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Search Minerals Inc
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Close 2022-12-06 C$ 0.065
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Search Minerals completes phase 1 Fox Meadow drilling

2022-12-06 17:10 ET - News Release

Mr. Greg Andrews reports

SEARCH MINERALS COMPLETES INITIAL 2,000M FOX MEADOW PHASE 1 DRILL PROGRAM

Search Minerals Inc. has completed the planned 2,000 metres of its Fox Meadow phase 1 drill program. Fox Meadow, its third major rare earth element mineralized zone, is located in the Port Hope Simpson-St. Lewis critical rare earth element (CREE) district in southeast Labrador. The drill program consisted of a total of 14 drill holes and 2,000 m drilled. All drill holes have intersected visual REE mineralization similar to that observed on the surface. Its geology team will have all holes logged and sampled, with all samples sent for assay, in the next 10 days.

Fox Meadow drill program

The drilling commenced on Nov. 11, 2022, and was completed on Dec. 2, 2022:

  • Exploration:
    • One drill rig at Fox Meadow drilled 45-degree holes from 100- to 208-metre depth.
    • All drill holes were collared in or on the edge of mineralization.
    • All core is being lithologically, structurally and geotechnically logged.
    • All logged intervals are being sampled for assay, tested for specific gravity and magnetic susceptibility.
  • Drilling program results:
    • The company anticipates receiving all assay results by late spring 2023.
    • Visual REE mineralization has been observed in all drill holes.
  • Drill targets:
    • Extensive channel programs from 2013 to 2021 (see Search Minerals news release dated May 5, 2022) have outlined numerous medium- to high-grade REE mineralized zones.
    • The current program targets high-grade REE zones identified at surface to trace them at depth.
    • The drill program is also designed to obtain preliminary information on the thickness of the Fox Meadow REE mineralization.
    • On surface, the mineralization is currently open to the northwest and southeast along strike and to the southwest, perpendicular to strike, in some sections.

Dr. Randy Miller, vice-president, exploration, commented: "We are using the drill logging in combination with the surface channel mapping, outcrop mapping and magnetic data to develop a three-dimensional map of this extensive mineralized zone. We look forward to utilizing our information to develop an exploration program for Fox Meadow for 2023."

Greg Andrews, president and chief executive officer, stated: "I would like to thank our team and our drilling operator, Springdale Forest Resources, for their dedication to complete the 2,000-metre drill program before the end of the year. The drill program targeted high-grade zones in the core of the known surface extent of the mineralization. We wanted to trace the high-grade zone at depth and evaluate the overall thickness of the mineralized zone. The pending assays results should provide Search with the preliminary downhole data and the additional information to model our next steps in the development of this property."

Mr. Andrews added: "Search Minerals will continue to seek strategic partners to advance our prospects in our extensive rare earth element land position. We believe a secure and sustainable rare earth element supply chain can be built in Newfoundland and Labrador, a very mining-friendly and innovative technology-based jurisdiction."

The Fox Meadow project occurs approximately 11 kilometres west of Port Hope Simpson and one kilometre from a gravel-covered, three-season forest access road. Port Hope Simpson is approximately 40 km northwest of Foxtrot and 50 km from Deep Fox on paved and all-season gravelled roads.

Qualified person

Dr. Randy Miller, PhD, PGeo, is the company's vice-president, exploration, and qualified person (as defined by National Instrument 43-101), who has supervised the preparation of and approved the technical information reported herein. The company will endeavour to meet high standards of integrity, transparency and consistency in reporting technical content, including geological and assay data.

About Search Minerals Inc.

Led by a proven management team and board of directors, Search Minerals is focused on finding and developing critical rare earth elements (CREE), zirconium (Zr) and hafnium (Hf) resources within the emerging Port Hope Simpson-St. Lewis CREE district of southeast Labrador. Search Minerals controls two deposits (Foxtrot and Deep Fox), two drill-ready prospects (Fox Meadow and Silver Fox), and numerous other REE prospects, including Fox Valley, Foxy Lady and Awesome Fox, along a 64-kilometre-long belt forming an REE district in Labrador. Search Minerals has completed a preliminary economic assessment report for Deepfox and Foxtrot. Search Minerals is also working on three exploration prospects along the belt, which include: Fox Meadow, Silver Fox and Awesome Fox.

Search Minerals has continued to optimize its patented hydrometallurgy direct extraction process technology with the support from the Department of Industry, Energy and Technology, government of Newfoundland and Labrador, and from the Atlantic Canada Opportunity Agency. It has completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed rare earth oxide concentrate for separation and refining. It also recognizes the continued support by the government of Newfoundland and Labrador for its junior exploration program.

Search Minerals was selected to participate in the government of Canada Accelerated Growth Service (AGS) initiative, which supports high-growth companies. AGS, as a one-stop-shop model, provides Search Minerals with co-ordinated access to government of Canada resources as Search Minerals continues to move quickly to production and contribute to the establishment of a stable and secure rare earth element North American and European supply chain.

We seek Safe Harbor.

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