Commerce Resources Corp. Updates Fluorspar Upgrade Programs for the Ashram Deposit, Quebec
Commerce Resources Corp. Updates Fluorspar Upgrade Programs for
the Ashram Deposit, Quebec
January 28th, 2020 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H) (the “Company” or
“Commerce”) is pleased to provide an update on the metallurgical programs focused on upgrading
the Ashram Deposit’s fluorspar component to acid-spar grade. The Ashram Deposit is one of the
largest rare earth deposits being advanced globally , and the Ashram Deposit’s fluorspar
component also ranks as one of the largest fluorspar deposits globally.
The Company is engaged in a targeted mineral processing program at Hazen Research, CO, USA
(see news release dated November 15th, 2019) with the objective of unlocking the full value of the
fluorspar component for the Ashram Project. In addition to the test work focused on upgrading of
the current flowsheet’s fluorspar concentrate , an alternative/ complimentary approach has also
been pursued at the very front -end of the flowsheet. This test work includes a coarser -grind
followed by a fluorspar pre-float as an initial beneficiation step to isolate a sizable portion of the
fluorspar prior to material entering the primary REE recovery flowsheet.
The Company is pleased to report that the Phase I component of this fluorspar pre-float work
program has now concluded. The Phase I program obj ectives included scoping flotation tests to
identify a favourable reagent scheme as well as mineralogical work required to define the Phase II
program, which will focus on removing impurities in order to obtain the proper acid -grade
specifications as requested by industry. The Company is encouraged by the Phase I results, where
mineralogical analysis concludes that the majority of the pre -float concentrate’s fluorspar is
present as liberated grains, suggesting favourable conditions for conventional physical separation
methods to be carried-out in Phase II.
The Fluorspar Market
Fluorspar prices remain robust ($400 to $500 USD/t), underpinned by strong market demand and
long-term fundamentals from the steel and chemical industries. It is an essential raw material to
the industry that is consumed during use and therefore cannot be recycled, resulting in new
production being required over time to meet global demand.
Acid-spar (>97% CaF2), accounting for roughly two-thirds of the market, is primarily used to
manufacture hydrofluoric acid (HF) and subsequent fluorochemicals, which are used in a variety
of modern consumer products including an estimated half of all new medicines (Roskill, 2019).
Acid-spar is also used in the production of aluminum metal, to reduce process temperatures and
energy consumption, and is also a key raw ingredient of materials used in enhancing the
operational performance of lithium-ion batteries.
Met-spar (>60% CaF2), accounting for roughly one -third of the global fluorspar market , is
primarily used as a flux in the steel making process to lower the melting temperature, as well as to
reduce slag viscosity and remove impurities. Met-spar is also used as a flux in the cement industry
to speed up the calcination process.
Similar to the prevailing dynamics for rare earth elements, China was historically the largest
exporter of fluorspar. However, in the last 3 years, China has become a net importer. This has
caused significan t price appreciation for fluorspar , and market interest from industry in new
sources.
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 Upper Fir Ta ntalum-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 projec ted in the forward -looking
statements. Forward looking statements in this press release include that the current REE flowsheet effectively
produces a potentially saleable metallurgical -grade fluorspar product (“met -spar”) at no additional cost, while
having no negative impact on the REE recovery to the primary REE concentrate; and that if the tests are successful,
the sale of the fluorspar would reduce the footprint of the Project’s tailings management facility as well as provide
another revenue stream while also serving as a source of secure supply for the market. . 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 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 exp ected 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.