Search Minerals Inc. (TSXV: SMY | OTCQB:
SHCMF) (“
Search” or the
“
Company”), is pleased to report 2021 channel
assay results from
FOX MEADOW, a major
mineralized zone in the Port Hope Simpson – St. Lewis Critical Rare
Earth Element (CREE) District. Mapping, prospecting, trenching,
channeling, and geophysical surveys confirm the current known
extent of two mineralized zones at
FOX MEADOW: the
NW zone is up to
175m wide, and the SE zone is up
to
154m wide. Combined, known
mineralization is at least
790m long, and is open
to the NW and SE.
FOX MEADOW is currently drill
program ready; Search plans to commence a 6,000 m drill program
this fall.
HIGHLIGHTS – FOX MEADOW 2021 CHANNEL
PROGRAM
- Channel assay highlights (all true
widths):
- FMC-21-02B (SE zone): 30,190 ppm
Zr; 272 ppm Dy; 1,592 ppm Nd; 702 ppm Hf, over 4.20m;
- FMC-21-02B (SE zone): 14,410 ppm
Zr; 195 ppm Dy; 1,051 ppm Nd; 322 ppm Hf over 25.85m; and
- FMC-21-03 (SE zone): 10,704 ppm Zr;
213 ppm Dy; 1,212 ppm Nd; 246 ppm Hf over 6.71m.
- Channel programs, prospecting and
magnetic anomalies indicate that the NW mineralized zone is at
least 175m wide and 425m long, and the SE mineralized zone is at
least 154m wide and 365m long; 790m combined length;
- The mineralization is open to the
NW and SE; another channel program is planned for 2022 to trace the
surface mineralization to the NW and SE;
- A 6000m drill program is
planned for fall 2022 to test for mineralization at depth;
- The 2021 exploration program was
carried out with no positive Covid-19 cases.
Greg Andrews, President/CEO states; “We are very
excited about the potential of the Fox Meadow
project. By comparison, Fox Meadow’s surficial
extent is much wider and longer than that of either Deep
Fox or Foxtrot. The Fox
Meadow project could prove to be very significant for our
development of a safe and secure generational source of rare earth
elements for the North American rare earth element supply
chain.”
Andrews added; “The Fox Meadow
Project is “drill ready” - we plan a 6000m drill program
that has been permitted and is expected to commence late 2022. The
recent Federal Budget proposes up to $3.8 billion in support over
eight years to implement Canada’s first Critical Minerals Strategy.
The Fox Meadow Project funding could benefit from the new 30%
Critical Mineral Exploration Tax Credit which was introduced. We
look forward to learning more details as our goals align nicely
with the Federal government’s Critical Minerals Strategy.”
FIGURE 1. FOX MEADOW CHANNEL
LOCATIONS is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7b0491ea-903f-4993-bf31-43e6ac3f5dd7
The 2021 trenching and channeling program
at FOX MEADOW extended three previous
channel sections (see Search News Releases: April 6, 2020; October
28, 2020) southwards and completed three new sections through the
mineralized zones (see Figure 1). All channel work required
excavation of trenches in treed areas, with significant overburden
cover, to expose bedrock. The ten longest sections, from all
channel programs, sample a mineralized zone that is between 123m
and 175m wide and 425m long in the westerly part of the zone (NW
zone) and between 122m and 154m wide and 365m long in the easterly
part (SE zone). The successful 2021 trenching and channeling
program indicates that an extensive 2022 program is required to
determine the surficial extent of the two mineralized zones that
are open to the NW and SE; a Phase 1 drill program to explore for
mineralization at depth is also planned for fall 2022.
Assays from the 2021 channeling program
(highlights in Table 1) return similar results to channels from
2020 and earlier programs. Two channel sections,
FMC-21-05/FMC-18-03 and FMC-18-01/FMC-21-06, form connected
sections that sample the NW zone. Three new channels (FMC-21-02,
FMC-21-03 and FMC-21-04) and one channel extension
(FMC-20-03/FMC-20-01) produce four sections through the SE
zone.
Channel FMC-21-02B contains 47.56m of high-grade
mineralization (aggregate of over 3m wide >190 ppm Dy intervals)
and 13.77m of medium-grade mineralization (aggregate of over 3m
wide and 150-190 ppm Dy intervals) over 112.34m of channel; lower
grade mineralization and mafic units forming the remainder in all
channels. FMC-21-03 contains 12.63m of high-grade mineralization
(>190 ppm Dy) and 15.14m of medium-grade mineralization (150-190
ppm Dy) over 139.88m of channel. Section FMC-21-04 contains 20.65m
of high-grade mineralization (>190 ppm Dy) and 24.37m of
medium-grade mineralization (150-190 ppm Dy) over 154.51m of
channel. Figure 1 illustrates that a portion of both magnetic
anomalies, the NW and SE zones, has not been sampled/channeled to
date.
TABLE 1 - WEIGHTED AVERAGE OF SOME CREE
MINERALIZED INTERVALS AT FOX MEADOW PROJECT
|
FMC-21-02B |
FMC-21-02B |
FMC-21-02B |
FMC-21-02B |
FMC-21-03 |
FMC-21-04 |
From (m) |
22.26 |
|
22.26 |
|
64.21 |
|
64.21 |
|
19.25 |
|
39.85 |
|
To (m) |
26.46 |
|
30.4 |
|
71.41 |
|
90.06 |
|
25.96 |
|
44.71 |
|
Length (m) |
4.20 |
|
8.14 |
|
7.20 |
|
25.85 |
|
6.71 |
|
4.86 |
|
|
|
|
|
|
|
|
Y (ppm) |
1,157 |
|
873 |
|
1,105 |
|
848 |
|
886 |
|
1,033 |
|
Zr (ppm) |
30,190 |
|
18,850 |
|
10,731 |
|
14,410 |
|
10,704 |
|
10,679 |
|
Nb (ppm) |
581 |
|
412 |
|
272 |
|
285 |
|
343 |
|
331 |
|
Hf (ppm) |
702 |
|
445 |
|
231 |
|
322 |
|
246 |
|
255 |
|
|
|
|
|
|
|
|
La (ppm) |
1,285 |
|
987 |
|
1,285 |
|
892 |
|
1,076 |
|
957 |
|
Ce (ppm) |
3,071 |
|
2,324 |
|
2,890 |
|
2,057 |
|
2,286 |
|
2,192 |
|
Pr (ppm) |
397 |
|
298 |
|
363 |
|
262 |
|
312 |
|
284 |
|
Nd (ppm) |
1,592 |
|
1,197 |
|
1,446 |
|
1,051 |
|
1,212 |
|
1,167 |
|
Sm (ppm) |
330 |
|
245 |
|
285 |
|
216 |
|
244 |
|
242 |
|
Eu (ppm) |
15.2 |
|
12.2 |
|
15.2 |
|
11.1 |
|
12.9 |
|
12.6 |
|
Gd (ppm) |
251 |
|
190 |
|
239 |
|
183 |
|
198 |
|
205 |
|
Tb (ppm) |
43.9 |
|
33.3 |
|
40.8 |
|
32.1 |
|
34.7 |
|
36.6 |
|
Dy (ppm) |
272 |
|
205 |
|
245 |
|
195 |
|
213 |
|
229 |
|
Ho (ppm) |
54.7 |
|
41.2 |
|
48.1 |
|
39.0 |
|
42.7 |
|
46.6 |
|
Er (ppm) |
164 |
|
122 |
|
135 |
|
113 |
|
123 |
|
136 |
|
Tm (ppm) |
24.6 |
|
17.9 |
|
18.3 |
|
15.7 |
|
17.3 |
|
19.1 |
|
Yb (ppm) |
159 |
|
114 |
|
112 |
|
99.2 |
|
109 |
|
123 |
|
Lu (ppm) |
25.2 |
|
17.8 |
|
16.7 |
|
15.1 |
|
16.4 |
|
18.1 |
|
|
|
|
|
|
|
|
LREE |
6,675 |
|
5,051 |
|
6,269 |
|
4,479 |
|
5,129 |
|
4,843 |
|
HREE |
1,010 |
|
754 |
|
870 |
|
702 |
|
766 |
|
826 |
|
HREE + Y |
2,167 |
|
1,627 |
|
1,975 |
|
1,551 |
|
1,652 |
|
1,859 |
|
TREE |
7,684 |
|
5,804 |
|
7,139 |
|
5,181 |
|
5,895 |
|
5,669 |
|
TREE + Y |
8,841 |
|
6,678 |
|
8,244 |
|
6,029 |
|
6,781 |
|
6,702 |
|
%TREE |
0.77% |
0.58% |
0.71% |
0.52% |
0.59% |
0.57% |
%TREE + Y |
0.88% |
0.67% |
0.82% |
0.60% |
0.68% |
0.67% |
%HREE |
0.10% |
0.08% |
0.09% |
0.07% |
0.08% |
0.08% |
%HREE + Y |
0.22% |
0.16% |
0.20% |
0.16% |
0.17% |
0.19% |
|
|
|
|
|
|
|
Note;REETREELREEHREEY%HREE+Y%HREE |
All elements parts per million (ppm), 10,000 ppm = 1% =
10kg/tonneRare Earth Elements: La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy,
Ho, Er, Tm, Yb, Lu (Lanthanide Series).Total Rare Earth Elements:
Add La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, LuLight
Rare Earth Elements: Add La, Ce, Pr, Nd, Sm.Heavy Rare Earth
Elements: Add Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu.Y not included in
HREE due to relatively low value compared to most Lanthanide series
HREE.%(HREE+Y)/(TREE+Y)%( HREE/ TREE) |
The FOX
MEADOW project occurs approximately 11 km west of
Port Hope Simpson and 1 km from a gravel-covered, three-season
forest access road. Port Hope Simpson is approximately 40 km
northwest of FOXTROT and 50 km
from DEEP FOX on paved and all-season
gravelled roads.
Quality Assurance / Quality Control
(QA/QC):Channel samples, 10cm deep and 8cm wide, are cut
by gas-powered diamond-bladed saw from cleaned outcrops to provide
samples for assay and logging/reference. Each channel is cut into
two vertical sections, similar to drill core, with a 6 cm thick
section (weathering removed) being sent for assay to Activation
Laboratories Ltd (ActLabs). A 2 cm thick section is stored in
channel boxes for reference and to provide due
diligence/verification samples. The channels are cut perpendicular
to strike, pieced together, logged and photographed to produce
geological and geochemical sections. These channel samples, or
horizontal drill holes, produce the same data as vertical diamond
drill holes, except the data is from horizontal geological sections
and the collected sample is 6 to 8 times bigger than NQ drill core.
Additional 8 cm wide cuts from a channel interval make excellent
preliminary metallurgical samples (1m of channel yields
approximately 30kg of sample).
Litho-geochemistry samples (drill core
or channel), all from bedrock, are collected by Company personnel,
bagged and described. Reference samples are also collected for each
grab, litho-geochemistry and channel sample. The samples
are shipped to Activation Laboratories Ltd. (ActLabs) sample prep
facility in Ancaster, Ontario, where they are crushed to 80% -10
mesh and riffled to produce a representative sample. This sample is
then pulverized to 95% -200 mesh with the pulverizing mills being
cleaned between each sample with cleaning sand. A representative
sample is treated by a lithium metaborate/tetraborate fusion and
then analyzed by ICP and ICP/MS techniques. Mass balance is
required as an additional quality control technique and elemental
totals of the oxides should be between 98% and 101%. For QA/QC
purposes Search requires one pulp duplicate and Search
reproducibility standard inserted at the 15th sample, and each
20 samples after, and a coarse reject duplicate every 20
samples. In addition, pulp standards are inserted at random by
Search Minerals personnel. ActLabs analyzes duplicates and
splits approximately every 15 samples and also analyses
29 measured standards for QA/QC. To further enhance our QA/QC
procedures Search has a program of checking analytical results with
other labs to confirm
the ActLabs results. ActLabs is an ISO/IEC
17025 accredited laboratory.
Qualified Person:Dr. Randy
Miller, Ph.D., P.Geo, is the Company’s Vice President, Exploration,
and is a “qualified person” (as defined by NI 43-101) and has
supervised the preparation of and approved all scientific and
technical information herein and has conducted appropriate
verification on the underlying data. The Company will endeavor 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 southeast 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 support from the
Department of Industry, Energy and Technology, 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. We also recognize the
continued support by the Government of Newfoundland and Labrador
for its Junior Exploration Program.
Search Minerals was selected to participate in
the Government of Canada Accelerated Growth Service (“AGS”)
initiative, which supports high growth companies. AGS, as a
‘one-stop shop’ model, provides Search with coordinated access to
Government of Canada resources as Search continues to move quickly
to production and contribute to the establishment of a stable and
secure rare earth element North American and European supply
chain.
For further information, please
contact:
Greg AndrewsPresident and CEOTel:
604-998-3432E-mail: info@searchminerals.ca
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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 contains "forward-looking
information "and "forward looking statements" within the meaning of
applicable Canadian securities laws. Such forward-looking
statements include, without limitation: statements with respect to
anticipated advancement of the Company’s exploration, production
and processing plans. These statements are based on information
currently available to the Company and the Company provides no
assurance that actual results will meet management's expectations.
In certain cases, forward-looking information may be identified by
such terms as "anticipates", "believes", "could", "estimates",
"expects", "may", "shall", "will", or "would". Forward-looking
information contained in this news release is based on certain
factors and assumptions regarding, among other things, the
estimation of Mineral Resources, the realization of resource
estimates, change in market prices, the availability of necessary
financing, the timing and amount of future exploration and
development expenditures, the, the progress of exploration and
development activities, the receipt of necessary regulatory
approvals, and assumptions with respect to environmental risks,
title disputes or claims, and other similar matters. While the
Company considers these assumptions to be reasonable based on
information currently available to it, they may prove to be
incorrect.Although the Company believes the expectations expressed
in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include: changes in market conditions,
unsuccessful exploration results, unanticipated costs and expenses,
inaccurate resource estimates, changes in the price of minerals,
unanticipated changes in key management personnel and general
economic conditions. In addition, mining exploration and
development is an inherently risky business. Accordingly, actual
events may differ materially from those projected in the
forward-looking statements. This list is not exhaustive of the
factors that may affect any of the Company's forward-looking
statements. Reference should be made to the Company's public
filings available under its profile on www.sedar.com for further
risk factors. These and other factors should be considered
carefully and readers should not place undue reliance on the
Company's forward-looking statements. The Company does not
undertake to update any forward-looking statement that may be made
from time to time by the Company or on its behalf, except in
accordance with applicable securities laws.
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