Commerce Resources discovers Knox niobium Prospect by drilling 69.4 m of 0.61% Nb2O5 and extends mineralization at the Miranna Prospect, Eldor Property, Quebec
Commerce Resources discovers Knox niobium Prospect by
drilling 69.4 m of 0.61% Nb2O5 and extends mineralization at
the Miranna Prospect, Eldor Property, Quebec
Highlights:
• Commerce Resources discovers significant niobium mineralization in first drill program at
Knox Prospect:
o 96.5 m at 0.51% Nb2O5 (EC24-220), including,
▪ 69.4 m at 0.61% Nb2O5
o 106.0 m at 0.40% Nb2O5 (EC24-221), including,
▪ 14.5 m at 0.60% Nb2O5, and
▪ 20.5 m at 0.60% Nb2O5
o Mineralization remains open in all directions.
• Follow-up on initial drill testing completed at the Miranna Prospect has successfully
extended mineralization starting from surface along-strike:
o 65.7 m at 0.53% Nb2O5 (EC24-215), including,
▪ 35.7 m at 0.67% Nb2O5
o 72.4 m at 0.49% Nb2O5 (EC24-216), including,
▪ 20.3 m at 0.62% Nb2O5
• Core assay results from eight (8) drill holes of the 2024 program, which targeted the
Miranna and Knox Prospects, are reported herein . Drill core assays are still pending for
thirteen (13) of twenty-nine (29) NQ-diameter drill holes from the 2024 drill program that
totaled 8,253 m and are expected before end of Q4 2024.
Ross Carroll, President and CEO of Commerce, comments: “We are thrilled with the outcomes
of our recent drill program at the Eldor Property. The team's dedication and hard work over the
summer have been instrumental in achieving these impressive results. This discovery not only
highlights the significant niobium and phosphate potential of the Eldor Property but also adds
tremendous value to our already world-class Ashram Rare Earth and Fluorspar Deposit, just 1.5
km away. We look forward to updating the market on the final drill core assays and unlocking the
full potential of this remarkable North American property.
“Niobium is a critical technology element delivering market traction owing to global supply
constraints. Niobium is used in many green technologies and is important in advanced
manufacturing and structural engineering. Canada, the United States, the European Union and
many other countries have added niobium to their list of critical elements. Quebec has a history
of being a secure supplier of this important metal, and we are growing in confidence that we can
add to the North American supply chain.” Mr. Carroll added.
Patrik Schmidt, Vice President of Exploration of Commerce, comments: “The discovery of a
high-grade niobium zone at the Knox Prospect and the best drill results to -date at Miranna are
very exciting news. The Eldor Property hosts one of the largest known carbonatite complexes in
the world, which hosts rocks that have the potentia l for significant critical and strategic element
endowments, including niobium and tantalum. The tested magnetic-high anomaly defining the
Knox Prospect is one of the most prominent on the Property, and these initial results confirm the
discovery of yet another high-potential prospect at Eldor.”
October 29, 2024 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF)
(the “Company” or “Commerce”) is pleased to announce a significant new discovery at its wholly
owned Eldor Property (“Property”) in Quebec, Canada , as part of its niobium focused drill
program, proximal to the Ashram Rare Earth and Fluorspar Deposit . Assays are reported herein
for eight (8) of the total twenty-nine (29) NQ-size diamond drill holes completed during the 2024
summer-fall drill program at the Property.
Inaugural drilling at the previously untested geophysical anomal y referred to as the “Knox
Prospect” or “Knox”, has identified substantial high-grade intercepts of niobium (±tantalum &
phosphate), including 69.4 m at 0.61% Nb 2O5 within a wider interval of 96.5 m at 0.51%
Nb2O5 (EC24-220) (Figure 1 and Table 1). Further to the new discovery made at the Knox
Prospect, follow-up drill testing at the Miranna Prospect delivered the best niobium-mineralized
intercepts to-date for this prospect, factoring both grade and length of drill hole intercepts – 65.7
m at 0.53% Nb2O5, including 35.7 m at 0.67% Nb2O5 (EC24-215). This new discovery, coupled
with the known mineralization at the Mallard and Miranna Prospects, signals the substantial
potential for additional critical element discoveries proximal to the Ashram Rare Earth and
Fluorspar Deposit.
The Miranna and Knox niobium (±tantalum & phosphate) Prospects at the Eldor Property are both
situated within 2 km of the Company’s Ashram Rare Earth and Fluorspar Deposit. The Ashram
Deposit boasts a globally significant rare-earth mineral resource of 73.2 million tonnes (Mt) at
1.89% TREO (total rare -earth oxide) (indicated), and 131.1 Mt at 1.91 % TREO (inferred) (see
MRE news release dated May 22, 2024 ). The discovery of a substantial niobium deposit in
proximity to Ashram would add to the Company’s existing portfolio of critical element
occurrences at the Eldor Property, presenting a compelling opportunity for a joint development
scenario with shared infrastructure.
Figure 1. 2024 drill assay highlights from drill holes at Miranna (EC24-215 – 217) and Knox
(EC24-218 – 222) target areas
The Knox Prospect presents as a prominent, near-circular magnetic-high signature, comparable in
size to the Mallard Prospect, but has previously remained untested owing to a lack of supporting
surface evidence such as a well-mineralized boulder trai n (Figure 2). The applied exploration
model which incorporates the knowledge from previous drill program s at Eldor identified Knox
to have a high probability to host carbonatite-phoscorite magmatic dikes or sills. These intrusive
rocks have high potential to host high-grade niobium (±tantalum & phosphate) mineralization.
Drill hole EC24-220 at Knox successfully returned several high-grade intercepts including 69.4 m
at 0.61% Nb 2O5 within a broad interval of 96.5 m at 0.51% Nb 2O5, hosted in a carbonatite-
phoscorite. The drill intercepts encountered in hole EC24-220 represent the second-best niobium
intercept thus far on the Eldor Property, based on a combined grade-width assessment. Although
follow-up holes EC24-221 and EC24-222 did not return the high-grade (>0.6% Nb2O5) intercepts
of hole EC24-220, the presence of a broad (106.0 m) interval of 0.4% Nb2O5 in hole EC24-221
including sub-intervals of 14.5 m at 0.60% Nb 2O5, and 20.5 m at 0.60% Nb 2O5, along-strike of
hole EC24-220 warrants significant additional drilling at Knox to test the full extent of the niobium
mineralization at the prospect. The discovery remains open in all directions.
The Company also followed -up on the initial drill testing completed at the Miranna Prospect in
2021, whereas four (4) drill holes designed to test for niobium mineralization along strike. The
Miranna Prospect was initially targeted for drill -testing due to strongly mineralized (niobium ±
tantalum and phosphate) glacially dispersed boulder train in proximity to the Miranna magnetic
anomaly. Drillhole EC21-180 successfully achieved the Company’s objective of identifying an
area prospective for follow -up, confirming the presence of high -grade mineralization downhole,
including 1.20% Nb2O5 over 3.1 m, within a larger interval of 0.72% Nb2O5 over 20.4 m (see
news release dated December 8th, 2021).
Follow-up drill holes completed at Miranna during the 2024 drill program were planned adjacent
to, and along-strike of EC21-180 to test for continuity of this mineralization. EC24-215 and EC24-
216 confirmed continuity of high-grade niobium-mineralization hosted in carbonatite-phoscorite
intervals from surface. EC24-215 returned strong grades over wide intervals, including 35.7 m at
0.67% Nb2O5 within a wider interval of 65.7 m at 0.53% Nb2O, and a deeper interval of 21.5 m
at 0.62% Nb2O5 contained within a broader zone of 80.4 m at 0.43% Nb2O5. Additionally, EC24-
216 collared in mineralization, returning 20.3 m at 0.62% Nb 2O5, within a broader interval of
72.4 m at 0.49% Nb2O5. These strong results, following-up from drill hole EC21-180, extend the
near-surface mineralized trend of the Miranna Prospect in either direction along-strike, reaffirming
the potential for additional shallow, high -grade niobium mineralization at Miranna . The
mineralization at Miranna remains open in all directions.
Core assay results for thirteen (13) drill holes from the 2024 drill program are still pending (Table
2) and are currently at Activation Laboratories Ltd. located in Ancaster, ON, for preparation and
analysis.
Table 1. 2024 drilling assay highlights from Miranna and Knox Prospects
Figure 2. Mineralized boulder dispersal trains and surrounding geophysical target areas (1st
vertical derivative magnetics)
Table 2. Summary of 2024 drill hole attributes for results reported and results pending
Quality Assurance / Quality Control (QAQC)
A Quality Assurance & Quality Control protocol following industry best practices was
incorporated into the program and included systematic insertion of quartz blanks and certified
reference materials into sample batches at a rate of approximately 5%. All core samples collected
were shipped to Activation Laboratories Ltd. in Ancaster, ON, Canada, for sample preparation
(code RX1) which includes crushing up to 80% passing 2 mm, riffle split (250 g) and pulverize
(mild steel) to 95% passing 105 µm. The samples were homogenized and subsequently analyzed
for multi -element using fusion with lithium metaborate /tetraborate in platinum crucibles and
analysis by fusion XRF (codes 8-Nb-Ta, Majors + REE). Fluorine (F) assay was requested based
on visual presence of fluorspar by lithium metaborate/tetraborate fusion and acid dissolution
with analysis by Ion Selective Electrode (ISE) with a detection limit of 0.01%
NI 43-101 Disclosure
Patrik T. Schmidt , M.Sc., P.Geo., Vice President of Exploration for the Company and Senior
Geologist at 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 within their Eldor Property, in northern
Quebec, Canada. 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 (more than 30 – 45% TREO) mineral concentrates
at high recovery (more than 60 – 75%) in line with active global producers. The Ashram Deposit
also has a fluorspar component which makes it one of the largest potential sources of fluorspar in
the world and could be a long-term supplier to the met-spar and acid-spar markets. 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.
Additionally, Commerce is committed to exploring the potential of other high-value commodities
on the Property such as niobium and phosphate minerals, which may help advance Ashram by
reducing costs through shared development.
For more information, please visit the corporate website at www.commerceresources.com or email
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
“Ross Carroll”
Ross Carroll
CEO and President
Tel: 604.484.2700