Commerce Resources Corp. Announces Program to Produce High-Grade REE Mineral Concentrate
Commerce Resources Corp. Announces Program to Produce High-Grade
REE Mineral Concentrate
November 24, 2020 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0) (the “Company”
or “Commerce”) is pleased to announce that it has initiated a metallurgical program to produce a
high-grade rare earth element (REE) mineral concentrate to satisfy a processor’s request. The
mineral concentrate will be produced from the As hram Rare Earth and Fluorspar Deposit using
the conventional recovery flowsheet developed at Hazen Research in CO, USA.
The Ashram Deposit’s flowsheet has undergone significant development, including front-end
piloting of the grinding, flotation , and leach circuit s. The production of the requested mineral
concentrate sample is expected to utilize the leach residue that was generated from this piloting
completed in late 2015. The leach residue will be processed through the final magnetic
separation stage to obtain the desired mineral concentrate grade (i.e. a high-grade monazite
mineral concentrate). Following the production of this sample, the Company intends to continue
to produce mineral concentrate for downstream processing , including piloting, to various mixed
and partially separated rare earth products to satisfy other third-party sample requests.
The Ashram Deposit is one of only a select group of deposits in development globally that can
produce mineral concentrate at high recove ry (>70%) and high grade (>40% REO). All of the
major hard rock REE miners globally produce mineral concentrates of at least 40% REO , which
are then used for downstream processing to marketable products . Such high grades of mineral
concentrate considerably reduce the downstream processing cost and risk through lower reagent
use, fewer deleterious elements entering solution , and a smaller hydromet plant requirement by
comparison.
The Company has successfully produced mineral concentrates from the Ashram Deposit
exceeding 46% REO at >70% recovery using a conventional flowsheet approach of flotation,
leaching, and magnetic separation. The third-party request to receive such a sample from Ashram
is significant for several reasons.
Firstly, it is uncommon for mineral concentrates to be marketable outside of China , as the base
saleable product is typically a downstream mixed rare earth carbonate or similar, which is the
base feedstock to most REE separation facilities globally. Secondly, if successful and the
Company is able to directly market a mineral concentrate without the need for a downstream
hydromet facility in place , this would allow for a quicker path to production at significantly
lower CAPEX and reduced technical risk. Further, it would allow for the downstream high-value
product suite envisioned by the Company , which requires a hydrometallurgical facility, to be
partially funded with cash flow from mineral concentrate production. As the Ashram Deposit is
open-pittable and one of the largest rare earth deposits in the world , it has significant flexibility
in production capacity and ability to service both upstream and downstream rare earth product
suites.
As an additional benefit, the Company will also produce a fluorspar concentrate as the tailings to
the REE recovery circuit. This will allow for further testwork to upgrade the fluorspar
concentrate, expected to initially grade ~80% CaF 2 in the tailings product, to acid -spar. By
producing a tailings product of value, the Company is also helping to do its part in advancing the
circular economy, specifically in Quebec, where a significant amount of fluorspar is consumed in
the aluminum industry, among others.
NI 43-101 Disclosure
Darren L. Smith, 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 an exploration and development company with a particular focus
on deposits of rare metals and rare earth elements. The Company is focused on the development
of its Ashram Rare Earth Element Deposit in Quebec and the U pper Fir Tantalum -Niobium
Deposit in British Columbia.
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
President and Director
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 information which is subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ from those projected in the forward -looking
statements. Forward looking statements in this press release include that mineral concentrate will be produced
from the Ashram using the conventional recovery flowsheet ; is expected to utilize the leach residue from 2015 ;
that following the production of this sample, the Company intends to continue to produce mineral concentrate
for downstream processing; and that the Company will do further testwork to upgrade the fluorspar concentrate .
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 for ward-looking information. Risks
that could change or prevent these statements from coming to fruition include that the methods proposed don’t
work as well as expected, the leach residue may not be usable, we may experience difficulties producing
concentrate or achieving an upgrade to the concentrate ; changing costs for mining and processing; increased
capital costs; the timing and content of upcoming work programs; geological interpretations based on drilling
that may change with more detailed information; potential process methods and mineral recoveries assumption
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 and even i t tests are successful,
the economic and other outcomes may not be as expected; the availability of labour, equipment and markets for
the products produced; and despite the current expected viability of the project, conditions changing such that
the minerals on our property cannot be economically mined, or that the required permits to build and operate the
envisaged mine can be obtained. The forward-looking information contained herein is given 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.