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Search Minerals Inc.
Summary
| Project: | Foxtrot | |
|---|---|---|
| Deposit: | Deep Fox | |
| Location: | Canada | |
| Commodities: | Rare Earth | |
| Date: | 10/29/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 29-10-2018: Search Minerals Inc. announces an Exploration/Drilling Update report for its Deep Fox deposit at the Foxtrot project. Drilling results incl. 18.8m @ 1.04% TREE. VANCOUVER, British Columbia, Oct. 29, 2018 -- Search Minerals Inc. (“Search” or th | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Randy Miller (Internal) | |
| ABSTRACT: | VANCOUVER, British Columbia, Oct. 29, 2018 -- Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY), is pleased to announce preliminary Phase 1 Drill Program assay results and visual results of the Phase 2 Drill Program on its DEEP FOX Critical Rare Earth Element (CREE) property in S.E Labrador. Assays from 8 Phase 1 drill holes and visual results from 6 Phase 2 drill holes show significant CREE throughout the mineralized zone; mineralization is observed in all drill holes. Greg Andrews, President/CEO states; ”We are very excited with these preliminary assay results from the Phase 1 drill program. For the drill results received to 100m depth, compared to FOXTROT, the grades are over 15% higher and the true widths range from 11m to 32m, compared to 10-14m at FOXTROT. Phase 2 drilling was started in early October, and we expect to complete the 2500m drilling by early November. Search plans to engage our consultants to prepare a resource calculation for DEEP FOX, which could lead to an updated Preliminary Economic Assessment for the treatment of 2 resources (FOXTROT and DEEP FOX). We hope improved economics with the higher grades and widths for DEEP FOX and the opportunity to develop 2 resources within the District over an extended mine life would be supported by an updated PEA.” The Phase 1 DEEP FOX Drill Program consists of a total of 15 holes (3 in 2017 and 12 in 2018) to sample CREE mineralization at the 50m (10 holes) and 100m (5 holes) levels below the surface. Assays are now available for 8 of these holes giving data from both levels (5 at the 50m level and 3 from the 100m level). See Table 1 for assays from selected drill hole intervals. Assay results indicate that mineralized intervals have true widths of 11m to 32m (true widths added for multiple mineralized intervals) at the 50m and 100m levels below the surface. Extensive drilling at the 50m level (Phase 1) indicates that the mineralization has a strike length of at least 350m. Drilling at the 200m level (Phase 2) indicates that the mineralized zone is open below this depth. A Phase 3 drill program is required to test for mineralization at the 250m and 300m levels. | |
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