Commerce Resources Corp. Provides Update on Summer Drill Program for the Ashram Rare Earth and Fluorspar Deposit
Commerce Resources Corp. Provides Update on Summer Drill Program
for the Ashram Rare Earth and Fluorspar Deposit
June 28, 2021 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the
“Company” or “Commerce”) is pleased to provide an update on its upcoming summer diamond
drill program at the Ashram Rare Earth and Fluorspar Deposit, located in northern Quebec. The
Company will carry-out its program concurrently with the drill program by Saville Resources Inc.
on the adjacent Niobium Claim Group Property. The overlap of the two programs is expected to
result in significant cost savings through shared drill rig mobilization, camp operation, and other
mutual program support costs.
The program will be carried out with Logan Drilling Ltd of Stewiacke, NS, contracted for
approximately 2,500 m of NQ core drilling over 15 to 20 holes. The positioning of the drill rig and
equipment will commence shorty with final mobilization to the Eldor Property (the “Property”)
tentatively scheduled for July 10 th to 12 th, 2021. Commerce’s drill program will immediately
follow that of Saville’s (~2-3 weeks) , with a first collar planned in early August and drilling
expected through mid-September.
The Company is also well-advanced with the drill core relog and geological model update for the
Ashram Deposit. The model will guide the forthcoming drill program with the objective of further
delineating the northern and southern extents of the deposit, where it remains open, as well as to
increase resource category confidence from indicated to measured in the core area of the deposit
where the neodymium-praseodymium (“NdPr”) distribution is highest (i.e. highest value rock).
In addition to the drilling, the Company intends to collect any remaining field data that is required
for the Prefeasibility Study (PFS) as well the remaining Qualified Person site visits. In parallel to
the field 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 has 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 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 [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 and
expected timin g, that the overlap of the two programs is expected to result in significant cost savings through
shared drill rig mobilization, camp operation, and other mutual program support costs ; that we intend to collect
any remaining field data that is required for the Prefeasibility Study; 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 a re 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 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 a nd 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 avai lability 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 a nd 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.