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Commerce Resources Commences Summer Diamond Drill Program Targeting Niobium Prospects at the Eldor Property, Nunavik, Quebec

Friday, 05 July 2024 03:05 AM

Commerce Resources Corp.

VANCOUVER, BC / ACCESSWIRE / July 5, 2024 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to announce that a summer drill program has commenced, targeting further delineation of niobium and tantalum mineralization at the Mallard and Miranna Prospects on their Eldor Property, Quebec. Additionally, multiple geophysical anomalies commonly associated with this type of mineralization will be drill tested. The program is being managed by Dahrouge Geological Consulting Ltd. of Edmonton, AB with drilling operations being carried out by Avataa-Rouillier Drilling of Nunavik, Quebec.

A total of twenty (20) to thirty (30) NQ-size drill holes, for a minimum of 7,500 m, are planned for the program as announced in the news release dated May 29th, 2024. One of the main objectives for the 2024 drilling campaign will focus on completing several follow-up drill holes at the Mallard Prospect. The first drill hole of the 2021 drill program at Mallard - EC21-175 - returned the best niobium intercept to-date from the Property at 1.00% Nb2O5 over 17.1 m (and 136 ppm Ta2O5), within a larger interval of 0.82% Nb2O5 over 42.3 m (and 153 ppm Ta2O5; see news release dated November 1st, 2021).

The Company also intends to follow-up on the initial drill testing completed at the Miranna Prospect in 2021, where four (4) drill holes were designed to test the potential for niobium mineralization of the northwest-trending geophysical anomaly that defines Miranna. The Miranna Prospect is characterized by a strongly mineralized (niobium-tantalum-phosphate), glacially dispersed boulder train with an apex that correlates with a distinct magnetic high anomaly. (Figure 1‑1). Drillhole EC21-180 successfully achieved the Company's objective of identifying an area prospective for follow-up, confirming the presence of high-grade mineralization downhole, including 1.20% Nb2O5 over 3.1 m, within a larger interval of 0.72% Nb2O5 over 20.4 m (see news release dated December 8th, 2021).

The third objective is to follow up on several magnetic high anomalies that are characteristic of the niobium and tantalum mineralized carbonatites at the Eldor property (Figure 1‑1). Priority is given to those that are located between the Mallard and Miranna Prospects, and those that have a distinct mineralized and glacially dispersed boulder train.

Figure 1‑1: Priority target areas - 2024 drill program

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 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.

For more information, please visit the corporate website at or email [email protected].

On Behalf of the Board of Directors
"Chris Grove"
Chris Grove
CEO and President
Tel: 604.484.2700
Email: [email protected]

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 statements relating to the Company's plans for its intended diamond drill program at the Eldor property including, but not limited to, the intended plans for follow-up drill holes at the Mallard Prospect and Miranna Prospects; that Ashram has the potential to become one of the largest fluorspar sources in the world and a long-term supplier to the met-spar and acid-spar markets; that the Company is positioning to be one of the lowest cost rare earth element producers globally, with a focus on being a long-term global supplier of mixed rare earth carbonate and/or NdPr oxide; and that the Company may explore the potential of other high-value commodities on the Eldor property. 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 the Company may not be able to fully finance any additional exploration on the Ashram Project; that even if the Company is able raise capital, costs for exploration activities may increase such that the Company may not have sufficient funds to pay for such exploration or processing activities; the timing and content of the proposed drill program and any future work programs may not be completed as proposed or at all; 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 anticipated market demand for rare earth elements and other minerals 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.

SOURCE: Commerce Resources Corp.

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