Search Minerals Reports the DEEP FOX Drill Program is Over 50% Completed
July 15 2021 - 5:00AM
Search Minerals Inc. (TSXV:
SMY | OTCQB: SHCMF) (“
Search” or
the “
Company”) is pleased to provide an update on
its 7000m drilling program at
DEEP FOX, located in
our Port Hope Simpson – St. Lewis Critical Rare Earth Elements
(CREE) District in SE Labrador, which begun in June 2021.
DEEP FOX DRILL PROGRAM
UPDATE
The drill program commenced June 2, 2021, with
our expectation of 7000m of drilling and completion of between
40-45 drill holes.
- Drilling
program objectives:
- extend the current resource (see
Search Minerals News Release, Oct. 1, 2019) to the 200m level with
a 50m x 50m grid;
- drill on a 25 x 25m grid to the 50m
level;
- drill two cross-sections (25m
spacing) to the 200m level; and
- explore to the 250m level.
- Drilling
program progress:
- completed 3900 m
of drilling and 28 drill holes;
- shipped 1260
samples for assay.
- Remaining
timeline:
- complete the
7000m program near September 1, 2021
- HQ geotechnical
drill program will consist of 8-10 holes, 1800-2000m, and commence
after the completion of DEEP FOX drill program
(early September)
- complete assay
results should be received within 6 weeks of completion of the
program.
Dr. Randy Miller, Vice-President, Exploration
comments, “All drill holes completed to date have intersected
mineralization that is visually similar to that analyzed from
previous drill programs. The addition of geologist Andrea
MacFarlane and another support staff to our team has greatly
improved our ability to log, test and sample core for assay. We
will report our assay and drilling results once all the assays have
been received and interpretations have been completed.”
The drill program is designed to provide data to
estimate a resource for an open pit to the 200m level. The 25m grid
and cross-section drill holes will help to evaluate what density of
drilling is required to estimate a measured and indicated resource
for a Bankable Feasibility study. The Company will prepare an
updated resource estimate following the completion of this drilling
program.
The Geotechnical drill program will be used to
determine the geotechnical parameters of the proposed open pit to
mine the deposit.
Greg Andrews, President/CEO states, “Our
immediate goal is to advance our Critical Rare Earth Element
District to production. This will require (a) advancing our
DEEP FOX project to a measured and indicated
resource, (b) provide engineering and economic studies such as
Preliminary Economic Assessments and Feasibility Studies and (c)
develop and submit an Environmental Assessment report to initiate
the environmental and permitting process for DEEP
FOX.”
The DEEP FOX DEPOSIT occurs
about 2 km northeast of St. Lewis and 12 km east of the
FOXTROT DEPOSIT.
Search is following the COVID protocols which
are currently in place within the Province of Newfoundland &
Labrador to ensure the safety of our employees and the communities
where we work.
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, 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.
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:
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 proposed
exploration programs described herein, 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, the inability to obtain the
necessary resources to complete the exploration programs and poor
exploration results.
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.
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