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July 22, 2022 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the “Company” or “Commerce”) is pleased to announce that it has delivered an initial shipment of 2 kg of Ashram Deposit whole rock crushed material to an emerging rare earth element (“REE”) processor per their request. This follows on the heels of the recently delivered sample of mixed rare earth carbonate (“mixed REC”) concentrate to satisfy the request of a major global producer (see news release dated July 15, 2022).
The 2 kg sample of Ashram Deposit whole rock crushed material will be used by the REE processor to assess processing at their internal laboratories and is expected to be followed in the near-term by an additional 200 kg shipment of crushed whole rock. The processor has also expressed interest in receiving a sample of mixed REC concentrate produced from the Ashram Deposit, whereby the Company has demonstrated strong NdPr distributions – % of Nd+Pr oxide of the total rare earth oxide (“REO”) – of 21.6 to 24.2%.
The Company continues to receive a marked increase in industry interest regarding providing samples for third party evaluation following the announcement that it had produced on-spec mixed REC from Ashram Deposit material (see news release dated March 23, 2022). This interest includes samples of unprocessed whole rock, high-grade monazite concentrate (>40% REO), and high NdPr mixed REC concentrate produced from the Ashram Rare Earth and Fluorspar Deposit. The Company is working diligently to provide samples to satisfy all third-party requests and is well advanced in its Ashram Project component studies which will culminate in a Prefeasibility Study on the Ashram Project targeted for the first half of 2023.
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.
President and Director
Email: [email protected]
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