Commerce Resources Corp. and Saville Resources Inc. Completes Three Drill Holes at the Niobium Claim Group Property, Quebec

Rhea-AI Summary

Commerce Resources Corp. (OTCQX:CMRZF) has announced the completion of three diamond drill holes at the Niobium Claim Group Property, as part of Saville Resources Inc.'s ongoing drilling program. The drill program, totaling approximately 603 m, aims to follow up on previous high-grade niobium mineralization. Notably, past drilling returned significant grades, including 1.00% Nb₂O₅ over 17.1 m. The mineralogy indicates pyrochlore as a dominant mineral, with secondary interest in tantalum and fluorspar. Core processing is underway, and samples will be sent for analysis.

Positive

• High-grade niobium mineralization from previous drillings supports potential for favorable results.
• The drill program is progressing as planned, indicating operational efficiency.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / September 1, 2022 / Commerce Resources Corp. (TSXV:CCE), (FSE:D7H0), (OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to provide an update on Saville Resources Inc.'s (TSXV:SRE, FSE:S0J) ("Saville Resources") diamond drill program currently underway at the Niobium Claim Group Property (the "Property"), a subset of the Company's Eldor claims, which are located approximately 130 km south of Kuujjuaq, Quebec. The Property covers several prospective niobium-tantalum prospects, with Saville Resources completing an Earn-in Agreement on these claims (see news release dated January 11^th, 2018).

Saville Resources has recently completed its third and final drill hole of its 2022 program, totalling approximately 603 m (core not fully processed). All three (3) drill holes were completed at the Mallard Prospect as follow-up to the high-grade niobium mineralization returned from drilling in 2021 (0.82% Nb₂O₅ over 42.3 m, including 1.00% Nb₂O₅ over 17.1 m, in drill hole EC21-175) and in 2019 (0.80% Nb₂O₅ over 31.5 m, including 1.36% Nb₂O₅ over 4.5 m, in drill hole EC19-174A) - see news releases dated November 1^st, 2021, and June 11^th, 2019, respectively. The 2022 drill holes were completed as step-backs to EC21 175 and EC19-174A to test the mineralized horizons at depth.

Mallard is the most advanced prospect on the Property and is characterized by a series of sub-parallel, elongate, moderate to steeply dipping, northwest trending mineralized horizons that extend from surface and remain open in all directions. Pyrochlore and columbite are the dominant niobium minerals present at Mallard, with mineralogy completed to date indicating grain sizes ranging from 0.03 mm to 3 mm and commonly between 0.05 mm and 0.4 mm. Secondary commodities of interest at Mallard include tantalum, phosphate, and fluorspar.

Saville Resources is carrying-out its drill program concurrently with the drill program of the Company on the Ashram Deposit located proximal (see news releases dated July 20^th and August 12^th, 2022). Core processing is currently underway on site with samples from the Niobium Clam Group Property expected to be shipped shortly to Activation Laboratories in Ancaster, ON, for geochemical analysis.

The program is being managed by Dahrouge Geological Consulting Ltd. with Canadian offices in Edmonton, AB, and Montreal, QC, and drilling carried out by Forage Fusion Drilling of Hawkesbury, ON.

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.

For more information, please visit the corporate website at https://commerceresources.com/ or email info@commerceresources.com.

On Behalf of the Board of Directors

COMMERCE RESOURCES CORP.

"Chris Grove"

Chris Grove
President and Director
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: https://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 that we expect to complete a prefeasibility study for the Ashram Project; that mixed REC is readily saleable; that partial separation will allow for a marketable neodymium and praseodymium oxide to be produced; that we may move downstream early in the mine-life through partial separation; that Ashram has the potential to become one of the largest fluorspar deposit and 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 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; 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.

SOURCE: Commerce Resources Corp.

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FAQ

What are the latest results from Commerce Resources Corp.'s drilling at the Niobium Claim Group Property?

Commerce Resources Corp. reported the completion of three drill holes, totaling approximately 603 m, targeting high-grade niobium mineralization.

What is the significance of the Niobium Claim Group Property for Commerce Resources Corp.?

The Niobium Claim Group Property encompasses several niobium-tantalum prospects, which may enhance the company's mineral resource base.

When will the results from the Niobium Claim Group Property be available?

Samples from the Niobium Claim Group Property are expected to be sent for geochemical analysis shortly.

What minerals are of interest at the Mallard Prospect in the Niobium Claim Group Property?

At the Mallard Prospect, pyrochlore and columbite are the dominant niobium minerals, with tantalum, phosphate, and fluorspar also of interest.

Who is managing the drilling program at the Niobium Claim Group Property?

The drilling program is managed by Dahrouge Geological Consulting Ltd.