Commerce Resources Delivers Ashram Whole Rock Material Per Industry Request
Commerce Resources Delivers Ashram Whole Rock Material Per Industry
Request
July 22, 2022 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the
“Company” or “Commerce”) is pleased to announce that it has delivered an initial shipment of
2 kg of Ashram Deposit whole rock crushed material to an emerging rare earth element (“REE”)
processor per their request. This follows on the heels of the recently delivered sample of mixed
rare earth carbonate (“mixed REC”) concentrate to satisfy the request of a major global producer
(see news release dated July 15, 2022).
The 2 kg sample of Ashram Deposit whole rock crushed material will be used by the REE
processor to assess processing at their internal laboratories and is expected to be followed in the
near-term by an additional 200 kg shipment of crushed whole rock. The processor has also
expressed interest in receiving a sample of mixed REC concentrate produced from the Ashram
Deposit, whereby the Company has demonstrated strong NdPr distributions – % of Nd+Pr oxide
of the total rare earth oxide (“REO”) – of 21.6 to 24.2%.
The Company continues to receive a marked increase in industry interest regarding provid ing
samples for third party evaluation following the announcement that it had produced on-spec mixed
REC from Ashram Deposit material (see news release dated March 23, 2022) . This interest
includes samples of unprocessed whole rock, high-grade monazite concentrate (>40% REO), and
high NdPr mixed REC concentrate produced from the Ashram Rare Earth and Fluorspar Deposit.
The Company is working diligently to provide samples to satisfy all third-party requests and is
well advanced in its Ashram Project component studies which will culminate in a Prefeasibility
Study on the Ashram Project targeted for the first half of 2023.
About the Ashram Deposit
The Ashram Deposit ranks as one of the largest REE (and fluorspar) deposits globally, consisting
of a monazite dominated, single mineralized body outcropping at surface, and has a footprint
approximately 600 m along strike, over 300 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% RE O and 2.2% F, at a cut -off grade of 1.25% REO
(Effective Date July 5 th, 2012). 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.
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 in 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 gl obal 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 c oncentrates 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 http://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: 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 statements, which includes any information about activities, events or
developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking
statements in this news release include; that we expect to complete a prefeasibility study in the first half of 2023 for
the Ashram Project; that third party REE proc essors will remain interested in receiving mixed REC samples and
concentrates from the Ashram Deposit; that we will be able to deliver an additional 200 kg of crushed whole rock and
additional mixed REC to a REE processor, as requested; that Ashram has the potential to become one of the largest
fluorspar deposit and a long-term supplier to the met-spar and acid-spar markets; and that the Company is positioning
to be one of the lowest cost rare earth element producers globally. 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 events, activities or
developments from coming to fruition include: that we may not be able to fully finance any additional exploration on
the Ashram Project; that even if we are able raise capital, costs for exploration activities may increase such that we
may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future
work programs; geological interpretations based on drilling that may change with more detailed information; potential
process methods and mineral recove ries assumptions 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 or samples derived from the Ashram Project may not yield positive results, and even if such tests are
successful or initial sample results are positive, the economic and other outcomes may not be as expected; the
availability of labour and equipment to undertake future exploration work and testing activiti es; geopolitical risks
which may result in market and economic instability; and despite the current expected viability of the Ashram Project,
conditions changing such that even if metals or minerals are discovered on the Ashram Project, the project may n ot
be commercially viable; The forward-looking statements contained in this news release are made 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.