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Following a new discovery in the Port Hope Simpson rare earth element district in Labrador earlier this year, Search Minerals is at it again. The company reported on Friday that it has found a new REE district in Labrador
The company reported on Friday that it has found a new REE district in Labrador. According to the company’s release, it’s found three belts of “critical rare earth element” mineralization in the Henley Harbor area of Labrador, and is now calling the area the Henley Harbor Critical REE District. As Search Minerals President Greg Andrews said in Friday’s release, that is the second REE district the company has announced in Labrador.
That garnered some attention from the market on Friday — Search’s share price was up over 16 percent, at $0.035, following the news. What’s more, about 1.57 million shares of the company traded hands, over nine times its average daily trading volume.
At Henley Harbor, channel and grab sample results have returned high concentrations of rare earths, niobium, zirconium and yttrium in the Bad Bay-Iceberg Belt, as well as high concentrations of rare earths, niobium and zirconium, including dysprosium and yttrium, in the St. Peter’s Bay and Pleasure Pond belts. Highlights of channel results include 3.55 meters of 280 ppm of dysprosium, including 0.6 meters of 506 ppm dysprosium at Bad Bay and 0.18 meters of 1,040 ppm Dy2O3.
Furthermore, Friday’s release states that the belts exhibit characteristics similar to the High REE Hills and Ocean View belts, which are found 30 to 40 kilometers north in Search’s Port Hope Simpson district.
In that district, Search holds the Foxtrot deposit, as well as a new prospect called Deepwater Fox. Search Minerals owns more than 20 prospects in the district.
For the time being, Search is planning to keep its focus on Foxtrot. “We will be focusing on the FOXTROT project in the Port Hope Simpson CRITICAL REE District and will be looking for a joint venture partner to fund further development in the Henley Harbour District,” stated Andrews.
That said, the company is also planning a “small exploration program” for 2015 to further evaluate the newly discovered rare earths mineralized belts. Certainly, those interested in the rare earths space — and in discoveries in particular — will be keeping an eye on the company.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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