Search Minerals Provides Corporate Update
November 12 2021 - 5:00AM
Search Minerals Inc. (TSXV:
SMY | OTCQB: SHCMF) (“
Search” or
the “
Company”) is pleased to provide a corporate
and exploration program update for the Company’s recently completed
field exploration program for 2021.
2021 FIELD EXPLORATION PROGRAM
COMPLETED
- Deep Fox
- Over 6000 assays from the recently
completed 7000m drill program have been received and are being
processed.
- The Deep Fox drill data will be
used to prepare a new resource estimate which will be incorporated
into the upcoming preliminary economic assessment report expected
in Q1 2022
- Fox Meadow
- 500m of channel sampling work has
been completed and samples are being logged and prepared for
shipment to the assay laboratory
- Fox Meadow is now drill ready for
2022 and we are preparing a preliminary drill program
- Silver Fox
- Silver Fox is drill ready for 2022
and we are preparing a preliminary drill program
- Red Wine District
- Dr. Randy Miller and his team spent
10 days in the Red Wine District with helicopter support for some
preliminary exploration work and channel sampling of our recently
staked licenses and the newly optioned Mann#1 and Two Tom
properties.
PROCESSING AND METALLURGY
- 80 tonnes of bulk sample material
are being delivered to our testing partner SGS Canada (Lakefield),
ON. The bulk sample from our Critical Rare Earth Element District
in SE Labrador will consist of 40 tonnes each from our Deep Fox
resource and from our Foxtrot resource.
- The bulk sample will be used to
scale up our successful bench scale results using Low Intensity
Magnetic Separation (“LIMS”) along with Wet High Intensity Magnetic
Separation process (“WHIMS”) to produce a Rare Earth Element
concentrate for further testing of the Direct Extraction Process.
(see Search Minerals news release dated April 12, 2021 and
September 29, 2021).
PRELIMINARY ECONOMIC ASSESSMENT REPORT
(“PEA 2022”)
The PEA 2022 will benefit from the following
improvements, and is expected to be completed by Q1 2022.
- Increased Material from
Deep Fox Resource
- PEA 2022 will incorporate the
results of the 7000 m drilling program completed at Deep Fox in
2021.
- The combination of the Deep Fox and
Foxtrot resources will potentially allow for an increase in the
production rate compared to the 2016 PEA (PEA 2016) on Foxtrot
alone.
- Assays from Deep Fox have shown
higher grades of the key rare earth elements used in the permanent
magnet market (Neodymium, Praseodymium, Dysprosium and Terbium) as
compared to Foxtrot.
- Metallurgical Process
Optimization
- The optimization of the Direct
Extraction Process in two pilot plant programs has resulted in
increased recoveries on our key elements (Nd, Pr, Dy, Tb).
- The introduction of magnetic
separation into the mineral processing flowsheet will:(1) produce
an iron ore concentrate by-product,(2) concentrate the rare earths
in 15-27% of the ore mass, resulting in a smaller extraction plant
and,(3) open the possibility of making a zirconium/hafnium
by-product.
- Produce a mixed rare earth
carbonate to supply the separation facility.
- New grinding and magnetic
beneficiation added to the flowsheet to optimize capital and
operating costs.
- Rare Earth Element Price Increases
- Rare earth prices have increased
significantly over the past year, and the upward trending price
escalations are expected to continue.
- Current and future price
projections (Adamas Intelligence) will form the basis for the PEA
economic analysis.
AGM Results and Chairman and Committee
appointments
At the November 4, 2021 Annual General Meeting
of shareholders the following directors were re-elected: Greg
Andrews, David Dreisinger, George Molyviatis, Jocelyn Bennett and
Leo Power. Leo Power was also appointed Chairman of the Board. The
audit committee for the upcoming year will consist of Jocelyn
Bennett, David Dreisinger, and Leo Power, and the Compensation
Committee will consist of George Molyviatis, Leo Power and Jocelyn
Bennett.
Greg Andrews, President/CEO stated: “This has
been a tremendous year for Search Minerals. The above
accomplishments could not have been completed without the effort of
all our employees/board members, suppliers, contractors,
consultants, NunatuKatvut Community Council and our funding
partners. I also want to thank our many loyal shareholders and
welcome our new shareholders as we continue to develop our Critical
Rare Earth Element District in SE Labrador.”
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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