Commerce Resources Receives $2.6M CAD from Canada’s Critical Minerals Infrastructure Fund for the Access Road to the Ashram REE/ Fluorspar Deposit, Quebec
Commerce Resources Corp (CMRZF) has received conditional approval for $2.6M CAD funding from Natural Resources Canada's Critical Minerals Infrastructure Fund (CMIF) for developing an access road to the Ashram REE/Fluorspar Deposit in Nunavik, Quebec.
The funding will support the development of a 175km road between the Ashram project and the Koksoak River, enhancing access to the Nunavik region and supporting multiple projects and Indigenous groups. The infrastructure development is important for advancing the company's baseline studies, pre-feasibility study, and feasibility study.
The company has engaged Nuna Resources, a majority Inuit-owned construction company, to conduct a road study for the project. The Ashram deposit is recognized as the highest quality deposit of its type in Canada and among the best globally.
Commerce Resources Corp (CMRZF) ha ricevuto l'approvazione condizionata per un finanziamento di 2,6 milioni di dollari canadesi dal Critical Minerals Infrastructure Fund (CMIF) del Governo del Canada, per lo sviluppo di una strada di accesso al giacimento di REE/Fluorspar Ashram in Nunavik, Quebec.
Il finanziamento supporterà lo sviluppo di una strada di 175 km tra il progetto Ashram e il fiume Koksoak, migliorando l'accesso alla regione di Nunavik e sostenendo diversi progetti e gruppi indigeni. Lo sviluppo dell'infrastruttura è importante per avanzare gli studi di base dell'azienda, lo studio di pre-fattibilità e lo studio di fattibilità.
L'azienda ha ingaggiato Nuna Resources, una società di costruzioni a maggioranza inuit, per condurre uno studio stradale per il progetto. Il giacimento di Ashram è riconosciuto come il giacimento della sua categoria di massima qualità in Canada e tra i migliori a livello globale.
Commerce Resources Corp (CMRZF) ha recibido la aprobación condicional para un financiamiento de 2.6 millones de CAD del Critical Minerals Infrastructure Fund (CMIF) de Recursos Naturales de Canadá, destinado al desarrollo de un camino de acceso al yacimiento de REE/Fluorspar Ashram en Nunavik, Quebec.
El financiamiento apoyará el desarrollo de un camino de 175 km entre el proyecto Ashram y el río Koksoak, mejorando el acceso a la región de Nunavik y respaldando múltiples proyectos y grupos indígenas. El desarrollo de la infraestructura es importante para avanzar en los estudios preliminares de la empresa, el estudio de pre-factibilidad y el estudio de factibilidad.
La empresa ha contratado a Nuna Resources, una compañía de construcción de mayoría indígena, para llevar a cabo un estudio de carretera para el proyecto. El depósito de Ashram es reconocido como el depósito de más alta calidad de su tipo en Canadá y entre los mejores a nivel mundial.
Commerce Resources Corp (CMRZF)는 캐나다 자연 자원부의 Critical Minerals Infrastructure Fund (CMIF)로부터 260만 캐나다 달러의 조건부 승인을 받았습니다. 이 자금은 퀘벡 누나빅에 있는 Ashram REE/Fluorspar 매장지로 가는 접근 도로 개발을 위한 것입니다.
이 자금은 Ashram 프로젝트와 Koksoak 강 사이에 175km 도로를 개발하는 데 사용되어 누나빅 지역에 대한 접근성을 향상시키고 여러 프로젝트 및 원주민 그룹을 지원할 것입니다. 인프라 개발은 회사의 기초 연구, 사전 타당성 조사 및 타당성 조사 진행에 중요합니다.
회사는 프로젝트를 위한 도로 연구를 수행하기 위해 대다수 이누이트 소속의 건설 회사인 Nuna Resources를 고용했습니다. Ashram 매장지는 캐나다에서 가장 높은 품질의 매장지로 인정받고 있으며, 세계적으로도 가장 우수한 매장지 중 하나입니다.
Commerce Resources Corp (CMRZF) a reçu l'approbation conditionnelle pour un financement de 2,6 M CAD du Critical Minerals Infrastructure Fund (CMIF) de Ressources naturelles Canada pour le développement d'une route d'accès au gisement de REE/Fluorspar Ashram au Nunavik, Québec.
Ce financement soutiendra le développement d'une route de 175 km entre le projet Ashram et la rivière Koksoak, améliorant l'accès à la région du Nunavik et soutenant plusieurs projets et groupes autochtones. Le développement de l'infrastructure est important pour faire avancer les études de base de l'entreprise, l'étude de pré-faisabilité et l'étude de faisabilité.
L'entreprise a engagé Nuna Resources, une entreprise de construction majoritairement détenue par des Inuits, pour réaliser une étude de route pour le projet. Le gisement d'Ashram est reconnu comme le gisement de la meilleure qualité de sa catégorie au Canada et parmi les meilleurs au monde.
Commerce Resources Corp (CMRZF) hat eine bedingte Genehmigung für 2,6 Millionen CAD Finanzierung vom Critical Minerals Infrastructure Fund (CMIF) von Natural Resources Canada erhalten, um einen Zugangweg zum Ashram REE/Fluorspar-Vorkommen in Nunavik, Quebec, zu entwickeln.
Die Finanzierung wird die Entwicklung einer 175 km langen Straße zwischen dem Ashram-Projekt und dem Koksoak-Fluss unterstützen, den Zugang zur Region Nunavik verbessern und mehrere Projekte sowie indigene Gruppen unterstützen. Der Infrastrukturaufbau ist wichtig für die Fortführung der Baseline-Studien, der Machbarkeitsstudie und der Vorstudie des Unternehmens.
Das Unternehmen hat Nuna Resources, ein mehrheitlich inuit-geführtes Bauunternehmen, beauftragt, eine Straßenstudie für das Projekt durchzuführen. Das Ashram-Vorkommen wird als das hochwertigste seiner Art in Kanada und unter den besten weltweit anerkannt.
- Secured $2.6M CAD conditional funding from Natural Resources Canada
- Project recognized as strategic under Canadian Critical Minerals Strategy
- Ashram deposit classified as highest quality of its type in Canada
- Funding is conditional upon due diligence and written agreement execution
- Significant infrastructure development required (175km road) before operations
VANCOUVER, BC / ACCESS Newswire / February 7, 2025 / Commerce Resources Corp. (TSXv:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to announce that it has received conditional approval for funding of up to a total of
Highlights:
Conditional funding approval up to C
$2,606,977 from Natural Resources Canada (NRCan) as part of the Critical Minerals Infrastructure Fund ("CMIF") program, subject to completion of due diligence and the execution of a written agreement.Funding is critical to enable the development of a road between the Ashram project and the Koksoak River (175kms), providing greater access to the Nunavik region and supporting multiple projects and Indigenous groups in the area.
This funding will be vital in advancing the company's, Baseline studies, Pre-feasibility study, and Feasibility study
"This project, under the Canadian Critical Minerals Strategy, will help expand Quebec's sustainable critical minerals production, notably rare earths that are used in electronics, clean energy, aerospace, automotive and defense", said the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources Canada. "Developments like this help mines get built faster, and they are a key element in seizing the generational opportunity before us. The Government of Canada is supporting projects that strengthen Canada's supply chains, enhance our ability to be a reliable supplier of the critical minerals the world is demanding, and foster economic growth while creating good jobs."
CEO and President Ross Carroll states, "On behalf of Commerce Resources Corp, I would like to thank NRCan for their conditional approval and strong support for the proposed road between the Ashram project and the Koksoak river. The funding is critical in enabling the progression of the road which is crucial to the development of Commerce Resources' Ashram REE and Fluorspar deposit, the highest quality deposit of its type in Canada and one of the best globally. In addition to bringing the mine into production, the road will provide significant social and economic benefits to the indigenous communities in Nunavik. We look forward to working with our government and community stakeholders as we progress the Ashram project."
Critical Minerals Infrastructure Fund (CMIF)
The Critical Minerals Infrastructure Fund (CMIF) is Natural Resources Canada's flagship program under the Critical Minerals Strategy, to support clean energy and transportation infrastructure projects necessary to increase Canada's supply of responsibly sourced critical minerals, and the development of domestic and global value chains for the green and digital economy.
This funding is a direct result of enhanced collaboration between the Government of Canada and the Province of Quebec through the new Quebec-Canada Collaboration Table on Energy and Resources. The aim of the Collaboration Table is to help ensure the province realizes its full potential in a low-carbon economy by having the two levels of government work even closer together to identify and accelerate Quebec's top economic priorities for a net-zero future in the energy and resource sectors.
Collaboration is essential. As global demand for critical minerals is expected to double by 2040, Canada is uniquely positioned to benefit from this growing market. Canada has an abundance of critical minerals, and it has the workers, businesses, and communities with the know-how to scale up the mining, processing and manufacturing of products and the recycling of these minerals responsibly. Critical minerals present a huge economic opportunity for workers - with the potential for hundreds of thousands of jobs to be created while stepping up to become the supplier of choice for our allies on the world stage and reduce our reliance on authoritarian governments.
Together, the Governments of Canada and Quebec are committed to creating good jobs and enduring prosperity that will come with the unprecedented economic opportunities of building a net-zero emissions world. The initiatives announced today will help support a variety of opportunities for clean growth while creating a greener, healthier, more resilient Canada.
Engagement with Nuna Resources for Infrastructure Study
Nuna Resources, a majority Inuit-owned construction company, has been engaged in conducting a road study for the Ashram Rare Earth/Fluorspar Deposit in Québec.
Nuna Resources is recognized for its expertise in delivering turnkey projects that align with sustainable development and responsible resource management. Their involvement is a key component in ensuring the Ashram Project is developed with a focus on maximizing local benefits and economic opportunities for Indigenous communities.
The infrastructure study will assess critical transportation, logistics, and site access components necessary to facilitate the efficient development of the project while maintaining environmental and social responsibility.
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 within their Eldor Property, in northern Quebec, Canada. 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 (more than 30 -
The Ashram Deposit also has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets. 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.
Additionally, Commerce is committed to exploring the potential of other high-value commodities on the Property, such as niobium and phosphate minerals, which may help advance Ashram by reducing costs through shared development.
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.
Ross Carroll
CEO and President
Phone: 604.484.2700
Email: rcarroll@commmerceresources.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 statements regarding the quality of the Company's Ashram REE and fluorspar deposit; that development of critical minerals has the potential to create hundreds of thousands of jobs; ; that Ashram's fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets; that the Company is positioning to be one of the lowest cost rare earth element producers globally, with a focus on being a long-term global supplier of mixed rare earth carbonate and/or NdPr oxide; and that the Company may explore the potential of other high-value commodities on the Ashram Property. 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 the Company may not be able to fully finance any additional exploration on the Ashram Project; that even if the Company is able raise capital, costs for exploration activities may increase such that the Company may not have sufficient funds to pay for such exploration or processing activities; the timing and content of the proposed drill program and any future work programs may not be completed as proposed or at all; 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 anticipated market demand for rare earth elements and other minerals 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.
View the original press release on ACCESS Newswire
FAQ
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