VANCOUVER, BC/ACCESSWIRE/January 17, 2022/Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the “Company” or “Trade”) is pleased to report assay results received from three (3) completed holes at the rare earth deposit and Ashram’s fluorspar (“Ashram Depot”) under the 2021 drilling program. The field program, completed in July-August 2021 in support of the Ashram Project Prefeasibility Study, comprised twelve (12 ) drill holes totaling 2,814 m focused on resource filling within the planned open pit shell. The results of the first four (4) holes were announced on December 22n/a, 2021 (shown in Table 1 and Figure 1) with results from three (3) additional drill holes reported here. Highlights include:
- 1.78% Rare Earth Oxide (“REO”) over 900ft (EC21-193) including,
- 1.83% OTR over 300.1m (EC21-184), of which,
- 2.05% OTR over 37.7m, and
- 2.08% OTR over 29.0m
- 1.59% OTR over 225.0m (EC21-186) including,
The primary objective of the 2021 drilling program at Ashram was to improve confidence in the Mineral Resources (Inferred -> Indicated -> Measured) in support of an updated Mineral Resource estimate to be achieved within the framework of the ongoing pre-feasibility study, which will also determine the initial mineral reserve estimate for the Ashram project. Based on drilling completed to date, the Company expects that a large portion of Ashram’s current inferred and indicated resources will be converted to indicated and measured resources.
The three (3) drill holes (EC21-184, 186 and 193) have driven in and out mineralization from depths of 1.9 to 3.7m (core length), consistent with previous drilling, remaining mineralized over their entire length.
The distribution of NdPr oxide (i.e. % Nd+Pr oxide of total REO) continues to remain very strong relative to active global producers, and typically ranges from 19-24+%, including including a 22.2% NdPr oxide distribution within the 274.3 m interval of EC21-193 of 1.78% REO. The relatively high distribution of NdPr oxides at Ashram is a result of the monazite-dominated rare earth mineralogy and unique chemistry and equates to a relatively high value end product that Ashram could supply to the market in the long term. The cross-sectional grade and corresponding NdPr oxide distributions are shown in Table 1, with highlights and drillhole locations shown in Figure 1.
Table 1: 2021 Drilling Results for Infill Drilling at the Ashram Deposit
Drill hole EC21-186 was completed as a vertical fill hole in the central west zone of the deposit. The drilling took place in an Nd-Pr rich zone, with an NdPr oxide distribution of 26% over 52.5m at 1.16% OTR, remaining mineralized throughout its length and terminating in a zone at highest grade of 2.07% OTR over 35.0m at 20% NdPr oxide distribution.
Drill holes EC21-184 and 193 were part of a group of four (4) holes (EC21-183, 184, 187 and 193) which targeted the region below the shallow bay (
As the Ashram deposit is known to continue over 600m in depth and remains open, the 2021 drill holes ended at pre-determined depths below the planned pit envelope, and therefore most of the holes completed in part of the infill drilling at Ashram ended with mineralization. Core sample assays for seven (7) of the twelve (12) drill holes from the 2021 drill program have now been reported with assays pending on the remaining five (5) drill holes.
The Company notes that it has conducted its field programs adhering to all federal, provincial and regional restrictions in place due to the COVID-19 pandemic. The Company has successfully navigated the process to obtain clearance to enter Nunavik, and no cases of COVID-19 have been documented regarding its 2021 mineral exploration programs. Mineral exploration has been recognized as an essential service in Canada and in the province of Quebec.
Quality Assurance / Quality Control (QAQC)
A quality assurance/quality control protocol in accordance with industry best practices was integrated into the program and included the systematic insertion of quartz blanks and certified reference materials in the sample batches, as well as the collection of duplicate quarter carrot, at a rate of about 5%. The drill holes were sampled from top to bottom and shipped to Activation Laboratories in Ancaster, Ontario for analysis.
Laboratory analysis included major oxides and multi-elements, including rare earth elements, by ICP-OES/MS following fusion with lithium borate (8-REE package) and fluorine by Fusion Specific Ion Electrode-ISE (Code 4F-F). Standard drill core preparation was performed and included an 80% crush passing 10 mesh, followed by a 250g riffle split and 95% pulverization passing 105µ (set RX1).
Figure 1: 2021 Drilling Assay Highlights – Ashram Repository
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 600m along direction, more than 300 m in diameter and 600 m in depth, remaining open in several directions. The deposit contains 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 Julyand, 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 “qualified person” as defined in National Instrument 43-101 – Disclosure standards for mining projects, supervised 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 a simple mineralogy of rare earths (monazite, bastnaesite, xenotime) and gangue (carbonates), a large tonnage resource at favorable grade, and has demonstrated the production of high-grade mineral concentrates (> 45% OTR) with 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.
On behalf of the Board of Directors
TRADE RESOURCES CORP.
President and Director
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 an updated mineral resource estimate and pre-feasibility study for the Ashram project, that we expect certain of Ashram’s inferred and indicated resources to be converted into indicative and measured; that an open shell is planned for the Ashram project; and that the Company is positioning itself to be one of the lowest cost rare earth producers 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. Risks that could alter or prevent such statements from materializing 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 successful and even if such testing is successful, economic and other results may not be as expected; the availability of labor and equipment to undertake future exploration work and testing activities; permits required to construct and operate the proposed open-pit envelope may not be obtained in a timely or cost-effective manner, if at all; 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.