Search Minerals Inc. (TSXV:SMY) announced that it has received an updated mineral resource estimate for the Foxtrot project. The results from the phase three drill program at the project increased the resource estimate by 55% of a similar grade.
As quoted in the press release:
- 9,229,000 tonnes of Indicated Mineral Resources with a grade of 0.17% heavy rare earth elements (HREE+Y), equivalent to 0.21% heavy rare earth oxides (HREO+Y), and
- 0.88% total rare earth elements (TREE+Y), equivalent to 1.07% heavy rare earth oxides (HREO+Y), including 189 ppm dysprosium (218 ppm Dy2O3) and 1,442 ppm neodymium (1,687 Nd2O3).
Search Minerals, President and CEO, Jim Clucas, commented:
The latest RPA resource estimate reflects the results from all three successful drill programs at Foxtrot. The significant increase in both size and quality of the resource gives us the flexibility to consider different production scenarios including a starter pit and a smaller high grade underground mine. This case should result in significantly reduced capital costs and a faster payback as well as reducing the environmental footprint.