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Search Minerals Inc.
Summary
| Project: | Foxtrot | |
|---|---|---|
| Deposit: | Deep Fox | |
| Location: | Canada | |
| Commodities: | Rare Earth | |
| Date: | 12/5/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 5-12-2018: Search Minerals Inc. announces an Exploration/Drilling Update report for its Deep Fox deposit at the Foxtrot project. Drilling results incl. 21.66m @ 1.07% TREE from 82.41m. VANCOUVER, British Columbia, Dec. 05, 2018 -- Search Minerals Inc. (“S | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Randy Miller (Internal) | |
| ABSTRACT: | VANCOUVER, British Columbia, Dec. 05, 2018 -- Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY), is pleased to announce final Phase 1 Drill Program assay results and the completion of the Phase 2 Drill Program on its DEEP FOX Critical Rare Earth Element (CREE: La, Pr, Nd, Tb, Dy) property in SE Labrador. Assays from 8 Phase 1 drill holes show significant CREE throughout the mineralized zone; mineralization is observed in all drill holes in Phase 1 and 2. Greg Andrews, President/CEO states; “These results are an extension of our previous assays from Phase 1 and further confirm that DEEP FOX is a second major CREE mineralized zone in the District. We anticipate that with the Phase 2 results, we will be able to prepare a resource estimate for DEEP FOX, with the ultimate goal to prepare an updated Preliminary Economic Assessment report (“PEA”). We believe that an updated PEA based on two resources (Deep Fox and Foxtrot) in the District will provide greater revenue, lower mining costs with two open pits, and potentially demonstrate an extended life for the District. Search continues toward the goal of completing a feasibility study for the implementation of the Direct Extraction Process for treatment of these resources. Concurrently to this exploration update, Search has been advancing the environmental baseline work for the project and evaluation of rare earth separation options along with discussions with endusers. We are poised to benefit from the increased demand for the critical rare earth elements (Nd, Pr, Dy, Tb) required to support the expanding electrification of vehicles and wind turbines.” 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 all these holes giving data from both levels. See Table 1 and Table 2 for weighted assays from selected drill hole intervals; see previous Search Minerals Deep Fox new releases (March 5, 2018, and October 29, 2018) for additional selected weighted assay intervals from Phase 1 drill holes. | |
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