Commerce Resources Files NI 43-101 Technical Report for the Ashram Rare Earth Element & Fluorspar Deposit, Eldor Property, Quebec, Canada
Commerce Resources Files NI 43-101 Technical Report for
the Ashram Rare Earth Element & Fluorspar Deposit, Eldor
Property, Quebec, Canada
July 8, 2024 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the
“Company” or “Commerce”) announces that is has filed on SEDAR+ a technical report prepared
in accordance with National Instrument 43 -101 - Standards of Disclosure for Mineral Projects
(“NI 43 -101”) titled “Mineral Resource Estimate for the Ashram Rare Earth Element and
Fluorspar Deposit, Nunavik, Québec, Canada ”. This filing follows the May 22, 2024
announcement of an updated mineral resource estimate for the Ashram Rare Earth Element and
Fluorspar Deposit (the “Ashram Deposit” or “Ashram”) with 73.2 Mt at 1.89% TREOǂ and 6.6%
CaF2 indicated, and 131.1 Mt at 1.91% TREO and 4.0% CaF2 inferred1.
The technical Report has been prepared by BBA Inc., with contributions from PLR Resources,
DRA Global Limited and L3 Process Development, all consulting groups independent of the
Company, in accordance with NI 43-101. The report is available on SEDAR+ and will shortly be
available on the Company’s website.
ǂ TREO = sum of all lanthanide oxides + yttrium oxide
1Ashram mineral resource estimate is reported at a cut -off of CAD 287 Net Metal Return (NMR) per tonne with an effective date
of April 4, 2024. Mineral resources are not mineral reserves as they do not have demonstrated economic viability.
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 the Ashram Deposit
The Ashram Deposit is central to the Eldor Carbonatite Complex and bordered by an earlier staged
calcio-carbonatite and various altered (fenitized) wallrock units. In contrast to its host rocks, the
Ashram Deposit appears as a magnetic low and gravity high. Currently, the deposit geometry and
geology can best be described as a moderate to steeply NE dipping ovoid , with simple rare earth
mineralogy (monazite , bastnaesite, xenotime) that has an unusual enrichment in magnet feed
elements (i.e. higher Nd+Pr Oxide/T REO). The Ashram Deposit is a single mineralized body
outcropping at surface and has a drill delineated footprint of over 700 m along strike, 300 m across,
and 600 m deep, and remains open at depth.
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.
“Chris Grove”
Chris Grove
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 that Ashram has the potential 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 long-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
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 the 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; that mineral resource estimates
may not be indicative of actual deposits; 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 to reflect new events or circumstances, except as required by law.