In This Article:
VANCOUVER, BC / ACCESSWIRE / July 8, 2024 / Commerce Resources Corp. (TSXv:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") announces that is has filed on SEDAR+ a technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") titled "Mineral Resource Estimate for the Ashram Rare Earth Element and Fluorspar Deposit, Nunavik, Québec, Canada". This filing follows the May 22, 2024 announcement of an updated mineral resource estimate for the Ashram Rare Earth Element and Fluorspar Deposit (the "Ashram Deposit" or "Ashram") with 73.2 Mt at 1.89% TREOǂand 6.6% CaF2 indicated, and 131.1 Mt at 1.91% TREO and 4.0% CaF2 inferred1.
The technical Report has been prepared by BBA Inc., with contributions from PLR Resources, DRA Global Limited and L3 Process Development, all consulting groups independent of the Company, in accordance with NI 43-101. The report is available on SEDAR+ and will shortly be available on the Company's website.
ǂ TREO = sum of all lanthanide oxides + yttrium oxide
1 Ashram mineral resource estimate is reported at a cut-off of CAD 287 Net Metal Return (NMR) per tonne with an effective date of April 4, 2024. Mineral resources are not mineral reserves as they do not have demonstrated economic viability.
NI 43-101 Disclosure
Patrik T. Schmidt, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About the Ashram Deposit
The Ashram Deposit is central to the Eldor Carbonatite Complex and bordered by an earlier staged calcio-carbonatite and various altered (fenitized) wallrock units. In contrast to its host rocks, the Ashram Deposit appears as a magnetic low and gravity high. Currently, the deposit geometry and geology can best be described as a moderate to steeply NE dipping ovoid, with simple rare earth mineralogy (monazite, bastnaesite, xenotime) that has an unusual enrichment in magnet feed elements (i.e. higher Nd+Pr Oxide/TREO). The Ashram Deposit is a single mineralized body outcropping at surface and has a drill delineated footprint of over 700 m along strike, 300 m across, and 600 m deep, and remains open at depth.
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 within their Eldor Property, in northern Quebec, Canada. 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 (more than 30 - 45% TREO) mineral concentrates at high recovery (more than 60 - 75%) in line with active global producers. The Ashram Deposit also has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets. 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. Additionally, Commerce is committed to exploring the potential of other high-value commodities on the Property such as niobium and phosphate minerals, which may help advance Ashram by reducing costs through shared development.