Commerce Resources Signs LOI with the Saskatchewan Research Council for Mixed Rare Earth Carbonate
Commerce Resources Signs LOI with the Saskatchewan Research Council for
Mixed Rare Earth Carbonate
July 19, 2023 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the
“Company” or “Commerce”) is pleased to announce the signing of a Letter of Intent with the
Saskatchewan Research Council (SRC) to deliver amounts of the Mixed Rare Earth Carbonate
(“MREC”) produced from the Ashram Rare Earth and Fluorspar Deposit (“Ashram Deposit”)
to their Rare Earth Processing F acility in Saskatoon, S K. The intention of this collaboration
is to complete the first full rare earth element supply chain in Canada from mine to metal.
SRC is constructing North America’s first fully integrated Rare Earth Processing Facility,
spanning the stages from minerals to metals. The Facility is expected to be fully operational
in late 2024 and has already demonstrated each individual stage including NdPr metal
ingots.
Company President and CEO, Chris Grove states “We are pleased to sign this letter of intent
with SRC, who is positioned to become the first commercial REE processor in Canada. We are
happy to provide, once in production, amounts of our Mixed Rare Earth Carbonate
concentrate from our Ashram Deposit to SRC in Saskatchewan.”
About the Saskatchewan Research Council
SRC is Canada’s second largest research and technology organization. With nearly 350
employees, $232 million in annual revenue and more than 75 years of experience, SRC
provides services and products to its 1,600 clients in 22 countries around the world. For
more information, go to www.src.sk.ca.
About the Ashram Deposit
The Ashram Deposit ranks as one of the largest REE (and fluorspar) deposits globally,
consisting of a monazite dominated (i.e., strong NdPr), 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. 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 5th, 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, 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 a prefeasibility study for the Ashram Project, that
an open -pit shell is planned for the Ashram Project; that the Ashram Deposit has the potential to be 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 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
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 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 the 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 p roject 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.