Commerce Resources Corp. provides an overview of the pending 2013 field program at its 100% owned Ashram Rare Earth Element Deposit located in Northern Quebec.
Collective Mining | Corporate Presentation - May 2024
News Release: Commerce Resources Announces 2013 Summer Drill Program at the Ashram Rare Earth Element Deposit
1. Commerce Resources Corp. Announces 2013 Summer Drill Program at the
Ashram Rare Earth Element Deposit, Northern Quebec
June 19, 2013 - Commerce Resources Corp. (TSXv: CCE, FSE: D7H, OTCQX: CMRZF) (the
“Company” or “Commerce”) is pleased to provide an overview of the pending 2013 field
program at its 100% owned Ashram Rare Earth Element (REE) Deposit located in Northern
Quebec.
A six to eight week field program is anticipated to commence July 15, 2013, which will include
1,000 to 1,500 m of drilling targeted at the Ashram Rare Earth Deposit. Drilling will focus on
infill holes in order to increase the resource confidence from the current inferred category to the
indicated and/or measured categories. The Deposit has currently a measured and indicated
resource of 29.3 million tonnes at 1.90% TREO and an inferred resource of 219.8 million tonnes
at 1.88% TREO. (see news release dated May 24, 2012) An indicated or measured resource
category is required for all in-pit mineralized material in order to convert mineral resources to
ore reserves as required for the ongoing Pre-feasibility Study (PFS).
Company President David Hodge states “We are fortunate to be in a position to move the project
forward at this stage with cash on hand given the current markets. There is solid room for
optimization in all facets of this project and we are very excited about the de-risking we have
completed and continue to achieve during our Pre-feasibility work.”
In Q3 2012 Roche Ltd. (Roche) was retained to complete the PFS for the Ashram Rare Earth
Deposit. Since this time, Roche has made significant progress including the evaluation of
potential docking facility locations, mine-site airstrip and facility locations, and road route
optimization (mine-site to docking facility).
Programmed work will include required environmental and geotechnical programs as well as
reclamation of several historic trench sites. This work will complement the field program
completed during February-March 2013 that included a small mammal survey as well as
installation of a weather monitoring station.
As part of the PFS, a total of nine potential airstrip sites are being evaluated, including five
located directly on the Eldor Property. The weather station installed in Q1 2013 will monitor
seasonal local climate fluctuations and, together with other local and regional data, will support
the selection of a preferred airstrip location. All prospective locations have been selected based
on an ability to incorporate changes to the principal orientation as the weather and other data will
be required for final site confirmation. The site selected will also be amenable to future
expansion if required.
2. The road route from the mine-site to a northern docking facility has been significantly optimized
and improved from the initial route evaluated in the PEA. Although the length cannot be
finalized until an exact docking facility location is confirmed, the length has been reduced
considerably by 25 km (from 185 km to 160 km) when compared to the PEA. Further, the three
crossings noted in the PEA (40 m, 50 m, and 60 m) have also been significantly reduced in size
(22 m, 28 m, and 42 m) due to the newly optimized route.
Metallurgy continues to make significant advancements with mineral concentrate grades and
recoveries continuing to improve. Additional details of the physical upgrading and
hydrometallurgical program will be presented shortly in a forthcoming news release.
Darren L. Smith, M.Sc., P.Geol., Dahrouge Geological Consulting Ltd., a Qualified Person as
defined by National Instrument 43-101, supervised the preparation of the technical information
in this news release.
About the Ashram Rare Earth Element Deposit
The Ashram Rare Earth Element (REE) Deposit is a carbonatite within the Eldor Property,
located in north-eastern Quebec. The Deposit has a measured and indicated resource of 29.3
million tonnes at 1.90% TREO and an inferred resource of 219.8 million tonnes at 1.88% TREO.
The deposit boasts a well-balanced distribution with enrichment in the light, middle and heavy
rare earth elements including all five of the most critical elements (neodymium, europium,
dysprosium, terbium, and yttrium).
The REEs at Ashram occur in simple and well-understood mineralogy, being primarily in the
mineral monazite and to a lesser extent in bastnaesite and xenotime. These minerals dominate the
currently known commercial extraction processes for rare earths.
A Preliminary Economic Assessment, completed in May 2012 by SGS-Geostat of Montreal
(Blainville) (see news release dated May 24, 2012), outlines robust economics for the Ashram
Deposit. The PEA is based on a 4,000 tonne per day open-pit operation with an initial 25-year
mine life (300 years at economic cut-off if open-pit + underground development), a pre-tax and
pre-finance Net Present Value (NPV) of $2.32 billion at a 10% discount rate, a pre-tax/pre-
finance Internal Rate of Return (IRR) of 44%, and a pre-tax/pre-finance payback period of 2.25
years.
The Company continues to advance the Ashram Deposit with the planned 2013 field program
and with metallurgical programs at both UVR-FIA and Hazen Research.
About Commerce Resources Corp.
Commerce Resources Corp. is an exploration and development company with a particular focus
on deposits of rare metals and rare earth elements. The Company is focused on the development
3. of its Upper Fir Tantalum and Niobium Deposit in British Columbia and the Ashram Rare Earth
Element Deposit in Quebec.
For more information please visit the corporate website at http://www.commerceresources.com
or contact Investor Relations at 1.866.484.2700 or info@commerceresources.com.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
“David Hodge”
David Hodge
President and Director
Tel: 604.484.2700
Email: dhodge@commerceresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the 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 information which is subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ from those projected in the forward-looking
statements. Forward looking statements in this press release include that our results will be sufficient to support the
initiation of a pre-feasibility study; that we will be able to enhance even further the quality of the resource; and that
the REEs at Ashram occur in simple and well-understood mineralogy. These forward-looking statements are based
on the opinions and estimates of management and its consultants at the date the information is disseminated. They
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
statements from coming to fruition include changing costs for mining and processing and their impact on the cut off
value established; increased capital costs; changing forecasts of mine production rates; the timing and content of
upcoming work programs; geological interpretations based on drilling that may change with more detailed
information; potential process methods and mineral recoveries assumption based on limited test work and by
comparison to what are considered analogous deposits that with further test work may not be comparable; the
availability of labour, equipment and markets for the products produced; market pricing for the products produced;
and despite the current expected viability of the project, conditions changing such that the minerals on our property
cannot be economically mined, or that the required permits to build and operate the envisaged mine can be obtained.
The forward-looking information contained herein is given 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.