Commerce Resources
Produces Additional Mixed REC Sample with
22.4% NdPr
from the Ashram Deposit, Quebec
Vancouver, BC, May 13, 2022 –
InvestorsHub NewsWire -- Commerce Resources Corp.
(TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the "Company" or "Commerce") is pleased
to announce that it has produced additional amounts of mixed rare
earth carbonate ("mixed REC") that meets typical rare earth element
("REE") market specifications, as part of its planned scale-up to
larger kilogram quantities.
The sample (55 g) follows
the initial quantities of mixed REC sample produced by the Company,
announced March 23rd,
2022. The Company is pleased to report the new sample has a
neodymium (Nd) and praseodymium (Pr) distribution – i.e. % of Nd+Pr
oxide of the total rare earth oxide ("REO") – of
22.4%,
which is significantly
higher than the distribution reported by several major global
producers, and that of the previous sample produced (21.6% NdPr).
Additionally, the mixed REC sample, with a formula of
REE2(CO3)3(H2O)8
as determined by XRD,
contains 50.9% REO, <0.5 ppm Th, and <0.1 ppm U.
The Company is currently
preparing a portion of this 55 g mixed REC sample to deliver to a
third-party processor per their request. Additionally, continued
scale-up to kilogram quantities of mixed REC is proceeding and
anticipated to be completed in the coming weeks, where an
approximate 1 kg sample will be delivered to
another third-party processor per their request.
The mixed REC sample
(Figure 1) was produced from the Ashram Rare Earth and Fluorspar
Deposit using the conventional recovery flowsheet developed at
Hazen Research, Inc. in Colorado, USA, which results in high grade
monazite concentrate exceeding 40% REO. The monazite concentrate
was processed through a sulphuric acid pot digestion (Figure 2), to
'crack' the monazite, which was then followed by a water leach to
liberate the individual REEs into solution at high recovery (see
news release dated September 9th,
2021). The thorium was then selectively removed using solvent
extraction (Figure 3) and the REEs subsequently isolated, also
using solvent extraction, and precipitated as a mixed REC
concentrate, meeting typical market specifications (Figure
1).
In the rare earth
industry, a mixed REC concentrate is typically viewed as the
initial marketable product in the REE value chain. A mixed REC is
readily saleable as it is the most common feedstock to REE solvent
extraction facilities globally, which separate the individual REEs
and allow for them to be individually refined into marketable
products and disseminated throughout downstream value
chains.
Figure 1: Sample of
marketable mixed rare earth carbonate (55 g), at an NdPr
distribution of 22.4%, produced from the Ashram Deposit
Figure 2: Sulphuric acid
pot digestion of Ashram high-grade (>40% REO) monazite
concentrate
Figure 3: Settled phases
from the thorium solvent extraction strip stage
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 600 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.
NI
43-101 Disclosure
Darren L. Smith, M.Sc.,
P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with
the Ordre des Géologues du Québec and 'Qualified Person' as defined
in National Instrument 43-101 – Standards of
Disclosure for Mineral Projects, supervised the preparation of the
technical information in this news release.
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.
For more information,
please visit the corporate website at
www.commerceresources.com or email
info@commerceresources.com.
On Behalf of the Board of
Directors
COMMERCE RESOURCES
CORP.
"Chris
Grove"
Chris Grove
President and Director
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: https://www.commerceresources.com
Neither
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking
Statements
This news release
contains forward-looking statements, which includes any information
about activities, events or developments that the Company believes,
expects or anticipates will or may occur in the future. Forward
looking statements in this news release include that we expect to
scale up and produce additional mixed REC; that mixed REC is
readily saleable; that Ashram has the potential to become one of
the largest fluorspar deposit and a long-term supplier to the
met-spar and acid-spar markets; and that the Company is positioning
to be one of the lowest cost rare earth element producers globally.
These forward-looking statements are subject to a variety of risks
and uncertainties and other factors that could cause actual events
or results to differ materially from those projected in the
forward-looking information. Risks that could change or prevent
these events, activities or developments from coming to fruition
include: that we may not be able to
economically produce mixed REC, if at all; that we may not be able
to fully finance any additional exploration on the Ashram Project;
that even if we are able raise capital, costs for exploration
activities may increase such that we may not have sufficient funds
to pay for such exploration or processing
activities; the timing and content of any future
work programs; potential process methods and mineral recoveries
assumptions based on limited test work and by comparison to what
are considered analogous deposits that, with further test work, may
not be comparable; testing of our process may not prove successful
or samples derived from the Ashram Project may not yield positive
results, and even if such tests are successful or initial sample
results are positive, the economic and other outcomes may not be as
expected; the availability of labour and equipment to undertake
future exploration work and testing activities; geopolitical risks
which may result in market and economic
instability; and despite the current expected
viability of the Ashram Project, conditions changing such that even
if metals or minerals are discovered on the Ashram Project, the
project may not be commercially viable. The forward-looking
statements contained in this news release are made as of the date
hereof and the Company assumes no responsibility to update or
revise such information to reflect new events or circumstances,
except as required by law.