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September 1, 2022
Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the “Company” or “Commerce”) is pleased to provide an update on Saville Resources Inc.’s (TSXv: SRE, FSE: S0J) (“Saville Resources”) diamond drill program currently underway at the Niobium Claim Group Property (the “Property”), a subset of the Company’s Eldor claims, which are located approximately 130 km south of Kuujjuaq, Quebec. The Property covers several prospective niobium-tantalum prospects, with Saville Resources completing an Earn-in Agreement on these claims (see news release dated January 11th, 2018).
Saville Resources has recently completed its third and final drill hole of its 2022 program, totalling approximately 603 m (core not fully processed). All three (3) drill holes were completed at the Mallard Prospect as follow-up to the high-grade niobium mineralization returned from drilling in 2021 (0.82% Nb2O5 over 42.3 m, including 1.00% Nb2O5 over 17.1 m, in drill hole EC21-175) and in 2019 (0.80% Nb2O5 over 31.5 m, including 1.36% Nb2O5 over 4.5 m, in drill hole EC19-174A) – see news releases dated November 1st, 2021, and June 11th, 2019, respectively. The 2022 drill holes were completed as step-backs to EC21 175 and EC19-174A to test the mineralized horizons at depth.
Mallard is the most advanced prospect on the Property and 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. Pyrochlore and columbite are the dominant niobium minerals present at Mallard, with mineralogy completed to date indicating grain sizes ranging from 0.03 mm to 3 mm and commonly between 0.05 mm and 0.4 mm. Secondary commodities of interest at Mallard include tantalum, phosphate, and fluorspar.
Saville Resources is carrying-out its drill program concurrently with the drill program of the Company on the Ashram Deposit located proximal (see news releases dated July 20th and August 12th, 2022). Core processing is currently underway on site with samples from the Niobium Clam Group Property expected to be shipped shortly to Activation Laboratories in Ancaster, ON, for geochemical analysis.
The program is being managed by Dahrouge Geological Consulting Ltd. with Canadian offices in Edmonton, AB, and Montreal, QC, and drilling carried out by Forage Fusion Drilling of Hawkesbury, ON.
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 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 [email protected]
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
Email: [email protected]
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