Commerce Resources Corp. Completes Summer Drill Program at the Ashram Rare Earth and Fluorspar Deposit
Commerce Resources Corp. (OTCQX:CMRZF) has completed its 2021 diamond drill program at the Ashram Rare Earth and Fluorspar Deposit in Quebec. The program consisted of 2,814 meters of drilling across 12 holes, exceeding the initial plan while remaining within budget. The drill focused on areas with high neodymium-praseodymium content, crucial for the ongoing Prefeasibility Study. The deposit is significant, with a measured resource of 1.6 million tonnes at 1.77% rare earth oxide. The company plans further hydrology studies and Qualified Person site visits this fall while adhering to COVID-19 protocols.
- Completed 2021 drill program with 2,814 m drilled, exceeding initial plans.
- Focused on high neodymium-praseodymium content areas for Prefeasibility Study.
- Ashram Deposit has a significant measured resource of 1.6 Mt at 1.77% rare earth oxide.
- None.
VANCOUVER, BC / ACCESSWIRE / August 25, 2021 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to announce that it has completed its 2021 diamond drill program at the Ashram Rare Earth and Fluorspar Deposit, located in northern Quebec.
A total of 2,814 m of NQ size coring was completed over 12 drill holes at the Ashram Deposit, targeting further delineation of the mineralized body. The Company is happy to report that the drilling advanced faster than anticipated, allowing for additional meterage to be completed beyond that planned while remaining within budget. In addition, the Company benefited from sharing support costs such as drill rig mobilization and camp operation from the overlapping drill program of Saville Resources Inc. on the proximal Niobium Claim Group, where it holds an Option from the Company. Both programs were managed by Dahrouge Geological Consulting Ltd. of Edmonton, AB, with drilling operations being carried out by Logan Drilling Ltd. of Stewiacke, NS.
The Company's drill program largely focused on the central areas of the deposit, within the preliminary pit shell being considered for the ongoing Prefeasibility Study (PFS), and where the neodymium-praseodymium (NdPr) contents are highest. Depending on the location within the deposit, the NdPr distribution typical varies from 21-24+% with monazite being the dominant carrier of the rare earth elements (REEs). Drill hole depths ranged from 152 m to 302 m core length. Due to the depth of the pit shell being considered for an initial 25-year mine-life as part of the PFS, the drill holes were terminated at pre-determined depths and commonly ended in A-Zone, which is the most well-mineralized rock type in the deposit.
The drill core is currently being processed on site and is anticipated to be shipped to Activation Laboratories in Ancaster, ON, shortly for analysis with results to be released as received. In addition to the drill program, this fall the Company plans to carry-out hydrology studies on site in support of the PFS, as well as complete several Qualified Person site visits.
The Ashram Deposit ranks as one of the largest REE (and fluorspar) deposits globally, consisting of a single mineralized body outcropping at surface, and has a mineralized footprint approximately 600 m along strike, over 350 m across, and 600 m deep, remaining open in several directions. The deposit hosts a measured resource of 1.6 million tonnes (Mt) at
The Company notes that it continues carry-out its field programs while adhering to all federal, provincial, and regional restrictions in place due to the COVID-19 pandemic. The Company has successfully navigated the process to enter Nunavik and obtained authorization to complete its planned field activities. Mineral exploration has been recognized as an essential service in Canada and the Province of Quebec.
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 by National Instrument 43-101, 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 (>
For more information, please visit the corporate website at www.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: http://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 information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this press release include our plans to carry-out hydrology studies on site in support of the PFS, as well as complete several Qualified Person site visits; and that we could become a long term supplier of mixed rare earth carbonate and/or NdPr oxide. 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 statements from coming to fruition include that the methods proposed don't work as well as expected, the studies may not go as planned or start when expected, we may experience difficulties in drilling and carrying out environmental work; changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumption 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 and even it tests are successful, the economic and other outcomes may not be as expected; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, conditions changing such that the minerals on our property cannot be economically mined, or that the required permits to build and operate the envisaged mine can be obtained. The forward-looking information contained herein is given 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.
View source version on accesswire.com:
https://www.accesswire.com/661192/Commerce-Resources-Corp-Completes-Summer-Drill-Program-at-the-Ashram-Rare-Earth-and-Fluorspar-Deposit
FAQ
What is the significance of the Ashram Deposit drill program for CMRZF?
How many meters were drilled in the 2021 program by Commerce Resources?
What are the key resources identified at the Ashram Deposit?
What are the next steps for Commerce Resources Corp. following the drill program?
What is the status of Commerce Resources Corp. in terms of COVID-19 protocols?
