampling Reconnaissance stream sediment sampling was completed during 2001 to 2003, and 2006 to 2007. During 2008, 531 stream sediment samples were collected and analysed for the streams throughout the entire property. The key exploration pathfinder elements at Blue River are tantalum, niobium, and rare earth elements. Detailed sample analysis using microscopic mineral characterization was utilized, focusing on identifying pyrochlore, apatite, richterite, and monazite as pathfinders. During the 2009 field season a total of 20 stream pan concentrate samples was taken in the Fir and Mud Creek areas to follow up on creek-mouth areas inaccessible during the 2008 field season. Samples were analyzed at Acme Laboratories of Vancouver B.C. primarily for tantalum, niobium, rare earth elements, phosphate, and carbonate using Acme’s 4B02 package (lithium metaborate fusion-ICP-MS technique). Several samples anomalous in tantalum and niobium indicate that the Fir carbonatite likely extends further south. Anomalous samples on the north side of Mud Creek indicate that the Mud Creek carbonatite, discovered in 2008, is potentially more extensive than initially believed.10.4.2 Soil Sampling Soil sampling has proven the best way to follow up stream pan concentrate sampling in the Blue River area as the niobium-tantalum bearing ferrocolumbite and pyrochlore are residual in soils. The key exploration pathfinder elements from soil sampling are tantalum and niobium. During the 2002 follow-up on an anomalous stream sediment sample led to the discovery of the Upper Fir carbonatite. Reconnaissance soil sampling was completed during 2001 to 2003, and 2006 to 2007. During the 2008 season, 4,181 soil samples were collected from several area grids (Figure 10-1). Sample grids typically have 200 m spaced lines and samples are taken at 25 m intervals. Soil sampling in 2009 followed up on 2008 stream or soil sampling anomalies. Sample grids were laid out at Switch Creek, and in the area of the Fir deposit to test lateral extensions of known carbonatite showings. The Hellroar soil sampling grid is located approximately 8 km south of the study area near Hellroar Creek. Sampling on the Hellroar soil grid occurred during 2008 and 2009 to follow up on tantalum anomalies from stream sediment samples. A total of 1,694 samples were taken by Dahrouge and analyzed by Acme Laboratories of Vancouver, B.C. using Acme’s 4B02 package (lithium metaborate fusion-ICP-MS technique). Tantalum and niobium results yielded several potential targets for more detailed sampling and exploration work (Figure 10-1).Project No.: 162230 Page 10-331 January 2011
  • 62. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 10-1: Soil Geochemistry Map Note: Figure courtesy of Dahrouge.Project No.: 162230 Page 10-431 January 2011
  • 63. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Targets shown on Figure 10-1 from soil sampling at the Project in order of importance are: Upper Fir Extension target: strong tantalum anomalies on 4 adjacent lines north- northwest of Bulk Sample Pit #2 indicate that the carbonatite subcrop likely extends north, past the current drill coverage. Bone Creek Extension target: strong tantalum anomalies on two widely spaced lines centered at UTM 5,797,000 N indicate a near surface carbonatite body that is on strike with the Bone Creek carbonatite. Fir Exploration target: strong tantalum anomalies on widely spaced lines located north, south and above the known Fir showing indicate possible extensions of the Fir carbonatite. Mt. Cheadle Exploration target: a large diffuse tantalum anomaly, with several spikes, stretching over 2 km is located north of Gum Creek and along strike from the Upper Fir carbonatite. 3050 Road target: Strong tantalum anomalies on lines to the north and east of current drilling on the Upper Fir deposit near 3050 Road indicate another carbonatite body may be located above the known extents of the deposit.10.4.3 Rock Sampling Rock samples from various new and known localities were taken during 2009 prospecting to test or verify the presence and abundance of tantalum-niobium mineralization. A total of 100 in situ bedrock grab, chip, and channel samples were taken at the Paradise, Roadside, Howard Creek, Gum Creek, and Mud Creek area carbonatites. The locations of these carbonatites are shown in Figure 4-1. Analytical result highlights are as follows. The upper five metres of the Roadside carbonatite had 5 continuous chip samples that averaged 1,373 ppm Nb and 101 ppm Ta. At the Paradise carbonatite, the best channel sample assay result was 82 ppm Ta and 375 ppm Nb for one sample over a 1 m continuous interval. Southeast of Mud Creek, a new carbonatite called the “RD” occurrence was discovered during the 2009 regional prospecting program. This carbonatite is approximately on strike with the Mud Creek carbonatite and may be part of the same system. Grab samples from the RD carbonatite ranged up to a maximum of 118 ppm Ta and 4,703 ppm Nb.10.5 Geophysical Surveys No geophysical surveys were conducted by Commerce in 2009 other than ground scintillometer surveys at soil sampling stations. The scintillometer readings were part of a permit compliance requirement to report U and Th values of all exploration work. TheProject No.: 162230 Page 10-531 January 2011
  • 64. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT surveys tested for possible radiometric responses from pyrochlore-bearing carbonatite float or sub-crop. While some Ta and Nb bearing carbonatite has been found in this manner, the carbonatites of the Upper Fir system yields relatively low radiometric signatures averaging 225 counts per second (cps). Drill core geochemistry collected from 7,377 2005 to 2008 Upper Fir samples show averages of 38 ppm U and 7 ppm Th, supporting the low averaged cps for these carbonatite systems.10.6 Drilling Drill programs are discussed in Section 11 of this Report.10.7 Bulk Density Density is discussed in Section 13 of this Report.10.8 Exploration Potential10.8.1 Blue River Exploration Targets The Upper Fir carbonatites have exploration potential north of known extents based on soil sample results. Additional resource definition drilling is warranted. The Bone Creek and Fir carbonatites have exploration potential along, and across strike based on soil sample anomalies in tantalum and niobium. Additional expansion and in-fill soil sampling is warranted prior to diamond drilling to refine and prioritize the existing anomalies.10.8.2 Other Targets The soil geochemistry program results show a tantalum and niobium anomaly that is open south of the current Mt. Cheadle exploration soil grid (Figure 10-1). The southward expansion of this soil grid will define the surface extent of this anomaly and aid in identifying near surface carbonatite drill targets. Rock sampling and prospecting at the RD occurrence near Mud Lake, and the Roadside occurrence near Paradise, provide encouragement for follow-up work in the form of soil sampling, mapping and prospecting.Project No.: 162230 Page 10-631 January 2011
  • 65. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT10.9 Other Studies10.9.1 Bulk Samples A bulk sample program was undertaken in the fall of 2008 by Dahrouge on behalf of Commerce as part of on-going evaluation of the Upper Fir carbonatite. Approximately 2,000 tonnes from a 10,000 tonnes permitted volume were extracted from three bulk sample pits (BS-1, BS-2, and BS-3) and placed into 75 to 150 tonne stockpiles comprised largely of minus 50 cm carbonatite muck. The stockpiles have been stored on a well- drained pad at the property for later metallurgical testing. For each pit area, geological mapping was completed along with sampling of blast hole material and channel samples of the bench walls. Both primary igneous and metamorphic textures and structures were revealed in the sample pits. Microscopic examination of oxide phases in the bulk sample material indicates that pyrochlore is the dominant ore mineral in pit BS-1 with the exception of benches at the upper and lower contacts. Pit BS-1 is dominantly fine to medium-grained, granular apatite-bearing dolomitic carbonatite. Pits BS-2 and BS-3 are dominantly light-grey coarse-grained, porphyroclastic apatite-bearing dolomitic carbonatite. Crosscutting veins of dark-green actinolite-calcite- diopside up to 20 cm wide are common. Contacts in each pit are marked by approximately 1 m of fenite, with contorted layers of dolomitic carbonatite up to 10 cm thick. Material from the 2008 bulk sampling program appears to provide a sufficient range of tantalum and niobium grades to represent the Upper Fir carbonatite mineralization for initial metallurgical testing. Both pits, BS-1 and BS-2, have been stabilized. The bulk sampling permit expired on December 31st, 2009 and has not been renewed.10.9.2 Academic Research Doctoral and post-doctoral studies on the geology, petrology and ore microscopy of the carbonatite mineralization at Blue River are underway at the University of British Columbia. These studies are scheduled for completion in 2012.10.9.3 Environmental Geochemistry In 2007, Commerce retained MESH Environmental Inc to initiate geochemical characterization evaluations for the Upper Fir carbonatite deposit. The primary objectives of the characterization program were to develop a baseline geochemical dataset for the various lithological units in the deposit area and to identify potential geochemical issues associated with anticipated waste rock.Project No.: 162230 Page 10-731 January 2011
  • 66. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT The waste rock geochemical characterization program has been carried out in two phases. Phase 1 of the study, included a sampling and static test analytical program on drill core and surface outcrop samples (MESH, 2008). Phase 2 of the program included additional sampling of drill cores and static testwork on the expanded waste rock sample database (MESH, 2009).10.9.4 Geotechnical In 2007, Commerce retained Westrek Geotechnical Services Ltd. (Westrek) to conduct a slope stability assessment of the Upper Fir area. This work consisted of a detailed literature review, compilation, and a site examination (Smith, 2008). In 2009, Westrek completed a geotechnical review of access roads and trails, drill sites and bulk sample sites at the Upper Fir deposit area. Site inspections were completed by Westrek to review work and make recommendations for the 2010 field season. In 2010, Westrek assessed conditions for proposed drill access plus reviewed reclamation and slope stabilization work completed in 2009. The recommendations and completed work included lowering of some ditch blocks, reducing slopes in cut banks at some points, additional seeding and barricading of some steeper slopes. Some deepening of ditches and additional cross ditches, or culverts were recommended and installed. AMEC initiated geotechnical site investigations during June – August of 2010 as part of the on-going PA. Geotechnical data was collected from 6 HQ diameter oriented diamond drill holes by Dahrouge on behalf of Commerce, and under the direction of AMEC. This data included documenting rock type description, faults, shear zones, total core recovery, rock quality designation, rock weathering and strength, plus fracture and joint characterization.10.9.5 Tailings Location In 2009, Commerce commissioned two tailings storage studies with Klohn Crippen Berger Ltd. of Vancouver, British Columbia. The first study included a two day site visit and desk- top study comprising the area within a 20 km radius of the Upper Fir deposit. This study considered a variety of factors such as topography, drainage, and precipitation plus considered various scenarios regarding volume and character of tailings. Five potential sites were identified and ranked. The follow-up site visit narrowed this choice to one preferred site and one alternate site. The second study was similar to the first study noted above, but the desktop study portion reviewed and ranked 5 possible sites within 20 km of the town Valemount. During March and April of 2010, AMEC initiated preliminary desktop tailings location screening assessments for storage of conventional slurry tailings. During SeptemberProject No.: 162230 Page 10-831 January 2011
  • 67. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT 2010, a third desktop screening study was initiated regarding the storage of slurry tailings, expanding the study area north to the town of Valemount. In December 2010, AMEC initiated a conceptual assessment for surface storage of filtered tailings at locations proposed in the initial Klohn Crippen Berger 2009 study. The studies are part of the on- going PA.10.9.6 Timber Assessment In 2009, Commerce retained Bushtech BC of Hope, British Columbia to lay out access for a permit amendment, complete a timber assessment, and an application for an Occupant’s Licence to Cut (OLTC) in the area northwest of the Upper Fir deposit. The field study, layout report and the OLTC application was completed during September 2009.10.10 Comment on Section 10 AMEC concludes: The exploration program at Blue River has delineated a tantalum and niobium bearing polyfolded carbonate sill complex The exploration procedures used to delineate the deposit are appropriate for the deposit and were executed in a professional manner All exploration work was carried out under the supervision of Dahrouge Geological Consulting Ltd.Project No.: 162230 Page 10-931 January 2011
  • 68. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT11.0 DRILLING Drill programs were completed by contract drill crews, typically supervised by Dahrouge geologists on behalf of Commerce. Core drilling was utilized for deposit delineation purposes.11.1 Drill Campaigns Table 11-1 lists the diamond drilling campaigns at the Upper Fir and Bone Creek deposits. There are a total of 215 drill holes within the Upper Fir, Bone Creek and Fir (Lower) carbonatites comprising 41,115 m of HQ and NQ diameter drill holes. Table 11-2 lists 3 bulk sample pits (BS-1, BS-2, and BS-3, Figure 7-4) and 4 trenches (TR0, 0A, 1, and 1A) which have been sampled. These were only used for geology interpretation and domain modeling, not grade interpolation.Table 11-1: Drill Campaign Summary # # % Category Deposit Operator Year # Holes Series Type Metres Samples Samples Resource Bone Commerce 2005 4 CF05-01 to HQ 300 14 0% Creek CF05-04 Resource Upper Commerce 2005 4 CF0505 to HQ 505 44 1% Fir CF0508 Resource Upper Commerce 2006 17 CF0601 to HQ 3,021 1,139 14% Fir CF0617 Resource Upper Commerce 2007 18 F0718 to F0735 HQ 4,310 1,053 13% Fir Resource Upper Commerce 2008 118 F08-36 to F08- HQ 23,723 5,126 62% Fir 153 Resource Upper Commerce 2009 22 F09-154 to F09- HQ 5,587 842 10% Fir 176 Resource Subtotal 183 37,446 8,218 100% Historical Bone AMC 1980-1981 17 BC-1 to BC-17 NQ 697 na- Creek Historical Fir AMC 1981 4 BC1-18 to BC-21 NQ 829 na- Target Fir Commerce 2001-2002 11 F-01 to F-11 HQ 2,144 na- (twins) Target Subtotal 32 3,670 Total Drilling 215 41,115 Abbreviations: AMC = Anschutz Mining Corp. Note: The Commerce 2010 campaign comprises 54 HQ diameter drill holes totalling 12,949 m. These holes were not completed during the database audit or block modeling for this mineral resource estimate. Assay data for the 2010 sampling are still pending.Project No.: 162230 Page 11-131 January 2011
  • 69. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Table 11-2: Upper Fir Deposit Trench and Bulk Samples # Category Deposit Operator Year Number Series Type (m) Metallurgy Upper Fir Commerce 3 BS01 to BS03 Bulk Sample 138 Exploration Upper Fir Commerce 4 TR0,0A,1,1A Trench-Chip 7311.2 Drilling Equipment Road building on the hillside is used to establish drill pads. Drill roads were created by Scott McDonald of Spaz Logging Ltd., Valemount B.C. Equipment included a D7 Cat bulldozer, a Volvo 230 excavator, and a 30 tonne rock truck. Blasting was by Leaverite Drilling and Blasting Ltd. of Clearwater, B.C. The diamond drills are operated by R.J. Beaupre Drilling Ltd. of Princeton, B.C. The drill models were a Boyles 56 and a Longyear 50, both capable of drilling HQ diameter holes to depths of 2,000 m. All road building and diamond drilling is supervised by Dahrouge on behalf of Commerce.11.3 Core Drilling Core drilling by Commerce commenced in 2005 and continues to the present. As of 30 June 2010, there are 183 resource holes within the Upper Fir and Bone Creek carbonatite areas comprising 37,446 m of HQ diameter core drilling and a total of 8,221 samples.11.3.1 Core Drilling Strategy The holes are collared on 3 primary drill roads (Upper, Middle, and Lower roads) that are oriented sub-parallel to the Upper Fir carbonatite along the hillside. Set-ups are spaced about 50 m apart along drill roads (Figure 7-4 and Figure 7-5). The majority of the known portions of the Upper Fir deposit are defined on 50 m centres. The at-depth Bone Creek carbonatite has only been intersected by a limited number of drill holes (Figure 7-6 and Figure 7-7). The drill hole orientations appear to be oriented sub-perpendicular to the carbonatites based on Figure 7-5 to Figure 7-7. The relationship between sample length and true thickness varies with the dip of holes. True thicknesses are slightly less than drilled intercepts.Project No.: 162230 Page 11-231 January 2011
  • 70. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT11.3.2 Core Sizes Core holes are typically HQ diameter (96 mm) producing core with a diameter of (63.5 mm). Hole diameter reduction due to poor ground conditions generally are not an issue at the Project. Drill hole orientations have typical azimuths of vertical, 090°, or 270° and inclinations that range from vertical to -60°. Drill hole depths range from a minimum of 32 m and a maximum of 388 m, averaging about 200 m.11.3.3 Collar Surveys The drill hole collars are spotted in the field with a hand-held GPS and lined up with a Brunton compass. Drill hole collars were initially surveyed using a Garmin 60 CSx handheld GPS unit and later surveyed accurately using a laser theodolite system by Steve Mosdell of Align Surveys of Louis Creek, B.C.11.3.4 Downhole Surveys Vertical holes were generally not surveyed down hole. The dip and azimuth of inclined drill holes were typically tested at three points in each hole using Flexit Single Shot down-hole orientation tools. The instruments record magnetic inclination, azimuth, temperature and magnetic susceptibility at each survey depth. The Flexit instruments were calibrated at the start of each field season for 2005 – 2009 drill holes.11.3.5 Oriented Drill Core No oriented drill holes were drilled prior to the June 30, 2010 diamond drilling cut-off date for this Mineral Resource estimate. At the request of AMEC, as part of the on-going PA, 6 drill holes comprised of 1,271 m of HQ diameter oriented core were completed after the diamond drilling cut-off date of 30 June 2010.11.3.6 Core Handling Core was obtained using wire-line methods and was washed prior to placement in core trays. Wooden core trays were placed near the core barrel so that the core was placed in the tray in the same orientation as it came out of the barrel. Rubble, which was rarely encountered, was piled to about the length of the whole core that its volume would represent. Trays were marked with drill hole name and box number. The end of every run is marked by a wooden block depth marker.Project No.: 162230 Page 11-331 January 2011
  • 71. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT The core trays are transported by pick-up truck down to the core logging facility at the community of Blue River, B.C.11.3.7 Core Recovery Core recovery was determined prior to sampling. Typically, recovery measurements were completed before detailed logging was initiated. Standard core recovery forms were usually completed for each hole by the field assistant or geologist. AMEC visually observed that the core recovery for the 2010 drill core was very good within the waste and carbonatite rocks (typically >95%). The only area that may have core recovery issues would be within the fenite rocks located in the immediate hanging wall to the carbonatite.11.4 Planned Drill Programs Additional diamond drilling is anticipated to increase the confidence of the existing resource. The lower portions of the Upper Fir carbonatite and selected areas of the Bone Creek carbonatite require additional definition drilling.11.5 Comment on Section 11 AMEC concludes: The quantity and quality of the lithological, geotechnical, collar, and down-hole survey data collected in the core drill programs is sufficient to support Mineral Resource estimation. Drill intersections are typically greater than the true width of the mineralization due to the orientation of the drill holes. Drill hole orientations are generally appropriate for the mineralization style. Collar surveys were performed using industry-standard instrumentation. Down-hole surveys accurately represent the trajectories of the inclined core holes. The core recoveries from core drill programs are good. The drill hole spacing is suitable for delineating this style of mineralization.Project No.: 162230 Page 11-431 January 2011
  • 72. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT12.0 SAMPLING METHOD AND APPROACH Commerce has collected stream sediments, soils, outcrop grabs and chips, and bulk rock samples from the Blue River property. These samples were used to guide exploration but were not used in preparing the Mineral Resource estimate. A description of the sampling method and approach for these samples is provided in a previous technical report (Selway and Stone, 2010). Commerce has a database of 215 drill holes. Of the 215 holes, there are 183 drill holes totalling 37,446 m of HQ diameter core, and 8,218 samples within the Mineral Resource area. Of the 215 holes, Commerce drilled 11 holes in the Fir carbonatite area which are not part of this Mineral Resource update. Of the 215 holes, 21 legacy holes were drilled by operators prior to Commerce’s involvement in the project. No sample intervals are present in the database for the 21 legacy holes and hence these holes have not been used to estimate grades in this Mineral Resource update, but they were used to interpret geology. An additional 54 holes, totalling 12,949 m of HQ drill core were drilled in 2010. The 2010 holes were not used in the preparation of the Mineral Resource estimate. Results of this drilling are discussed in Section 17.12 All work on the core since 2005 was completed under the supervision of Dahrouge on behalf of Commerce. Samples were collected from an area approximately 1,600 m north-south by 1,000 m east-west. Sampling is from a combination of vertical and inclined holes drilled from common collar locations. This results in a drill hole or sample spacing which increases with depth. Average spacing between drill hole intercepts in the resource area is 50 m. Core sampling method and approach has been consistent through the 2005 to 2010 drill programs. Core was boxed onsite and delivered each day to a core facility in Blue River where the core was logged and sawn. Core logging involved both geotechnical and geological information. Geotechnical logging involved measuring core recovery per run, rock quality designation (RQD), fracture roughness and orientation. Core recovery and RQD was generally good for most core, typically greater than 95% recovery. The geological logging included observations of colour, lithology, texture, structure, mineralization, and alteration. All drill core was photographed prior to splitting. The sampling procedure used to collect core at Blue River is as follows: The entire carbonatite intersection and shoulder samples on each side of the intersection are sampled. Samples intervals, generally 1 m in length, are marked on the core by a geologist. Sample intervals are assigned a unique sample number.Project No.: 162230 Page 12-131 January 2011
  • 73. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT The geological contacts are generally respected. Specific gravity measurements for the carbonatite are collected approximately once every 3 m. Carbonatite samples are checked at regular intervals with a GR-130 miniSPEC gamma ray spectrometer for the presence of U and Th. Core is sawn in half by diamond saw. Half of the core is sent for analysis. Half of the core is retained for reference or further sampling. A summary of relevant sample intervals and results are shown in Table 12-1. Figures 7-6 and 7-7 in this Report illustrate the relationship between intersected thickness and true thickness of the carbonatite. In general, intersected thicknesses are slightly longer than true thickness. Table 12-1: Selected Ta and Nb Composite Values in Carbonatite Depth Depth Intercept Depth Depth Intercept From To Thickness Ta2O5 Nb2O5 From To Thickness Ta2O5 Nb2O5 Hole No (m ) (m ) (m ) (ppm ) (ppm ) Hole No (m ) (m ) (m ) (ppm ) (ppm ) F0718 34.5 76.4 41.9 158 2,488 F08-084 110 162 52 125 2,045 F0718 113.5 141.7 28.2 153 1,266 F08-084 185 202.3 17.3 93 2,439 F0718 210.9 215.9 5 199 1,396 F08-084 214.3 223.4 9.1 197 1,042 F0718 218.4 221.5 3.1 148 1,173 F08-084 249.6 253.8 4.2 167 892 F0719 34.8 37.3 2.5 182 3,528 F08-084 262.3 268 5.7 197 1,626 F0719 39.8 105 65.2 214 2,258 F08-085 122.1 176.4 54.3 114 309 F0719 112.1 138.3 26.2 174 1,472 F08-085 203 256.7 53.7 190 1,541 F0719 231.8 236.8 5 126 940 F08-147 143.1 164.1 21 103 2,893 F0719 239.3 240.8 1.5 136 1,750 F08-147 190.9 203.9 13 175 1,837 F0720 38.4 86.4 48 120 2,032 F08-150 129.7 136.8 7.1 222 3,149 F0720 146.7 158.5 11.8 129 1,456 F08-150 150.8 165.8 15 165 3,184 F0720 244.1 248.8 4.7 150 1,240 F08-150 190 202.1 12.1 247 2,110 F0727 16.4 17.5 1.1 14 906 F08-151 133.8 139.4 5.6 242 2,737 F0727 109.3 142.1 32.8 211 2,255 F08-151 188.2 207.8 19.6 246 2,626 F0727 222.6 225.8 3.2 167 945 F08-151 216.3 221.3 5 126 1,653 F0728 27.3 30 2.7 13 745 F08-151 223.8 243.5 19.7 271 1,911 F0728 93 150.4 57.4 188 1,417 F08-152 168 173.4 5.4 122 1,321 F0729 13.7 17.3 3.6 32 1,243 F08-152 208.9 221.6 12.7 240 1,753 F0729 132.7 137.9 5.2 141 1,293 F08-152 230.3 252.2 21.9 176 1,058 F0730 75.1 149.5 74.4 163 1,583 F09-169 78.4 126.9 48.5 232 651 F0731 79.8 173.2 93.4 172 1,518 F09-169 156.1 198.6 42.5 171 1,085 F08-064 95.7 130.4 34.7 172 1,754Project No.: 162230 Page 12-231 January 2011
  • 74. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT12.1 Comment on Section 12 AMEC concludes: The sampling procedures are suitable for this style of deposit No drilling, sampling or recovery factors are apparent that could materially impact the accuracy, and reliability of the results The sampling method has resulted in samples of reasonable quality which show no material biases and are considered representative of the mineralization present in the Blue River deposits.Project No.: 162230 Page 12-331 January 2011
  • 75. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT13.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY Commercial analytical labs are generally not set up to provide a high level of accuracy and precision at the lower range of the economically significant grades of Ta and Nb that exist in the Blue River deposit. The ability to assess accuracy and precision was difficult because of this. However, Acme has worked closely with Commerce to improve the accuracy and precision for the Blue River samples. The assessment that follows uses a combination of techniques to provide an opinion on the reliability of the Blue River sample results. Although some issues were identified, the samples are considered suitable to support resource estimation.13.1 Sample Preparation Between 2005 and 2008 sawn core samples were shipped to Acme Analytical Laboratories in Vancouver where the entire sample was crushed in a jaw crusher to 70% passing 10 mesh (2 mm) and a 250 g riffle split sample of the crushed material was pulverized in a mild steel ring and puck mill to 85% passing 200 mesh (75 microns). Split core samples from the 2009 drill program were shipped to PRA/Inspectorate Laboratories in Richmond, B.C. where the entire sample was crushed to 80% passing 10 mesh and a 300 g split of the crushed material was pulverized to 100% passing 200 mesh.13.2 Sample Analysis Between 2005 and 2008 primary samples were analyzed at Acme by packages 4A and 4B. Package 4A allows reporting of total abundances of the major oxides and several minor elements using a 0.2 g sample analyzed by ICP-emission spectrometry following a lithium metaborate/ tetraborate fusion and dilute nitric digestion. Package 4B provided reporting of rare earth and refractory elements determined by ICP mass spectrometry following a lithium metaborate / tetraborate fusion and nitric acid digestion of a 0.2 g pulp. Primary samples from the 2009 drill program were initially analyzed at Global Discovery Laboratory in Vancouver and later at Acme by packages 8X, 4A, and 4B. Package 8X is an X-Ray fluorescence analysis following a lithium metaborate fusion. Table 13-1 lists the posted laboratory lower detection limits for the primary sample analysis procedures.Project No.: 162230 Page 13-131 January 2011
  • 76. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Table 13-1: Primary Analysis Lower Detection Limits Lower Detection Limit Ta Nb (ppm) (ppm) Acme 4A na 5 Acme 4B 0.1 0.1 Acme 8X 100* 100* * Acme certificates reported below detection limits at 5 and 10 ppm Ta Acme, GDL, and PRA/Inspectorate are well recognised ISO certified laboratories.13.3 Quality Control Quality control procedures used by Commerce to monitor laboratory results have evolved over the life of the project. Between 2005 and 2007 there was minimal insertion of blank, duplicate, or standard reference material (SRM) control samples. During this period, analysis of several pulp check samples was completed at 4 different laboratories. In 2008 the control sample insertion rate was increased to an average of 3% for each of blanks, quarter core field duplicates, and SRM control samples. In 2009 control sample insertion rates were increased to an average of 5% per control sample type and included pulp duplicates. Control sample and insertion rates are summarized in Table 13-2. Table 13-2: Control Samples and Insertion Rates by Year No. of primary 1/4 core field insertion pulp insertion "Robert" insertion "BR" insertion insertion pulp insertion Year Blanks samples duplicates rate duplicates rate SRMS rate SRMs rate rate checks rate 2009 794 49 6.2% 48 6.0% 49 6.2% 0 0.0% 34 4.3% 49 6.2% 2008 5882 591 10.0% 268 4.6% 68 1.2% 206 3.5% 222 3.8% 232 3.9% 2007 1017 72 7.1% 0 0.0% 0 0.0% 49 4.8% 63 6.2% 373 36.7% 2006 1140 4 0.4% 0 0.0% 0 0.0% 0 0.0% 48 4.2% 102 8.9% 2005 58 0 0.0% 0 0.0% 0 0.0% 3 5.2% 0.0% 58 100.0%13.3.1 Assessment of Accuracy with SRM Control Samples In 2005 a SRM control sample, BR-01, was prepared for Commerce by Acme, using sample material from the nearby Verity Carbonatite. This SRM was inserted by Acme into primary sample batches submitted between 2005 and 2008. Figure 13-1 summarizes the Ta results returned for all primary lab analysis of BR-01. The average of all results (best value) is 117 ppm Ta. The moving average (green line) shows the control sample results were generally within ±5% of the best value. Less than 5% of the results exceed ±2 standard deviations.Project No.: 162230 Page 13-231 January 2011
  • 77. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 13-1: SRM BR-01 Control Chart Acme BR01 Standard Excludes outliers 150 Standard BR-01, Ta 4B ppm 145 140 135 Data 130 Mean +/- 2 125 120 std.dev.s 115 Best Value 110 105 Moving Average 100 1.05 x Best 95 0.95 x Best 90 85 High Clusters 80 Low Clusters 2005 2007 2007 2008 2008 2008 2008 2008 2008 2008 2007 2007 2007 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 In order Assayed, by Batch & Sample In 2008, fifteen SRMs were prepared for Commerce by Process Research Associates (PRA) by pulverizing core samples from within the resource area to 100% passing 200 mesh. Three samples of each standard were sent to 6 labs, for Ta, and 7 labs for Nb analysis. Analytical procedures included XRF/fusion and XRF/pellet, ICP-AES, ICP-MS, ICP-M, and INAA. Results were compiled by PRA. The results indicate that, with the exception of a few higher grade Nb samples, the Blue River Standards do not achieve typical tolerance thresholds for certified standards. This may be in part due to the difficulty in assessing low grade Ta and Nb. “Robert” standards 3, 4, 6, 7, 13, and 15 are considered suitable for use for assessing Nb grades greater than 900 ppm. Standards 8, 9, 10, 12, and 14 are considered acceptable for assessing Ta grades greater than 170 ppm. A summary of SRM “Robert SRM” Best Values is provided in Table 13-3.Table 13-3: “Robert” Standard Reference Material “Best Values”Tantalum in ppm Niobium in ppmStandard Best Value Count STDEV STDEV/BV 95%CI 95%CI/BV Standard Best Value Count STDEV STDEV/BV 95%CI 95%CI/BV 1 - - - - - 1 - - - - - 2 14 3 2 17% ±6 43% 2 349 7 35 10% ±32 9% 3 74 4 11 15% ±18 24% 3 3,048 7 90 3% ±83 3% 4 122 5 14 11% ±17 14% 4 3,907 7 126 3% ±117 3% 5 107 4 9 9% ±15 14% 5 120 6 12 10% ±13 11% 6 172 5 16 10% ±20 12% 6 2,297 7 93 4% ±86 4% 7 179 5 14 8% ±17 10% 7 1,753 7 78 4% ±72 4% 8 175 5 9 5% ±11 6% 8 244 7 31 13% ±29 12% 9 193 5 12 6% ±15 8% 9 313 7 31 10% ±29 9% 10 221 5 12 5% ±14 7% 10 956 7 100 10% ±92 10% 11 265 5 17 7% ±21 8% 11 421 7 45 11% ±41 10% 12 241 5 14 6% ±17 7% 12 1,478 7 92 6% ±85 6% 13 280 5 23 8% ±28 10% 13 1,744 7 81 5% ±74 4% 14 256 5 16 6% ±20 8% 14 282 7 37 13% ±35 12% 15 377 5 25 7% ±31 8% 15 2,524 7 102 4% ±95 4%Project No.: 162230 Page 13-331 January 2011
  • 78. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 13-2 shows all but two “Robert” SRM Ta results returned for 2008 core analysis by Acme (ICP-MS) were within ±10% of the best values. Only 4 out of 10 Nb results were within ±10% of the best values Figure 13-3. Figure 13-2: 2008 “Robert” SRM Ta Performance 2008 Acme "Robert" Standards 400 350 300 Ta ppm 250 200 150 100 50 0 STD-05 STD-06 STD-07 STD-08 STD-09 STD-09 STD-09 STD-10 STD-10 STD-15 Standard Name ACME Ta ppm Best Value Ta ppm Greater or less than 10% BV Figure 13-3: 2008 “Robert” SRM Nb Performance 2008 Acme "Robert" Standards Nb 3000 2500 2000 Ta ppm 1500 1000 500 0 STD-05 STD-06 STD-07 STD-08 STD-09 STD-09 STD-09 STD-10 STD-10 STD-15 Standard Name ACME Ta ppm Best Value Ta ppm Greater or less than 10% BV Figures 13-4 shows a negative bias for “Robert” SRM Ta values for 2009 core analysed by Acme XRF (fusion) methods. No bias was observed for Nb.Project No.: 162230 Page 13-431 January 2011
  • 79. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 13-4: 2009 “Robert” SRM Ta Performance 2009 Acme "Robert" Standards Ta 400 350 300 250 200 150 100 50 0 STD-02 STD-02 STD-02 STD-04 STD-04 STD-06 STD-06 STD-06 STD-09 STD-09 STD-09 STD-09 STD-09 STD-13 STD-13 STD-13 STD-15 STD ACME Assayed Value STD Expected Value Assayed Value GT ±10% Expected Value13.3.2 Assessment of Accuracy with Secondary Lab Pulp Checks Pulp checks were submitted to secondary labs by Commerce for all drill campaigns. Secondary lab pulp checks are used to assess primary lab accuracy by checking for biases between the labs. AMEC uses Reduced to Major Axis (RMA) charts to assess for bias between two independent variables such as check samples. The RMA plots show a y=x line (red), a linear fit line (grey), an RMA fit line (green), an RMA fit line equation (y=mx+b), the correlation of the paired data (R2), and the bias relative to the x axis variable. 2005 pulp check samples were analyzed for Ta and Nb by Global Discovery Laboratories in Vancouver using an XRF (fusion) method. An RMA chart of the primary and check results shows a 44% negative bias and an 11% positive bias for primary lab Ta and Nb respectively (Figure 13-5 and 13-6).Project No.: 162230 Page 13-531 January 2011
  • 80. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 13-5: 2005 Pulp Check Sample Ta RMA Plots 2005 GDL Pulp Checks Ta ppm 600.0 500.0 y = 1.4357x - 8.4025 400.0 R² = 0.9197 GDL XRF(F) Ta ppm 300.0 Sample Pairs y=x 200.0 RMA 100.0 Bias= -43.57% 0.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 Acme ICP-MS Ta ppm Figure 13-6: 2005 Pulp Check Sample Nb RMA Plots 2005 GDL Pulp Checks Nb ppm 4000.0 3500.0 3000.0 y = 0.8835x - 143.72 GDL XRF(F) Nb ppm 2500.0 R² = 0.9515 2000.0 Sample Pairs 1500.0 y=x RMA 1000.0 500.0 Bias= 11.65% 0.0 0.0 500.0 1000.0 1500.0 2000.0 2500.0 3000.0 3500.0 4000.0 Acme ICP-MS 4B Nb ppm Figures 13-7 and 13-8 are Ta and Nb RMA charts that show there is no significant bias for samples collected in 2008 after removal of outliers.Project No.: 162230 Page 13-631 January 2011
  • 81. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 13-7: 2008 Acme Pulp Check Sample Ta RMA Plots 2008 PRA0906710 Pulp Checks Ta ppm 700.0 y = 0.9602x + 1.8076 600.0 R² = 0.8862 500.0 Acme ICP -MS Ta ppm 400.0 Sample Pairs 300.0 y=x 200.0 RMA 100.0 Bias= 3.98% 0.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 Acme ICP -MS Ta ppm Figure 13-8: 2008 Acme Pulp Check Sample Nb RMA Plots 2008 PRA0906710 Pulp Checks Nb ppm 5000.0 4500.0 4000.0 y = 0.95x + 21.295 3500.0 R² = 0.9545 Acme ICP -MS Nb ppm 3000.0 2500.0 Sample Pairs 2000.0 y=x 1500.0 RMA 1000.0 500.0 Bias= 5.00% 0.0 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 Acme ICP -MS Nb ppm Table 13-4 is summary of calculated biases between primary and secondary lab results by year and indicates there was improvement in accuracy between 2005 and 2009. The pulp check sample analyses were not systematically performed between 2005 and 2008,Project No.: 162230 Page 13-731 January 2011
  • 82. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT and SRMs were not consistently included with the checks. Therefore the results are considered an indicator of lab bias, but are not on their own definitive. The pulp check results indicate that there was improvement in agreement between labs between 2005 and 2009. Table 13-4: Pulp Check Bias in Percent Year Ta Bias Nb Bias Check Lab 2005 -43.6 11.65 GDL 2006 -1.9 - Becquerel 2007 -6.6 36.8 ActLab 2007 -0.6 22 ALS 2008 -3.4 -9.4 GDL 2008 4.0 5.0 Acme 2009 -0.21 2.61 Starck13.3.3 Assessment of Precision with Duplicates Between 2006 and 2009, 716 quarter-core field duplicates were submitted as control samples to support primary assay result. Duplicates are used to assess for sampling bias and the ability of the lab to reproduce their results. A duplicate result is considered a failure if the absolute relative difference (ARD) between the pairs exceeds a given threshold. ARD is calculated using the following formula; ARD % = absolute (original value – duplicate value) / ((original value + duplicate value) / 2) * 100 ARD and AVRD (absolute value relative difference) are used interchangeably in Figures in this report. Field duplicate pairs returning an ARD of <30% and pulp duplicate pairs returning an ARD <10% (error limit), at least nine times out of ten are an industry standard acceptable failure rate of acceptable precision of assays for use in resource estimation. Min-Max plots are used to assess the ARD failure rate. On these plots the minimum of a paired value is plotted on the X axis and the maximum paired value is plotted on the Y axis. The red squares indicate paired duplicates with an ARD greater than the error limit. The error limit is shown as the red line. The error limit is a hyperbolic function to accommodate for lower precision at lower grades. Good precision is generally not achieved for results returning less than 10 times the lower detection limit. Figures 13-9 and 13-10 show field duplicate pairs sampled between 2006 and 2009 have a 7.2% and a 18.8% failure rate for Ta and Nb respectively.Project No.: 162230 Page 13-831 January 2011
  • 83. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 13-9: Min-Max Plot – Ta Precision for Field Duplicates Between 2006 and 2009 2006-2009 Field Duplicate Pairs 4B Ta ppm 2000 2006-2009 Field Duplicate Pairs 4B Ta ppm y=x Error Limit Failures 1500 Max 1000 Percent Failures 7.2% 500 AVRD 30% 0 0 500 1000 1500 2000 Min Figure 13-10: Min-Max Plot – Nb Precision for Field Duplicates Between 2006 and 2009 2006-2009 Field Duplicate Pairs 4B Nb ppm 20000 2006-2009 Field Duplicate Pairs 4B Nb ppm y=x Error Limit Failures 15000 Max 10000 Percent Failures 18.8% 5000 AVRD 30% 0 0 5000 10000 15000 20000 MinProject No.: 162230 Page 13-931 January 2011
  • 84. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Table 13-5 summarizes field duplicate precision failure rate by year. Table 13-5 Field Duplicate Precision by Year Field Duplicate Precision Failure Rate Ta (%) Nb (%) 2007 (ICP) 5.6 33.3 2008 (ICP) 5.2 16.8 2009 (XRF-F) 19.6 17.9 All but the 2007 and 2008 Ta results are above the acceptable 10% failure rate threshold. Ta precision failure rate increased in 2009, which is coincident with a move to XRF (fusion) analysis. A better assessment of precision would be to use pulp duplicate pairs, so the results are not considered a definitive assessment of precision. In 2008, 268 pulps were resubmitted to Acme for ICP-MS analysis. Min-Max plots shown in Figures 13-11 and 13-13 indicate excessive failure rates suggesting analytical precision was not under control for Ta or Nb. ARD is commonly related to grade. As sample grades approach the lower detection limits of the given analytical procedure, the ARD typically increases. A Practical Detection Limit (PDL) for an analytical procedure is the grade at which the ARD exceeds 100%. The PDL is generally greater than the lower detection limits reported by laboratories for a given analytical procedure. Figures 13-12 and 13-14 show the ARD relative to grade and indicate the ARD generally exceeds the 10% threshold for both Ta and Nb at all grades. Neither of these figures shows a clear PDL which is possible if the selected pulp duplicates had grades well above the lower detection limit. Despite the apparent imprecision, Figures 13-15 and 13-16 show that there is no significant bias between the duplicate pairs for Ta or Nb.Project No.: 162230 Page 13-1031 January 2011
  • 85. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 13-11: 2008 Pulp Duplicate Failure Min Max Ta Chart PRA0906209B 2008 Acme Pulp Duplicate Pairs ICP-MS Ta ppm 1600 PRA0906209B 2008 Acme Pulp Duplicate Pairs ICP-MS Ta ppm y=x 1400 Error Limit Failures 1200 1000 Max 800 Percent Failures 600 51.9% 400 AVRD 10% 200 0 0 200 400 600 800 1000 1200 1400 Min Figure 13-12: 2008 Pulp Duplicate ARD vs. Grade Ta Chart PRA0906209B 2008 Acme Pulp Duplicate Pairs ICP-MS Ta ppm 180% 160% 140% 120% 100% ARD 80% 60% 40% 20% 0% 0.00 100.00 200.00 300.00 400.00 500.00Project No.: 162230 Page 13-1131 January 2011
  • 86. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 13-13: 2008 Pulp Duplicate Failure Min Max Nb Chart PRA0906209B 2008 Acme Pulp Duplicate Pairs ICP-MS Nb ppm 14000 PRA0906209B 2008 Acme Pulp Duplicate Pairs ICP-MS Nb ppm y=x 12000 Error Limit Failures 10000 8000 Max 6000 Percent Failures 46.3% 4000 AVRD 10% 2000 0 0 2000 4000 6000 8000 10000 12000 Min Figure 13-14: 2008 Pulp Duplicate ARD vs. Grade Nb Chart PRA0906209B 2008 Acme Pulp Duplicate Pairs ICP-MS Nb ppm 180% 160% 140% 120% 100% ARD 80% 60% 40% 20% 0% 0.00 1000.00 2000.00 3000.00 4000.00 5000.00Project No.: 162230 Page 13-1231 January 2011
  • 87. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 13-15: 2008 Pulp Duplicate RMA Ta Chart PRA0906209B Acme - Acme Pulp Checks Ta ppm 1400.0 y = 0.9371x - 9.9785 1200.0 R² = 0.6335 1000.0 Acme ICP-MS Ta ppm Sample Pairs 800.0 y=x 600.0 RMA 400.0 200.0 Bias= 6.29% 0.0 0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 1400.0 Acme ICP-MS Ta ppm Figure 13-16: 2008 Pulp Duplicate RMA Nb Chart PRA0906209B Acme - Acme Pulp Checks Nb ppm 8000.0 7000.0 y = 0.9309x + 10.542 6000.0 Acme ICP-MS Nb ppm 5000.0 R² = 0.8448 4000.0 Sample Pairs 3000.0 y=x RMA 2000.0 1000.0 Bias= 4.72% 0.0 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 7000.0 8000.0 Acme ICP-MS Nb ppm In 2009 Commerce initiated an extensive re-assay program which culminated in a decision to move to XRF (fusion) analysis for Ta and Nb. Analysis of pulp duplicates from these tests showed that despite Ta and Nb detection limits being reported down to 5 and 10Project No.: 162230 Page 13-1331 January 2011
  • 88. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT ppm, the PDL was much higher. Forty-eight pulp duplicates were inserted with the primary assay submission of 2009 core. Figure 13-17 to Figure 13-20 show there is an excessive failure rate for Ta pairs but an acceptable failure rate for Nb. The PDL may be near 50 ppm for both. Figure 13-17: 2009 Pulp Duplicate RMA Ta Chart 2009 ACME 8x (XRF-F) Pulp Duplicate Pairs Ta ppm 400 2009 ACME 8x (XRF-F) Pulp Duplicate Pairs Ta ppm 350 y=x Error Limit 300 Failures 250 Max 200 Percent Failures 150 46.9% AVRD Threshold 100 10% 50 assumed 10ppm PDL 0 0 50 100 150 200 250 300 350 400 Min Figure 13-18: 2009 Pulp Duplicate ARD vs. Grade Ta Chart 2009 ACME 8x (XRF-F) Pulp Duplicate Pairs Ta ppm 180% 160% 140% 120% 100% ARD 80% 60% 40% 20% 0% 0 100 200 300 400 500 Ta ppmProject No.: 162230 Page 13-1431 January 2011
  • 89. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 13-19: 2009 Pulp Duplicate RMA Nb Chart 2009 ACME XRF(F) Pulp Duplicate Pairs Nb ppm 4500 2009 ACME XRF(F) Pulp Duplicate Pairs Nb ppm 4000 y=x Error Limit 3500 Failures 3000 2500 Max 2000 Percent Failures 1500 4.1% AVRD Threshold 1000 10% 500 0 0 500 1000 1500 2000 2500 3000 3500 4000 Min Figure 13-20: 2009 Pulp Duplicate ARD vs. Grade Nb Chart 2009 ACME XRF(F) Pulp Duplicate Pairs Nb ppm 80% 70% 60% 50% ARD 40% 30% 20% 10% 0% 0 500 1000 1500 2000 2500 3000 3500 4000 Nb ppm13.3.4 Assessment of Contamination Using Blanks Three hundred and sixty-seven coarse blanks were submitted over the duration of the assay programs. In general the Ta and Nb values returned for the blanks are at or near detection limits suggesting little or no carry-over contamination (Figures 13-21 and 13-22). Sporadic carry-over contamination is indicated and could be a result of sample swaps or poorly prepared blanks. The abrupt jump in the Ta values in 2009 reflects a change in the lower detection limit as a result of Commerce switching from ICP-MS to XRF(F).Project No.: 162230 Page 13-1531 January 2011
  • 90. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 13-21: Blank Control Chart for Tantalum Analyses Blanks ICP-MS 4B Ta ppm 180 160 140 120 100 80 60 40 20 0 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2009 2009 2009 Figure 13-22: Blank Control Chart for Niobium Analyses Blanks ICP-MS 4B Nb ppm 1800 1600 1400 1200 1000 800 600 400 200 0 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2009 2009 200913.4 Density Commerce regularly collected density measurements using a water displacement method. Five to 10 cm pieces of whole core were weighed with a balance beam scale and then were placed into a beaker of water. The volume of water displaced was measured with a clear plastic ruler to approximate the volume of the core. Density was calculated using: Weight of core / volume of water displacedProject No.: 162230 Page 13-1631 January 2011
  • 91. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT No check samples were completed. AMEC recommended a check on the density data and additional measurements for waste rock types. A water immersion specific gravity (SG) method was used in addition to the water displacement method. For the water displacement checks an ASTM approved cylinder with 2 mm graduations was used. For the water immersion method core was placed on a scale, weighed (weight in air), submerged in a bucket of water, and then weighed again (weight in water). SG was calculated using: Specific gravity = (core weight in air) / (core weight in air – core weight in water) Four hundred and twenty-five pieces of whole and half-sawn HQ diameter drill core measuring at least 10 to 20 cm long were checked. The samples chosen covered the spatial and time aspects of the different Commerce drill campaigns. Thirty-nine of the 425 samples were sent to MetSolve Laboratories Inc. of Burnaby, B.C. for measurement of SG by a wax coated water immersion method to assess for possible water porosity. Original water displacement, check water displacement, and check water immersion measurements were compared to the 39 MetSolve wax coated water immersion SG measurements. Original water displacement density measurements had poor correlation Check water displacement density measurements had adequate correlation Check water immersion SG measurements had excellent correlation. Based on this, the 425 water immersion check measurements were used to calculate SG values for each major rock type at Blue River. The means are used as constants to support the Mineral Resource update. Table 13-6: Specific Gravity Measurements for Blue River Rock Types Domain Count Min Max Mean StDev CV Gneiss 81 2.69 3.16 2.82 0.09 0.03 Amphibolite 30 2.93 3.19 3.05 0.07 0.02 Fenite+CalcAmphibolite 55 2.87 3.16 2.97 0.05 0.02 Carbonatite 168 2.85 3.24 3.01 0.08 0.03 Pegmatite 44 2.57 2.68 2.62 0.02 0.01 Other 29 2.81 3.20 3.03 0.10 0.03 Fault Zone (mixed) 17 2.54 3.06 2.85 0.15 0.05 Total 424 2.54 3.24 2.92 0.15 0.05Project No.: 162230 Page 13-1731 January 2011
  • 92. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT13.5 Security The core is delivered by the drillers in the back of a pick-up truck to the Commerce field office in Blue River. The boxes are laid out in order on saw horses and inspected by the project manager. The core is logged by Dahrouge geologists. The core logging supervisor completes spot checks for quality on a daily basis. The core storage, logging and sampling facilities are not secured. Samples are placed in pails and stored in the locked quonset hut for security prior to shipping. The core samples are commercially transported via Monashee Painting and Services of Blue River, B.C. to the preparatory laboratory. Sample sheet manifests are submitted with the core samples. The manifests include information on the operator, sample preparation laboratory, and a sample list. Sample rejects returned from the lab are stored in the quonset hut.13.6 Comment on Section 13 AMEC and Commerce have carefully examined the sample preparation and analysis of Blue River core. The principal findings of this work are as follows: Significant inter-lab grade biases are evident for Ta and Nb in the initial sampling Acceptable inter-lab biases were achieved through the remaining sampling programs SRM control samples indicate acceptable levels of accuracy are occasionally achieved for Ta and Nb. Where acceptable levels are not achieved the SRM results suggest a low bias for the primary results may exist Poor precision is evident for Ta and Nb results collected in 2008 and 2009. However no consistent bias is evident The Blue River sample results show imprecision but no consistent bias and are considered suitable for use in mineral resource estimation. Caution should be applied in assigning a high level of confidence to the results until precision and accuracy issues are resolved.Project No.: 162230 Page 13-1831 January 2011
  • 93. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT14.0 DATA VERIFICATION14.1 Database Data Entry Check The resource database that was used for the 2010 resource estimate is stored in a Gems™ database format. In the drill hole resource database, there are 183 drill holes used in the mineral resource update consisting of 183 collar records, 510 hole orientation records, 8,218 assays records, and 8,434 lithology records. AMEC performed a data entry verification check of the database to assess frequency of data entry errors using original source documentation. A data entry error rate of less than 1.0% is considered an industry acceptable level of accuracy. Drill Collar Coordinate Checks All drill collar coordinates are collected in UTM NAD 83 Zone 11 coordinate system. Nineteen randomly selected drill collar records, representing 10% of all drill collar records were examined. No errors were noted. All drill collar elevations were compared to the topographic surface used in the resource estimation. No discrepancies were noted. Down-Hole Deviation Checks Fifty-two holes have collar orientation measurements only. The remainder have at least two down-hole measurements. Holes with measurements have been surveyed using a Flexit Single Shot down-hole orientation tool. The Flexit data are down-loaded electronically and then hand-entered into the Gems™ database. Spacing between measurements averages 90 m and ranges from 0.9 m to 327 m. Eighty-four randomly selected down-hole survey records, representing 5% of all the down- hole survey records were checked. Minor errors were noted. The magnetic declination applied to down-hole surveys was checked against the Geological Survey of Canada’s magnetic declination for the area and was confirmed. AMEC checked the down-hole survey records for indications of excessive bends in the drill hole trace. “Kinkcheck” is a proprietary software program that calculates deviation between consecutive down-hole survey measurements and compares to an allowable tolerance set by the QP. Deviations in excess of allowable tolerance are flagged. No unusual “kinks” were noted.Project No.: 162230 Page 14-131 January 2011
  • 94. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Lithology Checks AMEC checked 1,740 lithology records, representing 21% of all lithology records. Twenty errors were noted which represents a 1.1% error rate for the geology table. The errors were reported to Dahrouge, who subsequently checked and fixed the errors. Assay Data Checks AMEC performed a data entry check on 100% of the Ta and Nb assay records. Database records were compared to assay certificates. One error was noted.14.2 Site Visit14.2.1 Drill Collar Location Check AMEC checked the location of 20 drill collars from 10 setups for the 2006 to 2009 drilling campaigns using a hand-held Garmin GPS Map 60 CSX unit. All holes checked were within ±8 m and most were within ±3 m. The drill hole locations with discrepancies greater than 3 m were related to disturbance of markers from drill road construction. Upon completion of a drill hole, 4" x 4" wooden posts are placed into the hole. The drill hole collar casings are in some cases still in place. Steel plates with the drill hole names have been cemented into the ground adjacent to the hole collars making hole identification relatively easy (Figure 14-1).14.2.2 Logging and Sampling Facilities The core is logged and sampled by Dahrouge employees in an open field behind the Blue River field office. Core is half sawn with a 10" diamond blade. The samples are cut along the length of the sample, and perpendicular to the core at the end of each sample interval. The saw is cleaned with fresh running water at the end of each sample. The sludge at the bottom of the saw basin is cleaned and placed into a separate sample bag for possible check sampling. After the core is cut, half is placed in a uniquely numbered plastic bag and half is placed back into the core box. Sample identification tags are inserted into the sample bags. The sample bags are secured with plastic zip ties and then placed into 5 gallon pails. Dahrouge has arranged for sample bar-tag labels employing a system which can be used by the primary laboratory Acme-Vancouver. The pails are labelled on the exterior surface with list of samples contained within the pail. The empty bags for QA/QC blanks and SRMs are typically placed at the top of the pail for filling by the sample preparation lab.Project No.: 162230 Page 14-231 January 2011
  • 95. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 14-1: Drill Hole Collar Identification Note: The drill hole names are etched onto the red steel plate that has been cemented into the ground. Holes have had 4” x 4” wooden stakes inserted into the drill collar to mark their locations.14.2.3 Core Storage The archived drill core is stored cross piled on wooden pallets in an unsecured grass field on private property in Valemount. The storage area is adjacent a side road near the edge of the town. For the winter season, pallets are covered with tarps for protection. Core boxes are labelled by magic marker and with aluminium tape labels stapled to the core box ends. The labels note hole number, box number, and distance down hole. Sample locations have been marked on the core boxes with crayon markers. The pulp and coarse rejects are stored in a quonset hut within sealed plastic buckets or wooden crates comprised of rice bags having individual plastic sample bags.14.2.4 Inspection of Drill Core and Verification of Mineralization Fifteen quarter-core samples were collected at site by AMEC. The samples were submitted to Acme in Vancouver for preparation and analysis by Package 4B ICP-MS methods. A comparison of AMEC results with matched interval results reported in theProject No.: 162230 Page 14-331 January 2011
  • 96. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT resource database is summarized in Table 14-1. The check sample results support the grades reported in the resource database. Table 14-1: AMEC Site Visit Confirmation of Mineralization AMEC Quarter Core Samples Original Half Core Samples DHID From (m) To (m) Ta (ppm) Nb (ppm) Ta (ppm) Nb (ppm) CF0612 103.3 104.3 131 328 121 360 CF0612 104.3 105.3 146 367 194 506 CF0612 105.3 106.3 287 1,305 365 1,494 CF0612 106.3 107.3 146 565 122 466 CF0612 108.2 109.2 112 392 43 128 F0728 133.0 134.0 141 1,734 75 910 F0728 134.0 135.0 64 553 128 1,261 F0728 135.0 136.0 244 2,404 421 4,405 F08-150 129.7 131.0 143 1,727 210 4,739 F08-150 133.0 134.0 118 1,566 101 1,365 F08-150 134.0 135.0 189 2,667 181 2,742 F08-150 158.0 159.0 134 2,034 86 1,559 F08-151 192.0 193.0 140 798 143 744 F08-151 194.3 195.0 187 2,084 219 2,887 F08-151 195.0 196.0 78 1,786 91 2,040 Average 151 1,354 167 1,70714.3 Comment on Section 14 AMEC concludes: Based on the database verification performed by AMEC, the collar coordinates, down- hole surveys, lithologies, and assays are considered sufficiently free of error and that the data are suitable to support Mineral Resource estimation.Project No.: 162230 Page 14-431 January 2011
  • 97. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT15.0 ADJACENT PROPERTIES The Commerce Blue River claim boundaries surround 7 adjacent claims owned by prospectors (Figure 4-1 and Table 15-1). These claims are centred on the Mud Lake carbonatite outcrop showings located at about 52° 8 5" N, 119° 10 35" W. Exploration work on the adjacent claims is at an early stage. Table 15-1: List of Adjacent Property Claims Claim Number Owner 597901 Kelly Brent Funk 525503 Darrel Wayne Davis 590258 Duane Paul Hennig 599718 Luis Alberto Botto 599637 Dwayne Edward Kress 601703 Dwayne Edward Kress 600986 Dwayne Edward Kress 601703 Dwayne Edward Kress 600986 Dwayne Edward Kress AMEC has not verified any information related to carbonatite mineralization on the adjacent claims. The mineralization on the adjacent claims is not necessarily indicative of the carbonatites or mineralization found at Commerce’s Blue River Project.Project No.: 162230 Page 15-131 January 2011
  • 98. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT16.0 MINERAL PROCESSING AND METALLURGICAL TESTING Testwork began in 2009 and continued into 2010 to develop a process flowsheet for the Blue River Project. The testwork was based on material produced from two bulk samples, BS-2F and BS–2G. Mineralogical analysis was performed to obtain knowledge on the occurrence of the tantalum and niobium within the material. Given the complexities with assaying for the tantalum, a fair amount of effort also went into developing the appropriate routine for the assaying of samples. The testwork primarily took place in two Phases; Phase I – concentrated on the recovery of the tantalum-niobium minerals by gravity although grinding and mineralogy were also performed. Phase II – concentrated on the recovery and upgrading of the tantalum-niobium minerals by flotation. A large amount of work was performed in Phase I that showed gravity could concentrate the material to a low-grade product but that upgrading increasingly gave lower levels of benefit as grade was sought. Grinding work done at this time showed a material which had low to moderate hardness. Mineralogical work completed before and during this period showed that the tantalum was not present as tantalite but rather as pyrochlore minerals which limits recovery by the gravity route. Phase II saw the employment of the flotation technology similar to that being used for niobium carbonatites at the Niobec Mine in Quebec, Canada. There was immediate success in the first phases of the work. Although there are several stages to the concentration, the overall level of equipment, risk and complexity to produce a saleable or treatable concentrate are lower than the gravity route. Process development work is continuing in this area, but for this report, the process suggested by Test F81 has been chosen as the basis of initial concentration design as recoveries were good (approx. 70% for Ta) for this type of ore and due to a combined grade of 10% Ta-Nb being achieved. It is expected that with further work, a combined grade of 30% Ta-Nb should be achievable. In both phases, the emphasis of concentration techniques was to create a material which would be easily upgraded by hydrometallurgical methods, pyrometallurgical methods, or a combination of both. This led to an in-depth review of those technologies for the production of high value intermediate products and final products. There is confidence that the concentrate could be reduced to metal by the aluminothermic process. Subsequently there would be chlorination of the granulated metal alloy product and distillation of the anhydrous metal chloride products to produce high purity Nb and Ta chlorides. Tantalum chloride is the precursor to capacitor grade Ta powder,that can be marketed as such. However, both Ta and Nb chlorides can be hydrolyzed and calcined to generate high purity oxide products for other applications.Project No.: 162230 Page 16-131 January 2011
  • 99. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT16.1 Head Samples for Initial Testing In 2009, two bulk samples BS-2F and BS–2G weighing approximately 200 tonnes total were contract-crushed to a particle size of <1 inch diameter. After crushing, each group of samples was homogenized separately by a standard coning and quartering procedure. The well mixed samples were bagged into one tonne bags and put into storage. One tonne of each sample was delivered to MetSolve Laboratory in Burnaby B.C to air dry and further reduce the size to -10 mesh for bench testing. The mineralogical examinations of all the bulk samples taken during the 2009 exploration program is presented in the report “Mineral Characterization of Bulk Samples from Bulk Sample Pits 1, 2 and 3, Upper Fir Carbonatite” by Thomas Chudy and dated 2009. Additional mineralogical examinations were performed on some of the test products during the mineral processing investigations. The head assays for the two bulk samples were (using XRF) : Sample Ta (ppm) Nb (ppm) BS-2F 194 1300 BS -2G 114 76416.2 Phase I Testing Grinding size Each sample was subjected to gravity separation tests at five different grind sizes of 80% passing 500 µm, 230 µm, 100 µm, 74 µm and 45 µm to determine the liberation size using a centrifugal concentrator. A standard 7 pass procedure was used to simulate continuous concentrator action. This work indicates that the liberation size for both samples is coarser than P80 of 76 µm. The relative position of the curves (Figure 16-1 and 16-2) indicates that effective liberation for gravity is likely achievable at a grind size slightly coarser than 120 µm. The results for niobium are similar.Project No.: 162230 Page 16-231 January 2011
  • 100. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 16-1: Sample BS-2F – Gravity Separation (Different Grinds) BS-2F - Gravity Separation Tantalum Grade/Recovery Curves 100 P80 500 um 90 P80 233 um 80 P80 112 um 70 P80 76 um Recovery (%) 60 P80 45 um 50 40 30 20 10 0 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Grade Ta (ppm) Figure 16-2: Sample BS-2G – Gravity Separation (Different Grinds) BS-2G - Gravity Separation Tantalum 100 P80 650 um 90 P80 250 um 80 P80 120 um P80 76 um 70 P80 45 um Recovery (%) 60 50 40 30 20 10 0 0 100 200 300 400 500 600 700 800 900 1000 Grade Ta (ppm) Assaying of the individual size fractions of the tails from the BS-2G tests indicate that there are still a few locked particles between 74 and 106 µm when ground to P80 112 µm but that material coarser than 150 µm does not contain any tantalum. Given the natural sizeProject No.: 162230 Page 16-331 January 2011
  • 101. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT distribution obtained in grinding, this implies that effective liberation for processing, is about P80 of 125 µm for gravity treatment and slightly coarser for flotation (P80 up to 160 µm). These numbers are in line with independent findings from the mineralogical examination of all bulk samples of the 2009 exploration program. Roughing & Cleaning Gravity Concentration With the establishment of the grind size and initial gravity results, it was decided to progress with the gravity concentration work. The two samples were treated with a centrifugal concentrator, using ten (10) consecutive stages for rougher concentration followed by three (3) cleaning stages of the combined rougher concentrates. Four different grind sizes were tested for each sample. All results were similar, with recoveries falling off quickly in cleaning and inability to raise the grades any higher than Ta 3,500 ppm (0.35% Ta). Results from sample BS-2G are shown on Figure 16-3. Figure 16-3: Rougher and Cleaners by Centrifugal Gravity Concentration Ta Grade Recovery Curve P80 116um 100 P80 83 um 90 P46 um 80 P80 238 um 70 Ta Recovery, % 60 50 40 30 20 10 0 0 500 1000 1500 2000 2500 3000 3500 4000 Ta Grade, ppm Large batch samples of 60 kg were tested using the Falcon Centrifugal Gravity Concentrator in ten consecutive stages to produce a rougher and a scavenger concentrate at a grind size of P80 100 µm. The rougher concentrate only was screened to produce three size fractions as follows: +74 µm 37 to 74 µm -37 µm. Each fraction was then cleaned by gravity using a Wilfley shaking table, with a medium size deck. Results were similar to the above gravity separation using centrifugal separator only with no improvement in recoveries or grades. These fractions were also tested usingProject No.: 162230 Page 16-431 January 2011
  • 102. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT a Mozley Table Concentrator to determine the upgrading characteristics of the products. Results showed that while it would be possible to increase the grades by up to six times at the lab level, the recoveries would drop accordingly. The results are shown in Figure 16-4. Figure 16-4: Upgrading by Wilfley & Mozley Units Gravity Concentration 100 Mozley Characterization 90 Ta Recovery (%) Wilfley Table 80 70 60 50 40 100 1,000 10,000 100,000 Grade Ta (ppm) Tests were also performed to determine the benefits of de-sliming, de-sulphidization, etc. These procedures were incorporated into the testwork but essentially it was felt that concentration by gravity as the primary method was not the optimum choice.16.3 Phase II Testing Flotation Tests A series of tests were performed by MetSolve using varying desliming procedures followed by flotation with various combinations of reagents. Results were not successful, with recoveries generally below 15%. A few tests were then performed using the flotation procedures used at the Niobec Mine. The first tests were immediately successful with higher recoveries and grades in the roughers than the gravity method. While the rougher stage gave good results, the cleaning stage was problematic due primarily to non-optimized conditions at this preliminary stage of testing. Cleaning tests were performed and it was shown that a total oxide grade of more than 30% combined Nb2O5 and Ta2O5 is achievable although not at high recoveries. Until such time as the procedures have been well established and stabilized and are reproducible on larger test weights, the recoveries indicated should be considered semi- quantitative and indicative of the possibilities. Once improved desliming equipment was purchased, a series of desliming tests were performed to determine the best range of operating parameters which indicated optimum ranges are similar to Niobec. Tests were then performed to optimize the kinetics of the rougher tantalum niobium flotation. It has been shown that control of the pH through theProject No.: 162230 Page 16-531 January 2011
  • 103. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT stages is critical. Also important is the formulation of the main collector, a tallow diamine acetate. Previously available as a commercial product, Duomac-T, it is no longer available and current practitioners such as Niobec, now purchase the two main reagents (the amine and acetic acid) and prepare the collector at site. Process development work is continuing in this area, but for this report, the process suggested by Test F81 (see Table 16-1) has been chosen as the basis of initial concentration design as recoveries were good (approx. 70% Ta) for this type of ore and due to a combined grade of 10% Ta-Nb being achieved. It is expected that with further work, a combined grade of 30% should be achievable. Table 16-1: Results from F81 Mass Assay Recovery Products Ta Nb S Ta Nb S % ppm ppm % % % % Cyclone Overflow #1 16.5 49 338 0.35 6.9 7.4 9.0 Cyclone Overflow #2 7.1 73 410 0.41 4.4 3.8 4.5 Carbonate Concentrate 28.0 25 151 0.17 5.9 5.6 7.3 Pyrrhotite Concentrate 1.7 152 275 27.38 2.2 0.6 73.5 Magnetic product 0.1 56 395 21.59 0.0 0.0 2.3 Stage 5 Pyrochlore Cleaner Con 0.6 12839 86732 1.14 69.8 72.7 1.1 Stage 5 Pyrochlore Cleaner Tail 0.4 228 1816 0.15 0.7 0.9 0.1 Stage 4 Pyrochlore Cleaner Con 1.0 8121 54962 0.77 70.6 73.6 1.2 Stage 4 Pyrochlore Cleaner Tail 3.9 179 1397 0.06 6.0 7.3 0.4 Stage 3 Pyrochlore Cleaner Con 5.0 1806 12372 0.21 76.6 80.8 1.6 Stage 3 Pyrochlore Cleaner Tail 1.0 63 499 0.08 0.5 0.6 0.1 Stage 2 Pyrochlore Cleaner Con 5.9 1525 10459 0.19 77.1 81.5 1.7 Stage 2 Pyrochlore Cleaner Tail 5.3 10 96 0.02 0.5 0.7 0.2 Stage 1 Pyrochlore Cleaner Con 11.2 810 5570 0.11 77.6 82.1 1.9 Stage 1 Pyrochlore Cleaner Tail 13.9 10 10 0.04 1.2 0.2 0.9 Total Pyrochlore Rougher Concentrate 25.1 367 2492 0.07 78.7 82.3 2.8 Flotation Tails 21.5 10 10 0.02 1.8 0.3 0.7 Calculated Feed 117 760 0.64 100 100 100 Assayed Feed 113 764 Results of preliminary dilute hydrochloric acid leaching tests indicated that low to intermediate grade gravity and flotation products can be upgraded significantly with negligible loss of Ta+Nb. The final upgrading flowsheet will be based on an economic comparison between pay metal losses from physical beneficiation and the cost of acid plus stabilization/disposal of the leach products.Project No.: 162230 Page 16-631 January 2011
  • 104. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT The following table presents results of a four stage hydrochloric acid (pH 2, pH 1.2, 6N/1h/100C, 6N/5h/100C) on a flotation middling product. Most of the weight loss (>80%) was achieved in the first two stages, clearly indicating the technical feasibility of upgrading by acid leaching with negligible solution loss of Ta+Nb. The final leach residue assay is >50% Ta+Nb. The stages 3 and 4 strong acid leaches were designed to investigate the possibility of dissolving Ta+Nb, but the minerals appear to be entirely resistant to this relatively aggressive leach. Table 16-2: Results of a Sequential Hydrochloric Acid Leach of Flotation “Middling” Products Weight Assay (ppm) Distribution (%) (g) Ta Nb Ta Nb Stage 1 Filtrate 180.0 0.002 0.00 0.0001 0.000004 Stage 2 Filtrate 220.0 0.031 0.34 0.001 0.002 Stage 3 Filtrate 255.0 0.024 0.63 0.001 0.003 Stage 4 Filtrate 210.0 1.491 12.27 0.056 0.053 Filter Cake 10.7 51,813 453,168 99.9 99.9 Calculated Head 26,824 234,609 100.0 100.0 Assayed Head 20.0 27,663 245,81316.4 Review of Concentrate Treatment Options In both phases, the emphasis of concentration techniques is to create a material which would be easily upgraded by hydrometallurgical methods, pyrometallurgical methods, or a combination of both. This has led to an in-depth review of those technologies for the production of high value intermediate products and final products. There is confidence that the concentrate could be reduced to metal by the aluminothermic process. Subsequently there would be chlorination of the granulated metal alloy product and distillation of the anhydrous metal chloride products to produce high purity Nb and Ta chlorides. Tantalum chloride is the precursor to capacitor grade Ta powder, so would be marketed in this form. Niobium chloride can be sold as a chemical precursor. Both Ta and Nb chloride products can be readily converted and marketed as high purity oxides Ta2O5 and Nb2O5 respectively.16.5 Accuracy of Assaying A review of all calculated and measured feed assay results for tests using sample BS-2G was performed to check on the accuracy of the chemical analysis and the tests results. It was decided to continue the assaying of low values, such as tailings, in duplicate on separate aliquots; this procedure will continue as these assays could introduce a large variance to results.Project No.: 162230 Page 16-731 January 2011
  • 105. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT16.6 Comment on Section 16 Metallurgical testwork has shown that it is possible to concentrate the tantalum and niobium minerals into a concentrate suitable for extraction of the metals into saleable products. The first step of the process uses typical grinding followed by flotation. The secondary treatment or metal extraction of the material is possible by existing methods. These results are suitable to support the classification of the deposit in the resource category.Project No.: 162230 Page 16-831 January 2011
  • 106. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT17.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES17.1 Introduction The resource block model was constructed inside carbonatite only. All surrounding lithologies including fenite carry fairly low Ta2O5 and Nb2O5 grade and are considered sub- economic. Generally assay data exists only for carbonatite. There are some assay values for fenite and other wall rocks but not in sufficient numbers to create a block model for these lithologies.17.2 Assay Data and Capping The resource model was constructed inside carbonatite using 183 diamond drill holes. Collar, survey, lithology and assay files were exported from the database as csv files, imported into MineSight® commercial mine modeling software, and combined into a drillhole assay file. AMEC conducted grade capping on original samples that are mostly 1 m long. Capping was required to limit the influence of outliers. The choice of capping was based on visual inspection of histograms and probability plots. The amount of capping was small; top-cuts of 1,000 ppm Ta2O5 and 10,000 ppm Nb2O5 were used in carbonatite. Only 4 Ta2O5 samples and 8 Nb2O5 samples were capped resulting in an expected metal removal of 0.12% Ta2O5 and 0.26% Nb2O5.17.3 Composites Capped drill core assays were composited down the hole to a fixed length of 2.5 m. Compositing of Ta2O5 and Nb2O5 was performed in MineSight® software honouring geologic boundaries. Composites with length less than 1.25 m were merged with the previous composite. AMEC confirmed that the compositing produced Ta2O5 and Nb2O5 means the same as pre-compositing means and that compositing resulted in a reduced variability as indicated by lower CV (CV=coefficient of variation ; CV=standard deviation / mean). This exercise demonstrated that no bias was introduced during compositing. Table 17-1 shows a summary of this check for carbonatite. Table 17-1: Capped Assays vs. 2.5 m Composites Statistics Inside Carbonatites 2.5 m 2.5 m Mean diff (from assay capped assay capped Composites Composites assays capped Variable mean CV mean CV to comps) Ta2O5 183.3 0.47 183.3 0.36 0.0% Nb2O5 1394.9 0.88 1394.6 0.76 0.0%Project No.: 162230 Page 17-131 January 2011
  • 107. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT17.4 Exploratory Data Analysis Exploratory data analysis (EDA) was performed on the composites to better understand the data used in the resource estimation. This type of investigation reveals the underlying characteristics of the data. Table 17-2 contains a summary of univariate statistics for Ta2O5 and Nb2O5 in carbonatite. Table 17-2: Composite Statistics in Carbonatite Area/Variable No. Mean Min Max Std. Dev. CV Carbonatite Ta2O5 2,989 183.3 0.1 596.8 65.9 0.36 Nb2O5 2,989 1,394.6 110.5 8,329.2 1,064.7 0.76 Note CV is the Coefficient of Variation and is equal to the standard deviation divided by mean Figures 17-1 and 17-2 show arithmetic and log histograms and probability plots of Ta2O5 and Nb2O5 composites in carbonatite. Both distributions are skewed, and Nb2O5 distribution is approximately lognormal. The coefficients of variation are low and support the use of linear grade interpolation methods such as kriging or inverse distance methods.Project No.: 162230 Page 17-231 January 2011
  • 108. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 17-1: Ta2O5 Histograms and Probability Plot Within CarbonatiteProject No.: 162230 Page 17-331 January 2011
  • 109. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 17-2: Nb2O5 Histograms and Probability Plot Within Carbonatite17.5 Contact Analysis AMEC calculated contact profiles on assay data in MineSight® software to analyze grade behaviour at lithology boundaries. There were sharp differences in grade for each of the variables on the carbonatite and fenite boundary, meaning that values from outside the carbonatite should be disregarded in the interpolation process of Ta2O5 and Nb2O5 grade inside the carbonatite.17.6 Variography Variogram / correlogram are tools used to quantify spatial continuity of a variable in a deposit. AMEC used both in-house software and commercially available Sage2001 software to produce variogram maps and to construct down-the-hole and directionalProject No.: 162230 Page 17-431 January 2011
  • 110. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT correlograms for carbonatite composites. Ta2O5 and Nb2O5 correlograms were created within the entire carbonatite zone. Two spherical models were used to fit the experimental correlograms; a summary of their parameters is shown in Table 17-3.Table 17-3: Ta2O5 and Nb2O5 Correlogram Parameter in Carbonatite st nd 1 Structure 2 Structure Rotation (°) Range (m) Rotation (°) Range (m) Metal C0* C1* Z Y Z X Y Z C2* Z Y Z X Y Z Ta2O5 0.306 0.549 -55 4 -7 18.1 28.8 11.9 0.145 -55 4 -7 118.4 154.4 32.8 Nb2O5 0.138 0.297 -75 1 -10 12.0 17.9 7.7 0.565 -75 1 -10 212.6 258.2 61.7*C0 – nugget effect; C1-contribution of the 1st structure to the sill; C2-contribution of the 2nd structure to the sill; sill has beenstandardized to value of 1. The first rotation uses a left hand rule around positive Z axis, the second rotation is a right hand rule around positive X axis and finally the third rotation is a right hand rule around positive Y axis. The nugget effect (C0) was modelled from the down-hole correlograms.17.7 Carbonatite Solid Modeling Geological interpretations were provided by Commerce to AMEC as 3D solids in DXF format. The solids were created by Dahrouge geologists for the major lithologies with the exception of gneiss which was left as a default. The carbonatite solids were provided as 39 structural (different strike, dip and / or pitch) domains. AMEC reviewed the geological interpretations and 3D solids. Minor modifications were made to the solids to provide a better agreement with the drilling and geological interpretation.17.8 Block Model Dimensions The block model consists of regular blocks and no rotation was used. The block model framework parameters are listed in Table 17-4. Table 17-4: Block Model Dimensions Axis Origin* Block Size (m) No. of Blocks Model Extension (m) X 352,350 5 250 1,250 Y 5,795,850 5 390 1,950 Z 925 2.5 244 610 Note: *Origin is defined as the bottom southwest corner of the model, located at the lowest combined northing and easting coordinates and the lowest elevationProject No.: 162230 Page 17-531 January 2011
  • 111. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT17.9 Assignment of Lithology and Specific Gravity to Blocks Blocks in the block model were coded by lithology solids, and the volume of each lithology solid was compared with the volume of the blocks inside a particular solid. A block was tagged by a particular solid code if at least 50% of the block volume belonged to this solid. The block model and corresponding lithology solid volumes compare within ±1%. Resource block model specific gravity was not estimated; instead it was assigned to all blocks in the block model (including blocks outside of carbonatite) as follows: 3.01 value was assigned to all blocks in carbonatite 2.97 value was assigned to all blocks in fenite 2.82 value was assigned to all blocks in gneiss 3.05 value was assigned to all blocks in amphibolites 2.62 value was assigned to all blocks in pegmatite. All the above specific gravity values were derived as described in Section 13.4.17.10 Block Model Grade Estimate Ta2O5 and Nb2O5 grade was estimated in the carbonatite using both Ordinary Kriging (OK) and Inverse Distance to power 3 (ID3) interpolation methods. A four pass interpolation approach was used with each successive pass having greater search distances. A hard boundary was used, meaning that composites from outside the carbonatite were ignored in the interpolation process. Estimation was done separately within each limb of the carbonatite folds. Thirty-nine different limbs / structural domains were identified and used in the estimation process. They differ in the orientation of the search ellipse. Table 17-5 shows the estimation search parameters for Ta2O5 and Nb2O5. Table 17-5: Estimation Parameters for Ta2O5 and Nb2O5 Search Ellipse Rotation (°) Ranges(m) Min. Max. Max. No. No. Comp. Domain Pass Z X Z X Y Z Comp Comp /Hole 1 50 50 10 5 8 2 differ differ differ Common to 2 100 100 10 3 8 2 by by by all domains 3 150 150 10 2 8 2 domain domain domain 4 300 300 50 2 8 2Project No.: 162230 Page 17-631 January 2011
  • 112. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT The rotation angles of the search ellipse are the same for each pass, but they are different for each of the 39 structural domains. They reflect average strike, dip, and pitch of each fold limb / domain.17.11 Block Model Validation The block model grades were validated by visual inspection comparing composites to block grades on screen, declustered global statistics checks, local biases checks using swath plots, and finally model selectivity checks.17.11.1 Visual Validation AMEC completed a visual inspection of composites and blocks in vertical sections and plan views. Figures 17-3 to 17-6 show colour-coded Ta2O5 or Nb2O5 composites and corresponding ID3 block models on plan and in section. The model generally honours both Ta2O5 and Nb2O5 data well, and grade extrapolation is well-controlled where sufficient data exists. Figure 17-3: Ta2O5 ID3 Model Within Carbonatite – plan 1146.25Project No.: 162230 Page 17-731 January 2011
  • 113. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 17-4: Ta2O5 ID3 Model Within Carbonatite – section N5796932.5 Figure 17-5: Nb2O5 ID3 Model Within Carbonatite – plan 1146.25Project No.: 162230 Page 17-831 January 2011
  • 114. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 17-6: Nb2O5 ID3 Model Within Carbonatite – section N5796932.517.11.2 Global Grade Bias Check The OK and ID3 block models were checked for global bias by comparing the average grade (with no cut-off) from these models with that obtained from nearest-neighbour (NN) model estimates (Table 17-6). The nearest-neighbour estimator produces a theoretically globally unbiased estimate of the average value when no cut-off grade is imposed and is a good basis for checking the performance of the different estimation methods. Table 17-6 shows that global biases are well below the recommended AMEC guidelines of ±5% (relative difference). Table 17-6: Mean Grades for NN, OK and ID3 Models Model Ta2O5 Nb2O5 Nearest Neighbour 185.1 1,394.8 Inverse Distance (ID3) 185.6 1,377.5 Ordinary Kriging (OK) 185.6 1,391.6 % Diff (ID3 – NN)/NN 0.3% -1.2% % Diff (OK – NN)/NN 0.3% -0.2% AMEC also estimated the impact of outlier capping on the estimated global mean of the model. A comparison of global means of capped and uncapped OK and ID3 modelsProject No.: 162230 Page 17-931 January 2011
  • 115. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT showed the amount of metal removed by capping is minor (0.1% for Ta2O5 and 0.3% Nb2O5).17.11.3 Local Grade Bias Check (Swath Plots) Checks for local biases were performed for Ta2O5 and Nb2O5 by creating and analyzing local trends in the grade estimates using swath plots. This was done by plotting the mean values from the NN estimate versus the OK / ID3 estimates in east-west, north-south and vertical swaths or increments. Swath intervals are 50 m in both the northerly and easterly directions, and 10 m vertically. Swath plot checks using only Indicated blocks for the ID3 Ta2O5 model are shown on Figure 17-7. Figure 17-8 shows corresponding swath plots for Nb2O5. Figure 17-7: Swath Plot for Ta2O5 ID3 ModelProject No.: 162230 Page 17-1031 January 2011
  • 116. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 17-8: Swath Plot for Nb2O5 ID3 Model In the upper row of the swath plots, the black line represents the ID3 model grades, the red line represents the NN model grades, and the blue line represents the composite grades. In the lower row of swath plots, these lines represent the number of blocks contained in each swath, and the number of composites. Because the NN model is declustered, it is a better reference model to validate the resource block model. Composites are not declustered and only provide an indicative check. Swath plot checks, conducted by AMEC, show that there are no local biases between ID3 / OK and NN models for estimated Ta2O5 and Nb2O5 in carbonatite.17.11.4 Selectivity Check Selectivity analysis for Ta2O5 and Nb2O5 was completed using the Discrete Gaussian Model for change of support from composite size units to an SMU size. This was done using AMEC in-house software (Herco). The aim of this analysis is to assess if the estimated resource reasonably represents the recoverable resources (represented by Herco curves) relative to the proposed mining method. The selectivity analysis assumed a 10 m by 10 m by 5 m block as the smallest selective mining unit (SMU) for Blue River. The results of the Herco analysis are generally discussed in terms of smoothness. An over-smoothed model may over estimate the tonnes and under estimate the grade. The model with an appropriate amount of smoothing will follow the Herco grade and tonnage curves for values corresponding to different economic, or grade cut-offs.Project No.: 162230 Page 17-1131 January 2011
  • 117. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT The Herco analyses were undertaken using only Indicated blocks in order to obtain a good understanding of the model selectivity, or smoothness. Inferred blocks are often extrapolated and are not recommended for use in this analysis. Herco grade–tonnage curves checks using only Indicated blocks for ID3 Ta2O5 model are shown on Figure 17-9. Figure 17-10 shows corresponding Herco checks for Nb2O5. On both graphs, the upward trending blue line represents the ID3 model grades, while the paired red line represents the Herco model grades. The downward trending blue line represents the ID3 model tonnage, while the paired red line represents the Herco model tonnes. The Herco selectivity analyses show that the Ta2O5 and Nb2O5 ID3 models are properly smoothed. The ID3 model produces slightly higher average grades of Ta 2O5 and Nb2O5 compared to the OK models above cut-off grades of 140 ppm Ta and 900 ppm Nb. The ID3 model was chosen for tabulating the Blue River Mineral Resources as the OK model is considered too smooth. Figure 17-9: Herco Grade – Tonnage Curves for Ta2O5 ID3 ModelProject No.: 162230 Page 17-1231 January 2011
  • 118. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 17-10: Herco Grade – Tonnage Curves for Nb2O5 ID3 Model17.12 Preliminary Results from 2010 Drilling Preliminary results from 54 holes, totalling 12,949 m of HQ drill core, drilled in 2010 were provided to AMEC for review after completion of the resource estimation. Only lithology information from these holes was available. Assays for these holes are expected early in 2011. The intercepts from these holes were compared on screen against the 3D carbonatite model used in the resource estimation and generally confirm the geologic interpretation. Some discrepancies were observed which warrant local re-interpretation. Some holes expand carbonatite volume and some holes reduce it where the carbonatite / wall rock contact is off by 5 m to 10 m (Figure 17-11).Project No.: 162230 Page 17-1331 January 2011
  • 119. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 17-11: Lithology in 2010 Drill Holes vs. Current Solids – Section N5796902.5 Note: Carbonatite = blue coloured domains; fenite = dashed green outlines; undifferentiated metasediments = non-filled area below topography. Drill hole projection ± 10 m17.13 Mineral Resource Classification The Mineral Resources have been defined taking into account the CIM Definition Standards (2005). Based on a grade drill hole spacing study AMEC established the following criteria for classification of Mineral Resources at Blue River: Inferred Mineral Resources: Minimum one hole Distance to the closest composite less than 110 m Indicated Mineral Resources: Minimum two holes Distance to the closest composite less than 50 m Distance to the second closest composite less than 70 mProject No.: 162230 Page 17-1431 January 2011
  • 120. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Measured Mineral Resources: Minimum three holes Distance to the closest composite less than 30m Distance to the second closest composite less than 40m Drill hole spacing in the Upper Fir carbonatite is locally sufficient to support Measured resources. However, the current mineral resource classification at Blue River is restricted to Indicated or Inferred, based on the following: concerns of analytical precision and accuracy for the sample dataset, local discrepancies in the model identified with the 2010 drilling lack of metallurgical testwork on the final stage of the proposed metallurgical process Eighty per cent of the carbonatite blocks are classified as Indicated. Fourteen per cent of the carbonatite blocks are classified as Inferred. Six per cent of the block model in carbonatite is unclassified. Blocks that fall into the unclassified category are within carbonatite solids that were intersected typically by one isolated drill hole. The geological continuity and volume of those solids cannot be reasonably assumed. Figure 17-12 and Figure 17-13 show examples of the resource classification. Figure 17-12: Resource Classification - Plan 1,161.25 Note: The following block colour scheme is used in the figure: Green – Indicated; Yellow – Inferred; Red – Unclassified; drill hole projection ± 2.5 mProject No.: 162230 Page 17-1531 January 2011
  • 121. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Figure 17-13: Resource Classification – Section N 5,796,882.5 Note: The following block colour scheme is used in the figure: Green – Indicated; Yellow – Inferred; Red – Unclassified; drill hole projection ± 30 m; view north.17.14 Reasonable Prospects for Economic Extraction To assess reasonable prospects for economic extraction, AMEC considered the concept of mining the Blue River deposit utilizing variations of room and pillar methods under a conceptual scenario that considers mining and processing at a rate of 7,500 tonnes per day. Mining and economic parameters were adjusted from AMEC’s experience with analogous deposits and mining methods.17.14.1 Market Study Commerce has prepared assessments of the tantalum and niobium markets which outline the supply and demand for tantalum and niobium. The tantalum assessment was prepared by a tantalum market expert, although he is not independent of Commerce. His analysis reflects the general consensus of other analysts regarding the tantalum market expressed in publicly available information. The niobium assessment was prepared by an independent niobium expert and also reflects the general consensus of analysts in publicly available information for the niobium market. As the Project is still at an early evaluation stage, Commerce has not initiated requests from potential buyers for expression of interests from potential buyers of the proposed Blue River products and has not negotiated any purchase or off-take agreements.Project No.: 162230 Page 17-1631 January 2011
  • 122. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT17.14.2 Commodity Price Tantalum Tantalum is commonly quoted in two separate forms: Ta2O5 in tantalite concentrate: a non-refined, tantalum-bearing concentrate of variable composition and trace element content Tantalum metal scrap (99.9% pure Ta): this form of tantalum product receives a premium price in the market relative to tantalite concentrate Over the last six years tantalite concentrate prices ranged from US$75/kg contained Ta 2O5 to US$100/kg contained Ta2O5 (US$35/lb to US$45/lb). In the same period tantalum metal scrap prices ranged from US$110/kg Ta to US$180/kg Ta metal (US$50/lb to US$80/lb). In 2010, prices rose dramatically in response to changing market conditions including reduced production, increased concerns about conflict-tantalum production in Africa, depletion of known strategic stockpiles, and curtailed exports from China. In mid-October 2010 the price for Ta2O5 in tantalite concentrate was US$195/kg and for tantalum metal scrap was US$280/kg. The higher price for tantalum metal scrap compared to the price for Ta2O5 in concentrate is considered a proxy to the added value Commerce should recognize by refining the Blue River concentrate to high purity Ta2O5. In AMEC’s opinion, the base case price for tantalum metal scrap is reasonable for constraining Mineral Resources based on recent market conditions, but notes it is significantly higher than historical prices. There is a risk that using current price assumptions may not reflect the long term price of Ta and Nb, particularly in the present volatile market conditions. Niobium Niobium generally trades as Nb metal, or ferroalloy, and the price has remained relatively constant at US$44/kg Nb metal (US$20/lb Nb) over the last several years. A base case price of US$46/kg Nb metal was assumed. Comment on Price Assumptions The cut-off grade assumptions at US$317/kg tantalum metal and US$46/kg niobium metal are slightly more optimistic than current price assumptions of US$280/kg tantalum metal price and US$44/kg niobium metal price. AMEC considers the slightly higher price assumption is appropriate and is consistent with industry practices of using more optimisticProject No.: 162230 Page 17-1731 January 2011
  • 123. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT assumptions regarding inputs for resource estimation than what would be used for estimating mineral reserves.17.14.3 Physical Assumptions Tantalum-niobium mineralization is hosted in carbonatite Continuous mineralization is found in moderately flat and wide carbonatite bodies with modest dips. Mineralized areas 20 to 70m in height are expected in several zones Steep topography provides access to the mineralized areas in the form of adits on the hillsides Fair to good rock conditions are expected in the majority of the deposit Identified faulted zones may require wider pillars to avoid unstable mining conditions.17.14.4 Operational Considerations Underground mining method envisaged is room and pillar with backfill in most areas 70% of the resources could be recovered by mining with 30% of the resource expected to remain as unrecoverable pillars for stability considerations A bulk mining method with minimum stope size of 10m x10m rooms with 15m height is assumed in order to attain a relatively high production rate of 7,500 tonnes per day A more selective method with stopes size of 10m x 10 m rooms with 5m height is assumed to capture material located on the thinner edges of the mineralized zones An external dilution factor was not considered during this estimation The concentration method considered is flotation followed by a refining process on site; global recoveries to obtain metal grade products were assumed at 65% for tantalum and 68% for niobium.17.14.5 Economic Assumptions Most of the operating cost assumptions were extrapolated from previous studies prepared by AMEC (all figures in USD): Mining and backfilling cost $32.00/tonne Processing and refining cost $17.00/tonne General and Administration $ 2.70/tonne Base case scenario price of tantalum $317/kg Ta Price of Niobium $46/kg NbProject No.: 162230 Page 17-1831 January 2011
  • 124. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT17.14.6 Economic Cut-off Block Unit Value The block model was adapted to represent the two payable metal contents in terms of Block Unit Value (BUV) in $/t using the following formula: BUV = (Ta2O5 grade in ppm * Ta recovery factor * Ta price in $/g * proportion of 2Ta:Ta2O5) + (Nb2O5 grade in ppm * Nb recovery factor * Nb price in $/g * proportion of 2Nb:Nb2O5) For the base case scenario: BUV = (Ta2O5 * 0.654 * 0.317 * 0.819) + ( Nb2O5 * 0.682 * 0.046 * 0.699 ) Considering the direct operating costs, a cut-off value of $52/t was considered for the material to be mined by the bulk method and a cut-off value of $59/t for the material to be mined by the selective method. The tool “Stope Analyzer” from Vulcan® was utilized to identify the blocks that exceed the cut-off value while complying with the aggregation constraint of the specified minimum stope size. This tool “floats” a stope with the specified dimensions and flags each block when the average block unit value of the contained blocks within a stope exceeds the designated cut-off value. For constraining resources deemed to be mined by underground methods, the use of this tool as an alternative to a conventional economic grade-shell provides an advantage based on the ability to aggregate blocks into the minimum stope dimensions and the automatic elimination of outliers that do not comply with this condition.17.15 Mineral Resource Statement The Mineral Resources were classified in accordance with the 2005 CIM Definition Standards for Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43-101. Table 17-7 shows the estimated Mineral Resources. The Indicated Mineral Resources are 36.35 million tonnes containing 195 ppm Ta2O5 and 1,700 ppm Nb2O5. Inferred Mineral Resources are 6.40 million tonnes containing 199 ppm Ta2O5 and 1,890 ppm Nb2O5.Project No.: 162230 Page 17-1931 January 2011
  • 125. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Table 17-7: Blue River Project Estimated Mineral Resources; Effective Date 30 June, 2010, Tomasz Postolski, P.Eng, Qualified Person Contained Contained Ta price Confidence Mass Ta2O5 Nb2O5 Ta2O5 Nb2O5 [US$/kg] Category [tonnes] [ppm] [ppm] [1000s of kg] [1000s of kg] 317 Indicated 36,350,000 195 1,700 7,090 61,650 Inferred 6,400,000 199 1,890 1,300 12,100 Notes: 1. Assumptions include US$317/kg Ta, US$46/kg Nb, 65.4% Ta2O5 recovery, 68.2% Nb2O5 recovery, US$32/tonne mining cost, US$17/tonne process and refining cost. Mining losses = 0% and dilution = 0%. 2. Mineral resources are amenable to underground mining methods and have been constrained using a “Stope Analyzer”. 3. An economic cut-off was based on the Ta and Nb values per block which is variable based on the location of blocks used in the Mineral Resource estimate. A block unit value cut-off ranged from $52 to $59. 4. Discrepancies in contained oxide values are due to rounding. 5. In situ contained oxide reported. This Mineral Resource estimate is supported by a base case price assumption of US$317/kg Ta, which is significantly higher than historic average prices. Market analysts are in general agreement that current political and market conditions support the probability of the current prices being sustained, but this may not occur. Table 17-8 shows the sensitivity of the Blue River Mineral Resources to tantalum metal price. Sensitivities are based on a fluctuating metal price but could also represent fluctuating mining or processing costs or metallurgical recoveries or a combination of all of these factors.Project No.: 162230 Page 17-2031 January 2011
  • 126. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Table 17-8: Blue River Project Sensitivity of Estimated Mineral Resources to Tantalum Price; Effective Date 30 June, 2010, Tomasz Postolski, P.Eng, Qualified Person Contained Contained Ta price Confidence Mass Ta2O5 Nb2O5 Ta2O5 Nb2O5 [US$/kg] Category [tonnes] [ppm] [ppm] [1000s of kg] [1000s of kg] 470 Indicated 51,130,000 188 1,410 9,610 72,300 Inferred 8,100,000 192 1,700 1,600 13,800 381 Indicated 44,430,000 192 1,530 8,530 68,020 Inferred 7,300,000 196 1,780 1,400 13,000 317 Indicated 36,350,000 195 1,700 7,090 61,650 Inferred 6,400,000 199 1,890 1,300 12,100 272 Indicated 29,990,000 197 1,850 5,910 55,480 Inferred 5,500,000 201 2,010 1,100 11,100 238 Indicated 25,130,000 197 2,000 4,950 50,240 Inferred 4,900,000 202 2,110 1,000 10,400 Notes: 1. Ta price was varied and all other assumptions remain the same as base case. 2. Base case is in bold. 3. Mineral resources are amenable to underground mining methods and have been constrained using a “Stope Analyser”. 4. Discrepancies in contained oxide values are due to rounding. 5. In situ contained oxide reported. The Mineral Resources have been assessed for reasonable prospects for economic extraction using assumptions based on similar deposits. Economic viability of the Mineral Resource can only be demonstrated by Pre-Feasibility and Feasibility Studies, and there is no assurance that the stated resources can be upgraded in confidence and converted to mineral reserves. Further, since underground mining methods are envisioned (room and pillar or variants), the mining recovery may vary from 65% to 85% depending on the success in which pillars can be mined on retreat and/or fill is utilized.Project No.: 162230 Page 17-2131 January 2011
  • 127. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT18.0 ADDITIONAL REQUIREMENTS FOR TECHNICAL REPORTS ON DEVELOPMENT PROPERTIES AND PRODUCTION PROPERTIES This section is not relevant as the Project is not a development or production property.Project No.: 162230 Page 18-131 January 2011
  • 128. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT19.0 OTHER RELEVANT INFORMATION AMEC is not aware of any other relevant data or required information for inclusion to make the report more understandable and not misleading.Project No.: 162230 Page 19-131 January 2011
  • 129. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT20.0 INTERPRETATION AND CONCLUSIONS Commerce and its contractor Dahrouge have executed a professional work program that has resulted in the delineation of a tantalum and niobium resource. The Blue River Mineral Resources have the following characteristics: The mineralization is hosted by a polyfolded carbonatite sill swarm averaging 30 m thick and 1,100 m long. Close-spaced drilling has confirmed local continuity of the carbonatite. Tantalum and niobium occur as ferrocolumbite and pyrochlore which are amenable to conventional flotation and proven refining processes with estimated recoveries of 65% to 70%. Optimization of the supply and pricing of reagents for the refining process may support lower operating cost assumptions. The Mineral Resource estimate is based on information of reasonable quality. There are reasonable prospects for economic extraction. Flat to moderate dips, allow large-scale room-and pillar mining Geotechnical work completed to date is suitable to support a pre-feasibility study. The risk factors are: The base case Mineral Resource estimate is supported by current price assumptions which are significantly higher than historic average prices. Market analysts are in general agreement that current political and market conditions support the probability of the current prices being sustained, but this may not occur. Metallurgical testing has not yet been able to demonstrate a 35% Ta2O5 concentrate grade as a feed for the refining stage. The proposed refining methods have been used in commercial applications but have not been demonstrated in test work of Blue River material. Mining recovery is assumed at 70% but could be lower and dilution increased in areas with moderate dips greater than 10°. The existence of extensional faults may have caused unrecognized displacements of greater than 10 m in the carbonatite. Such offsets would certainly impact deposit geometry and future mine designs. Uranium and thorium are present in the resource and waste rocks. Any radon produced in the mine and process plant is likely manageable with ventilation, dustProject No.: 162230 Page 20-131 January 2011
  • 130. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT control, and monitoring. Expected capex and opex costs will not be significantly increased as a result of these safety measures. Exploration programs completed on the Blue River Project have met their objective of identifying tantalum and niobium mineralization that has reasonable prospects of economic extraction. Additional work required to assess potential mining and milling methods that are suitable to the local geology and mineralization style and that can support an economic mining operation is on-going.Project No.: 162230 Page 20-231 January 2011
  • 131. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT21.0 RECOMMENDATIONS AMEC recommends a work program for an estimated total cost of CDN$4.35 M. The recommendations are based on the stated Mineral Resource estimate and the assumed commodity price assumptions. A summary of recommended work and estimated costs is shown in Table 21-1. The recommended program involves completing the on-going PA and updating the Mineral Resource block model with 2010 drilling data and interpretations. Recommendations also includes field work and supporting studies to prepare for more advanced studies. The field work includes 8,250 m of HQ diameter diamond drilling, a re-sampling program, metallurgical testwork, soil geochemistry surveys, analyses, geo-metallurgy studies, structural geology studies, marketing studies, core farm security improvements, manpower and field support costs. A mineral resource update is recommended upon completion of the recommended field program. Limitations on classification confidence applied to the current Resource estimate due to precision and accuracy concerns could be removed through a re-assay program. A staged re-assay program on remaining pulps or rejects is recommended. An initial program should focus on re-assaying samples within an area where the first 3 to 5 years of mining is likely to occur. This recommendation assumes improvements recently achieved in the laboratory for assaying tantalum and niobium are maintained. Table 21-1: Recommendations Summary Topic Estimated Cost Complete on-going PA $ 100,000 Geologic Interpretation, Data Reviews, and Mineral Resource Update (2010 drilling) $ 120,000 2011 Field Based and Studies Program Project Management, Claims, Socio-Economic, and Office Based Work $ 670,000 2011 Drilling: Upgrade Inferred or Indicated for Mine Plan (Years 1 to 3) $ 1,010,000 2011 Drilling: Test for Fault Offsets $ 1,070,000 Assay QAQC Re-sampling Program $ 20,000 Metallurgical Testwork $ 350,000 Non-drilling Manpower, Field Costs, Transport, Safety $ 520,000 Geo-metallurgical and Structural Geology Studies $ 150,000 Soil Geochemistry Analyses $ 30,000 Core Farm Security $ 80,000 Marketing Studies $ 50,000 Geologic Interpretation, Data Reviews, and Mineral Resource Update (2011 drilling) $ 180,000 Total $ 4,350,000Project No.: 162230 Page 21-131 January 2011
  • 132. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT21.1 Comment on Section 20 The Project is subject to Commerce’s management objectives, market conditions, and commodity prices. Based on the assumed commodity price assumptions and the stated Mineral Resource estimate, it is AMEC’s opinion that all or significant portions of the recommendations are reasonable for the Project.Project No.: 162230 Page 21-231 January 2011
  • 133. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT22.0 DATE AND SIGNATURE PAGE The effective date of this Technical Report, addressed to Commerce Resources Corporation, and entitled “Blue River Ta-Nb Project, Blue River, British Columbia, NI 43-101 Technical Report” is 31 January 2011. On behalf of AMEC Americas Limited. “Signed” Michael Radcliffe Operations Manager, Mining & Metals AMEC Americas Limited Dated: 31 January 2011Project No.: 162230 Page 22-131 January 2011
  • 134. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT23.0 REFERENCES Aaquist, B. (1982a). Blue River Carbonatites, British Columbia, Final Report. B.C. Min. Energy, Mines Petr. Res. Ass. Rept. 10 274, 30 p. Aaquist, B. (1982b). Assessment Report Blue River Carbonatites, British Columbia,; B.C. Min. Energy Mines Petr. Res. Ass. Rept. 11 130, 15 p. Aaquist, B. (1982c). Assessment Report on Verity First 1,2,3, Claims, Blue River British Columbia. B.C. Min. Energy Mines Petr. Res. Ass. Rept. 10 955. Birkett, T.C. and Simandl, G.J. (1999): Carbonatite-associated Deposits: Magmatic, Replacement and Residual; in Selected British Columbia Mineral Deposit Profiles, Volume 3, Industrial Minerals, G.J. Simandl, Z.D. Hora and D.V. Lefebure, Editors, British Columbia Ministry of Energy and Mines. Canadian Institute of Mining, Metallurgy and Petroleum (CIM), (2005). CIM Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines: Canadian Institute of Mining, Metallurgy and Petroleum, December 2005, http://www.cim.org/committees/CIMDefStds_Dec11_05.pdf Chudy, T. (2008). Mineralogical Report on samples from the Upper Fir Carbonatite, Blue River, British Columbia. PART A: Petrographic description; PART B: Mineral Liberation Analysis. December 2008. Chudy, T. (2010). The niobium-tantalum mineralization in the Upper Fir carbonatite: a summary of current knowledge. 4 p. Currie, K.L. (1976). The Alkaline Rocks of Canada. Geol. Surv. Can., Bull. 239, 228 p. Dahrouge, J. (2001a). 2000 Geologic Mapping and Sampling on the Verity Property. B.C. Min. Energy, Mines Petr. Res. Ass. Rept 26550, 7 p. Dahrouge, J. (2001b). 2000 Geologic Mapping and Sampling on the Fir Property. B.C. Min. Energy, Mines Petr. Res. Ass. Rept 26549, 7 p. Dahrouge, J. and Reeder J. (2001). 2001 Geologic Mapping, Sampling and Geophysical Surveys on the Mara Property. B.C. Min. Energy, Mines Petr. Res. Ass. Rept. 26733, 14 p. Dahrouge, J. & Reeder J. (2002). 2001 Geologic Mapping, Sampling and Geophysical Surveys on the Fir Property. B.C. Min. Energy, Mines Petr. Res. Ass. Rept. 26781, 9 p.Project No.: 162230 Page 23-131 January 2011
  • 135. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Davis, C. (2006). 2005 Diamond Drilling and Exploration at the Blue River Property. B.C. Min. Energy Mines Petr. Res. Ass. Rept, 10 p. Diegel, S.G., Ghent, E.D., and Simony, P.S. (1989). Metamorphism and Structure of the Mount Cheadle area, Monashee Mountains. In Current Research, Part E, Geol. Surv. Can., Paper 89-1E, pp. 95-100. Ghent, E.D., Simony, P.S., Mitchell, W., Perry, J., Robbins, D. and Wagner, J. (1977). Structure and Metamorphism in the Southeast Canoe River area, British Columbia. In Report of Activities, Part C, Geological Survey of Canada, Paper 77-1C, pp. 13- 17. Gervais, F. (2009). Personal Communication to John Gorham. Gorham. J. (2007). Technical Report on the Upper Fir Ta-Nb Bearing Carbonatite 20-June- 2007, 48 p. plus appendices. Gorham, J. (2008). Report on 2007 Diamond Drilling and Exploration at the Blue River Property 20-June-2008, 48 p. plus appendices and maps. Gorham, J., Ulry, B. And Brown, J., (2009) 2008 Diamond Drilling and Exploration at the Blue River Property, Kamloops Mining Division B.C Ministry of Energy, Mines and Petroleum Resources, Assessment Report 31174, 79 p (plus appendices and maps).. Klohn, Crippen Berger, (2009a). Blue River-Upper Fir Deposit Tailings and Waste Rock Scoping Study; Prepared for Commerce Resources Corp. Klohn, Crippen Berger, (2009b). Valemount Tailings Storage Options Scoping Study; Prepared for Commerce Resources Corp. Kraft, J. (2010). Structural geology of the Upper Fir carbonatite deposit, Blue River, British Columbia. Confidential report for Dahrouge Geological Consulting Ltd. and Commerce Resources Corp., 15 p. Mariano, A.N. (1982). Petrology, Mineralogy and Geochemistry of the Blue River Carbonatites. Confidential report, 130 p. Mariano, A.N. (2000). Personal communication to J. Dahrouge. MESH Environmental Inc. (2008). Static test characterization of rock units from the Upper Fir deposit, Blue River tantalum-niobium project. Confidential report prepared for Commerce Resources, August 2008.Project No.: 162230 Page 23-231 January 2011
  • 136. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT MESH Environmental Inc. (2009). Static test characterization of rock units from the Upper Fir deposit, Blue River tantalum-niobium project. Phase 2 static test report. Confidential report prepared for Commerce Resources, April 2009. McCrea, J. (2001). Summary Report on the Blue River Carbonatite Property, East-Central British Columbia. Prepared for Commerce Resources Corp., 34 p. McCrea, J. (2002). Fir Carbonatite Property, Resource Estimate. Prepared for Commerce Resources Corp. Mitchell, R.H., 2010b. Niobium mineralization in carbonatites: parageneses and origins. In International Workshop of Geology of Rare Metals, edited by Simandl, G.J. and Lefebure, D.V., extended abstracts volume, November 9-10, 2010, Victoria, Canada British Columbia Geological Survey, Open File 2010-10, pp 13-14. Pell, J. (1987). Alkaline Ultrabasic Rocks in British Columbia: Carbonatites, Nepheline Syenites, Kimberlites and Related Rocks. B.C. Min. Energy, Mines Petr. Res. Open File 1987-17, 109 p. Pell, J. (1994). Carbonatites, Nepheline Syenites, Kimberlites and Related Rocks in British Columbia. B.C. Min. Energy, Mines, Petr. Res., Bulletin 88, 136 p. Pell, J. and Hoy, T. (1989). Carbonatites in a Continental Margin Environment - the Canadian Cordillera. In Pp. 200 – 220: Carbonatites: Genesis and Evolution (K. Bell, ed.). Unwin Hyman, London, UK. Raeside, R.P. and Simony, P.S. (1983). Stratigraphy and Deformational History of the Scripp Nappe, Monashee Mountains, British Columbia. Canadian Journal of Earth Sciences, 20, pp. 639-650. Rukhlov, A and Gorham, J. (2007) 2006 Diamond Drilling and Exploration at the Blue River Property B.C., Min. Energy, Mines Petr. Res. Ass. Rept. 29024, 383 p. with appendices. Simonetti, A. (2008). Personal communication to John Gorham. Simony, P.S., Ghent, E.D., Craw, D, Mitchell, W., and Robbins, D.B. (1980). Structural and Metamorphic Evolution of the Northeast Flank of the Shuswap Complex, Southern Canoe River Area, British Columbia. Geological Society of America, Memoir 153, pp. 445-461. Smith, M. and Dahrouge, J. (2002a). 2001 Diamond Drilling on the Fir Property. B.C. Min. Energy, Mines Petr. Res. Ass. Rept. 26911, 13 p. with appendices.Project No.: 162230 Page 23-331 January 2011
  • 137. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Smith, M. and Dahrouge, J. (2003). 2002 Diamond Drilling and Exploration on the Blue River Property. B.C. Min. Energy, Mines Petr. Res. Ass. Rept. 27131, 20 p. with appendices. Smith, T (2008). Terrain stability study for the development of an environmental baseline for the Fir Property near Blue River B.C. Confidential report prepared for Commerce Resources Corp. Stone, M., and Selway, J., 2010. Independent Technical Report, Blue River Property, Blue River, British Columbia, Canada. 116 p. White, G.P.E. (1985). Further notes on carbonatites in central British Columbia, B.C. Ministry of Energy, Mines and Petroleum Resources, Geological Fieldwork, 1984, Paper 1985-1, pp. 95-100. Woolley, A.R. and Kempe, D.R.C. (1989). Carbonatites: Nomenclature, Average Chemical Compositions, and Element Distribution. In Pp. 1 – 37: Carbonatites, Genesis and Evolution (K. Bell, ed.). Unwin Hyman, London.Project No.: 162230 Page 23-431 January 2011
  • 138. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT APPENDIX A List of ClaimsProject No.: 162230 Appendix31 January 2011
  • 139. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Tenure Tenure Tenure Map Number Claim Name Ownership Type Sub-Type Number Issue Date Good To Date Area (ha) 374665 FIR 3 100% Mineral Claim 083D025 2000/feb/16 2019/mar/31 25.000 374670 FIR 8 100% Mineral Claim 083D035 2000/feb/16 2019/mar/31 25.000 380034 MARA 5 100% Mineral Claim 083D045 2000/aug/18 2019/mar/31 25.000 382164 FIR 11 100% Mineral Claim 083D035 2000/oct/28 2019/mar/31 500.000 506262 100% Mineral Claim 083D 2005/feb/08 2019/mar/31 98.623 506263 100% Mineral Claim 083D 2005/feb/08 2019/mar/31 295.727 506264 100% Mineral Claim 083D 2005/feb/08 2019/mar/31 236.800 506265 100% Mineral Claim 083D 2005/feb/08 2019/mar/31 79.069 506267 100% Mineral Claim 083D 2005/feb/08 2019/mar/31 98.817 506270 100% Mineral Claim 083D 2005/feb/08 2019/mar/31 1,225.766 506273 100% Mineral Claim 083D 2005/feb/08 2019/mar/31 1,619.061 506274 100% Mineral Claim 083D 2005/feb/08 2019/mar/31 1,244.470 506387 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 98.638 506391 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 39.459 506392 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 39.460 506393 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 39.447 506395 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 39.452 506397 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 19.728 506399 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 79.084 506401 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 39.542 506402 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 19.768 506403 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 19.766 506405 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 19.765 506407 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 591.699 506408 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 118.380 506423 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 591.653 506425 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 157.847 506426 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 39.439 506427 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 19.717 506428 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 551.916 506429 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 78.924 506430 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 414.436 506431 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 315.765 506433 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 533.482 506445 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 355.921 506450 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 236.589 506459 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 473.370 506461 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 315.725Project No.: 162230 Appendix31 January 2011
  • 140. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Tenure Tenure Tenure Map Number Claim Name Ownership Type Sub-Type Number Issue Date Good To Date Area (ha) 506464 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 78.950 506466 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 217.118 506468 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 355.271 506473 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 474.810 506475 100% Mineral Claim 083D 2005/feb/09 2019/mar/31 395.675 507391 100% Mineral Claim 083D 2005/feb/17 2019/mar/31 553.698 530510 LIGHTNING 100% Mineral Claim 083D 2006/mar/24 2019/mar/31 494.525 530511 LIGHTNING 2 100% Mineral Claim 083D 2006/mar/24 2019/mar/31 395.741 530513 LIGHTNING 3 100% Mineral Claim 083D 2006/mar/24 2019/mar/31 217.556 537452 PYRAMID 1 100% Mineral Claim 083D 2006/jul/20 2019/mar/31 493.795 537454 PYRAMID 2 100% Mineral Claim 083D 2006/jul/20 2019/mar/31 494.024 537456 PYRAMID 3 100% Mineral Claim 083D 2006/jul/20 2019/mar/31 197.674 550560 MUD 10 100% Mineral Claim 083D 2007/jan/29 2019/mar/31 495.976 550562 MUD 11 100% Mineral Claim 083D 2007/jan/29 2019/mar/31 475.263 550563 MUD 13 100% Mineral Claim 083D 2007/jan/29 2019/mar/31 454.377 550565 MUD 14 100% Mineral Claim 083D 2007/jan/29 2019/mar/31 376.880 550568 MUD15 100% Mineral Claim 083D 2007/jan/29 2019/mar/31 178.524 550603 ARIANE1 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.608 550605 ARIANE2 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.837 550607 ARIANE3 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.618 550608 ARIANE4 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.846 550609 ARIANE5 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.629 550610 ARIANE6 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.856 550612 ARIANE7 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 473.847 550613 ARIANE8 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 473.846 550614 ARIANE9 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.768 550615 ARIANE10 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 474.159 550616 ARIANE11 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.484 550620 ARIANE12 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.116 550621 4512124519227380 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 474.593 550622 ARIANE13 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 474.855 550623 ARIANE 14 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.343 550624 ARIANE 15 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.571 550626 ARIANE 16 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.252 550628 ARIANE17 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 492.997 550629 ARIANE 18 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 473.249 550632 ARIANE 19 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.249 550633 ARIANE 20 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 414.104Project No.: 162230 Appendix31 January 2011
  • 141. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Tenure Tenure Tenure Map Number Claim Name Ownership Type Sub-Type Number Issue Date Good To Date Area (ha) 550636 ARIANE 20 100% Mineral Claim 830 2007/jan/30 2019/mar/31 493.708 550637 ARIANE 21 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 197.646 550638 ARIANE 22 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.938 550639 ARIANE 23 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.165 550640 ARIANE 24 100% Mineral Claim 830 2007/jan/30 2019/mar/31 494.391 550641 ARIANE 25 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 395.676 550643 ARIANE 26 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.494 550645 ARIANE 27 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.716 550646 ARIANE 28 100% Mineral Claim 830 2007/jan/30 2019/mar/31 493.945 550647 ARIANE 29 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.170 550648 ARIANE 30 1 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.394 550649 ARIANE 31 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 395.677 550651 ARIANE 32 100% Mineral Claim 083D 2007/jan/3D 2019/mar/31 493.274 550652 ARIANE 33 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.054 550655 ARIANE 34 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 197.162 550658 ARIANE 35 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 492.968 550661 ARIANE 36 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.180 550662 ARIANE 37 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 197.334 550663 ARIANE 38 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.490 550664 ARIANE 39 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.712 550665 ARIANE 40 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.941 550666 ARIANE 41 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.167 550667 ARIANE 42 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.391 550668 ARIANE 43 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 395.674 550669 ARIANE 44 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.573 550670 ARIANE 45 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.351 550671 ARIANE 46 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.129 550672 ARIANE 47 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 414.919 550673 ARIANE 48 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 414.800 550675 ARIANE 49 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 414.687 550676 ARIANE 51 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 276.396 550679 ARIANE 52 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 414.499 550681 ARIANE 53 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.269 550683 ARIANE 54 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.051 550685 ARIANE 55 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 197.165 550687 ARIANE 56 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 473.522 550689 ARIANE 57 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 473.277 550691 ARIANE 58 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 492.977Project No.: 162230 Appendix31 January 2011
  • 142. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Tenure Tenure Tenure Map Number Claim Name Ownership Type Sub-Type Number Issue Date Good To Date Area (ha) 550693 ARIANE 59 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.181 550695 ARIANE 60 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.406 550697 ARIANE 61 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 454.564 550698 ARIANE 62 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.077 550700 ARIANE 63 100% Mineral Claim 083D 2007/jan/3D 2019/mar/31 494.066 550701 ARIANE 64 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 197.625 550703 ARIANE 65 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.305 550704 ARIANE 66 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.299 550706 ARIANE 67 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 494.292 550707 ARIANE 68 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 435.094 550709 ARIANE 69 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 474.767 550711 ARIANE 70 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 474.763 550714 ARIANE 71 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 474.759 550715 ARIANE 72 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 356.068 550718 ARIANE 73 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.392 550721 ARIANE 74 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.379 550726 ARIANE 75 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.166 550728 ARIANE 76 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 493.150 550731 ARIANE 77 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 492.964 550734 ARIANE 78 100% Mineral Claim 083D 2007/jan/30 2019/mar/31 492.950 550886 HELLROAR 100% Mineral Claim 083D 2007/feb/01 2019/mar/31 435.471 550887 HELLROARS 100% Mineral Claim 083D 2007/feb/01 2019/mar/31 475.246 550888 BAT OUT OF HELL 100% Mineral Claim 083D 2007/feb/01 2019/mar/31 475.396 THE MONSTER IS 550889 LOOSE 100% Mineral Claim 083D 2007/feb/01 2019/mar/31 475.203 565127 PROSPER 1 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 475.099 565128 PROSPER 2 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 474.985 565129 PROPSER 3 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 494.798 565130 PROSPER 4 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 237.525 565131 PROSPER 5 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 494.798 565132 PROSPER 6 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 494.799 565133 PROSPER 7 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 494.799 565135 PROSPER 8 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 494.798 565136 PROSPER 9 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 494.802 565138 PROSPER 10 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 494.800 565139 PROSPER 11 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 494.798 565140 PROSPER 12 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 475.159 565141 PROSPER 13 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 475.181 565143 PROSPER 14 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 475.182Project No.: 162230 Appendix31 January 2011
  • 143. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Tenure Tenure Tenure Map Number Claim Name Ownership Type Sub-Type Number Issue Date Good To Date Area (ha) 565144 PROSPER 15 100% Mineral Claim 830 2007/aug/28 2019/mar/31 475.184 565145 PROSPER 15 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 475.185 565146 PROSPER 16 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 475.188 565147 PROSPER 17 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 178.195 565148 PROSPER 18 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 336.751 565149 PROSPER 19 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.163 565150 PROSPER 20 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.163 565152 PROSPER 21 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.164 565153 PROSPER 22 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 396.131 565154 PROSPER 23 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 396.131 565156 PROSPER 25 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.166 565157 PROSPER 26 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 396.133 565158 PROSPER 27 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 396.133 565159 PROSPER 28 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 455.547 565160 PROSPER 29 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.400 565161 PROSPER 30 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.390 565162 PROSPER 31 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.391 565163 PROSPER 31 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.391 565164 PROSPER 32 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.392 565165 PROSPER 33 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.393 565166 PROSPER 34 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.393 565167 PROSPER 35 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.394 565168 PROSPER 35 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.395 565169 PROSPER 36 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.394 565170 PROSPER 37 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.568 565171 SHADOWI 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.650 565172 SHADOW 2 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 436.167 565173 SHADOW 3 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.621 565174 SHADOW 4 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.621 565175 SHADOW 5 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.622 565176 SHADOW 6 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.622 565177 SHADOW 7 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.622 565178 SHADOW 8 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.623 565179 SHADOW 8 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 317.188 565180 SHADOW 9 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 475.952 565181 SHADOW 10 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 475.952 565182 SHADOW 11 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.840 565183 SHADOW 12 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.942Project No.: 162230 Appendix31 January 2011
  • 144. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Tenure Tenure Tenure Map Number Claim Name Ownership Type Sub-Type Number Issue Date Good To Date Area (ha) 565184 SHADOW 13 100% Mineral Claim 083D 2007/auq/28 2019/mar/31 495.942 565185 SHADOW 13 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.941 565186 SHADOW 15 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 456.366 565187 FALKOR 1 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 456.085 565188 FALKOR 2 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.763 565189 FALKOR 3 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 396.745 565190 FALKOR 4 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 495.993 565191 FALKOR 5 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 374.644 565192 FALKOR 6 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.139 565193 FALKOR 7 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 473.723 565194 FALKOR 8 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.445 565195 FALKOR 9 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.370 565196 FALKOR 10 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 476.525 565197 FALKOR 11 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.401 565198 FALKOR 12 100% Mineral Claim 830 2007/au•/28 2019/mar/31 495.497 565199 MINI 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 39.701 565200 FALKOR 13 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 476.517 565201 FALKOR 14 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 357.344 565202 FALKOR 15 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.168 565203 FALKOR 15 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.169 565204 FALKOR 16 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 377.098 565205 FALKOR 17 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 476.778 565206 MINI 2 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 39.694 565207 FALKOR 18 100% Mineral Claim 083D 2007/au /28 2019/mar/31 437.056 565208 FALKOR 19 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.588 565209 FALKOR 20 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.396 565210 FALKOR 21 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 476.746 565211 FALKOR 22 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 476.955 565212 FALKOR 23 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.394 565213 FALKOR 24 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 238.488 565214 FALKOR 25 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.633 565215 FALKOR 26 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 397.437 565216 FALKOR 27 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.627 565217 FALKOR 28 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 476.970 565218 FALKOR 29 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.626 565219 FALKOR 30 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.863 565220 FALKOR 31 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.628 565221 FALKOR 32 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.859Project No.: 162230 Appendix31 January 2011
  • 145. COMMERCE RESOURCES CORPORATION BLUE RIVER TA-NB PROJECT BLUE RIVER, BRITISH COLUMBIA NI 43-101 TECHNICAL REPORT Tenure Tenure Tenure Map Number Claim Name Ownership Type Sub-Type Number Issue Date Good To Date Area (ha) 565222 FALKOR 33 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 397.116 565223 FALKOR 34 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.859 565224 FALKOR 35 100% Mineral Claim 083D 2007/aug/28 2019/mar/31 496.629 588427 WASTED 1 100% Mineral Claim 083D 2008/jul/18 2011/jul/31 494.294 588428 WASTED 2 100% Mineral Claim 083D 2008/jul/18 2011/jul/31 474.330 588429 WASTED 3 100% Mineral Claim 083D 2008/jul/18 2011/jul/31 474.151 588430 WASTED 4 100% Mineral Claim 083D 2008/jul/18 2011/jul/31 473.977 589537 FELIX1 100% Mineral Claim 083D 2008/aug/05 2019/mar/31 496.396 589538 FELIX2 100% Mineral Claim 083D 2008/aug/05 2019/mar/31 496.398 589539 FELIX3 100% Mineral Claim 083D 2008/aug/05 2019/mar/31 377.104 589540 FELIX4 100% Mineral Claim 083D 2008/aug/05 2019/mar/31 496.170 589541 FELIX5 100% Mineral Claim 083D 2008/aug/05 2019/mar/31 495.966 589542 FELIX6 100% Mineral Claim 083D 2008/aug/05 2019/mar/31 436.310 589544 FELIX7 100% Mineral Claim 083D 2008/aug/05 2019/mar/31 376.684 589551 FELIX8 100% Mineral Claim 083D 2008/aug/05 2019/mar/31 475.820 589554 FELIX9 100% Mineral Claim 083D 2008/aug/05 2019/mar/31 396.317 589556 FELIX10 100% Mineral Claim 083D 2008/aug/05 2019/mar/31 495.472 589557 FELIX11 100% Mineral Claim 083D 2008/aug/05 2019/mar/31 415.973 589559 FELIX12 100% Mineral Claim 083D 2008/aug/05 2019/mar/31 495.167 589563 FELIX13 100% Mineral Claim 083D 2008/aug/05 2019/mar/31 356.679 798362 JOIN 100% Mineral Claim 083D 2010/jun/25 2011/jun/25 177.980Project No.: 162230 Appendix31 January 2011