Search Minerals Acknowledges Junior Exploration Assistance From Government of Newfoundland and Labrador
May 11 2020 - 6:00AM
Search Minerals Inc. (“Search” or the “Company”) (TSXV:
SMY), is pleased to acknowledge receipt of a grant of
$57,600.62 from the Province of Newfoundland and Labrador towards
exploration work completed in 2019 on the Company’s Critical Rare
Earth Element (CREE) claims located near the communities of St.
Lewis and Port Hope Simpson in Southeastern Labrador.
Greg Andrews, President and CEO of Search
Minerals states, “Search is very appreciative of the Junior
Exploration Assistance Program (“JEA”) funds
granted by the Province of Newfoundland and Labrador Department of
Natural Resources. These funds allowed us to hire local personnel
and continue to explore and advance the Critical Rare Earth Element
District (the “District”) in 2019. The Company
controls a belt 63 km long and 2 km wide and there are still 20
showings within this belt to be assessed and maintained. The
highlight of the 2019 field season was the discovery of the high
values of Zirconium/Hafnium in our surface channel samples at our
prospect, SILVER FOX. Search has commissioned
SGS Canada (Lakefield) (“SGS”) to conduct
preliminary metallurgical testing on a channel sample from
SILVER FOX for recovery of a zirconium and hafnium
mineral concentrate. SGS will also test a sample
of FOXTROT leach residue from the recent
optimization program for by-product zirconium and hafnium
recovery.”
Andrews added: “Our focus remains on rare earth
element recovery, but the potential to add value through recovery
of a zirconium and hafnium product is very exciting. Entry into the
zirconium and hafnium supply chains could offer additional funding
and offtake opportunities in addition to what is available from the
rare earth supply chain.”
For further information, please
contact:
Greg AndrewsPresident and CEOTel:
604-998-3432E-mail: info@searchminerals.ca
About Search Minerals Inc.
Led by a proven management team and board of
directors, Search is focused on finding and developing resources
within the emerging Critical Rare Earth Element (“CREE”) District
of South East Labrador. The Company controls a belt 63 km long and
2 km wide including its 100% interest in the
FOXTROT and DEEP FOX Projects,
which are road accessible and at tidewater. Exploration efforts
have advanced FOX MEADOW and SILVER
FOX as new CREE prospects very similar to and in close
proximity to FOXTROT and DEEP
FOX. The FOXTROT Project has a capital
cost to bring the initial project into production ($152M CDN)1, a
short payback period and is scalable due to Search’s proprietary
processing technology.
1 The preliminary economic assessment is
preliminary in nature and includes inferred mineral resources that
are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the
preliminary economic assessment will be realized. The preliminary
economic assessment includes the results of an economic analysis of
mineral resources. Mineral resources are not mineral reserves and
do not have demonstrated economic viability.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Not for distribution to U.S. Newswire Services
or for dissemination in the United States. Any failure to comply
with this restriction may constitute a violation of U.S. securities
laws.
About SGS Canada
(Lakefield)
SGS is the world’s leading inspection,
verification, testing and certification company. SGS is recognized
as the global benchmark for quality and integrity. With more than
94,000 employees, SGS operates a network of over 2,600 offices and
laboratories around the world.
Around the world, SGS offers a wide range of
integrated services for the hard rock, energy minerals and
fertilizer sectors including sustainable geochemical analysis,
resource calculation, mineralogy, metallurgical testing and
consulting, engineering services, advanced systems, water treatment
and trade services. For further information regarding these and
other SGS services, please visit www.sgs.com/metallurgy.
Cautionary Statement Regarding
“Forward-Looking” Statements:
This news release includes certain
“forward-looking information” and “forward-looking statements”
(collectively “forward-looking statements”) within the meaning of
applicable Canadian and United States securities legislation
including the United States Private Securities Litigation Reform
Act of 1995. All statements, other than statements of historical
fact, included herein, without limitation, statements relating the
future operating or financial performance of the Company, are
forward-looking statements.
Forward-looking statements are frequently, but
not always, identified by words such as “expects”, “anticipates”,
“believes”, “intends”, “estimates”, “potential”, “possible”, and
similar expressions, or statements that events, conditions, or
results “will”, “may”, “could”, or “should” occur or be achieved.
Forward-looking statements in this news release relate to, among
other things, technical results from the Company’s drilling program
and closing of the Offering. Actual future results may differ
materially. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made and are based upon
a number of assumptions and estimates that, while considered
reasonable by the respective parties, are inherently subject to
significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and
unknown, could cause actual results, performance or achievements to
be materially different from the results, performance or
achievements that are or may be expressed or implied by such
forward-looking statements and the parties have made assumptions
and estimates based on or related to many of these factors. Such
factors include, without limitation, the risk that the Company is
not able to find suitable investors for the Offering or does not
receive the approval of TSX Venture Exchange. Readers should not
place undue reliance on the forward-looking statements and
information contained in this news release concerning these times.
Except as required by law, the Company does not assume any
obligation to update the forward-looking statements of beliefs,
opinions, projections, or other factors, should they change.
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