Commerce Resources extends mineralization at Ashram REE project, Quebec

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Commerce Resources Corp. [CCE-TSXV; CMRZF-OTC; D7H-FSE] as provided an update on its continuing 2022 drill program at the 100%-owned Ashram rare earth and fluorspar deposit, located in Nunavik, northern Quebec.

The company recently completed its fourth drill hole at the Ashram Rare Earth and Fluorspar Deposit, with a total of approximately 1,003 metres completed to date. The first two drill holes (EC22-194 and 195) were completed as step-outs at the southern end of the deposit in order to improve the confidence of the geological model in this area.

Both holes collared in rare earth mineralized fluorite dolomite carbonatite, as determined by geological core logging, and therefore, has extended the mineralized footprint at Ashram an additional ~100 metres southeast. Based on the geological core logging of these two drill holes, the Ashram Deposit has a mineralized surface footprint that now extends at least 700 metres along strike (remains open), 300 metres in width, and 600 metres to depth (remains open).

This further solidifies the monazite dominant Ashram Deposit as one of the largest rare earth element deposit’s globally. Core samples are currently being collected and will be shipped shortly to Activation Laboratories in Ancaster, Ontario, for geochemical analysis.

Apart from one additional drill hole planned at the south end of the deposit to further improve confidence in the geological model, the remainder of the drill holes (~3-4 holes totalling ~1,100 m) will be focused on infill drilling with the objective of increasing resource confidence from the inferred/indicated categories to the indicated/measured categories in areas where the neodymium-praseodymium (NdPr) contents are highest. Depending on the location within the deposit, the NdPr distribution typically varies from 21-24+% with monazite being the dominant carrier of the rare earth elements (REEs).

The drill hole plan was developed by the company’s primary Prefeasibility Study consultant (BBA Inc.) and is targeting infill of a larger pit shell (~+50%) compared to what was considered in the project’s 2012 Preliminary Economic Assessment. This larger pit shell is anticipated to underpin an initial mineral reserve estimate upon completion of the Prefeasibility Study for the project.

The Ashram Deposit hosts 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% REO 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 July 5. 2012).

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