Commerce Resources Intersects 2.07% REO over 129.5 m at the Ashram REE/ Fluorspar Deposit, Quebec
Commerce Resources Intersects 2.07% REO over 129.5 m at the Ashram
REE/ Fluorspar Deposit, Quebec
March 1, 2022 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF )
(the “Company” or “Commerce”) is pleased to announce assay results received for the final
two (2) holes completed at the Ashram Rare Earth and Fluorspar Deposit (“Ashram
Deposit”) as part of the 2021 drill program . The field program, completed in July -August
2021 in support of the Ashram Project’s Prefeasibility Study, included twelve (12) drill holes
totaling 2,814 m focused on resource infill within the planned open-pit shell. Results for the
first ten (10) drill holes were announced December 22nd, 2021, and January 17 and February
7, 2022 (Table 1 and Figure 1 ) with the results for the final two (2) drill holes reported
herein. Highlights include:
• 1.82% rare earth oxide (“REO”) over 225.4 m (EC21-192), including,
o 2.07% REO over 129.5 m
• 1.71% REO over 147.8 m (EC21-189), including,
o 2.14% REO over 60.5 m
The primary objective of the 2021 drill program at Ashram was to improve the confidence
of the mineral resource (inferred -> indicated -> measured) in support of an updated mineral
resource estimate to be completed as part of the ongoing Prefeasibility Study, which will also
determine the initial mineral reserve estimate for the Ashram Project. Based on the drilling
to date, the Company anticipates a large portion of Ashram’s current inferred and indicated
resources will be converted to indicated and measured resources.
Company President Chris Grove states “We are excited to finally have all of these drill results
returned to us, as they are excellent and are indicative of the huge and well mineralized deposit
that the Ashram is. With the REE industry being more focused on monazite dominant
mineralogy, as the Ashram is, we look forward to releasing more results from the other
programs that are currently underway.”
Both drill holes (EC21-189 and 19 2) were collared in the south -central portions of the
deposit, and intersected grades consistent with previous drilling , remaining mineralized
over their entire length. Strong NdPr distributions (i.e. % of Nd+Pr oxide of the total REO)
continue to be returned in excess of 20-21%, including drill hole EC21-192 with 129.5 m of
2.07% REO at a n NdPr distribution of 21. 5%. Core sample assays for all twelve (12) drill
holes completed durin g the 2021 drill program have now been received, with grade over
width and corresponding NdPr oxide distributions presented in Table 1, and drill hole
highlights and locations presented in Figure 1.
Table 1: 2021 assay results for infill drill holes at the Ashram Deposit
Hole ID From
(m)
To
(m)
Interval
(m)
REO3
(%)
NdPr Oxide
Distribution4
(%)
F
(%)
CaF2
5
(%) Comments
Total
Depth
(m)
Azimuth
(°)
Dip
(°)
EC21-182 2.3 32.0 29.7 1.49 24.7 1.6 3.2 152 - -90
including 2.3 17.0 14.7 1.85 23.2 0.8 1.6
including 128 152.0 24.0 2.44 18.2 2.8 5.7
EC21-183 4.5 302.0 297.6 1.71 22.8 3.7 7.5 Entire hole 302 120 -45
including 137.0 162.3 25.3 2.25 19.9 6.3 12.9
EC21-184 1.9 302.0 300.1 1.83 21.9 3.7 7.7 Entire hole 302 90 -45
including 190.0 227.7 37.7 2.05 22.6 3.2 6.6
including 258.5 287.5 29.0 2.08 20.9 4.4 9.1
EC21-185 1.4 224.0 222.7 2.14 20.3 3.4 6.9 Entire hole 224 - -90
including 51.0 144.5 93.5 2.35 19.8 4.6 9.5
including 209.0 224.0 15.0 2.88 17.3 2.1 4.3
EC21-186 2.0 227.0 225.0 1.59 21.5 4.0 8.2 Entire hole 227 - -90
including 192.0 227.0 35.0 2.07 20.0 3.1 6.4
EC21-187 4.7 302.0 297.4 2.19 20.9 3.5 7.2 Entire hole 302 20 -45
including 209 244.5 35.5 2.94 19.9 4.4 9.0
EC21-188 0.4 200.0 199.6 1.62 21.1 3.9 8.0 Entire hole 200 - -90
147.0 170.3 23.3 1.97 18.2 4.4 9.0
EC21-189 4.2 152.0 147.8 1.71 22.3 2.9 6.0 Entire hole 152 - -90
including 9.0 69.5 60.5 2.14 20.3 3.2 6.6
EC21-190 0.8 224.0 223.2 1.79 22.0 2.9 6.1 Entire hole 224 - -90
109.9 177.8 67.9 2.15 21.0 2.7 5.6
EC21-191 2.5 224.0 221.5 1.71 21.9 2.6 5.3 Entire hole 224 - -90
56.7 121.0 64.4 2.15 21.1 4.0 8.3
EC21-192 1.6 227.0 225.4 1.82 22.3 2.5 5.1 Entire hole 227 - -90
including 97.5 227.0 129.5 2.07 21.5 1.9 3.8
or 167.5 189.6 22.1 2.40 19.7 2.5 5.1
EC21-193 3.7 278.0 274.3 1.78 22.2 3.1 6.3 Entire hole 278 0 -45
including 167.6 278.0 110.4 2.09 21.2 2.0 4.0
(5) Calculated from fluorine assay using factor of 2.055 (F to CaF2). Assumes all fluorine is contained within the minreal fluorite.
(1) All drill holes are NQ core size.
(3) REO is the sum of lanthanides (as oxides) + yttrium oxide.
(2) Intervals reported are core length. True width varies between each hole due to varied hole orientations; however, EC21-183, 184, 187, and
193 were oriented more oblique to dip than is typical for geological modelling purposes.
(4) Percent of NdPr oxide out of the total REO content, calcluated as (Nd2O3 + Pr2O3) / REO x 100.
As the Ashram Deposit is known to continue for more than 600 m in depth, and remains
open, the 2021 drill holes were ended at pre -determined depths below the anticipated pit
shell, and therefore, most holes completed as part of the infill drilling at Ashra m ended in
mineralization.
The results of the 2021 drill program continue to highlight the size of the Ashram Deposit as
well as continuity of the REE mineralization, extending from surface to considerable depth.
The Company is planning to complete an approximate 2,500 m drill program this summer at
Ashram and will focus on continued infill to improve the confidence of the mineral resource
(inferred -> indicated -> measured), as well as on the southern portion of the deposit where
limited drilling has been completed by comparison and the deposit remains open.
The Company notes that it carried out its field programs while adhering to all federal,
provincial, and regional restrictions in place due to the COVID -19 pandemic. The Company
successfully navigated the process to obtain authorization to enter Nunavik, and no cases of
COVID-19 were documented relating to its 2021 mineral exploration programs . Mineral
exploration has been recognized as an essential service in Canada and the Province of
Quebec.
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, as well as collection of quarter -core
duplicates, at a rate of approximately 5%. Drill holes were sampled from top to bottom and
shipped to Activation Laboratories in Ancaster, ON, for analysis.
Lab analysis included major oxides and multi-element, including the rare earth elements, by
ICP-OES/MS following a lithium borate fusion (package 8-REE) and fluorine by Fusion
Specific Ion Electrode -ISE (Code 4F -F). Standard drill core sample preparation was
completed and comprised of crushing to 80% passing 10 mesh, followed by a 250 g riffle
split and pulverizing to 95% passing 105 µ (package RX1).
Figure 1: 2021 drill assay highlights – Ashram Deposit
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% REO 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 global market. The Ashram D eposit 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, please 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: 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 a nticipates will or may occur in the future. Forward looking
statements in this news release include that we expect to complete an updated mineral resource estimate and a
prefeasibility study for the Ashram Project, that we anticipate that certain of Ashram’s inferred and indicated resources
will be converted to indicate and measured resources; that an open -pit shell is planned for the Ashram Project; and
that the Company is positioning to be one of the lowest cost rare earth 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
statements 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 e xploration 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 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 and even if such tests are successful, the economic and other outcomes may not be as expected; the
availability of labour and equipment to undertake future exploration work and testing activities; the required permits
to build and operate th e envisaged open-pit shell may not be obtained in a timely or cost -effective manner, or at all;
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.