Commerce Resources Corp. Provides Status Update on the Prefeasibility Study for the Ashram Rare Earth and Fluorspar Deposit
Commerce Resources Corp. Provides Status Update on the Prefeasibility
Study for the Ashram Rare Earth and Fluorspar Deposit
October 27, 2021 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF)
(the “Company” or “Commerce”) is pleased to provide an update on the progress of the
Prefeasibility Study (PFS) for the Ashram Rare Earth and Fluorspar Deposit.
A gap analysis of the entire Ashram Project, from deposit to marketable product, has recently been
completed by BBA Inc. The purpose of this analysis is to identify any remaining elements of the
Project that require further data collection, review, and study, to ensure they are captured as needed
to satisfy the Project’s Qualified Persons and Prefeasibility Study requirements.
A site trade -off on the tailings management facility at the mine -site has also been completed.
Several potential locations have been identified within 10 km of the process plant and include both
dry-stack and conventional tailings options. Filtration test work on the tailing will be completed
as part of the metallurgical program currently underway at Hazen Research, CO, USA, where the
final design criteria of the mineral processing flowsheet is being captured (see news release dated
September 28, 2021). This filtration data will allow for a final determination of the optimal location
and design of the tailin g management facility at the mine -site. The Company further notes that
past test work on the mine-site process tailings have concluded that they are not acid generating
and are not considered hazardous or radioactive (see news release dated May 14, 2020).
Additional studies underway include concentrate transport and mine-site power generation trade-
offs. The power generation trade-off study will evaluate various co-generation scenarios including
wind as an offset t o baseload diesel power, as well as utilization of the heat generated during
operation to heat local buildings. The study will also include a comparative analysis of the
greenhouse gas (GHG) emissions. At Glencore’s Raglan Mine, located in Nunavik approximately
600 km north-northwest of the Ashram Deposit, energy production includes two operating 3MW
wind turbines and associated energy storage technologies. The success of wind power at Raglan ,
as an offset to baseload diesel power, demonstrates the viability of operating wind turbines in a
northern climate and significantly de-risks such power options to other mines in the region.
The power generation trade-off will be followed by a mine-fleet trade-off of electric vs diesel. This
trade-off will evalu ate capital and operati ng costs as well as fleet productivity, manpower, and
GHG emissions.
A review of the potential sites for the hydromet plant, to be located along the St. Lawrence Seaway,
is currently being completed by BBA Inc. and is building upon prior trade -off studies completed
by Norda Stelo (formerly Roche). A strong focus is being placed on process residue management,
including transport, handling, and storage, to position the Project’s operation for the long-term.
To date, the Prefeasibility work completed for th e Ashram Project has led to significant
advancements compared to the Preliminary Economic Assessment – shorter haul road, higher
mineral concentrate grades (>40% rare earth oxide ), fluorspar concentrate recovery, reduced
tailings footprint, etc. As the Project continues to be de -risked and optimized, 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.
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 b y National Instrument 43-101
– Standards of Disclosure for Mineral Projects , 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 pr oduction of 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
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: https://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 filtration testing will be done and that filtration data will
allow for a final determination of the optimal location and design of the tailing management facility at the mine -site;
that a power generation trade-off study and mine fleet study will be completed and achieve their stated goals; and that
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 carbo nate 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 tha t could change or prevent these statements from
coming to fruition include that our contracted engineering firms may not be able to provide engineering solutions
which are effective or can be implemented economically; 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 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 bui ld 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.