Search Minerals Inc. (TSXV: SMY)
(“
Search” or the “
Company”) is
pleased to provide our plans to continue to advance our Critical
Rare Earth Element District in SE Labrador, Canada. Search Minerals
is a rare earth company founded during the last rare earth cycle
starting in 2009. We are excited that our continued exploration
work, technology advancements, and support from our many
stakeholders, has positioned Search to capitalize on strong market
fundamentals in rare earths driven by the global electrification of
the transportation sector and current climate change initiatives,
led by government.
PLANS FOR 2021 FIELD WORK AND
DEVELOPMENT (pending financing)
(Search Minerals owns
100% of all the properties within our 63km long x 2km wide Critical
Rare Earth Element District)
Foxtrot (10km from St. Lewis,
Labrador)
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No further drilling until bankable feasibility study |
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Preliminary Economic Assessment – dated April 2016 |
Deep Fox (2km from St. Lewis Labrador)
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Deep Fox – current resource - (see news release dated October 1,
2019) |
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• |
2,329,000 tonnes Indicated Resource (≥C$140/t NSR cut-off
value); |
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3,902,000 tonnes Inferred Resource (≥C$140/t NSR cut-off
value); |
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• |
Drilling and geological interpretation indicates the potential for
additional Mineral Resources at the 150m and 200m elevations; |
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Mineralization is open at depth (below 200m); |
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June 2021 - Commence Drill program |
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~5000 m drill program – infill drilling and test mineralization
below 200m levels |
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October 2021 |
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Upgrade 43-101 resource estimate |
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December 2021 |
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Update Preliminary Economic Assessment to include Foxtrot and Deep
Fox. |
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Update Environmental Impact Statement to include both Foxtrot and
Deep Fox material |
Fox Meadows (40 km from St. Lewis, Labrador, near Port
Hope Simpson)
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Current surface channel program indicates that the NW mineralized
zone is at least 175m wide and 425m long, and, the SE mineralized
zone is at least 116m wide and 365m long; 790m combined
length; |
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Expanded 2021 channeling/trenching and/or drilling program needed
to sample the extended length and width
indicated; |
Silver Fox (12km from St. Lewis, Labrador)
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• |
Exhibits high grade Zr (Hf, Nd, Pr, Dy, Tb) mineralization ranging
from 3.00 to 8.83m wide on surface over two zones: East Zone 550m
long and West Zone 180m long (all true widths); |
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Contains Zr (Hf) values much higher than any other Critical rare
earth element resource (Foxtrot and Deep Fox) or mineralized zone
(Fox Meadow and Awesome Fox) in SE Labrador. |
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Exploration plans for 2021 at SILVER
FOX include additional channels to test the limits of
the mineralized zone to the west and several infill channels to
make the project drill ready. |
Metallurgical Testing and Development
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The recent work (News release January 12, 2021) on Low Intensity
Magnetic Separation (LIMS), Wet High Intensity Magnetic Separation
(WHIMS) and Zircon Flotation will be extended to the Foxtrot, Deep
Fox and Fox Meadow material. |
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The excellent results on rare earth element mineral concentration
achieved using WHIMS for a Silver Fox sample will be tested on the
other deposits. |
Greg Andrews, President and CEO of Search
Minerals states: “We continue to develop our District as we
position Search as a significant provider for the North American
and European rare earth supply chain. Search has also completed two
continuous pilot plants, using our proprietary Direct Extraction
technology, which has produced a 99% high purity mixed rare earth
concentrate. We have provided samples of our rare earth concentrate
for further separation testing. We have also signed technical
collaboration agreements with Saskatchewan Research Council and USA
Rare Earth LLC, to explore further separation capabilities.”
Andrews added: “Search has received internal
engineering studies which outlines the capital and operating costs
for constructing a 1/200th scale demonstration plant in St. Lewis
Labrador (10 tonnes per day). The demonstration plant would be
essential for 1) training our future workforce for plant
operations, 2) producing sufficient quantities of mixed rare earth
concentrate for demonstration of commercial rare earth separation,
and 3) large scale validation of our Direct Extraction processing
flowsheet. We are putting together our business plan for the
construction of the demonstration plant with our funding
partners.”
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 (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. The Company controls a belt 63 km
long and 2 km wide and is road accessible, on tidewater, and
located within 3 local communities. Search has completed a
preliminary economic assessment report for
FOXTROT, and a resource estimate for DEEP
FOX. 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 generous support from
the Department of Tourism, Culture, Industry and Innovation,
Government of Newfoundland and
Labrador,(“InnovateNL”) and from the Atlantic
Canada Opportunity Agency (“ACOA”). We have
completed two pilot plant operations and produced highly purified
mixed rare earth carbonate concentrate and mixed REO concentrate
for separation and refining.
For further information, please
contact:
Greg AndrewsPresident and CEOTel:
604-998-3432E-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:
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, the entering into by Search of the rare earth supply
chain. 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. 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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