Commerce Resources Extends Mineralization Along Strike the Ashram Rare Earths and Fluorspar Deposit, Quebec
VANCOUVER, BC / ACCESSWIRE / 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 drilling program at the rare earth deposit and of fluorspar from Ashram, wholly owned by the Company, located in Nunavik, Quebec.
The Company 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 breakouts at the southern end of the deposit to improve the confidence of the geological model in this area. The Company is pleased to report that both holes were drilled in rare earth mineralized fluorinated dolomite carbonatite, as determined by geological logging, and therefore extended the mineralized footprint at Ashram by an additional approximately 100 m. At the South-East. Based on the geological logging of these two drill holes, the Ashram deposit has a mineralized surface footprint that now extends at least 700m along strike (remains open), 300m across and 600m deep (stays open). This further solidifies the monazite-dominated Ashram deposit as one of the largest rare earth element deposits in the world. Core samples are being collected and will be shipped shortly to Activation Laboratories in Ancaster, Ontario for geochemical analysis.
Apart from an additional drill hole planned at the southern end of the deposit to further improve confidence in the geological model, the remainder of the drill holes (~3-4 holes totaling ~1,100m) will be focused on infill drilling with the The objective is to increase confidence in resources from Inferred/Indicated to Indicated/Measured categories in areas with the highest Neodymium-Praseodymium (“NdPr”) grades. Depending on the location in the deposit, the distribution of NdPr – i.e. % Nd+Pr oxide of total rare earth (“REO”) oxide – typically ranges from 21 to 24 +%, monazite being the dominant support for rare earth elements. (“REE”).
The drilling plan was developed by the company’s lead pre-feasibility study consultant (BBA Inc.) and targets the filling of a larger pit envelope (~+50%) than what had been considered in the 2012 preliminary economic assessment of the project. This larger pit shell should support an initial estimate of mineral reserves at the end of the project’s pre-feasibility study.
The program is managed by Dahrouge Geological Consulting Ltd. of Edmonton, AB, (head office) and drilling operations are performed by Forage Fusion Drilling Ltd. of Hawkesbury, ON. The Company notes that it will conduct its programs in the field 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 in 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 main mineralized zones of the Ashram rare earth and fluorspar deposit. To be updated following the completion of the 2022 drilling program.
About the Ashram Depot
The Ashram deposit is one of the largest REE (and fluorspar) deposits in the world, consisting of a single monazite-dominated ore body outcropping at surface, and has a footprint of approximately 700m along direction, more than 300 m in diameter and 600 m in depth, 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% OTR 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 5 Julye, 2012). Note that Mineral Resources are not Mineral Reserves because they have not 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., licensed by the Ordre desgélogues du Québec and a “qualified person” as defined in National Instrument 43-101 – Disclosure standards for mining projectssupervised the preparation of the technical information contained in this press release.
About Commerce Resources Corp.
Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram rare earths and fluorspar deposit located in Quebec, Canada. The Company is positioning itself to be one of the lowest cost rare earth producers in the world, with a particular focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide on the global market. The Ashram deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonate) mineralogy, a large tonnage resource at favorable grade, and has demonstrated the production of high-grade mineral concentrates (>45 % OTR) at high recovery (>70%) in line with active global producers. As well as being one of the largest rare earth deposits in the world, Ashram is also one of the largest fluorspar deposits in the world and has the potential to be a long term supplier to the mixed spar markets. and acids.
For more information, please visit the company’s website at www.commerceresources.com or email [email protected].
On behalf of the Board of Directors
TRADE RESOURCES CORP.
President and Director
E-mail: [email protected]
The Web: http://www.commerceresources.com
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, which include 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 a pre-feasibility study for the Ashram Project; that we plan to drill additional holes on the property with specific objectives; that we expect to complete a larger pit shell on the property upon completion of our ongoing pre-feasibility study; that Ashram has the potential to become one of the largest fluorspar deposits and a long-term supplier to the metspar and acid spar markets; and that the Company is positioning itself to be one of the cheapest producers of rare earth elements in the world. 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. The risks that could change or prevent these events, activities or developments from occurring 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 timing and content of any future work programme; drilling-based geological interpretations which may change with more detailed information; potential processing methods and mineral recovery assumptions based on limited test work and by comparison to what are believed to be similar deposits which, with other test work, may not be comparable; testing of our process may not prove to be successful or samples derived from the Ashram Project may not yield positive results, and even if such tests are passed or initial sample results are positive, economic and other results may not be as expected; the availability of labor and equipment to undertake future exploration work and testing activities; geopolitical risks that may cause market and economic instability; and notwithstanding the current anticipated viability of the Ashram Project, conditions changing 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.
THE SOURCE: Commerce Resources Corp.