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Commerce Resources Announces Summer Diamond Drill Program Targeting Niobium Prospects at the Eldor Property, Nunavik, Quebec

Press Release

May 29th, 2024 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the “Company” or “Commerce”) is pleased to announce that planning is underway for a diamond drill program at their wholly owned Eldor Property, targeting further delineation of niobium (± tantalum and phosphate) mineralization at the Mallard Prospect, and continued exploration at the Miranna Prospect, located in northern Quebec.

A total of twenty (20) to thirty (30) NQ-size drill holes, for a minimum of 7,500 m, are planned for the program. One of the main objectives for the 2024 drilling campaign will focus on completing several follow-up drill holes at the Mallard Prospect (Figure 1). The first drill hole of the 2021 drill program at Mallard – EC21-175 – returned the best niobium intercept to-date from the Property at 1.00% Nb2O5 over 17.1 m (136 ppm Ta2O5 and 8.3% P2O5), within a larger interval of 0.82% Nb2O5 over 42.3 m (153 ppm Ta2O5 and 8.7% P2O5; see news release dated November 1st, 2021).

The Mallard Prospect is the most advanced niobium-mineralized carbonatite prospect on the Property, with 4,820.75 m over twenty (20) diamond drill holes completed to-date (Figure 1). The Prospect is characterized by a series of sub-parallel, elongate, moderate to steeply dipping, northwest trending mineralized horizons that extend from surface and remain open in all directions. To date, drilling at the Mallard Prospect has returned numerous drill intersections of high-grade niobium, demonstrating a strong potential for a sizeable niobium (± tantalum and phosphate) deposit to be present near surface. Additional drilling planned for the summer 2024 campaign aims to further delineate the extent of niobium mineralization at Mallard.

The Company also intends to follow-up on the initial drill testing completed at the Miranna Prospect in 2021, whereas four (4) drill holes were designed to test the potential for niobium mineralization of the northwest-trending geophysical anomaly that defines Miranna. The Miranna Prospect is characterized by a strongly mineralized (niobium ± tantalum and phosphate), glacially dispersed boulder train with an apex that correlates with a distinct magnetic high anomaly. Drillhole EC21-180 successfully achieved the Company’s objective of identifying an area prospective for follow-up, confirming the presence of high-grade mineralization downhole, including 1.20% Nb2O5 over 3.1 m (59 ppm Ta2O5 and 7.6% P2O5), within a larger interval of 0.72% Nb2O5 over 20.4 m (60 ppm Ta2O5 and 5.7% P2O5; see news release dated December 8th, 2021). The maiden drill testing in 2021 bolsters the Company’s motivation to follow-up these initial results with additional drill targets, in order to better define the geometry of mineralized zones at Miranna.

Figure 1: Eldor summer 2024 niobium drill program areas (Mallard and Miranna) in relation to Ashram REE & Fluorspar Deposit mineralized footprint and recently updated pit shell (see news dated May 22, 2024).

NI 43-101 Disclosure

Patrik T. Schmidt, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101, 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 within their Eldor Property, in northern Quebec, Canada. The Ashram Deposit 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 (more than 30 – 45% TREO) mineral concentrates at high recovery (more than 60 – 75%) in line with active global producers. The Ashram Deposit also has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets. 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. Additionally, Commerce is committed to exploring the potential of other high-value commodities on the Property such as niobium and phosphate minerals, which may help advance Ashram by reducing costs through shared development.

For more information, please visit the corporate website at   or email

On Behalf of the Board of Directors


“Chris Grove”
Chris Grove
CEO and President
Tel: 604.484.2700



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