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Overview of Commerce Resources Corp.
Commerce Resources Corp. (OTCQX: CMRZF) is a junior mineral resource company dedicated to the exploration and development of critical mineral deposits. Headquartered in Vancouver, British Columbia, the company focuses on advancing its flagship Ashram Rare Earth and Fluorspar Deposit, located within the Eldor Property in northern Quebec, Canada. This deposit is one of the largest undeveloped rare earth element (REE) resources globally and includes a significant fluorspar component, positioning Commerce as a key player in the critical minerals supply chain.
Core Business Areas
The company's primary business revolves around the exploration, development, and potential production of rare earth elements and fluorspar. The Ashram Deposit is characterized by a simple mineralogy dominated by monazite, bastnaesite, and xenotime, which allows for efficient processing. The deposit has demonstrated the production of high-grade REE mineral concentrates (30-45% TREO) at high recovery rates (60-75%), competitive with established global producers. Additionally, the deposit's fluorspar component positions it as a potential long-term supplier to the met-spar and acid-spar markets.
Market Significance
Rare earth elements are indispensable in modern technologies, including electronics, renewable energy systems, aerospace, automotive, and defense applications. Fluorspar is a critical input in industries such as aluminum production, steelmaking, and lithium-ion batteries. With global demand for these materials surging, Commerce Resources is strategically positioned to address supply chain vulnerabilities, particularly in North America and Europe. The company's focus on producing mixed rare earth carbonate and NdPr oxide aligns with the growing demand for magnets used in electric vehicles and wind turbines.
Recent Developments and Exploration Highlights
- Niobium Discoveries: The company has made significant niobium discoveries at its Eldor Property, including high-grade intercepts at the Mallard, Spoke, Knox, and Miranna prospects. These discoveries enhance the property's strategic value, adding to its portfolio of critical minerals.
- Infrastructure Advancements: Commerce Resources has received conditional approval for funding from Natural Resources Canada's Critical Minerals Infrastructure Fund to develop an access road to the Ashram Deposit, facilitating logistics and supporting regional economic growth.
- Processing Innovations: Locked-cycle testing of the Ashram Deposit's simplified flotation-only flowsheet has demonstrated the production of high-grade REE mineral concentrates, significantly enhancing project economics and reducing technical risks.
Competitive Advantages
Commerce Resources benefits from several competitive advantages, including:
- Strategic Location: Situated in Quebec, Canada, the Ashram Deposit is in a geopolitically stable region with access to established infrastructure and skilled labor.
- High-Grade Resource: The Ashram Deposit boasts a large-tonnage resource with favorable grades, making it one of the most attractive rare earth and fluorspar projects globally.
- Diversified Portfolio: In addition to rare earth elements and fluorspar, the company is exploring niobium and phosphate, further enhancing its market appeal.
- Environmental and Social Responsibility: Commerce Resources is committed to sustainable development, working closely with Indigenous communities and adhering to stringent environmental standards.
Future Outlook
Commerce Resources is positioning itself as a low-cost producer of rare earth elements and fluorspar, with a focus on long-term supply agreements for mixed rare earth carbonate and NdPr oxide. The company is advancing its Preliminary Economic Assessment for the Ashram Deposit, scheduled for completion in Q2 2025, and continues to explore the potential of its niobium and phosphate prospects. With strong government and industry support, Commerce Resources is well-positioned to capitalize on the growing demand for critical minerals, contributing to the global transition toward a sustainable, low-carbon economy.
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.
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