Commerce Confirms Significant Niobium Discovery, including 24 m of 0.91% Nb2O5, adjacent to the Ashram Rare Earth and Fluorspar Deposit in Quebec, Canada
Highlights:
Commerce Resources Corp. is excited to confirm significant niobium discoveries forming two high-grade trends surrounding the Ashram Rare Earth and Fluorspar Deposit, Eldor Property, Quebec, Canada.
The 2024 niobium-focused drill program at Eldor has significantly expanded the niobium mineralized footprint, including the discovery of two new high-grade zones: the Northwest and Moira prospects.
The Mallard Prospect continues to impress with the final suite of assays returning 24.0 m at 0.91% Nb2O5 within a wider interval of 45.5 m at 0.65% Nb2O5 in hole EC24-232. This is in addition to the previously reported 122.5 m at 0.62% Nb2O5 in hole EC24-208.
New high-grade discoveries at the Northwest and Moira Prospects, both of which remain open in multiple directions.
Northwest: 7.5 m at 0.93% Nb2O5within a wider mineralized interval of 20.0 m at 0.57% Nb2O5 (EC24-233).
Moira:11.5 m at 0.63% Nb2O5 (EC24-231).
Expansion of mineralized zone with further high-grade intercepts at the Spoke Prospect:
2.6 m at 0.92% Nb2O5within a wider mineralized interval of 22.0 m at 0.62% Nb2O5 (EC24-227).
Core assay results from the final thirteen (13) holes of the niobium-focused 2024 drill program are reported herein and include the Mallard, Spoke, Moira, Loon, and Northwest prospects.
Multiple drill holes demonstrate the significant scale and relative continuity potential of niobium mineralization over a widespread area adjacent to the southeast of the Ashram Deposit. Carbonatites are host to the world 's major niobium mines, including Araxá and Catalão, Brazil, and Niobec, Quebec.
Patrik Schmidt, Vice President of Exploration for the Company, comments: "We are very happy with the results of the 2024 niobium exploration drilling at Eldor. The program has significantly expanded the niobium mineralized footprint at the Property, including the discovery of several new high-grade zones. This final set of assays delivered one of the highest-grade drill intercepts to date on the Property with 24.0 m at 0.91% Nb2O5. The team is now focused on the interpretation of the program 's results in context with prior drill data and the collective dataset for the Property to determine the focus for 2025. It is clear that the niobium mineralized system at Eldor is extensive, extending well beyond the Mallard Prospect. Further, exploration to date suggests a strong potential for connectivity between some of the various niobium prospects at the Property. Future exploration will, in part, test this interpretation as the Project advances towards a maiden mineral resource estimate for niobium"added Mr. Schmidt.
Ross Carroll, Director, President, and CEO of the Company, comments:"It is very exciting and encouraging, to receive further high-grade niobium drill intercepts from Mallard, and several new prospects drilled this program. With significant drill intercepts of >0.9% Nb2O5 now discovered at no less than 4 prospects, and the potential for connectivity between the various prospects, the probability of a sizeable deposit at meaningful grade is high. These results continue to provide confidence that the Company has the potential to be host to a significant niobium resource in addition to rare-earth elements and fluorspar. Moreover, considering the location of the niobium prospects being proximal to the Ashram Rare Earth and Fluorspar Deposit, the benefits of a joint development scenario and shared infrastructure would be significant."
VANCOUVER, BC / ACCESSWIRE / December 16, 2024 / Commerce Resources Corp. (TSXv:CCE)(FSE:D7H0)(OTCQB:CMRZF) (the "Company" or "Commerce") is pleased to announce the final batch of drill hole results from its highly successful 2024 niobium focused drill program at the Eldor Property ("Property") in Quebec, Canada. All of the niobium prospects at the Eldor Property are within ~2 km of the Company 's wholly owned and unencumbered Ashram Rare Earth and Fluorspar Deposit.
Assays are reported herein for thirteen (13) of the total twenty-nine (29) total NQ-size diamond drill holes completed during the program targeting the Mallard, Spoke, Northwest, Moira, and Loon prospects (Figure 1; Table 1). A total of 3,753 m from the total 8,253 m completed during the program are reported herein (Table 2).
Figure 1. 2024 core assay highlights from drill holes at Mallard, Spoke, Moira and Northwest prospects, as well as the magnetic high anomaly that defines the Loon Target.
Mallard Prospect: Results at Mallard continue to impress, with drill hole EC24-232 returning arguably the second-best niobium drill intercept to date on the Property with 24.0 m at 0.91% Nb2O5within a wider interval of 45.5 m at 0.65% Nb2O5(Figure 1). It ranks second to EC21-175 with 17.1 m at 1.00% Nb2O5, within a larger interval of 42.3 m grading 0.82% Nb2O5 (see news release dated November 1, 2021). The intersection of high-grade niobium mineralization in drill hole EC24-232 expands the potential of the Mallard Prospect not only at depth, but also widens the mineralized corridor further east at Mallard.
Additionally, drill hole EC24-225 tested the most southeastern part of the magnetic high anomaly that defines the core of the Mallard Prospect and intercepted several well mineralized horizons (16.8 m at 0.60% Nb2O5, 11.0 m at 0.67% Nb2O5, 16.0 m at 0.62% Nb2O5), with mineralization open in multiple directions. The final drill hole of the program (EC24-235) intersected niobium mineralization from surface, successfully extending the along-strike mineralized trend at the Mallard Prospect with 19.6 m at 0.54% Nb2O5, including an interval of 10.6 m at 0.63% Nb2O5. Mallardremains open in all directionswith select cross-sections illustrating the extent of moderate-to high-grade niobium mineralization presented in Figure 2 and Figure 3.
Figure 2. Cross-section of central Mallard Prospect with interpreted extent of moderate- to high-grade Nb-mineralization (2021-2022 drill holes shown in pale grey to contrast with 2024 drill holes).
Figure 3. Cross-section of southeast Mallard Prospect with interpreted extent of moderate- to high-grade Nb-mineralization.
Spoke Prospect: Follow-up on initial drill testing at Spoke returned among the best results thus far at the Prospect (Figure 1), including several samples exceeding 0.90% Nb2O5. Starting from near surface, hole EC24-227 returned 22.0 m at 0.62% Nb2O5, including 2.6 m at 0.92% Nb2O5.Additionally, hole EC24-227 returned 23.7 m at 0.61% Nb2O5 within a wider interval of 96.0 m at 0.42% Nb2O5. Coupled with the previously announced intercepts at Spoke (see news release dated October 10, 2024) - 27.5 m at 0.60% Nb2O5 (EC24-212), and 17.9 m at 0.66% Nb2O5 and 21.3 m at 0.60% Nb2O5 (EC24-213) - the results to date demonstrate a significant niobium mineralized horizon(s) is present along strike between Mallard and Miranna, and therefore, provides strong indication of potential connectivity (Figure 4). Spokeremains open in all directions.
Moira Prospect: The Moira Prospect is situated ~400 m northwest of Mallard and was inaugurally drill-tested during the 2024 program (Figure 1). Two holes were completed with highly encouraging results including 11.5 m at 0.63% Nb2O5(EC24-231).Although only a modest interval of strong mineralization was returned, the result is significant as it widens materially the prospective niobium corridor at the Property (Figure 4). Moiraremains open in all directions.
Figure 4. Interpreted niobium mineralization corridor including the Mallard, Knox, Spoke, Miranna, and Moira prospects.
Northwest Prospect: Four holes were completed at the Northwest Prospect during the program, with the best niobium mineralized interval to date at this target returning 7.5 m at 0.93% Nb2O5 within a wider interval of 20.0 m at 0.57% Nb2O5 (EC24-233) (Figure 1). Drill testing at the Northwest Prospect was intended to follow-up on the Company 's maiden drilling campaign on the Eldor Property back in 2008, where hole EC08-008 returned 10.0 m at 0.64% Nb2O5 within a wider interval of 46.9 m at 0.46% Nb2O5. The results from drill hole EC24-233 is significant and highlights the potential that remains in this area, which is approximately 3 km northwest of the Mallard Prospect, and around 0.7 km northwest of the Ashram REE and Fluorspar Deposit (Figure 4). The Northwest Prospect remains open in multiple directions.
Loon Target: A total of two (2) drill holes were completed at the previously untested Loon magnetic high anomaly (Figure 1). The target is situated southwest of the main Mallard-Knox-Spoke-Miranna trend. The holes targeted a pronounced magnetic high anomaly; however, no significant mineralization was intercepted.
All of the niobium prospects at the Eldor Property are situated within ~2 km of the Company 's wholly owned and unencumbered Ashram Rare Earth and Fluorspar Deposit. The Ashram Deposit boasts a globally significant rare-earth mineral resource of 73.2 million tonnes (Mt) at 1.89% REO (total rare-earth oxide) Indicated, and 131.1 Mt at 1.91% REO Inferred1 (see news release dated May 22, 2024). The discovery of a substantial niobium deposit in proximity to Ashram would add to the Company 's existing portfolio of critical element occurrences at the Eldor Property, presenting a compelling opportunity for a joint development scenario with shared infrastructure.
1The updated Mineral Resource Estimate (the "MRE")) for the Ashram Rare Earth and Fluorspar Deposit (73.2 Mt at 1.89% TREO and 6.6% CaF2 Indicated, and 131.1 Mt at 1.91% TREO and 4.0% CaF2 Inferred) is reported at a cut-off of $287 Net Metal Return (NMR) per tonne, was completed in accordance with National Instrument 43-101 with an Effective Date of April 4th, 2024. Net Metal Return (NMR) value, was calculated to be CAD154/tonne, which is based on a 3-year annualized average (2021, 2022, and 2023) for the five payable oxidesa; (USD1.25/kg for La2O3, USD95/kg for Pr2O3,USD95/kg for Nd2O3, USD1,500/kg for Tb2O3, and USD375/kg for Dy2O3), estimated metal recoveries, and operating costs for mining, processing, transportation and G&A. A cut-off of CAD287/tonne is considered as the base case for the MRE and is guided by reasonable prospects of eventual economic extraction over a reasonable timeframe. The cut-off grade considers a CAD:USD exchange rate of 1.30. Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.
Table 1. 2024 drill core assay results for holes reported herein.
OVERVIEW OF THE 2024 PROGRAMThe 2024 drill program, which was the largest Nb-focused drill program since 2008, had two main objectives: (1) follow-up on the known niobium (± tantalum and phosphate) mineralized carbonatites at the Mallard and Miranna prospects; and (2) initial drill testing of several geophysical anomalies and targets characteristic of niobium-mineralized occurrences at the Property. Twenty-nine (29) NQ-size drill holes totaling 8,253 m were completed between early-July to early-September 2024 (Table 2). Ten (10) holes were drilled to accomplish the first objective, for approximately 2,915 m, and nineteen (19) holes totaling approximately 5,338 m were drilled to accomplish the second.
Mallard Prospect: Seven (7) holes were drilled at the Mallard Prospect for a total of approximately 2,156 m. Drill hole EC24-208 successfully demonstrated the downdip continuity of niobium-enrichment within carbonatite intersected at Mallard, with notable high-grade intercepts of 12.0 m at0.82% Nb2O5and 7.5 m at1.01% Nb2O5, all within a broad interval of 122.5 m of 0.62% Nb2O5 (reported in the news release on the October 10, 2024). Subsequent drill holes at Mallard (EC24-209 to EC24-211) reported in the same news release were designed as step outs both to the northwest and southwest of previously drill-tested areas of the Mallard Prospect. Each hole intercepted significant niobium mineralization whereby the most significant intervals for each hole are 15.5 m at 0.62% Nb2O5, including 8.1 m at 0.79% Nb2O5, and 42.9 m at 0.60% Nb2O5 including 2.9 m at 1.13% Nb2O5 (EC24-211), 24.0 m at 0.69% Nb2O5 (EC24-210), 14.5 m at 0.66% Nb2O5 and 25.5 m at 0.60% Nb2O5, (EC24-209). With the additional intercepts reported herein (EC24-225, EC24-232 and EC24-235), which tested the southern perimeter of the magnetic high anomaly that defines the prospect, mineralization at Mallard remains open in all directions.
Miranna Prospect: Three (3) follow-up drill holes completed during the 2024 drill program for a total of 759 m tested the continuity of the mineralization along strike initially drilled in hole EC21-180 (see news release December 08, 2021). EC24-215 and EC24-216 confirmed continuity of high-grade niobium-mineralization hosted in carbonatite-phoscorite intervals from surface (see news release October 29, 2024). EC24-215 returned strong grades over wide intervals, including 35.7 m at 0.67% Nb2O5 within a wider interval of 65.7 m at 0.53% Nb2O5, and a deeper interval of 21.5 m at 0.62% Nb2O5 contained within a broader zone of 80.4 m at 0.43% Nb2O5. Additionally, EC24-216 collared in mineralization, returning 20.3 m at 0.62% Nb2O5, within a broader interval of 72.4 m at 0.49% Nb2O5. These strong results, following up from drill hole EC21-180, extend the near-surface mineralized trend of the Miranna Prospect in either direction along strike, reaffirming the potential for additional shallow, high-grade niobium mineralization at Miranna. The mineralization at Miranna remains open in all directions and is considered a high priority prospect for drill follow-up.
Spoke Prospect: The anomalous magnetic high known as Spoke was drilled with five (5) holes for a total of 1,530 m. Two holes drilled at the Spoke target (EC24-212 and EC24-213) reported previously (see news release October 10, 2024) returned promising results with niobium mineralized intercepts including an interval of 27.5 m at 0.60% Nb2O5 starting from 133 m depth in EC24-212 and two intervals in EC24-213 consisting of 17.9 m at 0.66% Nb2O5 starting from 247.7 m and a wider interval of 21.3 m at 0.60% Nb2O5 starting at a depth of 278.5 m. Drill holes EC24-226 and EC24-227 are reported herein, whereby the strongest interval was intercepted in EC24-227 with 2.6 m at 0.92% Nb2O5 within a wider mineralized interval of 22.0 m at 0.62% Nb2O5. Although further drill testing is required at Spoke, these deeper mineralized intercepts could indicate a continuation of the Mallard niobium-enrichment trend in carbonatites, extending the mineralization trend to the northwest beyond Mallard.
Knox Prospect: Inaugural drilling of approximately 1,552 m distributed in six (6) holes at the previously untested geophysical anomaly, referred to as the Knox Prospect, has identified substantial high-grade intercepts of niobium mineralization, including 69.4 m at 0.60% Nb2O5, within a wider interval of 96.5 m at 0.51% Nb2O5 (EC24-220). Although follow-up holes EC24-221 and EC24-222 did not return the same high-grade (more than 0.6% Nb2O5) intercepts of hole EC24-220, the presence of a broad 106.0 m interval at 0.4% Nb2O5 in hole EC24-221, including sub-intervals of 14.5 m at 0.60% Nb2O5 and 20.5 m at 0.60% Nb2O5, along strike of hole EC24-220 warrants significant additional drilling at Knox to test the full extent of the niobium mineralization at the prospect. The discovery remains open in all directions.
Moira Prospect: This target was tested with two (2) holes for approximately 543 m. Results are reported herein. The discovery remains open in all directions.
Loon Target: This target was tested with two (2) holes for approximately 633 m. Results are reported herein.
Northwest Prospect: This target was tested with four (4) holes for approximately 1,080 m. Results are reported herein. The discovery remains open in all directions.
Table 2.Summary of 2024 drill hole attributes for results reported herein.
Quality Assurance / Quality Control (QAQC)
A Quality Assurance & Quality Control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches at a rate of approximately 5%. All core samples collected were shipped to Activation Laboratories Ltd. in Ancaster, ON, Canada, for sample preparation (code RX1) which includes crushing up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm. The samples were homogenized and subsequently analyzed for multi-element using fusion with lithium metaborate /tetraborate in platinum crucibles and analysis by fusion XRF (codes 8-Nb-Ta, Majors + REE). Fluorine (F) assay was requested based on visual presence of fluorspar by lithium metaborate/tetraborate fusion and acid dissolution with analysis by Ion Selective Electrode (ISE) with a detection limit of 0.01%
NI 43-101 Disclosure
Patrik T. Schmidt, M.Sc., P.Geo., Vice President of Exploration for the Company and Senior Geologist at Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101, 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 within their Eldor Property, in northern Quebec, Canada. 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 (more than 30 - 45% TREO) mineral concentrates at high recovery (more than 60 - 75%) in line with active global producers. The Ashram Deposit also has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets. 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. Additionally, Commerce is committed to exploring the potential of other high-value commodities on the Property such as niobium and phosphate minerals, which may help advance Ashram by reducing costs through shared development.
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.
"Ross Carroll"
Ross Carroll
CEO and President
Tel: 604.484.2700
Email: rcarroll@commerceresources.com
Web: http://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 statements regarding the potential continuity and connectivity of the various niobium prospects at the Eldor Property; that there is a high probability of a sizeable deposit at meaningful grade; that the Eldor Property has the potential to host significant niobium resource in addition to REEs and fluorspar; that the results from drill hole EC24-233 at the Northwest Prospect indicate a significant potential in the area; that the deeper mineralized intercepts at Spoke could indicate a continuation of the Mallard niobium-enrichment trend in carbonatites; that Ashram 's fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets; that the Company is positioning to be one of the lowest cost rare earth element producers globally, with a focus on being a long-term global supplier of mixed rare earth carbonate and/or NdPr oxide; and that the Company may explore the potential of other high-value commodities on the Ashram Property. 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 the Company may not be able to fully finance any additional exploration on the Ashram Project; that even if the Company is able raise capital, costs for exploration activities may increase such that the Company may not have sufficient funds to pay for such exploration or processing activities; the timing and content of the proposed drill program and any future work programs may not be completed as proposed or at all; geological interpretations based on drilling that may change with more detailed information; 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 anticipated market demand for rare earth elements and other minerals 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.
SOURCE: Commerce Resources Corp.
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