Commerce Resources Intersects 2.15% REO over 67.9 m at the Ashram REE/ Fluorspar Deposit, Quebec
Commerce Resources Intersects 2.15% REO over 67.9 m at the Ashram REE/
Fluorspar Deposit, Quebec
February 7, 2022 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX:
CMRZF) (the “Company” or “Commerce”) is pleased to announce assay results received
from three (3) additional 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 totalling 2,814 m focused on resource infill within the planned open -pit shell.
Results for the first seven (7) drill holes were announced December 22 nd, 202 1, and
January 17, 2022 (noted in Table 1 and Figure 1 ) with the results for an additional three
(3) drill holes reported herein. Highlights include:
• 1.79% rare earth oxide (“REO”) over 223.2 m (EC21-190), including,
o 2.15% REO over 67.9 m
• 1.71% REO over 221.5 m (EC21-191), including,
o 2.15% REO over 64.4 m
• 1.97% REO over 23.3 m (EC21-188)
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 P roject.
Based on the drilling to date, the Company anticipate s a large portion of Ashram’s current
inferred and indicated resources will be converted to indicated and measured resources.
All three (3) drill holes (EC21-188, 190, and 191) were collared in the southern 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 -191
with 64.4 m of 2.15% REO at an NdPr distribution of 21.1%.
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 anticipat ed pit
shell, and therefore, most holes completed as part of the infill drilling at Ashram ended in
mineralization. Core sample assays for ten (10) out of twelve (12) drill holes from the 2021
drill program have now been reported with assays pending on the remaining two (2) drill
holes. Grade over width and corresponding NdPr oxide distributions are presented in
Table 1, with 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
EC21-189 152 - -90
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
EC21-192 227 - -90
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.
Core assays not yet received
(1) All drill holes are NQ core size.
(3) REO is the sum of lanthanides (as oxides) + yttrium oxide.
Core assays not yet received
(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.
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 dee p,
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% RE O 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 Deposit is characterized by simple rare earth
(monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonna ge
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 anticipates 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 indic ate 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 unc ertainties 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 ab le 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; th e
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 labou r and equipment to undertake future exploration work and
testing activities; the required permits to build and operate the envisaged open -pit shell may not be obtained in a
timely or cost -effective manner, or at all; and despite the current expected viabi lity 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.