Highlights:
Commerce Resources confirms significant niobium mineralization with 122.5m at 0.62% Nb2O5 from near surface at the Mallard Prospect, Eldor Property, located within 2 km of the Company's globally significant Ashram Rare-Earth and Fluorspar Deposit, Quebec, Canada.
Core assay results from the first seven (7) drill holes of the 2024 program, which targeted the Mallard Prospect and Spoke Target, are reported herein:
Mallard Prospect:
122.5 m at0.62% Nb2O5and 6.4% P2O5 (EC24-208), including,
12.0 m at 0.82% Nb2O5and 7.5% P2O5
7.5 m at 1.01% Nb2O5and 12.3% P2O5
15.5 m at 0.62%Nb2O5, 360 ppm Ta2O5, and 6.6% P2O5 (EC24-211), including,
8.1 m at 0.79% Nb2O5, 439 ppm Ta2O5, and 7.7% P2O5
42.9 m at 0.60% Nb2O5and 7.1% P2O5 (EC24-211), including,
2.9 m at 1.13% Nb2O5and 12.7% P2O5
24.0 m at 0.69% Nb2O5and6.2% P2O5 (EC24-210)
Spoke Target:
27.5 m at 0.60% Nb2O5and 8.7% P2O5 (EC24-212)
17.9 m at 0.66% Nb2O5and 5.2% P2O5 (EC24-213)
21.3 m at 0.60% Nb2O5and 5.8% P2O5 (EC24-213)
The 2024 drill program of twenty-nine (29) NQ-size drill holes totalling 8,253 m has now concluded, with remaining drill core assays anticipated within Q4 of 2024.
VANCOUVER, BC / ACCESSWIRE / October 10, 2024 / Commerce Resources Corp. (TSXv:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to confirm a significant niobium intercept of 122.5 m at 0.62% Nb2O5 from near surface at the Eldor Property, located within 2 km of the globally significant Ashram Deposit in Quebec, Canada. The 2024 summer-fall drill program at the Eldor Property has concluded, with a total of twenty-nine (29) NQ-size diamond drill holes, for approximately 8,253 m completed between early-July to mid-September 2024. The program had two main objectives; 1) follow-up on the known niobium (±tantalum & phosphate) mineralized carbonatites at the Mallard and Miranna Prospects, and 2) initial drill testing of several geophysical anomalies characteristic of niobium-mineralized occurrences at the Property (Figure 1). Assay results from the first seven drill holes, which targeted the Mallard Prospect and Spoke, returned strong niobium mineralization. This adds to Commerce's portfolio of critical element occurrences at the Eldor Property, including the globally significant rare-earth Ashram Deposit, which has 73.2 million tonnes (Mt) at 1.89% TREO (total rare-earth oxide) (indicated), and 131.1 Mt at 1.91% TREO (inferred) (see MRE news release dated May 22, 2024).
Ross Carroll, President and CEO of Commerce, comments: "The Company remains focused on the development of the Ashram Deposit and its pending Preliminary Economic Assessment. However, the potential for the Property to hold a significant mineral resource of niobium is something that has been recognized by the Company for many years. Thanks to our experienced exploration team, we continue to deliver highly successful niobium drilling results at the Property, with impressive grades and widths of mineralization providing confidence that a stand-alone niobium project is possible. Additional drilling in support of a maiden mineral resource estimate and subsequent studies for the niobium at Eldor are the logical next steps to unlock the value of this potential, which is situated proximal to Ashram."
Patrik Schmidt, Vice President of Exploration of Commerce, comments: "The 2024 drill program was highly successful in accomplishing both of our primary objectives. All drill holes testing the geophysical anomalies intersected carbonatite, confirming that Nb-mineralization exists beyond the known targets. Additionally, we are also very pleased with the first batch of results that followed up on known targets. The assays continue to deliver very strong results with substantial intersections of 0.5 to 0.7% Nb2O5 at Mallard and Spoke".
The niobium (±tantalum & phosphate) targets at the Eldor Property are situated proximal (typically < 2 km) to the Company's Ashram Rare Earth and Fluorspar Deposit. Therefore, the discovery of a substantial niobium deposit in this area would present a significant opportunity for joint infrastructure development and use.
One of the main objectives for the 2024 drill program was to focus on completing several follow-up drill holes at the Mallard Prospect to further delineate along-strike mineralization potential of carbonatite in this target area. 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 first drill hole of the 2024 campaign (EC24-208) was therefore aimed at testing the extent of down-dip mineralization adjacent to hole EC21-175, and the nearby EC19-174A, which returned similar niobium-mineralized carbonatite intercepts during the 2019 drill program (0.80% Nb2O5 over 31.5 m, including 1.36% Nb2O5 over 4.5 m; see news release dated June 11th, 2019). Drill hole EC24-208 successfully demonstrated the down-dip continuity of niobium-enrichment within carbonatite intersected at Mallard, with notable high-grade intercepts of 0.82% Nb2O5 over 12.0 m and 1.01% Nb2O5 over 7.5 m, all within a broad interval of 122.5 m of 0.62% Nb2O5 (Table 1; Figure 1). Subsequent drill holes at Mallard (EC24-209 to EC24-211) were designed as step-outs both to the northwest and southwest of previously drill-tested areas of the Mallard Prospect (Figure 1).
The Company also followed-up on the initial drill testing that targeted an anomalous magnetic high known as "Spoke" during the Company's inaugural drilling campaign at the Property in 2008. Two (2) holes drilled at the Spoke Target (EC24-212 and EC24-213) returned promising results with niobium-mineralized intercepts, including an interval of 27.5 m at 0.60% Nb2O5 starting from 133 m depth in EC24-212 and two intervals in EC24-213 of 17.9 m at 0.66% Nb2O5 starting from 247.7 m in addition to a wider interval of 21.3 m at 0.60% Nb2O5 starting at 278.5 m depth. Although further drill-testing is required at Spoke, these deeper mineralized intercepts could indicate a continuation of the Mallard niobium-enrichment trend in carbonatites, extending the mineralization trend to the northwest beyond Mallard.
The geological team has completed all core processing for the 2024 drill program, and all core samples for the program have now been received by Activation Laboratories Ltd. located in Ancaster, ON, for preparation and analyses. Core assay results for twenty-one (21) drill holes from the 2024 drill program are still pending (Table 2).
Quality Assurance / Quality Control (QAQC)
A Quality Assurance & Quality Control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches at a rate of approximately 5%. All core samples collected were shipped to Activation Laboratories Ltd. in Ancaster, ON, Canada, for sample preparation (code RX1) which includes crushing up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm. The samples were homogenized and subsequently analyzed for multi-element using fusion with lithium metaborate /tetraborate in platinum crucibles and analysis by fusion XRF (codes 8-Nb-Ta, Majors + REE). Fluorine (F) assay was requested based on visual presence of fluorspar by lithium metaborate/tetraborate fusion and acid dissolution with analysis by Ion Selective Electrode (ISE) with a detection limit of 0.01%
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 www.commerceresources.com or email info@commerceresources.com.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
"Ross Carroll"
Ross Carroll
CEO and President
Tel: 604.484.2700
Email: rcarroll@commerceresources.com
Web: http://www.commerceresources.com
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 regarding Eldor's potential to hold significant mineral resources of niobium; statements regarding the confidence that Eldor possesses a stand-alone niobium project with a reasonable potential for development; 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 Eldor Property, 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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