Commerce Resources Corp.
Commences Summer Drill Program at the Ashram Rare Earth and
Fluorspar Deposit
Vancouver, BC, Canada -- July 29, 2022 – Commerce
Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the “Company” or “Commerce”) is pleased
to announce a summer drill program has commenced at the Ashram Rare
Earth and Fluorspar Deposit, located in northern Quebec, with a
first hole collar expected end of July/early August. The program is
being managed by Dahrouge Geological Consulting Ltd. of Edmonton,
AB, (head office) with drilling operations being carried out by
Forage Fusion Drilling Ltd. of Hawkesbury, ON.
A total of 2,200 m of NQ size core drilling over 7-10 holes is
anticipated, focused at the Ashram Deposit. The holes will target
further delineation of the deposit, which remains open to the north
and south, as well as target an increase in resource confidence
from the inferred/indicated categories to the indicated/measured
categories in areas where the neodymium-praseodymium (“NdPr”)
contents are highest. Depending on the location within the deposit,
the NdPr distribution – i.e. % of Nd+Pr oxide of the total rare
earth oxide (“REO”) – typically varies from 21-24+% with monazite
being the dominant carrier of the rare earth elements (“REEs”).
The Company has completed its drill core relog and geological
model update of the deposit (Figure 1), which will guide the
drill program to meet its objectives. Specifically, a portion of
the drill program will target the south end of the deposit, which
remains open, and will provide more confidence in the geological
modelling of this area. Since the 2012 mineral resource estimate,
which supported a Preliminary Economic Assessment, an additional
ninety-eight (98) drill holes, totalling 12,436 m, have been
completed at the deposit and surrounding area, and will feed into a
mineral resource update in support of Prefeasibility. The Ashram
Deposit is characterized by a single REE and fluorspar mineralized
body of considerable size, extending at least 600 m along strike,
300 m in width, and 600 m to depth. The dominate REE mineral is
monazite resulting in a relatively high NdPr distribution
(typically 21-24%) and has enabled the production of high-grade
(>40% REO) monazite concentrates to be produced at high
recovery.
In addition to the drill program, the Company continues to
advance the other project components remaining to be completed as
part of the ongoing Prefeasibility Study (PFS). In recent weeks the
Company has advanced infrastructure layout and is nearing the final
phases of flowsheet development for the PFS, which will then
transition to a final design period with PFS cost estimation.
The Company notes that it will carry-out its field programs
while adhering to all federal, provincial, and regional
restrictions in place due to the COVID-19 pandemic. Mineral
exploration has been recognized as an essential service in Canada
and the Province of Quebec.
Figure 1: Cross-section (left) and oblique view (right) of the
Ashram Rare Earth and Fluorspar Deposit’s principal mineralized
zones
About the Ashram Deposit
The Ashram Deposit ranks as one of the largest REE (and
fluorspar) deposits globally, consisting of a monazite dominated,
single mineralized body outcropping at surface, and has a footprint
approximately 600 m along strike, over 300 m across, and 600 m
deep, remaining open in several directions. The deposit hosts a
measured resource of 1.6 million tonnes (Mt) at 1.77% rare earth
oxide (REO) and 3.8% F, an indicated resource of 27.7 Mt at 1.90%
REO and 2.9% F, and an inferred resource of 219.8 Mt at 1.88% REO
and 2.2% F, at a cut-off grade of 1.25% REO (Effective Date July
5th, 2012). Note, mineral resources are not mineral
reserves as they do not have demonstrated economic viability. There
is no certainty that all or any part of the Mineral Resources will
be converted into Mineral Reserves.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., Dahrouge Geological Consulting
Ltd., a Permit holder with the Ordre des Géologues du Québec and
‘Qualified Person’ as defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects, supervised
the preparation of the technical information in this news
release.
About Commerce Resources Corp.
Commerce Resources Corp. is a junior mineral resource company
focused on the development of the Ashram Rare Earth and Fluorspar
Deposit located in Quebec, Canada. The Company is positioning to be
one of the lowest cost rare earth producers globally, with a
specific focus on being a long-term supplier of mixed rare earth
carbonate and/or NdPr oxide to the global market. The Ashram
Deposit is characterized by simple rare earth (monazite,
bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large
tonnage resource at favourable grade, and has demonstrated the
production of high-grade (>45% REO) mineral concentrates at high
recovery (>70%) in line with active global producers. In
addition to being one of the largest rare earth deposits globally,
Ashram is also one of the largest fluorspar deposits globally and
has the potential to be a long-term supplier to the met-spar and
acid-spar markets.
For more information, please visit the corporate website at
www.commerceresources.com or email info@commerceresources.com.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
“Chris Grove”
Chris Grove
President and Director
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: https://www.commerceresources.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
Forward Looking Statements
This news release contains forward-looking statements, which
includes any information about activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future. Forward looking statements in this news release
include that we expect to undertake 2,200 metres of core drilling
over 7-10 holes in our 2022 summer drill program; that the first
hole is expected to be collared at the end of July or early August
2022;that we anticipate our drill program will meet the objectives
we have set out; that we continue to advance other project
components on the Ashram deposit as part of the Prefeasibility
Study; that we expect to complete a prefeasibility study for
the Ashram Project; that Ashram has the potential to
become one of the largest fluorspar deposit and a long-term
supplier to the met-spar and acid-spar markets; and that the
Company is positioning to be one of the lowest cost rare earth
element producers globally. These forward-looking statements are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking information. Risks that
could change or prevent these events, activities or developments
from coming to fruition include: that we may not be able to
fully finance any additional exploration on the Ashram Project;
that even if we are able to raise capital, costs for
exploration activities may increase such that we may not have
sufficient funds to pay for such exploration or processing
activities; the actual timing of commencement and anticipated
completion of work programs may not be undertaken in accordance
with our planned schedule, the content and extent of any work
programs may not be completed as planned; geological
interpretations based on drilling that may change with more
detailed information; potential process methods and mineral
recoveries assumptions based on limited test work and by comparison
to what are considered analogous deposits that, with further test
work, may not be comparable; testing of our process may not prove
successful or samples derived from the Ashram Project may not yield
positive results, and even if such tests are successful or initial
sample results are positive, the economic and other outcomes may
not be as expected; the availability of labour and equipment to
undertake future exploration work and testing activities;
geopolitical risks which may result in market and economic
instability; and despite the current expected viability
of the Ashram Project, conditions changing such that even if metals
or minerals are discovered on the Ashram Project, the project may
not be commercially viable; The forward-looking statements
contained in this news release are made as of the date hereof and
the Company assumes no responsibility to update or revise such
information to reflect new events or circumstances, except as
required by law.
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