Commerce Resources Corp (OTCMKTS:CMRZF) Stock Falls After Announcing Assay Results

Shares of Commerce Resources Corp (OTCMKTS:CMRZF) closed lower on Wednesday on light volume.

Traders Review

CMRZF stock is trading below the 20-Day and 200-Day Moving averages of $0.18 and $0.22 respectively. However, the stock is trading above the 50-Day moving average of $0.17. The stock is down 1% over the past month.

Market Reaction

On Wednesday, CMRZF stock fell 4% to $0.1770 with 2.5k shares, compared to its average volume of 17K shares. The stock has moved within a range of $0.1770 – 0.1770 after opening trade at $0.1770.

Major News

Commerce Resources Corp (OTCMKTS:CMRZF) on December 8, 2021, announced assay results from Saville Resources Inc’s first drill initiative finished on Miranna Prospect as part of the 2021 diamond drill program at Niobium Claim Group Property, owned by Commerce.

Covering several prospective as well as advanced-stage niobium-tantalum targets, Saville is finishing the Earn-in Agreement for up to a 75% interest in the claim group.

Finished in July, the 2021 drill program had seven holes totaling 1,349 m split over two prospects – Mallard (681 m over 3 holes) and the Miranna Prospect (668 m over 4 holes). Results of the drill holes for Mallard Prospect were confirmed on November 1, 2021, and included the best niobium intersection to date.

Saville Resources also confirmed that field programs done adhered to federal, provincial as well as regional restrictions in place due to the COVID-19. Mineral exploration is considered an important service in Canada as well as in Quebec. Saville Resources confirmed that no covid cases were there in the 2021 exploration program.

The firm also announced permitting about 2,500,000 stock options to some officers, directors, employees as well as consultants for purchasing common shares pursuant to the Stock Option Plan. Every option is exercisable for the time of two years at a price of $0.23 per common share. From this, 150,000 are being given to people providing investor relations services to the firm

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