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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. 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.
Commerce Resources Corp. (OTCQX:CMRZF) reports progress on its 2022 drill program at the Ashram Rare Earth and Fluorspar Deposit in Quebec. Completed drilling now totals approximately 1,003 m, extending the mineralized footprint by 100 m to the southeast. The deposit's dimensions are now at least 700 m along strike, 300 m wide, and 600 m deep. The company aims to enhance resource confidence, focusing on areas with high NdPr content. A Prefeasibility Study is underway, anticipating a larger pit shell compared to previous assessments. Core samples are being prepared for geochemical analysis.
Commerce Resources Corp. (OTCQX:CMRZF) announced the initial shipment of 2 kg of Ashram Deposit whole rock crushed material to a rare earth element processor. Following a sample of mixed rare earth carbonate delivered earlier, the new shipment is aimed at evaluating processing capabilities. The processor has shown interest in a larger follow-up shipment of 200 kg and in mixed REC concentrate, highlighting strong NdPr distributions of 21.6-24.2%. The Ashram Deposit is among the largest global REE sources, with substantial measured and indicated resources, and a prefeasibility study is planned for early 2023.
Commerce Resources Corp. has initiated a summer drill program at the Ashram Rare Earth and Fluorspar Deposit in Quebec, aiming to conduct 2,200 meters of NQ size core drilling over 7-10 holes. The project seeks to improve resource confidence and delineate the deposit, which is open to the north and south. Previous estimates indicated 1.6 million tonnes at 1.77% REO. The company is advancing its Prefeasibility Study while adhering to COVID-19 protocols. This endeavor strengthens Commerce's position in the rare earth and fluorspar markets.
Commerce Resources Corp. (OTCQX:CMRZF) has announced the successful shipment of its first mixed rare earth carbonate concentrate sample to a major global rare earth element producer for evaluation. The sample boasts a neodymium plus praseodymium oxide distribution of 24.2%, surpassing previous samples and several major producers. The mixed REC concentrate is produced from the Ashram Deposit, which is among the largest REE deposits globally, with an inferred resource of 219.8 million tonnes. Commerce aims to enhance production to meet rising market demand.
Commerce Resources Corp. has announced the successful production of a new mixed rare earth carbonate sample from its Ashram Deposit in Quebec, with a neodymium and praseodymium distribution of 22.4%, surpassing previous and industry averages. The sample, weighing 55 g, contains 50.9% rare earth oxide and will be evaluated by third-party processors. The ongoing scale-up aims for larger kilogram samples, reinforcing the company's position as a potential low-cost global supplier of rare earth elements.
Commerce Resources Corp. has partnered with CanmetMINING to enhance the Ashram Rare Earth and Fluorspar Deposit's development through metallurgical testwork. This collaboration aims to optimize the project's flowsheet as it progresses toward prefeasibility design. The initiative is backed by federal R&D support under the Critical Minerals Research program, targeting advancements in critical minerals processing. Initial test programs have commenced following the preparation of mineralized samples, which contain significant resources including 1.6 million tonnes measured at 1.77% rare earth oxide.
Commerce Resources Corp. (OTCQX:CMRZF) has successfully produced a sample of mixed rare earth carbonate (REC) that meets market specifications. The sample features a neodymium and praseodymium oxide distribution of 21.6%, surpassing several global competitors. This achievement marks a significant step towards finalizing its metallurgical program for the Ashram Deposit in Quebec. The company plans to produce ~2.5 kg of mixed REC for third-party evaluations shortly. The Ashram Deposit is among the largest globally, with substantial resources of rare earth oxides and fluorspar.
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