Commerce Resources Announces Summer Diamond Drill Program Targeting Niobium Prospects at the Eldor Property, Nunavik, Quebec
Commerce Resources Announces Summer Diamond Drill
Program Targeting Niobium Prospects at the Eldor
Property, Nunavik, Quebec
May 29th, 2024 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF)
(the “Company” or “Commerce”) is pleased to announce that planning is underway for a diamond
drill program at the ir wholly owned Eldor Property, targeting further delineation of niobium (±
tantalum and phosphate) mineralization at the Mallard Prospect, and continued exploration at the
Miranna Prospect, located in northern Quebec.
A total of twenty (20) to thirty (30) NQ-size drill holes, for a minimum of 7,500 m, are planned
for the program. One of the main objectives for the 2024 drilling campaign will focus on
completing several follow-up drill holes at the Mallard Prospect (Figure 1). The first drill hole of
the 2021 drill program at Mallard – EC21-175 – returned the best niobium intercept to-date from
the Property at 1.00% Nb2O5 over 17.1 m (136 ppm Ta2O5 and 8.3% P2O5), within a larger interval
of 0.82% Nb2O5 over 42.3 m (153 ppm Ta2O5 and 8.7% P2O5; see news release dated November
1st, 2021).
The Mallard Prospect is the most advanced niobium-mineralized carbonatite prospect on the
Property, with 4,820.75 m over twenty (20) diamond drill holes completed to-date (Figure 1). The
Prospect is characterized by a series of sub -parallel, elongate, moderate to steeply dipping,
northwest trending mineralized horizons that extend from surface and remain open in all
directions. To date, drilling at the Mallard Prospect has returned numerous drill intersections of
high-grade niobium, demonstrating a strong potential for a sizeable niobium (± tantalum and
phosphate) deposit to be present near surface. Additional drilling planned for the summer 2024
campaign aims to further delineate the extent of niobium mineralization at Mallard.
The Company also intends to follow-up on the initial drill testing completed at the Miranna
Prospect in 2021 , whereas four (4) drill holes were designed to test the potential for niobium
mineralization of the northwest-trending geophysical anomaly that defines Miranna. The Miranna
Prospect is characterized by a strongly mineralized (niobium ± tantalum and phosphate), glacially
dispersed boulder train with an apex that correlates with a distinct magnetic high anomaly .
Drillhole EC21 -180 successfully achieved the Company’s objective of identifying an area
prospective for follow -up, confirming the presence of high -grade mineralization downhole,
including 1.20% Nb 2O5 over 3.1 m (59 ppm Ta2O5 and 7.6% P2O5), within a larger interval of
0.72% Nb2O5 over 20.4 m (60 ppm Ta2O5 and 5.7% P2O5; see news release dated December 8th,
2021). The maiden drill testing in 2021 bolsters the Company’s motivation to follow -up these
initial results with additional drill targets , in order to better define the geometry of mineralized
zones at Miranna.
Figure 1: Eldor summer 2024 niobium drill program areas (Mallard and Miranna) in relation to Ashram REE
& Fluorspar Deposit mineralized footprint and recently updated pit shell (see news dated May 22, 2024).
NI 43-101 Disclosure
Patrik T. Schmidt, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the
Ordre des Géologues du Québec 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 Corp. is a junior mineral resource company focused on the development of
the Ashram Rare Earth and Fluorspar Deposit located within their Eldor Property, in northern
Quebec, Canada. 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 (more than 30 – 45% TREO) mineral concentrates
at high recovery (more than 60 – 75%) in line with active global producers. The Ashram Deposit
also has a fluorspar component which makes it one of the largest potential sources of fluorspar in
the world and could be a long-term supplier to the met-spar and acid-spar markets. 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.
Additionally, Commerce is committed to exploring the potential of other high-value commodities
on the Property such as niobium and phosphate minerals, which may help advance Ashram by
reducing costs through shared development.
For more information, please visit the corporate website at www.commerceresources.com or
email [email protected].
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 release include that the Company intends to undertake a diamond drill program on the Mallard
Prospect on the Eldor Property and to identify additional drill targets on the Miranna Prospect; that Ashram has the
potential to become one of the largest fluorspar sources in the world 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 globall y,
with a focus on being a long -term global supplier of mixed rare earth carbonate and/or NdPr oxide. 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 ma terially from those projected in the forward -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 capital, 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 may 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 w ork, 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 outc omes
may not be as expected; the anticipated market demand for REE and other minerals may not be as expected; the
availability 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 that 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.