Search Minerals Announces Second Major REE Discovery

Search Minerals (TSXV:SMY) reported channel sample assay results from its Deepwater Fox REE (rare earth element) prospect in Labrador, indicating a new critical rare earth discovery in the Port Hope Simpson REE District. Results exceeded those of Search’s nearby Foxtrot deposit.

As quoted in the press release:

Deepwater Fox Prospect (34m channel) is wider than the surface expression of the Foxtrot Deposit (10-14m) and may be as large as 500m long and 34m wide;
Located on infrastructure – near (2 km) the deep-water, ice-free, port of St. Lewis and the Labrador road network; 12 km from the Foxtrot Deposit;
Deepwater Fox represents the second major discovery in Search’s wholly owned Port Hope Simpson REE District;
Assays include 5.96m containing the following Critical REE: 1433 ppm Y (1820 ppm Y2O3), 2156 ppm Nd (2515 ppm Nd2O3), 48 ppm Tb (56 ppm Tb4O7) and 286 ppm Dy (328 ppm Dy2O3).

Search Minerals interim president and CEO, Jim Clucas, said:

These initial channel results from Deepwater Fox are very encouraging. They support and strengthen our business strategy for Search Minerals which is to develop the Foxtrot Project first and self-fund the development of the 100% owned REE District. We will continue to evaluate the Deepwater Fox discovery while advancing the other 20 plus prospects in our district with the potential of creating many shallow, low operating and capital cost open pits to feed a scalable processing plant using Search’s breakthrough metallurgy processing technology.

Click here to read the Search Minerals (TSXV:SMY) press release