- Commerce Resources (TSXV:CCE) announces conditional approval for up to C$2,606,977 in funding from Natural Resources Canada’s Critical Minerals Infrastructure Fund
- The company plans to use the funds to advance the access road between the Koksoak River and its globally relevant Ashram rare earth elements and fluorspar deposit in Nunavik, Quebec
- Commerce Resources is a junior mining stock developing its Ashram rare earth elements and fluorspar deposit in Quebec
- Commerce Resources stock has given back 46.15 per cent year-over-year and 78.79 per cent since 2020
Commerce Resources (TSXV:CCE) announces conditional approval for up to C$2,606,977 in funding from Natural Resources Canada’s Critical Minerals Infrastructure Fund.
The company plans to use the funds to advance the access road between the Koksoak River and its Ashram rare earth elements and fluorspar deposit in Nunavik, Quebec, which houses a mineral resource estimated at:
- 73.2 million tons averaging 1.89 per cent total rare earth oxide (TREO) and 6.6 per cent calcium fluoride (CaF2) indicated.
- 131.1 million tons at 1.98 per cent TREO and 4 per cent CaF2 inferred.
- The project also boasts high neodymium-praseodymium distributions at 21.2 per cent indicated and 21.4 per cent inferred, besting numerous active global producers, and has demonstrated the production of high-grade mineral concentrates (30-45 per cent TREO) at high recovery rates (60-75 per cent) in line with active producers.
- Additionally, its fluorspar component holds the potential to contain one of the largest deposits in the world, transforming Commerce Resources into a long-term supplier to the met-spar and acid-spar markets.
These figures make Ashram one of the most significant rare earth elements deposits globally, with demand expected to more than double through 2035.
Commerce Resources will use the new access road to expedite baseline studies towards pre-feasibility and feasibility reports. Nuna Resources, a majority Inuit-owned construction company, will conduct a road study before the funds are deployed to ensure efficient development in line with environmental and social responsibility.
The news follows U.S. President Donald Trump’s intention to impose 25 per cent tariffs on Canadian goods, including critical minerals, potentially putting over US$40 billion in imports at risk of being redirected in the global supply chain.
Leadership insights
“This project, under the Canadian Critical Minerals Strategy, will help expand Quebec’s sustainable critical minerals production, notably rare earths that are used in electronics, clean energy, aerospace, automotive and defense,” the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources Canada, said in a statement. “Developments like this help mines get built faster, and they are a key element in seizing the generational opportunity before us. The Government of Canada is supporting projects that strengthen Canada’s supply chains, enhance our ability to be a reliable supplier of the critical minerals the world is demanding and foster economic growth while creating good jobs.”
“On behalf of Commerce Resources, I would like to thank NRCan for their conditional approval and strong support for the proposed road between the Ashram project and the Koksoak river,” added Ross Carroll, Commerce Resources’ president and chief executive officer. “The funding is critical in enabling the progression of the road which is crucial to the development of Commerce Resources’ Ashram rare earth elements and fluorspar deposit, the highest quality deposit of its type in Canada and one of the best globally. In addition to bringing the mine into production, the road will provide significant social and economic benefits to the Indigenous communities in Nunavik. We look forward to working with our government and community stakeholders as we progress the Ashram project.”
About Commerce Resources
Commerce Resources is a junior mining stock developing its Ashram rare earth elements and fluorspar deposit in Quebec.
Commerce Resources stock (TSXV:CCE) last traded at C$0.07 per share. The stock has given back 46.15 per cent year-over-year and 78.79 per cent since 2020.
Join the discussion: Find out what everybody’s saying about this rare earth elements stock on the Commerce Resources Corp. Bullboard and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top photo of the Ashram project in Quebec: Commerce Resources)
