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Commerce Resources closes first tranche of $1.6 million for Quebec rare earths project

by Greg Klein | December 1, 2015

A fresh infusion of flow-through financing will help Commerce Resources TSXV:CCE take its Ashram rare earths deposit towards pre-feasibility. Following a private placement offered last month at up to $2.53 million, the company announced closing a primo taglio of $1.65 million on December 1. Investors bought 15 million flow-through shares at $0.11.

Commerce Resources closes first tranche of $1.6 million for Quebec rare earths project

Ashram’s progress continues on the field in northern
Quebec and at a metallurgical lab in Colorado.

The northern Quebec project has seen progress on a number of fronts. In October Commerce reported a Colorado lab simplified the metallurgical flowsheet and also improved REE recovery from 71% to 76% at a high grade of 42% total rare earth oxides. Earlier that month results graded 48.9% TREO with overall recovery of about 63%, and 45.7% TREO at about 71% recovery.

Commerce has also reported high-grade assays from a winter/spring campaign of shallow infill drilling, while results are pending for the 3,000-metre summer/fall program. A new infrastructure model, meanwhile, suggests cost-saving potential that wasn’t realized in Ashram’s preliminary economic assessment.

The company’s commitment to social responsibility brought an award from l’Association de l’exploration minière du Québec at the Xplor 2015 convention last October.

Commerce also holds the Blue River tantalum-niobium project in southern British Columbia, which reached PEA in 2011.

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