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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 company aims to be one of the lowest cost rare earth producers globally, with a specific focus on supplying mixed rare earth carbonate and/or NdPr oxide to the global market. With a large tonnage resource at favorable grade, the Ashram Deposit has shown the production of high-grade mineral concentrates at high recovery rates, aligning with leading global producers. Additionally, the company explores the potential of other commodities like niobium and phosphate minerals on the Property, aiming to reduce costs through shared development.
Commerce Resources Corp. has successfully completed flotation locked-cycle testing on the Ashram Rare Earth and Fluorspar Deposit, achieving high-grade rare earth mineral concentrates of 35.8% to 36.8% REO with 65% to 68% overall recovery. The results significantly outperform the historical 10% REO concentrate grade from the 2012 PEA. The improved grades will be incorporated into a pending PEA update scheduled for Q2-2025. The higher-grade concentrate is expected to reduce downstream processing costs, plant size, and overall project risk. Variability and pilot plant testing are planned for early 2025, along with evaluation of fluorite recovery from tailings.
Commerce Resources has announced a significant niobium discovery at its Eldor Property in Quebec through its 2024 drill program. The Knox Prospect revealed substantial high-grade intercepts, including 69.4 m at 0.61% Nb2O5 within 96.5 m at 0.51% Nb2O5. The Miranna Prospect also delivered impressive results with 65.7 m at 0.53% Nb2O5, including 35.7 m at 0.67% Nb2O5. The discoveries are located within 2 km of the Company's Ashram Rare Earth and Fluorspar Deposit, which holds 73.2 million tonnes at 1.89% TREO (indicated) and 131.1 Mt at 1.91% TREO (inferred). Results from thirteen additional drill holes are pending.
Commerce Resources Corp. (TSXv:CCE, OTCQX:CMRZF) reports significant niobium mineralization from its 2024 drill program at the Eldor Property in Quebec, Canada. Key highlights include:
- 122.5 m at 0.62% Nb2O5 and 6.4% P2O5 at the Mallard Prospect
- 27.5 m at 0.60% Nb2O5 and 8.7% P2O5 at the Spoke Target
The program, consisting of 29 drill holes totaling 8,253 m, aimed to follow up on known niobium mineralization and test new geophysical anomalies. The Eldor Property is located within 2 km of the Company's Ashram Rare Earth and Fluorspar Deposit. Results from the first seven drill holes confirm substantial niobium mineralization, suggesting potential for a stand-alone niobium project near the Ashram Deposit.
Commerce Resources Corp. (TSXv:CCE)(FSE:D7H0) has successfully closed a non-brokered private placement, raising gross proceeds of $2,016,000 through the issuance of 16,000,000 units at $0.126 per unit. Each unit comprises one common share and one warrant, allowing the purchase of an additional share at $0.25 for two years.
The company paid $70,235 in cash finder's fees and issued 1,393,551 finder's warrants to Churchill SIG Pty for introducing non-Canadian investors. The net proceeds will fund the updated PEA for the Ashram REE/Fluorspar Deposit and general working capital. The securities are subject to a four-month hold period, and the offering involved related party transactions exempt from certain regulatory requirements.
Commerce Resources Corp. (TSXV:CCE, OTCQX:CMRZF) has appointed Ross Carroll as its new President and CEO, effective August 1, 2024. Carroll, with decades of experience in the resources sector, will also join the company's board. His appointment aims to drive the development of the Ashram Rare Earth and Fluorspar Project in Quebec, Canada, and explore the adjacent Eldor Niobium Project.
Carroll's extensive background includes leadership roles at BHP, Woodside Energy, Macmahon Holdings, and MMG . He holds a commerce degree from the University of Melbourne and is a Certified Public Accountant. The current President and CEO, Chris Grove, will transition to the role of Director of Corporate Development.
Commerce Resources Corp. (TSXV:CCE, FSE:D7H0, OTCQX:CMRZF) has extended the deadline for its previously announced non-brokered private placement offering. The company aims to raise up to $2,016,000 by issuing 16,000,000 units at $0.126 per unit. Each unit includes one common share and one warrant, with the warrant allowing the purchase of an additional share at $0.25 for two years. The new deadline is August 26, 2024.
Churchill SIG Pty will act as the exclusive lead manager for a portion of the offering, receiving a 5% cash fee and 12.5% in finder's warrants for subscribers they introduce. The net proceeds will fund the completion of an updated PEA for the Ashram REE/Fluorspar Deposit and general working capital.
Commerce Resources has filed a technical report on SEDAR+ for the Ashram Rare Earth Element & Fluorspar Deposit in Quebec, Canada. The report, prepared in line with NI 43-101 standards, follows a May 22, 2024 announcement of an updated mineral resource estimate for Ashram featuring 73.2 Mt at 1.89% TREO and 6.6% CaF2 indicated, and 131.1 Mt at 1.91% TREO and 4.0% CaF2 inferred. Prepared by BBA Inc. with contributions from PLR Resources, DRA Global , and L3 Process Development, the report is now available on SEDAR+ and will soon be on the company’s website.
Commerce Resources has launched its summer diamond drilling program at the Eldor property in Nunavik, Quebec, targeting niobium deposits. The program aims to explore several high-priority targets identified from previous geological surveys and geophysical data. The drilling is expected to enhance the understanding of the mineralization and potentially expand the resource base. This initiative aligns with the company's strategic focus on advancing its niobium project, a critical mineral used in the aerospace, automotive, and energy sectors.
Commerce Resources Corp. has successfully closed a non-brokered private placement, raising $5,040,000 through the sale of 28,000,000 flow-through units at $0.18 each. Each unit includes one common share and one transferable warrant, which can be used to purchase an additional share at $0.25 within 24 months. The proceeds will fund exploration expenses for the Company's niobium targets in Nunavik, Quebec. Peartree Securities Inc. structured the offering, and Churchill SIG Pty facilitated investor introductions, receiving $162,890 and 3,231,945 finder's warrants. These warrants allow Churchill to buy additional shares at $0.20 over two years. All securities involved are subject to a four-month hold period.
Commerce Resources Corp. (OTCQX:CMRZF) announced the completion of the sale of its Blue River property in British Columbia. The assets sold include mineral claims and real property.
In return, Commerce Resources received 20,000,000 shares of the purchasing private company, valued at $0.05 per share. The company intends to distribute these shares to its shareholders pro rata.
Details about the transaction are available on SEDAR+.
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