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Commerce Resources Corp (2)
Symbol CCE
Shares Issued 72,748,207
Close 2021-01-12 C$ 0.29
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Commerce's XRF test predicts content of Ashram samples

2021-01-13 06:22 ET - News Release

Mr. Chris Grove reports

COMMERCE RESOURCES CORP. ANNOUNCES ENCOURAGING RESULTS FROM XRF ORE SORTING TEST PROGRAM, ASHRAM DEPOSIT, QUEBEC

Commerce Resources Corp. has released encouraging results from an XRF (X-ray fluorescence) ore sorting test project initiative with MineSense, a digital mining solutions provider based in Vancouver, B.C. The project was conducted as part of the company's continuing collaboration with CanmetMining, a branch of Natural Resources Canada (NRCan).

The MineSense technology is based primarily on XRF sensors fitted to specific pieces of existing mining equipment that monitor the spectral response of the material being actively mined in order to determine its composition. The technology provides for a higher level of grade control compared with typical methods, which allows for improved mine planning and resultant cost-efficiencies.

The recently completed test project assessed the spectral response of 127 coarse analytical drill core rejects, comprising five rock types associated with the Ashram rare earth and fluorspar deposit. The company is pleased to report that algorithmic modelling of responses obtained from each XRF and LIBS (laser-induced breakdown spectroscopy) analyses was successful in predicting the neodymium (Nd) content of the samples, among other elements. This is a significant result as it indicates that a shovel- or belt-mounted sensor could effectively estimate the Nd content of the raw run-of-mine feed, allowing for real-time grade control and therefore more efficient and cost-effective mining.

Further work was recommended, including a desktop geostatistical analysis of the drill hole database and a comprehensive review of mineral processing variables, which, collectively, would feed into an economic assessment of the XRF, LIBS or combined XRF-LIBS ore sorting method for the Ashram project. The company is currently evaluating the optimal approach and schedule for next steps.

The financing for the testwork was provided by Natural Resources Canada (NRCan) through CanmetMining's six-year rare earth element (REE) and chromite program (announced in April, 2015), focused on developing new extraction technologies, addressing Canadian environmental challenges and improving the knowledge of Canadian deposits. The company's contribution to the collaboration was a supply of REE-mineralized material from the Ashram deposit, in which several tonnes remain readily available from a bulk sample completed in 2012.

The Ashram deposit outcrops at surface, allowing for cost-effective collection of material for testwork. As such, the company is actively engaging with various research and academic institutions to support the advancement of the REE industry in Canada and in Quebec specifically.

National Instrument 43-101 disclosure

Darren L. Smith, MSc, PGeo, Dahrouge Geological Consulting Ltd., a permit holder with the Ordre des Geologues du Quebec and qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

The term ore as noted herein refers to the industry's preferred description of the technology discussed (that is, ore sorting). At this time, no reserve estimate has been determined for the Ashram deposit, and therefore no ore has been defined. The Ashram deposit hosts a measured resource of 1.6 million tonnes (mt) at 1.77 per cent rare earth oxide (REO) and 3.8 per cent fluorine, an indicated resource of 28 mt at 1.90 per cent REO and 2.9 per cent F, and an inferred resource of 220 mt at 1.88 per cent REO and 2.2 per cent F, at a cut-off grade of 1.25 per cent REO.

About Commerce Resources Corp.

Commerce Resources is an exploration and development company with a particular focus on deposits of rare metals and rare earth elements. The company is focused on the development of its Ashram rare earth element/fluorspar deposit in Quebec and the Upper Fir tantalum-niobium deposit in British Columbia.

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