Commerce Resources Extends Earn-In Agreement with Saville Resources for the Niobium Claim Group Property, Quebec
Commerce Resources Extends Earn-In Agreement with Saville Resources for
the Niobium Claim Group Property, Quebec
February 14, 2023 – Commerce Resources Corp. (TSXv : CCE, FSE: D7H0, OTCQX: CMRZF)
(the “Company” or “Commerce”) is pleased to announce the extension of the earn -in
agreement with Saville Resources Inc.’s (TSXv: SRE, FSE: S0J) (“Saville Resources”) for
exploration of the Company’s Niobium Claim Group Property (the “Property”), a subset of
the Company’s Eldor claims , located in northern Quebec. The agreement will be extended,
with similar terms as originally agreed upon in January 2018 (see news release dated
January 11th, 2018), for one additional year, until January 2024.
Commerce Resources President Chris Grove states “We are excited by the work that Saville
has accomplished on our Niobium Claim Group over the last 5 years, and we look forward to
the next year of drill exploration of these excellent claims.”
The Niobium Claim Group Property consists of 26 contiguous mineral claims, encompassing
an area of approximately 1,223 hectares, and is considered prospective for niobium,
tantalum, phosphate, and fluorspar. The Property includes the Miranna Target, where 5.9%
Nb2O5 and 1,220 ppm Ta 2O5 has been returned in boulder sampling and 0.72% Nb2O5 over
20.4 m, including 1.20% Nb2O5 over 3.1 m (EC21-180), has been returned in initial drill
testing. Additionally, the Property hosts the more advanced Mallard Prospect where drilling
has returned wide intercepts of mineralization, including 1.00% Nb 2O5 over 17.1 m, within
a larger interval of 0.82% Nb2O5 over 42.3 m (EC21-175)
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 prepa ration 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, pl ease 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 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 the extension of the exploration earn -in agreement and that we anticipate
Saville will undertake a drilling exploration program on the Niobium Claim group property; that Ashram has the
potential to become 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 uncer tainties 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 Saville may not undertake, or complete, any exploration work on
the Niobium Claim group property; 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 i nformation; 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
availability of labour and equipment t o 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 Ashram Project, 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 t o reflect new events or
circumstances, except as required by law.