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Commerce Resources Corp (2)
Symbol CCE
Shares Issued 73,731,378
Close 2021-02-09 C$ 0.475
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Commerce works on Ashram diamond drill program

2021-02-09 07:19 ET - News Release

Mr. Chris Grove reports


Planning is under way for a diamond drill program at Commerce Resources Corp.'s Ashram rare earth and fluorspar deposit, located in Northern Quebec.

A total of 15 to 20 NQ-size drill holes, for approximately 2,500 metres, are planned as part of a resource definition drill program focused along the northern, southern and central portions of the Ashram deposit. The drilling will further delineate the deposit's geometry and extent of mineralization, as well as target an increase in resource confidence to the measured category in the core area of the deposit where the neodymium-praseodymium (NdPr) distribution is highest.

As the Ashram deposit outcrops in several areas, it is only covered by a thin veil of overburden with the strongest NdPr grades and distributions present from surface. As such, drill holes are expected to range from 100 to 250 m in total vertical depth, which corresponds to set depths below the planned pit shell for the project.

The Ashram deposit is characterized by a single, large mineralized body, with monazite-bastnaesite-xenotime mineralization extending from surface to depths of over 600 m, with the final sample of drill hole EC11-050 assaying 4.13 per cent rare earth oxides (REO) (599.9 to 600.5 m). The deposit's surface footprint is at least 600 m long and 350 m wide and remains open to the north, south and at depth. 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 (7.7 fluorite (CaF2)), an indicated resource of 28 million t at 1.90 per cent REO and 2.9 per cent F (5.9 CaF2), and an inferred resource of 220 million t at 1.88 per cent REO and 2.2 per cent F (4.5 CaF2), at a cut-off grade of 1.25 per cent REO. The mineral resource estimate was completed in 2012 and includes results to the end of the 2011 drilling only. Note, mineral resources are not mineral reserves as they do not have demonstrated economic viability. The fluorite (CaF2) content is calculated from the mineral resource's fluorine (F) grade, using a conversion factor of 2.055 based on deposit mineralogy.

In addition to the diamond drill program, the company intends to carry out the remaining environmental work at site required to support the Ashram project's continuing prefeasibility study. Several other related and remaining prefeasibility components are also planned to be advanced in parallel.

The company expects to carry out its 2021 field program concurrently with the drill program being planned by Saville Resources Inc. on the adjacent Niobium Claim Group property. Saville Resources holds the Niobium Claim Group property under earn-in agreement from the company where it may acquire up to a 75-per-cent interest (see news release dated Jan. 11, 2018). The overlap of the two programs is expected to result in significant cost savings through shared mobilization, camp operation and other mutual program support costs.

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. The company is engaged in the process to obtain formal authorization to enter the Nunavik territory for the purposes of mineral exploration and is confident that it will succeed. Mineral exploration has been recognized as an essential service in Canada and the province of Quebec.

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.

About Commerce Resources Corp.

Commerce Resources 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 (over 45 per cent REO) mineral concentrates at high recovery (over 70 per cent) 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.

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