Commerce Resources (CCE.V) Completes Final Drill Hole of 2022 Program at Ashram Deposit in Quebec

Commerce Resources (TSXV:CCE) has updated the 2022 drill program at the 100%-owned Ashram Rare Earth and Fluorspar Deposit in Quebec, Canada. The company has completed its final drill hole of the 2022 program at the Ashram Deposit, with a total of approximately 2,760 m drilled.

The holes were drilled – for delineation – at various orientations and locations with depths ranging from about 50 m to 410 m core length.

The 2022 drill core is currently being processed at the site, with samples collected and shipped to Activation Laboratories in Ancaster, ON for geochemical analysis. All analytical results are pending for the core samples from the 2022 program. As drilling holes are fully logged and sample analysis comes back, the geological model will be updated accordingly and further refined.

The objective of the 2022 drill hole plan, developed by our Prefeasibility Study consultant (BBA Inc.), is to infill a larger pit shell (~+50%) than what was considered in the Project’s 2012 Preliminary Economic Assessment. This larger pit shell is anticipated to support an initial mineral reserve estimate upon completion of the Prefeasibility Study for the Project.

Highlights of the program are as follows:

The first two (2) drill holes (EC22-194 and 195) were completed as step-outs at the southern end of the deposit to improve the confidence of the geological model in this area and extended the mineralized footprint at Ashram an additional ~100 m to the southeast (see news release dated August 12th, 2022). An additional four (4) drill holes (EC22-204, 205, 206, and 207) were completed at the southern end of the deposit to further constrain the geological model and probe the deposit’s southern contact. The remaining six (6) drill holes (EC22-196, 197, 198, 198A, 199, and 200) were completed as resource infill with the objective of increasing confidence from the inferred/indicated categories to the indicated/measured categories within the anticipated Prefeasibility pit shell where the neodymium-praseodymium (“NdPr”) contents are highest. Depending on the location within the deposit, the NdPr distribution – i.e. % of Nd+Pr oxide of the total rare earth oxide (“REO”) – typically varies from 21-24+% with monazite being the dominant carrier of the rare earth elements (“REEs”).

About the Ashram Deposit

The Ashram Deposit ranks as one of the largest REE (and fluorspar) deposits globally, consisting of a monazite dominated, single mineralized body outcropping at surface, and has a footprint approximately 700 m along strike, over 300 m across, and 600 m deep, remaining open in several directions. The deposit hosts a measured resource of 1.6 million tonnes (Mt) at 1.77% rare earth oxide (REO) and 3.8% F, an indicated resource of 27.7 Mt at 1.90% REO and 2.9% F, and an inferred resource of 219.8 Mt at 1.88% REO and 2.2% F, at a cut-off grade of 1.25% REO (Effective Date July 5th, 2012). Note, mineral resources are not mineral reserves as they do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

Source: Commerce Resources Corp.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

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