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

Press Release

July 5th, 2024 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the “Company” or “Commerce”) is pleased to announce that a summer drill program has commenced, targeting further delineation of niobium and tantalum mineralization at the Mallard and Miranna Prospects on their Eldor Property, Quebec. Additionally, multiple geophysical anomalies commonly associated with this type of mineralization will be drill tested. The program is being managed by Dahrouge Geological Consulting Ltd. of Edmonton, AB with drilling operations being carried out by Avataa-Rouillier Drilling of Nunavik, 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 as announced in the news release dated May 29th, 2024. One of the main objectives for the 2024 drilling campaign will focus on completing several follow-up drill holes at the Mallard Prospect. 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 (and 136 ppm Ta2O5), within a larger interval of 0.82% Nb2O5 over 42.3 m (and 153 ppm Ta2O5; see news release dated November 1st, 2021).

The Company also intends to follow-up on the initial drill testing completed at the Miranna Prospect in 2021, where 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-phosphate), glacially dispersed boulder train with an apex that correlates with a distinct magnetic high anomaly. (Figure 1‑1). 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, within a larger interval of 0.72% Nb2O5 over 20.4 m (see news release dated December 8th, 2021).

The third objective is to follow up on several magnetic high anomalies that are characteristic of the niobium and tantalum mineralized carbonatites at the Eldor property (Figure 1‑1). Priority is given to those that are located between the Mallard and Miranna Prospects, and those that have a distinct mineralized and glacially dispersed boulder train.

Figure 1‑1: Priority target areas – 2024 drill program

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 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 tonnage 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 info@commerceresources.com.

On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.

“Chris Grove”
Chris Grove
CEO and President
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web:   http://www.commerceresources.com

IBF4

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