Commerce Resources Corp. Commences Summer Drill Program at the Ashram Rare Earth and Fluorspar Deposit
Commerce Resources Corp. Commences Summer Drill Program at the
Ashram Rare Earth and Fluorspar Deposit
July 29, 2021 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the
“Company” or “Commerce”) is pleased to announce that it has collared its first drill hole of the
2021 field program at the Ashram Rare Earth and Fluorspar Deposit, located in northern Quebec.
The program is being managed by Dahrouge Geological Consult ing Ltd. of Edmonton, AB, with
drilling operations being carried out by Logan Drilling Ltd. of Stewiacke, NS.
The Company has mobilized the drill rig to the Ashram Deposit ahead of schedule following the
completion of several drill holes by Saville Resources at the Mallard and Miranna prospects,
located within 1 km of Ashram, where Saville Resources holds an Option from the Company to
earn up to a 75% interest. The overlap of the two programs is resulting in significant cost savings
through shared drill rig mobilization, camp operation, and other mutual program support costs.
A total of 2,500 m of NQ size drilling over 15 to 20 holes is anticipated at the Ashram Deposit .
The holes will target further delineation of the deposit, which remains open to the north and south,
as well as target an increase in resource confidence from inferred/indicated to indicated/measured
in areas where the neodymium -praseodymium (“NdPr”) contents are highest. Depending on the
location within the deposit, the NdPr distribution typical varies from 21-24+% with monazite being
the dominant carrier of the rare earth elements (“REEs”).
The Company continues to advance the core relog and geological model of the deposit, which will
guide the drill program to meet its objectives. In addition to the drilling, the Company continues
to collect remaining field data that is required for the Prefeasibility Study (PFS) and is planning to
complete the remaining Qualified Person site visits later in the program. In parallel to the field and
PFS programs, the Company continues to advance its flowsheet development at Hazen Research
in Colorado, with other components of the PFS currently being advanced by third party consultants
(BBA Engineering, CIMA+, etc).
The Company notes that it will carry -out its field programs while adhering to all federal,
provincial, and regional restrictions in place due to the COVID -19 pandemic. The Company has
successfully navigated the process to enter Nunavik and obtained authorization to complete its
planned field activities. Mineral exploration has been recognized as an essential service in Canada
and the Province of Quebec.
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 a junior mineral resource company focused on the development of
the Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada. 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.
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 o f 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 [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 our plans to drill at the Ashram project, the
expected results allowing us to delineate the mineralization, and plans for environmental work; and that we could
become a long term 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
materially from those projected in the forward -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 drilling
may not go as planned or start when expected , we may experience difficulties in drilling and carrying out
environmental work; changing costs for mining and processing; increased capital costs; the timing and cont ent 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 it tests are successful, the economic and other outcomes may
not be as expected; the availability of labour, equipment and markets fo r 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 obtaine d. 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.