Commerce Resources Drills 122.5 m at 0.62% Nb2O5 at the Mallard Prospect, Eldor Property, Quebec
Commerce Resources Drills 122.5 m at 0.62% Nb2O5 at the
Mallard Prospect, Eldor Property, Quebec
Highlights:
• Commerce Resources confirms significant niobium mineralization with 122.5m at 0.62%
Nb2O5 from near surface at the Mallard Prospect, Eldor Property, located within 2 km of
the Company’s globally significant Ashram Rare-Earth and Fluorspar Deposit, Quebec,
Canada.
• Core assay results from the first seven (7) drill holes of the 2024 program, which targeted
the Mallard Prospect and Spoke Target, are reported herein:
Mallard Prospect:
o 122.5 m at 0.62% Nb2O5 and 6.4% P2O5 (EC24-208), including,
▪ 12.0 m at 0.82% Nb2O5 and 7.5% P2O5
▪ 7.5 m at 1.01% Nb2O5 and 12.3% P2O5
o 15.5 m at 0.62% Nb2O5, 360 ppm Ta2O5, and 6.6% P2O5 (EC24-211), including,
▪ 8.1 m at 0.79% Nb2O5, 439 ppm Ta2O5, and 7.7% P2O5
o 42.9 m at 0.60% Nb2O5 and 7.1% P2O5 (EC24-211), including,
▪ 2.9 m at 1.13% Nb2O5 and 12.7% P2O5
o 24.0 m at 0.69% Nb2O5 and 6.2% P2O5 (EC24-210)
Spoke Target:
o 27.5 m at 0.60% Nb2O5 and 8.7% P2O5 (EC24-212)
o 17.9 m at 0.66% Nb2O5 and 5.2% P2O5 (EC24-213)
o 21.3 m at 0.60% Nb2O5 and 5.8% P2O5 (EC24-213)
• The 2024 drill program of twenty-nine (29) NQ-size drill holes totalling 8,253 m has now
concluded, with remaining drill core assays anticipated within Q4 of 2024.
October 10, 2024 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF)
(the “Company” or “Commerce”) is pleased to confirm a significant niobium intercept of 122.5 m
at 0.62% Nb 2O5 from near surface at the Eldor Property, located within 2 km of the globally
significant Ashram Deposit in Quebec, Canada. The 2024 summer-fall drill program at the Eldor
Property has concluded, with a total of twenty -nine (29) NQ -size diamond drill holes, for
approximately 8,253 m completed between early -July to mid-September 2024. The program had
two main objectives; 1) follow -up on the known niobium (±tantalum & phosphate) mineralized
carbonatites at the Mallard and Miranna Prospects, and 2) initial drill testing of several geophysical
anomalies characteristic of niobium -mineralized occurrences at the P roperty (Figure 1). Assay
results from the first seven drill holes, which targeted the Mallard Prospect and Spoke, returned
strong niobium mineralization. This adds to Commerce's portfolio of critical element occurrences
at the Eldor Property, including the globally significant rare-earth Ashram Deposit, which has 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).
Ross Carroll, President and CEO of Commerce, comments: “The Company remains focused
on the development of the Ashram Deposit and its pending Preliminary Economic Assessment .
However, the potential for the Property to hold a significant mineral resource of niobium is
something that has been recognized by the Company for many years . Thanks to our experienced
exploration team, we continue to deliver highly successful niobium drilling results at the Property,
with impressive grades and widths of mineralization providing confidence that a stand -alone
niobium project is possible. Additional drilling in support of a maiden mineral resource estimate
and subsequent studies for the niobium at Eldor are the logical next steps to unlock the value of
this potential, which is situated proximal to Ashram.”
Patrik Schmidt , Vice President of Exploration of Commerce, comments: “The 2024 drill
program was highly successful in accomplishing both of our primary objectives. All drill holes
testing the geophysical anomalies intersected carbonatite, confirming that Nb -mineralization
exists beyond the known targets. Additionally, we are also very pleased with the first batch of
results that followed up on known targets. The assays continue to deliver very strong results with
substantial intersections of 0.5 to 0.7% Nb2O5 at Mallard and Spoke”.
The niobium (±tantalum & phosphate) targets at the Eldor Property are situated proximal (typically
< 2 km) to the Company’s Ashram Rare Earth and Fluorspar Deposit. Therefore, the discovery of
a substantial niobium deposit in this area would present a significant opportunity for joint
infrastructure development and use.
Figure 1. 2024 drill assay highlights from drill holes EC24-208 to EC24-214
One of the main objectives for the 2024 drill program was to focus on completing several follow-
up drill holes at the Mallard Prospect to further delineate along-strike mineralization potential of
carbonatite in this target area. The first drill hole of the 2021 drill program at Mallard – EC21-175
– returned the best niobium intercept to-date from the Property at 1.00% Nb2O5 over 17.1 m (and
136 ppm Ta2O5), within a larger interval of 0.82% Nb 2O5 over 42.3 m (and 153 ppm Ta 2O5; see
news release dated November 1st, 2021). The first drill hole of the 2024 campaign (EC24-208)
was therefore aimed at testing the extent of down-dip mineralization adjacent to hole EC21-175,
and the nearby EC19 -174A, which returned similar niobium-mineralized carbonatite intercepts
during the 2019 drill program (0.80% Nb2O5 over 31.5 m, including 1.36% Nb2O5 over 4.5 m; see
news release dated June 11th, 2019). Drill hole EC24-208 successfully demonstrated the down-dip
continuity of niobium -enrichment within carbonatite intersected at Mallard, with notable high-
grade intercepts of 0.82% Nb 2O5 over 12.0 m and 1.01% Nb 2O5 over 7.5 m, all within a broad
interval of 122.5 m of 0.62% Nb2O5 (Table 1; Figure 1). Subsequent drill holes at Mallard (EC24-
209 to EC24-211) were designed as step-outs both to the northwest and southwest of previous ly
drill-tested areas of the Mallard Prospect (Figure 1).
The Company also followed -up on the initial drill testing that targeted an anomalous magnetic
high known as “Spoke” during the Company’s inaugural drilling campaign at the Property in 2008.
Two (2) holes drilled at the Spoke Target (EC24 -212 and EC24-213) returned promising results
with niobium-mineralized intercepts, including an interval of 27.5 m at 0.60% Nb2O5 starting from
133 m depth in EC24-212 and two intervals in EC24-213 of 17.9 m at 0.66% Nb2O5 starting from
247.7 m in addition to a wider interva l of 21.3 m at 0.60% Nb2O5 starting at 278.5 m depth.
Although further drill -testing is required at Spoke, t hese deeper mineralized intercepts could
indicate a continuation of the Mallard niobium-enrichment trend in carbonatites , extending the
mineralization trend to the northwest beyond Mallard.
The geological team has completed all core processing for the 2024 drill program, and all core
samples for the program have now been received by Activation Laboratories L td. located in
Ancaster, ON, for preparation and analyses. Core assay results for twenty-one (21) drill holes from
the 2024 drill program are still pending (Table 2).
Table 1. 2024 initial drilling assay highlights from Mallard and Spoke Target Areas
Prospect
/Target Hole ID From
(m)
To
(m)
Interval
(m)
Nb2O5
(%)
Ta2O5
(ppm)
P2O5
(%)
Comment
EC24-208 28.5 151.0 122.5 0.62 80 6.4
including 66.5 78.5 12.0 0.82 73 7.5 Peak mineralization 1.16 % Nb2O5
including 90.5 98.0 7.5 1.01 98 12.3 Peak mineralization 1.20 % Nb2O5
including 104.0 113.7 9.7 0.79 74 9.5 Peak mineralization 1.11 % Nb2O5
EC24-209 22.5 40.5 18.0 0.60 94 7.9
including 22.5 25.5 3.0 1.05 0 9.6 Peak mineralization 1.14 % Nb2O5
84.5 99.0 14.5 0.66 75 6.4
including 95.0 99.0 4.0 0.85 103 6.5
177.0 202.5 25.5 0.60 132 7.7
EC24-210 11.8 23.0 11.2 0.52 164 6.8 Collared in mineralization
59.0 83.0 24.0 0.69 61 6.2 Peak mineralization 1.43 % Nb2O5
97.5 107.5 10.0 0.67 103 5.3
including 104.5 107.5 3.0 1.14 180 8.5 Peak mineralization 1.34 % Nb2O5
or 168.5 176.0 7.5 0.79 80 9.0
EC24-211 58.0 101.3 43.3 0.52 82 6.1
113.5 129.0 15.5 0.62 360 6.6
including 113.5 121.6 8.1 0.79 439 7.7 Peak mineralization 1.08 % Nb2O5
173.6 216.5 42.9 0.60 96 7.1
including 199.0 201.9 2.9 1.13 70 12.7 Peak mineralization 1.38 % Nb2O5
EC24-212 133.0 160.5 27.5 0.60 112 8.7
244.5 258.0 13.5 0.52 113 9.0 Peak mineralization 1.00 % Nb2O5
EC24-213 217.0 227.5 10.5 0.55 30 5.3
including 221.6 223.3 1.7 0.99 105 8.3 Peak mineralization 1.02 % Nb2O5
247.7 265.5 17.9 0.66 68 5.2
278.5 299.8 21.3 0.60 23 5.8
including 296.5 299.3 2.8 0.95 15 9.7
326.0 329.0 3.0 0.76 110 5.9
EC24-214 181.2 195.4 14.2 0.55 145 9.1
Mallard
Spoke
(1) Intervals reported are core length. True width is not fully constrained.
Table 2. Summary of 2024 drill hole attributes for results reported and results pending
Hole ID Target
Area
Easting
(m)
Northing
(m)
Elevation
(m)
Azimuth
(deg)
Dip
(deg)
Hole Depth
(m) Comments
EC24-208 Mallard 538093 6310814 285 50 -50 300.0
EC24-209 Mallard 538102 6310981 283 230 -45 316.9
EC24-210 Mallard 538088 6310813 282 230 -45 267.0
EC24-211 Mallard 538068 6311014 282 230 -45 366.0
EC24-212 Spoke 537961 6311379 280 350 -45 300.0
EC24-213 Spoke 537970 6311509 281 230 -45 339.0
EC24-214 Spoke 538065 6311303 282 230 -45 300.0
EC24-215 Miranna 537542 6311755 274 230 -45 291.0
EC24-216 Miranna 537482 6311819 277 230 -75 186.0
EC24-217 Miranna 537489 6311890 275 230 -45 282.0
EC24-218 Knox 537784 6311356 279 230 -45 306.0
EC24-219 Knox 537636 6311288 280 230 -45 25.4 No samples (hole lost)
EC24-219A Knox 537636 6311290 280 230 -45 321.0
EC24-220 Knox 537703 6311228 273 230 -45 294.0
EC24-221 Knox 537815 6311209 284 230 -45 297.0
EC24-222 Knox 537825 6311214 285 190 -55 309.0
EC24-223 Loon 537588 6310751 292 230 -45 333.0
EC24-224 Loon 537864 6310635 303 230 -45 300.0
EC24-225 Mallard 538306 6310743 284 230 -45 297.0
EC24-226 Spoke 537919 6311667 270 230 -45 285.0
EC24-227 Spoke 537762 6311534 267 230 -45 306.0
EC24-228 Northwest 536359 6313136 307 230 -45 300.0
EC24-229 Northwest 536549 6312994 311 230 -45 318.0
EC24-230 Moira 537571 6312151 285 230 -45 261.0
EC24-231 Moira 537545 6312264 288 230 -45 282.0
EC24-232 Mallard 538360 6310922 297 230 -45 282.0
EC24-233 Northwest 535708 6312840 291 250 -45 252.0
EC24-234 Northwest 535582 6312511 275 250 -45 210.0
EC24-235 Mallard 538197 6310742 284 230 -45 327.0
(1) Coordinates are in UTM NAD83, Zone 19N
(2) All holes are NQ-size diamond drill core
(3) Azimuth and dip reported are planned and will deviate down-hole
Reported herein
Assays pending
Assays 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., 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 [email protected].
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
“Ross Carroll”
Ross Carroll
CEO and President
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 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 statements regarding Eldor’s potential to hold significant mineral resources of
niobium; statements regarding the confidence that Eldor possesses a stand -alone niobium project with a reasonable
potential for development; that Ashram has the poten tial to become one of the largest fluorspar sources in the world
and a long-term supplier to the met-spar and acid-spar markets; that the Company is positioning to be one of the lowest
cost rare earth element producers globally, with a focus on being a lon g-term global supplier of mixed rare earth
carbonate and/or NdPr oxide; and that the Company may explore the potential of other high -value commodities on
the Eldor property. These forward -looking statements are subject to a variety of risks and uncertainti es 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 t he Company may not be able to fully finance any additional exploration on the Ashram Project; that
even if the Company is able raise capital, costs for exploration activities may increase such that the Company may not
have sufficient funds to pay for such exploration or processing activities; the timing and content of the proposed drill
program and any future work programs may not be completed as proposed or at all; geological interpretations based
on drilling that may change with more detailed information; potential process methods and mineral recoveries
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 anticipated market demand for rare earth elements and
other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work
and testing activities; 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 Eldor Property, the project may not 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.