Search Minerals Inc. (TSXV: SMY | OTCQB:
SHCMF) (“
Search” or the
“
Company”), is pleased to provide an update on our
2022 exploration programs in Labrador, Canada.
Greg Andrews, President/CEO, comments: ”We have
had a very busy exploration season so far this year. In addition to
managing the exploration program, we expanded our exploration team
and expanded our facilities and infrastructure in St. Lewis,
Labrador. Search renovated its modern office and core shed
facilities and built an additional storage shed to manage the
increased drill core. We also purchased property in St. Lewis for
our 2 – six-person trailers which are being utilized for our
increased need for local accommodations.”
Andrews added; “We continue to work toward a
feasibility study for the end of 2023, and the Deep Fox drill
program should provide a measured resource category as well as
expanded indicated and inferred resource for an updated mineral
resource calculation expected in 2023.”
Deep Fox
The 2022 Deep Fox Exploration Program commenced
in early June, following the mobilization of two diamond drilling
rigs to St. Lewis, Labrador. The drill program has two main
objectives: (i) further define and delineate the Deep Fox mineral
resource, to update the mineral resource estimate suitable for a
feasibility study, and (ii) collect the necessary geotechnical and
hydrogeological data to facilitate an optimized mine planning and
design process.
The first month of drilling was
helicopter-supported, providing access to areas previously
inaccessible due to the steep and rocky nature of the terrain. We
have completed the Geotechnical and Hydrogeological drill program
which utilized one of the drill rigs. The remainder of the drill
program is being completed using the two track-mounted drills. The
2022 Deep Fox program is approximately 60% complete, with a total
of 46 drill holes advanced to date. The remainder of
the Deep Fox drilling program will focus on ensuring that the area
within the currently proposed open pit has been adequately drilled,
and that the mineral resource is aligned with the next phase of
technical reporting. We are anticipating finishing the drill
program by early November.
A summary of the 2 separate drilling initiatives
are outlined below:
Mineral Resource Delineation Drilling
- 46 resource delineation drill holes
completed to date (5,229 m);
- All resource delineation drill
holes have intersected mineralization;
- 3,437 lithogeochemical samples sent
for assay - results pending; and
- The drill program is anticipated to
be complete by early-November.
Geotechnical and Hydrogeological Drilling
- The geotechnical drilling program
has been completed;
- 13 geotechnical drill holes
completed (3,362m);
- Two Vibrating Wire Piezometers
(VWP) have been installed;
- Packer tests were conducted in 6 of
the geotechnical drill holes;
- Samples have been collected for
laboratory geophysical testing – results pending;
- 11 of 13 drill holes intersected
mineralization and will contribute to the mineral resource;
and
- Assay samples have been collected
from the mineralized zones.
Fox Meadow
Our exploration team will be carrying out a 200
m channel sampling program designed to extend the mineralized zone
to the SE. We will review the possibility of a smaller drill
program pending available personnel and funding.
Fox Valley
Exploration efforts in the Fox Valley area have
consisted of the building of an access trail to the mineralized
area, with the intention of conducting a preliminary assessment of
surface mineralization. This trail is complete, exploration in this
area will consist of test pitting and channel cutting, and is
anticipated to be complete by the end of November.
Red Wine Complex
Our exploration team is planning a two-week
helicopter-supported exploration program in the Red Wine area of
central Labrador. Exploration will consist of prospecting, mapping,
channel cutting, and detailed drone imagery on the Two Tom Lake,
Mann #1, Narnia Hill and Merlot prospects. This preliminary program
will prepare these REE mineralized zones for a more extensive
exploration programs in 2023-2024.
Qualified Person:
Dr. Randy Miller, Ph.D., P.Geo, is the Company’s
Vice President, Exploration, and is a “qualified person” (as
defined by NI 43-101) and has supervised the preparation of and
approved all scientific and technical information herein and has
conducted appropriate verification on the underlying data. The
Company will endeavor to meet high standards of integrity,
transparency, and consistency in reporting technical content,
including geological and assay (e.g., REE) data.
About Search Minerals Inc. Led
by a proven management team and board of directors, Search is
focused on finding and developing Critical Rare Earths Elements
(CREE), Zirconium (Zr) and Hafnium (Hf) resources within the
emerging Port Hope Simpson – St. Lewis CREE District of South East
Labrador. Search 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 km long belt forming a REE District in Labrador.
Search has completed a preliminary economic assessment report for
DEEPFOX and FOXTROT. Search is
also working on three exploration prospects along the belt which
include: FOX MEADOW, SILVER FOX and
AWESOME FOX.
Search has continued to optimize our patented
Direct Extraction Process technology with the support from the
Department of Industry, Energy ad Technology, Government of
Newfoundland and Labrador, and from the Atlantic Canada Opportunity
Agency. We have completed two pilot plant operations and produced
highly purified mixed rare earth carbonate concentrate and mixed
REO concentrate for separation and refining. We also recognize 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 with
coordinated access to Government of Canada resources as Search
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.
Cautionary Statement Regarding
“Forward-Looking” Statements:
Except for the statements of historical fact,
this news release contains "forward-looking information" within the
meaning of the applicable Canadian securities legislation that is
based on expectations, estimates and projections as at the date of
this news release. "Forward-looking information" in this news
release includes information about the Company’s exploration plans
and the preparation of the PEA and Definitive Feasibility Study,
and the timing thereof, and other forward-looking information.
Factors that could cause actual results to differ materially from
those described in such forward-looking information include, but
are not limited to, results of exploration work, the ability to
secure any required funding, receipt of all required regulatory
approval and the ability to secure the necessary resources to
complete the planned exploration work.
The forward-looking information in this news
release reflects the current expectations, assumptions and/or
beliefs of the Company based on information currently available to
the Company. In connection with the forward-looking information
contained in this news release, the Company has made assumptions
about the Company's financial condition and development plans do
not change as a result of unforeseen events, and that the Company
will receive all required regulatory approvals.
Although the Company believes that the
assumptions inherent in the forward-looking information are
reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty therein. The
Company does not assume any obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward-looking
statements, unless and until required by applicable securities
laws. Additional information identifying risks and uncertainties is
contained in the Company's filings with the Canadian securities
regulators, which filings are available at www.sedar.com.
For further information, please
contact:
Greg AndrewsPresident and CEOTel:
604-998-3432E-mail: info@searchminerals.ca
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