05:01:55 EDT Thu 20 Jun 2024
Enter Symbol
or Name

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Commerce Resources Corp (2)
Symbol CCE
Shares Issued 99,846,805
Close 2024-01-10 C$ 0.105
Market Cap C$ 10,483,915
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Commerce Resources terminates earn-in deal with Saville

2024-01-11 09:19 ET - News Release

Mr. Chris Grove reports


Commerce Resources Corp. has entered into a termination and forgiveness of debt agreement with Saville Resources Inc., whereby the parties have mutually agreed to terminate the earn-in agreement between Commerce and Saville on the niobium claim group property entered into in January, 2018, and extended on Jan. 11, 2023.

The niobium claim group property consists of 26 contiguous mineral claims, encompassing an area of approximately 1,223 hectares, and is considered prospective for niobium, tantalum, phosphate and fluorspar. The property includes the Miranna target, where 5.9 per cent Nb2O5 (niobium pentoxide) and 1,220 parts per million Ta2O5 (tantalum pentoxide) have been returned in boulder sampling and 0.72 per cent Nb2O5 over 20.4 metres, including 1.20 per cent Nb2O5 over 3.1 m (EC21-180), has been returned in initial drill testing. Additionally, the property hosts the more advanced Mallard prospect where drilling has returned wide intercepts of mineralization, including 1 per cent Nb2O5 over 17.1 m, within a larger interval of 0.82 per cent Nb2O5 over 42.3 m (EC21-175) (see Saville news release dated Sept. 1, 2022).

The 2022 drill program by Saville targeted the niobium zone previously reported in drill hole EC21-175 farther at depth (EC22-201, 202 and 203) and along strike (EC22-203). The 2022 drill holes, each drilled to 200 m depth, returned well-mineralized niobium intervals, and continue to demonstrate the potential for a sizable niobium mineralized zone to extend from depth to surface, as well as laterally, at the Mallard prospect (see Saville news dated Jan. 23, 2023).

Pursuant to the agreement, the company had granted Saville the right to earn a 75-per-cent interest in the property. This right has now been terminated. The company also announces that it has forgiven a debt owed by Saville to the company which totalled $369,290.16, accrued as the result of various loans and other advances made by the company to Saville.

Company president Chris Grove states: "We are grateful for the work that Saville conducted on our niobium claim group over the term of this agreement, advancing our understanding of the potential for a niobium primary deposit located proximal to our Ashram REE/fluorspar deposit. Commerce Resources looks forward to initiating a work program this year to follow up on these excellent results obtained through the work by Saville."

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 (neodymium and praseodymium) 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 (greater than 45 per cent rare earth oxides) mineral concentrates at high recovery (greater than 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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