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Commerce Resources Corp. Drill Program Extends Mineralization Along Strike at the Ashram Rare Earth and Fluorspar Deposit, Quebec

Press Release

August 12, 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 fourth drill hole at the Ashram Rare Earth and Fluorspar Deposit, with a total of approximately 1,003 m completed to date (Figure 1). The first two drill holes (EC22-194 and 195) were completed as step-outs at the southern end of the deposit in order to improve the confidence of the geological model in this area. The Company is pleased to report that both holes collared in rare earth mineralized fluorite dolomite carbonatite, as determined by geological core logging, and therefore, has extended the mineralized footprint at Ashram an additional ~100 m to the southeast. Based on the geological core logging of these two drill holes, the Ashram Deposit has a mineralized surface footprint that now extends at least 700 m along strike (remains open), 300 m in width, and 600 m to depth (remains open). This further solidifies the monazite dominant Ashram Deposit as one of the largest rare earth element deposit’s globally. Core samples are currently being collected and will be shipped shortly to Activation Laboratories in Ancaster, ON, for geochemical analysis.

Apart from one additional drill hole planned at the south end of the deposit to further improve confidence in the geological model, the remainder of the drill holes (~3-4 holes totalling ~1,100 m) will be focused on infill drilling with the objective of increasing 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 drill hole plan has been developed by the Company’s primary Prefeasibility Study consultant (BBA Inc.) and is targeting infill of 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 hole EC22-195, the southernmost hole completed to date at the Ashram Deposit

Figure 2: Cross-section (left) and oblique view (right) of the Ashram Rare Earth and Fluorspar Deposit’s principal mineralized zones. To be updated following completion of the 2022 drill program

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.

“Chris Grove”
Chris Grove
President and Director
Tel: 604.484.2700
Email: [email protected]
Web: https://www.commerceresources.com

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