VANCOUVER, BC / ACCESSWIRE / February 7, 2022 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to announce assay results received from three (3) additional holes completed at the Ashram Rare Earth and Fluorspar Deposit ("Ashram Deposit") as part of the 2021 drill program. The field program, completed in July-August 2021 in support of the Ashram Project's Prefeasibility Study, included twelve (12) drill holes totalling 2,814 m focused on resource infill within the planned open-pit shell. Results for the first seven (7) drill holes were announced December 22nd, 2021, and January 17, 2022 (noted in Table 1 and Figure 1) with the results for an additional three (3) drill holes reported herein. Highlights include:
- 1.79% rare earth oxide ("REO") over 223.2 m (EC21-190), including,
- 1.71% REO over 221.5 m (EC21-191), including,
- 1.97% REO over 23.3 m (EC21-188)
The primary objective of the 2021 drill program at Ashram was to improve the confidence of the mineral resource (inferred -> indicated -> measured) in support of an updated mineral resource estimate to be completed as part of the ongoing Prefeasibility Study, which will also determine the initial mineral reserve estimate for the Ashram Project. Based on the drilling to date, the Company anticipates a large portion of Ashram's current inferred and indicated resources will be converted to indicated and measured resources.
All three (3) drill holes (EC21-188, 190, and 191) were collared in the southern portions of the deposit, and intersected grades consistent with previous drilling, remaining mineralized over their entire length. Strong NdPr distributions (i.e. % of Nd+Pr oxide of the total REO) continue to be returned in excess of 20-21%, including drill hole EC21-191 with 64.4 m of 2.15% REO at an NdPr distribution of 21.1%.
As the Ashram Deposit is known to continue for more than 600 m in depth, and remains open, the 2021 drill holes were ended at pre-determined depths below the anticipated pit shell, and therefore, most holes completed as part of the infill drilling at Ashram ended in mineralization. Core sample assays for ten (10) out of twelve (12) drill holes from the 2021 drill program have now been reported with assays pending on the remaining two (2) drill holes. Grade over width and corresponding NdPr oxide distributions are presented in Table 1, with drill hole highlights and locations presented in Figure 1.
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 (>45% REO) mineral concentrates at high recovery (>70%) in line with active global producers. In addition to being one of the largest rare earth deposits globally, Ashram is also one of the largest fluorspar deposits globally and has the potential to be a long-term supplier to the met-spar and acid-spar markets.
www.commerceresources.com
https://www.accesswire.com/687403/Commerce-Resources-Intersects-215-REO-over-679-m-at-the-Ashram-REE-Fluorspar-Deposit-Quebec