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September 8, 2022 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the “Company” or “Commerce”) is pleased to provide an update on its ongoing 2022 drill program at the Company’s wholly owned Ashram Rare Earth and Fluorspar Deposit, located in Nunavik, Quebec.
The Company has recently completed its twelfth (12) and final drill hole of its 2022 program at the Ashram Deposit, with a total of approximately 2,760 m completed (Figure 1). The drill holes were completed – for deposit delineation – at various orientations and locations with pre-determined end-of-hole depths ranging from approximately 50 m to 410 m core length.
The first two (2) drill holes (EC22-194 and 195) were completed as step-outs at the southern end of the deposit to improve the confidence of the geological model in this area and extended the mineralized footprint at Ashram an additional ~100 m to the southeast (see news release dated August 12th, 2022). An additional four (4) drill holes (EC22-204, 205, 206, and 207) were completed at the southern end of the deposit to further constrain the geological model and probe the deposit’s southern contact. The remaining six (6) drill holes (EC22-196, 197, 198, 198A, 199, and 200) were completed as resource infill with the objective of increasing confidence from the inferred/indicated categories to the indicated/measured categories within the anticipated Prefeasibility pit shell 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”).
Processing of the 2022 drill core is ongoing at site with samples collected shipped to Activation Laboratories in Ancaster, ON, for geochemical analysis. Analytical results are pending for all core samples from the 2022 drill program. As the drill holes are fully logged and sample analysis are received, the geological model will be refined.
The 2022 drill hole plan was developed by the Company’s principal Prefeasibility Study consultant (BBA Inc.) with a primary objective to infill a larger pit shell (~+50%) compared to what was considered in the Project’s 2012 Preliminary Economic Assessment. This larger pit shell is anticipated to underpin an initial mineral reserve estimate upon completion of the Prefeasibility Study for the Project.
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. 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: 2022 drill plan and holes completed to date at the Ashram Deposit
Photo 1: Drill site for hole EC22-198 at the Ashram Deposit.
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 700 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.
President and Director
Email: [email protected]
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