Commerce Resources Announces Appointment of Patrik Schmidt as Vice President of Exploration
VANCOUVER, March 1, 2024 - Commerce Resources Corp. (TSX.V:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to announce the appointment of Patrik Schmidt as its new Vice President of Exploration effective March 1, 2024. Jody Dahrouge will be stepping down as Vice President of Exploration; however, will remain as a Director of the Company. Mr. Dahrouge continues to play a critical and active role with the Company as Director.
Patrik Schmidt, Principal at Dahrouge Geological Consulting Ltd., is a Professional Geologist (M.Sc., P.Geo.) and a member of the Ordre des géologues du Québec (OGQ), and the Professional Geoscientists of Ontario (PGO). With over 10 years' experience, Mr. Schmidt has worked as Project Manager on multiple projects and commodities covering various deposit types, with a particular focus on rare earth elements (REEs), rare metals (Li, Ta, Nb, etc.), and carbonatite complexes. Over his career he has developed a versatile skill set which spans grassroots mineral exploration, mineralogy and geochemistry, to high-level project management of multi-rig drill exploration programs with significant success.
Mr. Schmidt has played a key role in the discovery of the Ashram Rare Earth Element and Fluorspar Deposit, the Mallard Prospect (Nb-Ta-Phosphate), and the Miranna Prospects (Nb-Ta-Phosphate) held by the Company. Additionally, as a consultant geologist, Mr. Schmidt led the team that discovered the CAP Carbonatite in B.C., and more recently has been a key figure in the discovery and exploration of the CV Lithium Trend where numerous lithium pegmatites have been discovered, including the CV5 Spodumene Pegmatite in which Patrik has been instrumental to its advancement.
Chris Grove, President and CEO of the Company commented, "We are thrilled to have Patrik join our executive team here at Commerce. Patrik has been involved as a consultant to the Company as early as 2008 and he is a natural fit as we build out our executive team."
Darren L. Smith, M.Sc., P.Geo., Senior Technical Advisor Rare Earths and Niobium to the Company comments, "Since 2008 I have worked closely with Patrik on numerous projects covering a plethora of commodities and deposit types. In addition to his strong understanding of various commodities and deposit styles, his skill set is finely tuned to REEs and rare metals. He has been a key asset in drill targeting and surface exploration of the Eldor Property to date and so it is with great pleasure to formalize his involvement."
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.
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 positioned to become 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
"Chris Grove"
Chris Grove
CEO and President
Tel: 604.484.2700
Email: cgrove@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 that that mixed REC is readily saleable; that partial separation of REEs will allow for the marketability of individual elements to be produced; 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 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; 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 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.
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