VANCOUVER, BC / ACCESSWIRE / January 11, 2024 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0) (the “Company” or “Commerce“) wishes to announce that it has entered into a termination and forgiveness of debt agreement with Saville Resources Inc. (“Saville“), whereby the parties have mutually agreed to terminate the earn in agreement between Commerce and Saville on the Niobium Claim Group Property entered into in January 2018, and extended on January 11, 2023 (the “Saville Option Agreement“).
The Niobium Claim Group Property (the “Property”) consists of 26 contiguous mineral claims, encompassing an area of approximately 1,223 hectares, and is considered prospective for niobium, tantalum, phosphate, and fluorspar. The Property includes the Miranna Target, where 5.9% Nb2O5 and 1,220 ppm Ta2O5 has been returned in boulder sampling and 0.72% Nb2O5 over 20.4 m, including 1.20% Nb2O5 over 3.1 m (EC21-180), has been returned in initial drill testing. Additionally, the Property hosts the more advanced Mallard Prospect where drilling has returned wide intercepts of mineralization, including 1.00% Nb2O5 over 17.1 m, within a larger interval of 0.82% Nb2O5 over 42.3 m (EC21-175) (see Saville news release dated September 1, 2022).
The 2022 drill program by Saville targeted the niobium zone previously reported in drill hole EC21 -175 further at depth (EC22-201, 202, and 203) and along strike (EC22-203). The 2022 drill holes, each drilled to 200 m depth, returned well-mineralized niobium intervals, and continue to demonstrate the potential for a sizeable niobium mineralized zone to extend from depth to surface, as well as laterally, at the Mallard Prospect (see Saville news dated January 23, 2023).
Pursuant to the agreement, the Company had granted Saville the right to earn a 75% interest in the Property“). This right has now been terminated. The Company also announces that it has forgiven a debt owed by Saville to the Company which totaled $369,290.16, accrued as the result of various loans and other advances made by the Company to Saville.
Company President Chris Grove states “We are grateful for the work that Saville conducted on our Niobium Claim Group over the term of this agreement, advancing our understanding of the potential for a niobium primary deposit located proximal to our Ashram REE/ Fluorspar Deposit. Commerce Resources looks forward to initiating a work program this year to follow up on these excellent results obtained through the work by Saville.”
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 in Quebec, Canada. 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. 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 (>45% REO) mineral concentrates at high recovery (>70%) in line with active global producers. In addition to being one of the largest rare earth deposits globally, Ashram is also one of the largest fluorspar deposits globally and has the potential to be a long-term supplier to the met-spar and acid-spar markets.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
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.
Cautionary Statement Regarding Forward-Looking Statements
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements that Commerce intends to initiate a work program this year on the Property; that the Ashram deposit has the potential to become one of the largest fluorspar deposits and a long-term supplier to the mixed rare earth carbonate, NdPr oxide, and met-spar and acid-spar markets; and that the Company is positioning to be one of the lowest cost rare earth element producers globally. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including that: the Company does not commence a work program on the Property this year, the Ashram deposit does not become one of the largest fluorspar deposits, the Company does not become one of the lowest cost rare earth element producers globally; and those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE: Commerce Resources Corp.
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