VANCOUVER, BC / ACCESSWIRE / April 11, 2024 / Commerce Resources Corp. (TSXv:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to announce the publication of a paper on rare earth element ("REE") mineral processing, which has been supported by sample material from the Ashram Rare Earth and Fluorspar Deposit, wholly owned by the Company, located in Nunavik, Quebec.
The publication is part of an ongoing research and development program being carried-out as a collaboration between the Company, Université du Québec en Abitibi-Témiscamingue (UQAT), and Industrial Waste Technology Centre (CTRI). As part of its contribution to the work, the Company provided approximately 1.5 tonnes of Ashram Deposit material to be used as feed for the various test programs. The research and development test programs, targeted at optimization of flotation, are jointly funded through both Provincial and Federal grant mechanisms (see news release dated August 25, 2020).
Company President Chris Grove states, "we are grateful to have been in a position to contribute to this publication and, in general, the continued research and development of REEs in the province of Quebec. Quebec has a wealth of mineral potential, and in the REE space this includes the Ashram Rare Earth and Fluorspar Deposit held by the Company. The Company remains active in the academic space with grant supported collaborations ongoing with several provincial and federal institutions."
The Company is pleased to provide its continued support to the academic and institutional REE research and development industry through the supply of Ashram Deposit material and geological expertise, supporting the development of highly qualified personnel (HQP) in Canada. The Ashram Deposit outcrops at surface and has allowed for cost-effective collection of large amounts of material for test work. As such, the Company is actively engaged with various research and academic institutions to support the advancement of the REE industry in Canada, and in Quebec specifically.
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.
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 positioned to become 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward-looking statements, which includes 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 news release include that that mixed REC is readily saleable; that partial separation of REEs will allow for the marketability of individual elements to be produced; that Ashram has the potential to become one of the largest fluorspar deposit and a long-term supplier to the met-spar and acid-spar markets; and that the Company is positioning to be one of the lowest cost rare earth element producers globally. 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 finance any additional exploration on the Ashram Project; that even if we are able raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from the Ashram Project may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; geopolitical risks which may result in market and economic instability; and despite the current expected viability of the Ashram Project, conditions changing such that even if metals or minerals are discovered on the Ashram Project, the project may not be commercially viable; The forward-looking statements contained in this news 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.
