Commerce Resources Corp. Enters Development MOU with Ucore Rare Metals Inc.
June 05, 2017
Commerce Resources Corp. (TSXv: CCE; FSE: D7H) (the “Commerce”) is pleased to announce that it has executed a Memorandum of Understanding (“MOU”) with Ucore Rare Metals Inc. (TSXv: UCU; OTCQX: UURAF) (“Ucore”) for the purpose of integrating feedstock from Commerce’s Ashram Project in Quebec (the “Ashram Project”) with Ucore’s recently announced rare earth separation facility and Strategic Metals Complex (“SMC”).
Under the terms of the MOU, Commerce will provide quantities of mixed rare earth carbonate concentrate, using material from the Ashram Deposit (the “Ashram Concentrate”), sufficient to perform bench and pilot scale testing of the metallurgy and metals separation metrics of the prospective feedstock. The bench work will be conducted by IBC Advanced Technologies of American Fork, Utah (“IBC”), with pilot scale test work expected to take place at the recently completed SuperLig®-One MRT pilot facility in Vineyard, Utah (see Ucore Press Release September 26, 2016).
The objective of the test work is to complete a definitive assessment of the suitability of the Ashram Concentrate as potential feedstock for the SMC, with a view to a subsequent long-term supply partnership and offtake relationship.
“This is a significant development partnership for both Ucore and Commerce”, said Jim McKenzie, President and CEO of Ucore.“Commerce has undertaken extensive research and testing resulting in a high-quality and high-grade mineral concentrate that will allow for cost effective processing to our ideal feedstock, and therefore, looks to be a very promising candidate for processing via a MRT separation circuit.The Ashram Deposit is large tonnage, good grade, hosts a well-balanced REE distribution with an enrichment in the magnet feed REEs, and perhaps most importantly, is highly accessible. In combination with the SMC, Ashram promises to be a key link in a self-contained North American REE supply chain.”
“We are excited to be working with Ucore and look forward to delivering a sample of mixed rare earth carbonate concentrate to the SuperLig® test facility in Utah as soon as possible. Security of supply is vitally important, and with our simple mineralogy and successful use of standard processing, we look forward with Ucore to realizing the goal of an independent North American REE supply chain” states Chris Grove, President of Commerce Resources Corp.
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