Search Minerals Completes Initial 2,000m Fox Meadow Phase 1 Drill Program

 

VANCOUVER, British Columbia, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Search” or the “Company”) is pleased to announce that the planned 2,000 m of the FOX MEADOW Phase 1 drill program have been completed. FOX MEADOW, our third major REE mineralized zone, is located in the Port Hope Simpson – St. Lewis Critical Rare Earth Elements (CREE) District in SE Labrador. The drill program consisted of a total of 14 drill holes and 2000 m drilled. All drill holes have intersected visual REE mineralization similar to that observed on the surface. Our 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 November 11, 2022 and was completed on December 2, 2022.

• Exploration:
  • One drill rig at FOX MEADOW drilled 45° holes from 100-208 m 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:
  
  • We anticipate 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 May 5, 2022) have outlined numerous medium- to high-grade REE mineralized zones;
  • The current program targets high-grade REE zones identified at surface in order 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 presently open to the NW and SE along strike and to the SW, perpendicular to strike, in some sections.
    

Dr. Randy Miller, Vice-President, Exploration comments; “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/CEO states: “I would like to thank our team and our drilling operator, Springdale Forest Resources, for their dedication to complete the 2000m 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 down hole data and the additional information to model our next steps in the development of this property.”

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 km west of Port Hope Simpson and 1 km 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, Ph.D., P.Geo., 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 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 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. 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.

For further information, please contact:

Greg Andrews
President and CEO
Tel: 604-998-3432
E-mail: info@searchminerals.ca

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.

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 and development plans 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.