Commerce Resources Reports Saville Resources Intersects 0.78% Nb2O5 over 16.0 m, including 1.07% Nb2O5 over 3.0 m, in Drill Hole at the Mallard Prospect, Niobium Claim Group Property, Quebec

January 23, 2023 – Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the “Company” or “Commerce”) is pleased to announce results from Saville Resources Inc.’s (TSXv: SRE, FSE: S0J) (“Saville Resources”) 2022 drill program at its Niobium Claim Group Property (the “Property”), a subset of the Company’s Eldor claims, located in northern Quebec. The 2022 drill program, completed by Saville Resources in August, totaled 600.0 m over three (3) holes and focused on the Mallard Prospect.

The 2022 drill program targeted the niobium zone previously reported in drill hole EC21 175 (1.00% Nb2O5 over 17.1 m) – see news release dated September 1, 2022 – further at depth (EC22-201, 202, and 203) and along strike (EC22-203). The 2022 drill holes, each drilled to 200 m depth, returned well-mineralized niobium intervals, and continue to demonstrate the potential for a sizeable niobium mineralized zone to extend from depth to surface, as well as laterally, at the Mallard Prospect (Figure 1 and Table 1).

Core sample assay highlights from the 2022 drilling at the Mallard Prospect include:

• 16.0 m of 0.78% Nb2O5 and 7.5% P2O5 (EC22-202), including,

o 3.0 m of 1.07% Nb2O5 and 8.9% P2O5

• 4.5 m of 0.94% Nb2O5 and 10.0% P2O5 (EC22-202)

• 8.6 m of 0.81% Nb2O5 and 6.7% P2O5 (EC22-203), including,

o 2.9 m of 1.32% Nb2O5 and 6.7% P2O5

Chris Grove, Company President and Director, comments: “We continue to be encouraged and excited by the continued success at Mallard. The niobium potential of the Eldor Complex is significant, and we look forward to seeing future drill exploration at both the Mallard and Miranna prospects by Saville.”

Table 1: 2022 drill hole results for the Mallard Prospect

The high-grade mineralization encountered in each hole is hosted within dark green phoscorite-dolomite or phoscorite-calcite carbonatite units with minor to abundant magnetite and local dolomitization. This rock type and mineralogy is consistent with the previously drilled holes in 2019 and 2021, which are located west and south of the current holes.

High-grade mineralized intervals are present near surface (0.78% Nb2O5 over 16.0 m, including 1.07% Nb2O5 over 3.0 m) and at depth (0.94% Nb2O5 over 2.5 m) in drill EC22-202. This hole returned seven (7) samples >1.0% Nb2O5, to a peak of 1.30% Nb2O5 over 1.5 m, and ended in mineralization with a final sample assaying 0.57% Nb2O5. Additionally, drill hole EC22-201 ended in mineralization with a final sample assaying 0.54% Nb2O5 as well as ending within a high-grade tantalum interval (380 ppm Ta2O5 over 8.0 m). Strong niobium mineralization was encountered in all three (3) of the 2022 drill holes completed at the Mallard Prospect and, collectively with the previous drilling, indicate a wide mineralized footprint that remains open in all directions.

Quality Assurance / Quality Control (QAQC)

A quality assurance / quality control protocol following industry best practices was incorporated by Saville Resources into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches, as well as collection of quarter-core duplicates, at a rate of approximately 5%. Drill holes were sampled from top to bottom and shipped to Activation Laboratories in Ancaster, ON for analysis.

Lab analysis included niobium, tantalum, and major oxides by X-ray fluorescence (custom package 8-Coltan XRF + major oxides). No fluorine analysis was completed on the 2022 drill core. Standard drill core sample preparation was completed and comprised of crushing to 80% passing 10 mesh, followed by a 250 g riffle split and pulverizing to 95% passing 105 µ (package RX1).

Figure 1: 2022 drill assay
highlights – Mallard Prospect
NI 43-101 Disclosure

Darren L. Smith, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and ‘Qualified Person’ as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, supervised the preparation of the technical information in this news release.

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 positioning to be 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
COMMERCE RESOURCES CORP.

“Chris Grove”
Chris Grove
President and Director
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: http://www.commerceresources.com

NT4