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Metal & Mining Stocks
Commerce Resources Corp. Terminates Niobium Claim Group Earn-In Deal with Saville Resources Inc.
Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0) has entered into a termination and forgiveness of debt agreement with Saville Resources Inc., leading to the mutual termination of the earn-in agreement on the Niobium Claim Group Property. The Niobium Claim Group Property, covering 26 contiguous mineral claims with an approximate area of 1,223 hectares, is considered prospective for niobium, tantalum, phosphate, and fluorspar. The termination includes the Saville Option Agreement, which was initially entered into in January 2018 and extended on January 11, 2023.
The property features the Miranna Target, where significant results were obtained in boulder sampling, including 5.9% Nb2O5 and 1,220 ppm Ta2O5. Initial drill testing at the Miranna Target also returned promising results, such as 0.72% Nb2O5 over 20.4 m, including 1.20% Nb2O5 over 3.1 m (EC21-180). The Mallard Prospect on the property, at a more advanced stage, has shown wide intercepts of mineralization, including 1.00% Nb2O5 over 17.1 m within a larger interval of 0.82% Nb2O5 over 42.3 m (EC21-175).
As part of the termination and forgiveness agreement, Commerce Resources granted Saville the right to earn a 75% interest in the Niobium Claim Group Property, which has now been terminated. Concurrently, Commerce Resources has forgiven a debt owed by Saville, totaling $369,290.16. This debt arose from various loans and advances provided by Commerce Resources to Saville.
Commerce Resources President Chris Grove expressed appreciation for Saville's work on advancing the understanding of the Niobium Claim Group's potential. The termination of the agreement provides Commerce Resources with flexibility to explore future opportunities on the property. While the Saville Option Agreement is concluded, Commerce Resources looks forward to initiating a work program in the near future to follow up on the positive results obtained through Saville's efforts. The termination allows Commerce Resources to assess and pursue further exploration strategies on the Niobium Claim Group Property, contributing to the company's broader objectives in the mineral exploration sector.
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