January 23, 2023 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the “Company” or “Commerce”) is pleased to announce results from Saville Resources Inc.’s (TSXv: SRE, FSE: S0J) (“Saville Resources”) 2022 drill program at its Niobium Claim Group Property (the “Property”), a subset of the Company’s Eldor claims, located in northern Quebec. The 2022 drill program, completed by Saville Resources in August, totaled 600.0 m over three (3) holes and focused on the Mallard Prospect.
The 2022 drill program targeted the niobium zone previously reported in drill hole EC21 175 (1.00% Nb2O5 over 17.1 m) – see news release dated September 1, 2022 – 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 (Figure 1 and Table 1).
Core sample assay highlights from the 2022 drilling at the Mallard Prospect include:
• 16.0 m of 0.78% Nb2O5 and 7.5% P2O5 (EC22-202), including,
o 3.0 m of 1.07% Nb2O5 and 8.9% P2O5
• 4.5 m of 0.94% Nb2O5 and 10.0% P2O5 (EC22-202)
• 8.6 m of 0.81% Nb2O5 and 6.7% P2O5 (EC22-203), including,
o 2.9 m of 1.32% Nb2O5 and 6.7% P2O5
Chris Grove, Company President and Director, comments: “We continue to be encouraged and excited by the continued success at Mallard. The niobium potential of the Eldor Complex is significant, and we look forward to seeing future drill exploration at both the Mallard and Miranna prospects by Saville.”
Table 1: 2022 drill hole results for the Mallard Prospect
The high-grade mineralization encountered in each hole is hosted within dark green phoscorite-dolomite or phoscorite-calcite carbonatite units with minor to abundant magnetite and local dolomitization. This rock type and mineralogy is consistent with the previously drilled holes in 2019 and 2021, which are located west and south of the current holes.
High-grade mineralized intervals are present near surface (0.78% Nb2O5 over 16.0 m, including 1.07% Nb2O5 over 3.0 m) and at depth (0.94% Nb2O5 over 2.5 m) in drill EC22-202. This hole returned seven (7) samples >1.0% Nb2O5, to a peak of 1.30% Nb2O5 over 1.5 m, and ended in mineralization with a final sample assaying 0.57% Nb2O5. Additionally, drill hole EC22-201 ended in mineralization with a final sample assaying 0.54% Nb2O5 as well as ending within a high-grade tantalum interval (380 ppm Ta2O5 over 8.0 m). Strong niobium mineralization was encountered in all three (3) of the 2022 drill holes completed at the Mallard Prospect and, collectively with the previous drilling, indicate a wide mineralized footprint that remains open in all directions.
Quality Assurance / Quality Control (QAQC)
A quality assurance / quality control protocol following industry best practices was incorporated by Saville Resources into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches, as well as collection of quarter-core duplicates, at a rate of approximately 5%. Drill holes were sampled from top to bottom and shipped to Activation Laboratories in Ancaster, ON for analysis.
Lab analysis included niobium, tantalum, and major oxides by X-ray fluorescence (custom package 8-Coltan XRF + major oxides). No fluorine analysis was completed on the 2022 drill core. Standard drill core sample preparation was completed and comprised of crushing to 80% passing 10 mesh, followed by a 250 g riffle split and pulverizing to 95% passing 105 µ (package RX1).
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and ‘Qualified Person’ as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, 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 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.
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 that we expect to see future drill exploration at Saville’s Mallard and Miranna prospects, and that Ashram has the potential to be a long-term supplier to the met-spar and acid-spar markets; and that the Company is positioning to be one of the lowest cost rare earth element producers globally. 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 Saville may not be able to undertake any future drill exploration programs at the Mallard and Miranna prospects; that we may not be able to fully finance any additional exploration on the Ashram Project; that even if we are able raise capital, costs for 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 programs on the Ashram Project; 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 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.