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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. (OTCQX:CMRZF) announced significant assay results from its 2022 drill program at the Ashram Rare Earth and Fluorspar Deposit in Quebec. The program included twelve drill holes totaling 2,778.6 m, highlighting impressive intersections such as 392.8 m at 2.12% REO with 21.6% NdPr from surface. This positions the Ashram Deposit among the largest REE sources globally, with an extensive mineralized footprint. The results support the advancing Prefeasibility Study aimed at increasing resource confidence and expanding the production scenario. The company also issued 4.6 million stock options to various stakeholders at $0.185 per share.
Commerce Resources Corp. (OTCQX: CMRZF) announces the extension of its earn-in agreement with Saville Resources Inc. for the Niobium Claim Group Property in Quebec until January 2024. This property, part of Commerce's Eldor claims, includes 26 mineral claims over 1,223 hectares and has shown promising results, with high niobium and tantalum grades in initial drill testing. Commerce's President Chris Grove expressed excitement regarding Saville's exploration work over the past five years. The Ashram Rare Earth and Fluorspar Deposit continues to be a focal point for the company, aiming to become a low-cost producer of rare earth elements.
Commerce Resources Corp. announces positive results from Saville Resources Inc.'s 2022 drill program at the Mallard Prospect, part of its Niobium Claim Group in Quebec. The drill program, completed in August, involved 600 meters over three holes and targeted previously identified niobium zones. Significant intercepts include 16.0 m of 0.78% Nb2O5 and 4.5 m of 0.94% Nb2O5. Overall, the results indicate high-grade mineralization remains open in all directions. Commerce Resources is focused on developing low-cost rare earth production in Quebec.
Commerce Resources Corp. announced the completion of a non-brokered private placement, raising $1,310,748 by issuing 8,192,175 units at $0.16 per unit. Each unit consists of one common share and one warrant, with warrants priced at $0.25 for three years. Proceeds will be used for the prefeasibility study for the Ashram REE/Fluorspar Deposit and for general working capital. The company aims to be a low-cost rare earth producer with the Ashram Deposit being one of the largest globally.
Commerce Resources Corp. has successfully shipped a 100g sample of mixed rare earth carbonate (REC) with a 21.9% NdPr oxide distribution to a major global processor outside of China. This sample, produced as part of the company's scale-up process, meets market specifications and showcases high NdPr distributions, among the best globally for non-cerium depleted REC. The company is also producing an additional 1.5 kg of mixed REC to fulfill further requests. The Ashram Deposit remains one of the largest REE and fluorspar deposits worldwide, with significant resources.
Commerce Resources Corp. has received a 30-day extension from the TSX Venture Exchange for its non-brokered private placement until December 5, 2022. The Offering aims to issue up to 12,500,000 units at $0.16 each, raising a total of $2 million. Each unit includes one share and a warrant, allowing the purchase of additional shares at $0.25 for three years. Proceeds will support the prefeasibility study for the Ashram REE/Fluorspar Deposit and general working capital. Insider participation is permitted under certain conditions.
Commerce Resources Corp. (OTCQX:CMRZF) announced the successful production of approximately 1.2 kg of mixed rare earth carbonate (mixed REC) concentrate at its Ashram Deposit. The company plans to ship 0.5 kg samples to major processors, with a neodymium plus praseodymium (Nd+Pr) distribution of 21.9%, exceeding many global competitors. The scale-up from gram to kilogram quantities marks a significant milestone, with the company poised to produce an additional 1.5 kg of mixed REC to meet demand. The Ashram Deposit is one of the largest REE deposits globally.
Commerce Resources Corp. has completed its 2022 drill program at the Ashram Rare Earth and Fluorspar Deposit in Quebec, totaling approximately 2,760 meters across twelve drill holes. Significant step-out drill holes extended the mineralized footprint by ~100 meters to the southeast. The program aimed to enhance the geological model and increase resource confidence, particularly in neodymium-praseodymium (NdPr) contents, which range from 21-24+% by weight. With ongoing core processing and pending geochemical analysis, the results will refine the geological model and support future prefeasibility studies.
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.
Commerce Resources Corp. announced a non-brokered private placement of up to 12,500,000 units at $0.16 each, aiming for gross proceeds of $2,000,000. Each unit consists of one common share and a warrant purchasable at $0.25 over three years. The offering is open to existing shareholders, with a record date set for August 12, 2022, qualifying for the Existing Security Holder Exemption. Proceeds will support pre-feasibility studies at the Ashram REE/Fluorspar Deposit, along with producing rare earth samples and general working capital. Completion is subject to TSX Venture Exchange approval.
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