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Commerce Resources Corp (2)
Symbol CCE
Shares Issued 83,013,201
Close 2021-07-28 C$ 0.23
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Commerce Resources starts drilling at Ashram

2021-07-29 06:31 ET - News Release

Mr. Chris Grove reports

COMMERCE RESOURCES CORP. COMMENCES SUMMER DRILL PROGRAM AT THE ASHRAM RARE EARTH AND FLUORSPAR DEPOSIT

Commerce Resources Corp. has collared its first drill hole of the 2021 field program at the Ashram rare earth and fluorspar deposit, located in Northern Quebec. The program is being managed by Dahrouge Geological Consulting Ltd. of Edmonton, Alta., with drilling operations being carried out by Logan Drilling Ltd. of Stewiacke, N.S.

The company has mobilized the drill rig to the Ashram deposit ahead of schedule following the completion of several drill holes by Saville Resources at the Mallard and Miranna prospects, located within one kilometre of Ashram, where Saville Resources holds an option from the company to earn up to a 75-per-cent interest. The overlap of the two programs is resulting in significant cost savings through shared drill rig mobilization, camp operation and other mutual program support costs.

A total of 2,500 metres of NQ-size drilling over 15 to 20 holes are anticipated 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 inferred/indicated to indicated/measured in areas where the neodymium-praseodymium (NdPr) contents are highest. Depending on the location within the deposit, the NdPr distribution typical varies from 21 to over 24 per cent with monazite being the dominant carrier of the rare earth elements (REE).

The company continues to advance the core relog and geological model of the deposit, which will guide the drill program to meet its objectives. In addition to the drilling, the company continues to collect remaining field data that are required for the prefeasibility study (PFS) and is planning to complete the remaining qualified person site visits later in the program. In parallel to the field and PFS 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 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 and 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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