- Commerce Resources (CCE) has released assay results for 12 holes completed during a 2022 drill program on its Ashram Project in Quebec
- The program aimed to improve resource confidence from inferred and indicated categories to indicated and measured categories
- Drilling was successful and returned grades of mineralization that were consistent with previous drilling
- In other news, Commerce Resources announced it granted 4.6 million stock options
- Commerce Resources (CCE) is unchanged, trading at $0.18 per share as of 2:11 p.m. EST
Commerce Resources (CCE) has released assay results for 12 holes completed during a 2022 drill program on its Ashram Project in Quebec.
The program focused on the Ashram Deposit and aimed to improve resource confidence from inferred and indicated categories to indicated and measured categories.
According to the company, drilling was successful and returned grades of rare earth oxide, neodymium and praseodymium (NdPr) distributions that were consistent with previous drilling. Several wide intervals with more than 24 per cent NdPr distribution were returned.
The Ashram deposit is said to be one of the largest rare earth elements and fluorspar deposits globally, with significant amounts of niobium, tantalum, and phosphate by-products. The 2022 drilling delineated footprint of over 700 metres along strike, 300 metres across, and 600 metres deep, which remains open at depth.
The program was also developed to target a revised pit shell which could accommodate a production rate roughly 50 per cent larger than what was considered in the 2012 preliminary economic assessment. This pit shell is expected to reinforce an initial mineral reserve estimate after the company has completed a pre-feasibility study for the project.
Stock options granted
In other news, Commerce Resources announced that it has granted 4.6 million stock options to directors, officers, employees, and consultants of the company. This is for the purchase of up to 4.6 million Commerce Resources common shares under its existing stock option plan.
Each option is exercisable for two years at a price of $0.185 per common share. Of these options, 400,000 are being granted to people providing investor relations services to the company and must vest over 12 months from the issuance date, with 25 per cent vesting every three months.
Commerce Resources (CCE) is unchanged, trading at $0.18 per share as of 2:11 p.m. EST.