Commerce Resources Ships 100 g Sample of Mixed REC Concentrate – 21.9% NdPr – to Major Global Processor Located Outside of China
Commerce Resources Ships 100 g Sample of Mixed REC Concentrate –
21.9% NdPr – to Major Global Processor Located Outside of China
December 5, 2022 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF)
(the “Company” or “Commerce”) is pleased to report that, further to its news release dated October
27, 2022, where it announced a successful scale-up of its process flowsheet to kilogram quantities
of mixed rare earth carbonate (“mixed REC”), it has satisfied an additional third -party sample
request.
A 100 g sample of mixed REC, with an NdPr oxide distribution of 21.9%, has been shipped to a
major global processor of rare earth elements (“REEs”) located outside of China. The sample
meets typical market specifications and was produced as part of the Company’s scale-up from
gram quantities (see news releases dated March 23, May 12, July 15, and October 27, 2022) to
larger kilogram quantities. The mixed REC sample, with a formula of REE2(CO3)3(H2O)8 as
determined by XRD, contains approximately 52% REO, <0.1 ppm Th, and <0.1 ppm U.
The strong NdPr distributions that characterize these Ashram samples (21.6% to 24.2% NdPr)
rank among the highest in the world for non-cerium depleted mixed REC concentrates and exceeds
that of several major global producers. These samples were produced with the Company’s
conventional flowsheet developed at Hazen Research, CO, in which several process operations
have been demonstrated at a continuous pilot -scale level (see n ews release dated October 27,
2022).
The Company is currently in the process of producing another ~1.5 kg of mixed REC concentrate
to satisfy additional third-party requests. The additional kilogram quantity sample(s) is nearing the
REC precipitation stag e and is expected to be completed in the first quarter 2023 , and will be
delivered to the relevant parties immediately following.
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 separa te 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 – 21.9% NdPr
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., 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: 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, whic h 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 a prefeasibility study for the Ashram Project; that
mixed REC is readily saleable; that partial separation will allow for a marketable neodymium and praseodymium
oxide to be produced; that we may move downstream early in the mine -life through partial separation; 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 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, activiti es or developments 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
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 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.