Commerce Resources Corp. Completes Summer Drill Program at the Ashram Rare Earth and Fluorspar Deposit
Commerce Resources Corp. Completes Summer Drill Program at the
Ashram Rare Earth and Fluorspar Deposit
August 25th, 2021 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF)
(the “Company” or “Commerce”) is pleased to announce that it has completed its 2021 diamond
drill program at the Ashram Rare Earth and Fluorspar Deposit, located in northern Quebec.
A total of 2,814 m of NQ size coring was completed over 12 drill holes at the Ashram Deposit ,
targeting further delineation of the mineralized body. The Company is happy to report that t he
drilling advanced faster than anticipated, allowing for additional meterage to be completed beyond
that planned while remaining within budget. In addition, the Company benefited from sharing
support costs such as drill rig mobilization and camp operation from the overlapping drill program
of Saville Resources Inc. on the proxim al Niobium Claim Group, where it holds an Option from
the Company. Both programs were managed by Dahrouge Geological Consulting Ltd. of
Edmonton, AB, with drilling operations being carried out by Logan Drilling Ltd. of Stewiacke,
NS.
The Company’s drill program largely focused on the central areas of the deposit , within the
preliminary pit shell being considered for the ongoing Prefeasibility Study (PFS), and 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). Drill hole depths ranged from 152 m to 302 m core
length. Due to the depth of the pit shell being considered for an initial 25-year mine-life as part of
the PFS, the drill holes were terminated at pre-determined depths and commonly ended in A-Zone,
which is the most well-mineralized rock type in the deposit.
The drill core is currently being processed on site and is anticipated to be shippe d to Activation
Laboratories in Ancaster, ON , shortly for analysis with results to be released as received. In
addition to the drill program, this fall the Company plans to carry-out hydrology studies on site in
support of the PFS, as well as complete several Qualified Person site visits.
The Ashram Deposit ranks as one of the largest REE (and fluorspar) deposits globally, consisting
of a single mineralized body outcropping at surface, and has a mineralized footprint approximately
600 m along strike, over 350 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% REO and 2.2% F, at a cut -off grade of 1.25% REO. 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.
The Company notes that it continues 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 Fluorsp ar 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 of high -grade (>45% REO) mineral concentrates at high re covery
(>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 carry-out hydrology studies on
site in support of the PFS, as well as complete several Qualified Person site visits ; 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 studies may not go as
planned or start when expected , we may experience difficulties in drilling and carryi ng out environmental work ;
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 it tests are success ful, 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.