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July 20, 2022 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the “Company” or “Commerce”) is pleased to announce a summer drill program has commenced at the Ashram Rare Earth and Fluorspar Deposit, located in northern Quebec, with a first hole collar expected end of July/early August. The program is being managed by Dahrouge Geological Consulting Ltd. of Edmonton, AB, (head office) with drilling operations being carried out by Forage Fusion Drilling Ltd. of Hawkesbury, ON.
A total of 2,200 m of NQ size core drilling over 7-10 holes is anticipated, focused at the Ashram Deposit. The holes will target further delineation of the deposit, which remains open to the north and south, as well as target an increase in resource confidence from the inferred/indicated categories to the indicated/measured categories in areas where the neodymium-praseodymium (“NdPr”) contents are highest. Depending on the location within the deposit, the NdPr distribution – i.e. % of Nd+Pr oxide of the total rare earth oxide (“REO”) – typically varies from 21-24+% with monazite being the dominant carrier of the rare earth elements (“REEs”).
The Company has completed its drill core relog and geological model update of the deposit (Figure 1), which will guide the drill program to meet its objectives. Specifically, a portion of the drill program will target the south end of the deposit, which remains open, and will provide more confidence in the geological modelling of this area. Since the 2012 mineral resource estimate, which supported a Preliminary Economic Assessment, an additional ninety-eight (98) drill holes, totalling 12,436 m, have been completed at the deposit and surrounding area, and will feed into a mineral resource update in support of Prefeasibility. The Ashram Deposit is characterized by a single REE and fluorspar mineralized body of considerable size, extending at least 600 m along strike, 300 m in width, and 600 m to depth. The dominate REE mineral is monazite resulting in a relatively high NdPr distribution (typically 21-24%) and has enabled the production of high-grade (>40% REO) monazite concentrates to be produced at high recovery.
In addition to the drill program, the Company continues to advance the other project components remaining to be completed as part of the ongoing Prefeasibility Study (PFS). In recent weeks the Company has advanced infrastructure layout and is nearing the final phases of flowsheet development for the PFS, which will then transition to a final design period with PFS cost estimation.
The Company notes that it will carry-out its field programs while adhering to all federal, provincial, and regional restrictions in place due to the COVID-19 pandemic. Mineral exploration has been recognized as an essential service in Canada and the Province of Quebec.
Figure 1: Cross-section (left) and oblique view (right) of the Ashram Rare Earth and Fluorspar Deposit’s principal mineralized zones
About the Ashram Deposit
The Ashram Deposit ranks as one of the largest REE (and fluorspar) deposits globally, consisting of a monazite dominated, single mineralized body outcropping at surface, and has a footprint approximately 600 m along strike, over 300 m across, and 600 m deep, remaining open in several directions. 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 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.
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