Commerce Resources Announces Appointment of Patrik Schmidt as Vice President of Exploration
Commerce Resources Announces Appointment of Patrik Schmidt as Vice
President of Exploration
March 1, 2024– Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the
“Company” or “Commerce”) is pleased to announce the appointment of Patrik Schmidt as its new
Vice President of Exploration effective March 1, 2024. Jody Dahrouge will be stepping down as
Vice President of Exploration; however, will remain as a Director of the Company. Mr. Dahrouge
continues to play a critical and active role with the Company as Director.
Patrik Schmidt, Principal at Dahrouge Geological Consulting Ltd., is a Professional Geologist
(M.Sc., P.Geo.) and a member of the Ordre des géologues du Québec (OGQ), and the Professional
Geoscientists of Ontario (PGO). With over 10 years’ experience, Mr. Schmidt has worked as
Project Manager on multiple projects and commodities covering various deposit types, with a
particular focus on rare earth elements (REEs), rare metals (Li, Ta, Nb, etc.), and carbonatite
complexes. Over his career he has developed a versatile skill set which spans grassroots mineral
exploration, mineralogy and geochemistry, to high-level project management of multi -rig drill
exploration programs with significant success.
Mr. Schmidt has played a key role in the discovery of the Ashram Rare Earth Element and
Fluorspar Deposit, the Mallard Prospect (Nb-Ta-Phosphate), and the Miranna Prospects (Nb-Ta-
Phosphate) held by the Company. Additionally, as a consultant geologist, Mr. Schmidt led the
team that discovered the CAP Carbonatite in B.C., and more recently has been a key figure in the
discovery and exploration of the CV Lithium Trend where numerous lithium pegmatites have been
discovered, including the CV5 Spodumene Pegmatite in which Patrik has been instrumental to its
advancement.
Chris Grove, President and CEO of the Company comment “We are thrilled to have Patrik join
our executive team here at Commerce. Patrik has been involved as a consultant to the Company
as early as 2008 and he is a natural fit as we build out our executive team.”
Darren L. Smith, M.Sc., P.Geo., Senior Technical Advisor Rare Earths and Niobium to the
Company comments, “Since 2008 I have worked closely with Patrik on numerous projects
covering a plethora of commodities and deposit types. In addition to his strong understanding of
various commodities and deposit styles, h is skill set is finely tuned to REE s and rare metal s. He
has been a key asset in drill targeting and surface exploration of the Eldor Property to date and
so it is with great pleasure to formalize his involvement.”
About the Ashram Deposit
The Ashram Deposit ranks as one of the largest REE (and fluorspar) deposits globally, consisting
of a monazite dominated, single mineralized body outcropping at surface, and has a footprint
approximately 700 m along strike, over 300 m across, and 600 m deep, remaining open in several
directions. The deposit hosts a measured resource of 1.6 million tonnes (Mt) at 1.77% rare earth
oxide (REO) and 3.8% F, an indicated resource of 27.7 Mt at 1.90% REO and 2.9% F, and an
inferred resource of 219.8 Mt at 1.88% RE O and 2.2% F, at a cut -off grade of 1.25% REO
(Effective Date July 5 th, 2012). Note, mineral resources are not mineral reserves as they do not
have demonstrated economic viability. There is no certainty that all or any part of the Mineral
Resources will be converted into Mineral Reserves.
About Commerce Resources Corp.
Commerce Resources Corp. 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
positioned to become 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 to nnage resource at favourable grade, and has
demonstrated the production of high -grade (>45% REO) mineral concentrates at high recovery
(>70%) 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.
For more information, please visit the corporate website at www.commerceresources.com or email
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
“Chris Grove”
Chris Grove
CEO and President
Tel: 604.484.2700
Email: [email protected]
Web: http://www.commerceresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward -looking statements, which includes any information about activities, events or
developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking
statements in this news releas e include that that mixed REC is readily saleable; that partial separation of REEs will
allow for the marketability of individual elements to be produced; that Ashram has the potential to become one of the
largest fluorspar deposit and a long -term supplier to the met -spar and acid -spar markets; and that the Company is
positioning to be one of the lowest cost rare earth element producers globally. These forward -looking statements are
subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ
materially from those projected in the forwar d-looking information. Risks that could change or prevent these events,
activities or developments from coming to fruition include: that we may not be able to fully finance any additional
exploration on the Ashram Project; that even if we are able raise c apital, costs for exploration activities may increase
such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content
of any future work programs; geological interpretations based on drilling that ma y change with more detailed
information; potential process methods and mineral recoveries assumptions based on limited test work and by
comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of
our process may not prove successful or samples derived from the Ashram Project may not yield positive results, and
even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as
expected; the availabil ity of labour and equipment to undertake future exploration work and testing activities;
geopolitical risks which may result in market and economic instability; and despite the current expected viability of
the Ashram Project, conditions changing such th at even if metals or minerals are discovered on the Ashram Project,
the project may not be commercially viable; The forward-looking statements contained in this news release are made
as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new
events or circumstances, except as required by law.