Commerce Resources (CCE.V) has provided an update on its attempts to produce a by-product at its Ashram REE project in Québec. The company has been focusing on recovering Fluorspar from the leach residue, which makes sense considering the CaF2 is part of the REE concentrate until the magnetic separation stage.
As you might remember, Commerce announced in October of last year it was able to create a 42% TREO concentrate at a 76% recovery rate, and according to the current fluorspar-update, Commerce was also able to recover a fluorspar concentrate with an average grade of 75% fluorspar at a recovery rate of 80%. Commerce continued to work on the fluorspar product and has now completed in excess of 50 batches of fluorspar concentrate. The average grade of these batches as 75% CaF2 (with a peak grade of 94% CaF2) and Commerce claims this concentrate could be saleable as met-grade fluorspar to potential offtakers (but the company is currently also designing a test program to figure out if the met-grade fluorspar could be upgraded to acid-grade, which would be another value-enhancing step).
Commerce has also filed a short form prospectus to raise C$1-3M in cash at a price of C$0.10 per unit. Each unit is supposed to consist of one common share as well as one full warrant allowing the warrant holders to acquire one additional share at C$0.12 within 24 months after the closing date of the offering.
Go to Commerce’s website
The author holds a long position in Commerce Resources. Commerce is not a sponsor of this website, but Zimtu Capital is. Please read the disclaimer
