Commerce Resources Corp. Announces Termination of Earn In Agreement for Niobium Claim Group with Saville Resources Inc.

Press Release

January 11, 2024 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0) (the “Company” or “Commerce”) wishes to announce that it has entered into a termination and forgiveness of debt agreement with Saville Resources Inc. (“Saville”), whereby the parties have mutually agreed to terminate the earn in agreement between Commerce and Saville on the Niobium Claim Group Property entered into in January 2018, and extended on January 11, 2023 (the “Saville Option Agreement”).

The Niobium Claim Group Property (the “Property”) consists of 26 contiguous mineral claims, encompassing an area of approximately 1,223 hectares, and is considered prospective for niobium, tantalum, phosphate, and fluorspar. The Property includes the Miranna Target, where 5.9% Nb2O5 and 1,220 ppm Ta2O5 has been returned in boulder sampling and 0.72% Nb2O5 over 20.4 m, including 1.20% Nb2O5 over 3.1 m (EC21-180), has been returned in initial drill testing. Additionally, the Property hosts the more advanced Mallard Prospect where drilling has returned wide intercepts of mineralization, including 1.00% Nb2O5 over 17.1 m, within a larger interval of 0.82% Nb2O5 over 42.3 m (EC21-175) (see Saville news release dated September 1, 2022).

The 2022 drill program by Saville targeted the niobium zone previously reported in drill hole EC21 -175 further at depth (EC22-201, 202, and 203) and along strike (EC22-203). The 2022 drill holes, each drilled to 200 m depth, returned well-mineralized niobium intervals, and continue to demonstrate the potential for a sizeable niobium mineralized zone to extend from depth to surface, as well as laterally, at the Mallard Prospect (see Saville news dated January 23, 2023).

Pursuant to the agreement, the Company had granted Saville the right to earn a 75% interest in the (“Property”). This right has now been terminated. The Company also announces that it has forgiven a debt owed by Saville to the Company which totaled $369,290.16, accrued as the result of various loans and other advances made by the Company to Saville.

Company President Chris Grove states “We are grateful for the work that Saville conducted on our Niobium Claim Group over the term of this agreement, advancing our understanding of the potential for a niobium primary deposit located proximal to our Ashram REE/ Fluorspar Deposit. Commerce Resources looks forward to initiating a work program this year to follow up on these excellent results obtained through the work by Saville.”

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, President and Director
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: http://www.commerceresources.com

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