Commerce Confirms Significant Niobium Discovery, including 24 m of 0.91% Nb2O5, adjacent to the Ashram Rare Earth and Fluorspar Deposit in Quebec, Canada
Commerce Confirms Significant Niobium Discovery, including 24 m
of 0.91% Nb2O5, adjacent to the Ashram Rare Earth and Fluorspar
Deposit in Quebec, Canada
Highlights:
• Commerce Resources Corp. is excited to confirm significant niobium discoveries forming
two high-grade trends surrounding the Ashram Rare Earth and Fluorspar Deposit, Eldor
Property, Quebec, Canada.
• The 2024 niobium-focused drill program at Eldor has significantly expanded the niobium
mineralized footprint, including the discovery of two new high-grade zones: the Northwest
and Moira prospects.
• The Mallard Prospect continues to impress with the final suite of assays returning 24.0 m
at 0.91% Nb2O5 within a wider interval of 45.5 m at 0.65% Nb2O5 in hole EC24-232. This
is in addition to the previously reported 122.5 m at 0.62% Nb2O5 in hole EC24-208.
• New high-grade discoveries at the Northwest and Moira Prospects, both of which remain
open in multiple directions.
o Northwest: 7.5 m at 0.93% Nb2O5 within a wider mineralized interval of 20.0 m
at 0.57% Nb2O5 (EC24-233).
o Moira: 11.5 m at 0.63% Nb2O5 (EC24-231).
• Expansion of mineralized zone with further high-grade intercepts at the Spoke
Prospect:
o 2.6 m at 0. 92% Nb 2O5 within a wider mineralized interval of 22.0 m at 0.62%
Nb2O5 (EC24-227).
• Core assay results from the final thirteen (13) holes of the niobium-focused 2024 drill
program are reported herein and include the Mallard, Spoke, Moira, Loon, and Northwest
prospects.
• Multiple drill holes demonstrate the significant scale and relative continuity potential of
niobium mineralization over a widespread area adjacent to the southeast of the Ashram
Deposit. Carbonatites are host to the world’s major niobium mines, including Arax á and
Catalão, Brazil, and Niobec, Quebec.
Patrik Schmidt, Vice President of Exploration for the Company, comments: “We are very happy
with the results of the 2024 niobium exploration drilling at Eldor. The program has significantly
expanded the niobium mineralized footprint at the Property, including the discovery of several
new high-grade zones. This final set of assays delivered one of the highest-grade drill intercepts
to date on the Property with 24.0 m at 0.91% Nb2O5. The team is now focused on the
interpretation of the program’s results in context with prior drill data and the collective dataset
for the Property to determine the focus for 2025. It is clear that the niobium mineralized system
at Eldor is extensive, extending well beyond the Mallard Prospect. Further, exploration to date
suggests a strong potential for connectivity between some of the various niobium prospects at the
Property. Future exploration will, in part, test this interpretation as the Project advances
towards a maiden mineral resource estimate for niobium” added Mr. Schmidt.
Ross Carroll, Director, President, and CEO of the Company, comments: “It is very exciting and
encouraging, to receive further high-grade niobium drill intercepts from Mallard, and several new
prospects drilled this program. With significant drill intercepts of >0.9% Nb 2O5 now discovered
at no less than 4 prospects, and the potential for connectivity between the various prospects, the
probability of a siz eable deposit at meaningful grade is high. These results continue to provide
confidence that the Company has the potential to be host to a significant niobium resource in
addition to rare-earth elements and fluorspar. Moreover, considering the location of the niobium
prospects being proximal to the Ashram Rare Earth and Fluorspar Deposit, the benefits of a joint
development scenario and shared infrastructure would be significant.”
December 16, 2024 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX:
CMRZF) (the “Company” or “Commerce”) is pleased to announce the final batch of drill hole
results from its highly successful 2024 niobium focused drill program at the Eldor Property
(“Property”) in Quebec, Canada. All of the niobium prospects at the Eldor Property are within ~2
km of the Company’s wholly owned and unencumbered Ashram Rare Earth and Fluorspar
Deposit.
Assays are reported herein for thirteen (13) of the total twenty -nine (29) total NQ-size diamond
drill holes completed during the program targeting the Mallard, Spoke, Northwest, Moira, and
Loon prospects (Figure 1; Table 1). A total of 3,753 m from the total 8,253 m completed during
the program are reported herein (Table 2).
Figure 1. 2024 core assay highlights from drill holes at Mallard, Spoke, Moira and Northwest
prospects, as well as the magnetic high anomaly that defines the Loon Target.
Mallard Prospect: Results at Mallard continue to impress , with drill hole EC24 -232 returning
arguably the second-best niobium drill intercept to date on the Property with 24.0 m at 0.91%
Nb2O5 within a wider interval of 45.5 m at 0.65% Nb2O5 (Figure 1). It ranks second to EC21-175
with 17.1 m at 1.00% Nb2O5, within a larger interval of 42.3 m grading 0.82% Nb2O5 (see news
release dated November 1, 2021). The intersection of high-grade niobium mineralization in drill
hole EC24-232 expands the potential of the Mallard Prospect not only at depth, but also widens
the mineralized corridor further east at Mallard.
Additionally, drill hole EC24-225 tested the most southeastern part of the magnetic high anomaly
that defines the core of the Mallard Prospect and intercepted several well mineralized horizons
(16.8 m at 0.60% Nb2O5, 11.0 m at 0.67% Nb 2O5, 16.0 m at 0.62% Nb 2O5), with mineralization
open in multiple directions. The final drill hole of the program (EC24-235) intersected niobium
mineralization from surface , successfully extending the along -strike mineralized trend at the
Mallard Prospect with 19.6 m at 0.54% Nb2O5, including an interval of 10.6 m at 0.63% Nb 2O5.
Mallard remains open in all directions with select cross -sections illustrating the extent of
moderate-to high-grade niobium mineralization presented in Figure 2 and Figure 3.
Figure 2. Cross-section of central Mallard Prospect with interpreted extent of moderate- to high-
grade Nb-mineralization (2021-2022 drill holes shown in pale grey to contrast with 2024 drill
holes).
Figure 3. Cross-section of southeast Mallard Prospect with interpreted extent of moderate- to
high-grade Nb-mineralization.
Spoke Prospect: Follow-up on initial drill testing at Spoke returned among the best results thus
far at the Prospect (Figure 1), including several samples exceeding 0.90% Nb2O5. Starting from
near surface, hole EC24-227 returned 22.0 m at 0.62% Nb2O5, including 2.6 m at 0.92% Nb2O5.
Additionally, hole EC24-227 returned 23.7 m at 0.61% Nb 2O5 within a wider interval of 96.0 m
at 0.42% Nb 2O5. Coupled with the previously announced intercepts at Spoke ( see news release
dated October 10, 2024) – 27.5 m at 0.60% Nb2O5 (EC24-212), and 17.9 m at 0.66% Nb2O5 and
21.3 m at 0.60% Nb 2O5 (EC24-213) – the results to date demonstrate a significant niobium
mineralized horizon(s) is present along strike between Mallard and Miranna, and therefore,
provides strong indication of potential connectivity (Figure 4). Spoke remains open in all
directions.
Moira Prospect: The Moira Prospect is situated ~400 m northwest of Mallard and was inaugurally
drill-tested during the 2024 program ( Figure 1). Two holes were completed with highly
encouraging results including 11.5 m at 0.63% Nb 2O5 (EC24-231). Although only a modest
interval of strong mineralization was returned, the result is significant as it widens materially the
prospective niobium corridor at the Property (Figure 4). Moira remains open in all directions.
Figure 4. Interpreted niobium mineralization corridor including the Mallard, Knox, Spoke,
Miranna, and Moira prospects.
Northwest Prospect: Four holes were completed at the Northwest Prospect during the program,
with the best niobium mineralized interval to date at this target returning 7.5 m at 0.93% Nb2O5
within a wider interval of 20.0 m at 0.57% Nb 2O5 (EC24-233) (Figure 1). Drill testing at the
Northwest Prospect was intended to follow-up on the Company’s maiden drilling campaign on the
Eldor Property back in 2008, where hole EC08 -008 returned 10.0 m at 0.64% Nb 2O5 within a
wider interval of 46.9 m at 0.46% Nb2O5. The results from drill hole EC24-233 is significant and
highlights the potential that remains in this area, which is approximately 3 km northwest of the
Mallard Prospect, and around 0.7 km northwest of the Ashram REE and Fluorspar Deposit (Figure
4). The Northwest Prospect remains open in multiple directions.
Loon Target: A total of two (2) drill holes were completed at the previously untested Loon
magnetic high anomal y (Figure 1). The target is situated southwest of the main Mallard -Knox-
Spoke-Miranna trend. The holes targeted a pronounced magnetic high anomaly; however, n o
significant mineralization was intercepted.
All of the niobium pro spects at the Eldor Property are situated within ~2 km of the Company’s
wholly owned and unencumbered Ashram Rare Earth and Fluorspar Deposit. The Ashram Deposit
boasts a globally significant rare-earth mineral resource of 73.2 million tonnes (Mt) at 1.89% REO
(total rare-earth oxide) Indicated, and 131.1 Mt at 1.91% REO Inferred1 (see news release dated
May 22, 2024). The discovery of a substantial niobium deposit in proximity to Ashram would add
to the Company’s existing portfolio of critical element occurrences at the Eldor Property,
presenting a compelling opportunity for a joint development scenario with shared
infrastructure.
1The updated Mineral Resource Estimate (the “MRE”)) for the Ashram Rare Earth and Fluorspar Deposit (73.2 Mt at 1.89%
TREO and 6.6% CaF2 Indicated, and 131.1 Mt at 1.91% TREO and 4.0% CaF2 Inferred) is reported at a cut-off of $287 Net Metal
Return (NMR) per tonne, was completed in accordance with National Instrument 43-101 with an Effective Date of April 4th, 2024.
Net Metal Return (NMR) value, was calculated to be CAD154/tonne, which is based on a 3-year annualized average (2021, 2022,
and 2023) for the five payable oxides a; (USD1.25/kg for La 2O3, USD95/kg for Pr 2O3, USD95/kg for Nd 2O3, USD1,500/kg for
Tb2O3, and USD375/kg for Dy 2O3), estimated metal recoveries, and operating costs for mining, processing, transportation and
G&A. A cut-off of CAD287/tonne is considered as the base case for the MRE and is guided by reasonable prospects of eventual
economic extraction over a reasonable timeframe. The cut -off grade considers a CAD:USD exchange rate of 1.30. Mineral
Resources are not Mineral Reserves as they do not have demonstrated economic viability.
Table 1. 2024 drill core assay results for holes reported herein.