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Commerce Resources Corp (2)
Symbol CCE
Shares Issued 82,863,201
Close 2021-06-25 C$ 0.26
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Commerce Resources to drill 2,500 m at Ashram

2021-06-28 06:57 ET - News Release

Mr. Chris Grove reports

COMMERCE RESOURCES CORP. PROVIDES UPDATE ON SUMMER DRILL PROGRAM FOR THE ASHRAM RARE EARTH AND FLUORSPAR DEPOSIT

Commerce Resources Corp. has provided an update on its coming summer diamond drill program at the Ashram rare earth and fluorspar deposit, located in Northern Quebec. The company will carry out its program concurrently with the drill program by Saville Resources on the adjacent Niobium Claim Group property. The overlap of the two programs is expected to result in significant cost savings through shared drill rig mobilization, camp operation and other mutual program support costs.

The program will be carried out with Logan Drilling Ltd. of Stewiacke, N.S., contracted for approximately 2,500 m of NQ core drilling over 15 to 20 holes. The positioning of the drill rig and equipment will commence shortly with final mobilization to the Eldor property tentatively scheduled for July 10 to July 12, 2021. Commerce's drill program will immediately follow that of Saville's (about two to three weeks), with a first collar planned in early August and drilling expected through mid-September.

The company is also well advanced with the drill core relog and geological model update for the Ashram deposit. The model will guide the forthcoming drill program with the objective of further delineating the northern and southern extents of the deposit, where it remains open, as well as to increase resource category confidence from indicated to measured in the core area of the deposit where the neodymium-praseodymium (NdPr) distribution is highest (that is, highest value rock).

In addition to the drilling, the company intends to collect any remaining field data that are required for the prefeasibility study (PFS) as well as the remaining qualified person site visits. In parallel to the field programs, the company continues to advance its flowsheet development at Hazen Research in Colorado, with other components of the PFS currently being advanced by third party consultants (BBA Engineering and CIMA+).

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 has successfully navigated the process to enter Nunavik and has obtained authorization to complete its planned field activities. 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 and xenotime) and gangue (carbonates) mineralogy, a large-tonnage resource at favourable grade, and has demonstrated the production of high-grade (over 45 per cent rare earth oxides) 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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