VANCOUVER, BC / ACCESS CABLE / Jul 20, 2022 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the “Company” or the “Merchant”) is pleased to announce that it has commenced a summer drilling program at the Ashram Rare Earth and Fluorspar Deposit, located in the northern Quebec, with a first hole collar expected in late July or early August. The program is being managed by Dahrouge Geological Consulting Ltd. of Edmonton, AB, (chief office) with drilling operations conducted by Forage Fusion Drilling Ltd. of Hawkesbury, ON.
A total of 2,200m of NQ-size core drilling in 7-10 holes is anticipated, with a focus on the Ashram deposit. The holes will aim to further delineate the deposit, which remains open to the north and south, as well as increase confidence in resources from inferred/indicated categories to indicated/measured categories in areas where neodymium-praseodymium (“NdPr”) contents are the highest. Depending on the location within the deposit, the distribution of NdPr, i.e. % Nd+Pr oxide of total rare earth oxide (“REO”), generally varies from 21-24+%, with monazite being the dominant carrier of rare earth elements (“REES”).
The Company completed the update of the drill core log and geological model of the deposit (Figure 1), which will guide the drilling program to meet its objectives. Specifically, a portion of the drilling program will target the southern end of the deposit, which remains open, and will provide further confidence in the geological modeling of this area. Since the 2012 mineral resource estimate, which supported a Preliminary Economic Assessment, an additional ninety-eight (98) holes, totaling 12,436m, have been completed at the deposit and surrounding area and will be incorporated into an update of mineral resources in support of Prefeasibility. The Ashram Deposit is characterized by a single sizable REE and fluorspar mineralized body, extending at least 600m along strike, 300m wide and 600m deep. The dominant REE mineral is monazite, which results in a relatively high NdPr distribution (typically 21-24%) and has enabled the production of high-grade monazite concentrates (>40% REO) with high recovery.
In addition to the drilling program, the Company continues to make progress on the other project components that remain to be completed as part of the ongoing Pre-Feasibility Study (PFS). In recent weeks, the company has advanced the design of the infrastructure and is nearing the final stages of developing the flowchart for the PFS, which will then move into a final design period with the cost estimate for the PFS.
The Company states that it will conduct its field programs in compliance with all applicable federal, provincial and regional restrictions 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 main mineralized zones of the rare earth and fluorspar Ashram deposit
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About the Deposit Ashram
The Ashram deposit is classified as one of the largest REE (and fluorspar) deposits in the world, and consists of a single monazite-dominated orebody outcrop at surface, and has a footprint of approximately 600m along the course, more than 300 m wide and 600 m deep. being open in several directions. The deposit hosts a measured resource of 1.6 million tonnes (Mt) grading 1.77% rare earth oxide (REO) and 3.8% F, an indicated resource of 27.7 Mt grading 1.90% REO and 2.9% F, and an inferred resource of 219.8 Mt grading 1.88% REO and 2.2% F, at a cut-off grade of 1.25% REO (effective date July 5, 2012) . Please note that mineral resources are not mineral reserves as they do not have demonstrated economic viability. There is no certainty that all or part of the Mineral Resources will become Mineral Reserves.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., Ordre des Géologues du Québec permit holder and ‘Qualified Person’ as defined in National Instrument 43-101 – Standards of Minerales Projects Disclosure, oversaw the preparation of the technical information for this press 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 itself 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 (monacite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a favorable grade large tonnage resource, and has demonstrated the production of high grade mineral concentrates (>45% REO) to high recovery (>70%) in line with active global producers. As well as being one of the world’s largest rare earth deposits, Ashram is also one of the world’s largest fluorspar deposits and has the potential to be a long-term supplier to the metalspar and acid spar markets.
On behalf of the Board of Directors
TRADE RESOURCES CORP.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements, including any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward-looking statements in this press release include that we expect to complete 2,200 meters of core drilling in 7-10 holes in our summer 2022 drilling program; that the first well is expected to be placed in late July or early August 2022; that we anticipate that our drilling program will meet the objectives we have set; that we continue to advance other components of the project at the Ashram deposit as part of the Pre-Feasibility Study; that we expect to complete a pre-feasibility study for the Ashram Project; that Ashram has the potential to become one of the largest fluorspar deposits and a long-term supplier to the metalspar and acid spar markets; and that the Company is positioning itself to be one of the world’s lowest cost rare earth element producers. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these events, activities or developments from coming to fruition include: that we may not be able to fully fund any further exploration at the Ashram Project; that even if we are able to raise capital, the costs of exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the actual timing of the commencement and anticipated completion of work programs may not be completed according to our planned schedule, the content and scope of work programs may not be completed as planned; geological interpretations based on drilling that may change with more detailed information; potential process methods and assumptions of mineral recovery based on limited test work and in comparison to what are considered analogous deposits which, with further test work, may not be comparable; tests of our process may not be successful or samples derived from the Ashram Project may not give positive results, and even if such tests are successful or initial sample results are positive, economic and other results may not be as expected; the availability of manpower and equipment to carry out future exploration work and testing activities; geopolitical risks that may result in economic and market instability; and despite the current expected viability of the Ashram Project, conditions change such that even if metals or minerals are discovered at the Ashram Project, the project may not be commercially viable; The forward-looking statements contained in this press release are made as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
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