Commerce Resources Commences Summer Diamond Drill Program Targeting Niobium Prospects at the Eldor Property, Nunavik, Quebec
Commerce Resources Commences Summer Diamond Drill
Program Targeting Niobium Prospects at the Eldor
Property, Nunavik, Quebec
July 5th, 2024 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the
“Company” or “Commerce”) is pleased to announce that a summer drill program has commenced,
targeting further delineation of niobium and tantalum mineralization at the Mallard and Miranna
Prospects on their Eldor Property, Quebec. Additionally, multiple geophysical anomalies
commonly associated with this type of mineralization will be drill tested . The program is being
managed by Dahrouge Geological Consulting Ltd. of Edmonton, AB with drilling operations
being carried out by Avataa-Rouillier Drilling of Nunavik, 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 as announced in the news release dated May 29th, 2024 . One of the main
objectives for the 2024 drilling campaign will focus on completing several follow-up drill holes at
the Mallard Prospect . The first drill hole of the 20 21 drill program at Mallard – EC21-175 –
returned the best niobium intercept to-date from the Property at 1.00% Nb2O5 over 17.1 m (and
136 ppm Ta2O5), within a larger interval of 0. 82% Nb2O5 over 42.3 m (and 153 ppm Ta2O5; see
news release dated November 1st, 2021).
The Company also intends to follow-up on the initial drill testing completed at the Miranna
Prospect in 2021 , where 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-phosphate), glacially
dispersed boulder train with an apex that correlates with a distinct magnetic high anomaly. (Figure
1-1). 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% Nb2O5 over 3.1 m, within a larger interval of 0.72% Nb2O5 over 20.4 m (see news
release dated December 8th, 2021).
The third objective is to follow up on several magnetic high anomalies that are characteristic of
the niobium and tantalum mineralized carbonatites at the Eldor property (Figure 1-1). Priority is
given to those that are located between the Mallard and Miranna Prospects, and those that have a
distinct mineralized and glacially dispersed boulder train.
Figure 1-1: Priority target areas - 2024 drill program
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 releas e include statements relating to the Company’s plans for its intended diamond drill
program at the Eldor property including, but not limited to, the intended plans for follow-up drill holes at the Mallard
Prospect and Miranna Prospects; 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; that the Company is positioning to be one of
the lowest cost rare earth element producers globally, with a focus on being a long-term global supplier of mixed rare
earth carbonate and/or NdPr oxide; and that the Company may explore the potential of other high-value commodities
on the Eldor property. 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 forward -looking
information. Risks that could change or preve nt these events, activities or developments from coming to fruition
include: that the Company may not be able to fully finance any additional exploration on the Ashram Project; that
even if the Company is able raise capital, costs for exploration activities may increase such that the Company may not
have sufficient funds to pay for such exploration or processing activities; the timing and content of the proposed drill
program and any future work programs may not be completed as proposed or at all ; 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 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 outc omes may not be as expected; the anticipated market demand for rare earth elements 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 for ward-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.