- Commerce Resources (CCE) has extended its earn-in agreement with Saville Resources (SRE) regarding the Niobium Claim Group Property in Quebec
- The agreement will be extended until January 2024
- The companies kept similar terms as originally agreed upon when the agreement was signed in 2018
- Commerce Resources (CCE) is unchanged trading at $0.17 per share as of 12:37 p.m. EST
- Saville Resources (SRE) is unchanged trading at $0.01 per share as of 12:38 p.m. EST
Commerce Resources (CCE) has extended its earn-in agreement with Saville Resources (SRE) regarding the Niobium Claim Group Property in Quebec.
The agreement will be extended until January 2024, with similar terms as originally agreed upon by the parties.
President of Commerce Resources, Chris Grove, stated,
“We are excited by the work that Saville has accomplished on our Niobium Claim Group over the last five years, and we look forward to the next year of drill exploration of these excellent claims.”
The agreement was signed in January 2018, and Saville agreed to perform $5 million worth of work on the claims over a five-year period. This was set out so Saville could earn a 75 per cent interest in the claims. Commerce Resources received an initial cash payment of $250,000 and kept a 2.00 per cent net smelter royalty on production from some of the claims.
The Niobium Claim Group Property is made up of 26 neighbouring mineral claims over an area of approximately 1,223 hectares. The property is host to niobium, tantalum, phosphate, and fluorspar mineralization. Additionally, the property hosts the more advanced Mallard Prospect, where drilling has returned wide intercepts of mineralization.
Commerce Resources (CCE) is unchanged, trading at $0.17 per share as of 12:37 p.m. EST.
Saville Resources (SRE) is unchanged, trading at $0.01 per share as of 12:38 p.m. EST.
