Commerce Resources Ships 0.5 kg Sample of Mixed REC Concentrate to Established Non-Chinese Processor
Commerce Resources Ships 0.5 kg Sample of Mixed REC Concentrate to
Established Non-Chinese Processor
November 1, 2023 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF)
(the “Company” or “Commerce”) is pleased to report that, further to its news release dated
September 29, 2023, where it announced the production of 0.43 kg of mixed rare earth carbonate
(“mixed REC”), it has produced an additional 0.6 kg of mixed REC concentrate to satisfy third-
party sample requests from industry.
The 0.6 kg sample of mixed REC concentrate produced has an NdPr distribution of 2 0.5% and
TbDy distribution of 0.89% (Figure 1). Of this mixed REC , 0.5 kg has been shipped to a well-
established downstream processor of rare earth elements (“REEs”) located outside of China. The
sample meets typical market specifications and was produced through processing of feed material
generated from pilot plant operations on bulk sample material collected from the Ashram Rare
Earth and Fluorspar Deposit . The mixed REC sample grades approximately 54% REO with <1
ppm Th and <1 ppm U.
The strong NdPr distributions that characterize the Ashram samples (20 to 24%) continue to rank
among the highest in the world for non-cerium depleted mixed REC concentrates and exceeds that
of several major global producers. Further, due to the presence of xenotime at Ashram, in addition
to the dominant monazite, the concentrates also carry a significant heavy REE component – 0.89%
TbDy distribution for the current 0.6 kg sample.
Delivery of the sample to a well -established REE processor outside of China is part of the
Company’s strategy of meaningful and tangible engagement with global downstream processors
and end-users that have expressed a strong interest in obtaining a long-term, secure, and stable
supply of mixed REE chemical concentrates with a high NdPr distribution.
This sample, as well as those previous, were produced with the Company’s flowsheet developed
at Hazen Research, CO, in which several process operations have been demonstrated at a
continuous pilot-scale level (see news release dated October 27, 2022).
In the rare earth industry, a mixed REC concentrate is typically viewed as the initial marketable
product in the REE value chain. A mixed REC is readily saleable as it is the most common
feedstock to REE solvent extraction facilities globally, which separate the individual REEs and
allow for them to be individually refined into marketable products and disseminated throughout
downstream value chains.
Figure 1: Marketable mixed rare earth carbonate concentrate – 20.5% NdPr and 0.89% TbDy
The Company also wishes to correct a typographical error in its news release dated October
30, 2023 wherein it announced the closing of its over -subscribed private placement offering of
units. On closing, the Company issued 68,174,750 units (not 68,174,150 units), for gross proceeds
of $5,453,980.
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 700 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% 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., Senior Technical Advisor - Rare Earths and Niobium – to the
Company, 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
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 releas e include that that mixed REC is readily saleable; that partial separation of REEs will
allow for the marketability of individual elements to be produced; that Ashram has the potential to become one of the
largest fluorspar deposit and 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 uncertainties and other factors that coul d 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 we may not be able to fully fi nance 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
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 availability of labour and equipment to undertake future exploration work and testing activities;
geopolitical risks which may result in market and economic instability; and d espite 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.