Critical Metals

Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company "), is pleased to provide an update on our 2022 exploration programs in Labrador, Canada.

Greg Andrews, President/CEO, comments: "We have had a very busy exploration season so far this year. In addition to managing the exploration program, we expanded our exploration team and expanded our facilities and infrastructure in St. Lewis, Labrador. Search renovated its modern office and core shed facilities and built an additional storage shed to manage the increased drill core. We also purchased property in St. Lewis for our 2 – six-person trailers which are being utilized for our increased need for local accommodations."

Andrews added; "We continue to work toward a feasibility study for the end of 2023, and the Deep Fox drill program should provide a measured resource category as well as expanded indicated and inferred resource for an updated mineral resource calculation expected in 2023."

Deep Fox

The 2022 Deep Fox Exploration Program commenced in early June, following the mobilization of two diamond drilling rigs to St. Lewis, Labrador. The drill program has two main objectives: (i) further define and delineate the Deep Fox mineral resource, to update the mineral resource estimate suitable for a feasibility study, and (ii) collect the necessary geotechnical and hydrogeological data to facilitate an optimized mine planning and design process.

The first month of drilling was helicopter-supported, providing access to areas previously inaccessible due to the steep and rocky nature of the terrain. We have completed the Geotechnical and Hydrogeological drill program which utilized one of the drill rigs. The remainder of the drill program is being completed using the two track-mounted drills. The 2022 Deep Fox program is approximately 60% complete, with a total of 46 drill holes advanced to date.   The remainder of the Deep Fox drilling program will focus on ensuring that the area within the currently proposed open pit has been adequately drilled, and that the mineral resource is aligned with the next phase of technical reporting. We are anticipating finishing the drill program by early November.

A summary of the 2 separate drilling initiatives are outlined below:

Mineral Resource Delineation Drilling

  • 46 resource delineation drill holes completed to date (5,229 m);
  • All resource delineation drill holes have intersected mineralization;
  • 3,437 lithogeochemical samples sent for assay - results pending; and
  • The drill program is anticipated to be complete by early-November.

Geotechnical and Hydrogeological Drilling

  • The geotechnical drilling program has been completed;
  • 13 geotechnical drill holes completed (3,362m);
  • Two Vibrating Wire Piezometers (VWP) have been installed;
  • Packer tests were conducted in 6 of the geotechnical drill holes;
  • Samples have been collected for laboratory geophysical testing – results pending;
  • 11 of 13 drill holes intersected mineralization and will contribute to the mineral resource; and
  • Assay samples have been collected from the mineralized zones.

Fox Meadow

Our exploration team will be carrying out a 200 m channel sampling program designed to extend the mineralized zone to the SE. We will review the possibility of a smaller drill program pending available personnel and funding.

Fox Valley

Exploration efforts in the Fox Valley area have consisted of the building of an access trail to the mineralized area, with the intention of conducting a preliminary assessment of surface mineralization. This trail is complete, exploration in this area will consist of test pitting and channel cutting, and is anticipated to be complete by the end of November.

Red Wine Complex

Our exploration team is planning a two-week helicopter-supported exploration program in the Red Wine area of central Labrador. Exploration will consist of prospecting, mapping, channel cutting, and detailed drone imagery on the Two Tom Lake, Mann #1, Narnia Hill and Merlot prospects. This preliminary program will prepare these REE mineralized zones for a more extensive exploration programs in 2023-2024.

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 South East Labrador. Search controls two deposits (Foxtrot and Deep Fox), two drill ready prospects (Fox Meadow and Silver Fox) and numerous other REE prospects, including Fox Valley, Foxy Lady and Awesome Fox, along a 64 km long belt forming a REE District in Labrador. Search has completed a preliminary economic assessment report for DEEPFOX and FOXTROT. 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 ad 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.

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 exploration plans and the preparation of the PEA and Definitive Feasibility Study, and the timing thereof, 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, results of exploration work, the ability to secure any required funding, receipt of all required regulatory approval and the ability to secure the necessary resources to complete the planned exploration work.

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 .

For further information, please contact:

Greg Andrews
President and CEO
Tel: 604-998-3432
E-mail: info@searchminerals.ca


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

SMY:CA
Search Minerals

Search Minerals


Keep reading...Show less
Search Minerals Completes Magnetic Separation of Bulk Samples at SGS Canada

Search Minerals Completes Magnetic Separation of Bulk Samples at SGS Canada

Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company "), is pleased to announce that two bulk samples of mineralization from Deep Fox and Foxtrot have been processed in our PHASE 1 magnetic separation program at SGS Canada (Lakefield) (" SGS "). The Deep Fox sample comprises 53 metric tonnes recovered from the exposed surface of the deposit. Similarly, the Foxtrot sample comprises 20 tonnes of surface material.

The SGS program involved bench scale work to test the amenability of the two samples to magnetic separation and then the execution of a continuous pilot plant operating at ~550 kg per hour of feed material over 15 separate pilot plant periods to produce a pre-concentrate of iron by Low Intensity Magnetic Separation (LIMS) and a rare earth concentrate by Wet High Intensity Magnetic Separation (WHIMS) and a final tailing material for environmental testing.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Search Minerals Files NI 43-101 Technical Report for the Deep Fox and Foxtrot Project in South East Labrador

Search Minerals Files NI 43-101 Technical Report for the Deep Fox and Foxtrot Project in South East Labrador

Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company ") is pleased to announce that the Preliminary Economic Assessment (" PEA ") NI 43-101 Technical Report on the Deep Fox and Foxtrot Project (the "Technical Report") has been filed on SEDAR. The Technical Report, which is dated July 18, 2022, has an effective date of May 31, 2022 and is entitled "Technical Report on the Deep Fox and Foxtrot Project, Newfoundland and Labrador, Canada Report for NI 43-101".

The results of the Technical Report were previously disclosed in summary form in the Company's news release dated June 7th, 2022, "Search Minerals Announces Positive Preliminary Economic Assessment For The Deep Fox And Foxtrot Rare Earth Element Project With $2.23 Billion NPV ( 8) ."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Search Minerals Receives $1,075,481 From Exercise of Warrants

Search Minerals Receives $1,075,481 From Exercise of Warrants

Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company "), is pleased to announce the exercise of 15,364,015 previously issued common share purchase warrants of the Company (the " Warrants ") at an exercise price of $0.07 per Warrant in July 2022 for aggregate gross proceeds of $1,075,481. Each Warrant was exercisable into one common share of the Company until July 12, 2022, as further disclosed in the Company's news release dated April 30, 2020, and an aggregate of 654,669 unexercised Warrants have now expired.

The Company anticipates using the proceeds from the exercise of the Warrants for general working capital purposes.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Search Minerals Announces Positive Preliminary Economic Assessment for the Deep Fox and Foxtrot Rare Earth Element Project With $2.23 Billion NPV

Search Minerals Announces Positive Preliminary Economic Assessment for the Deep Fox and Foxtrot Rare Earth Element Project With $2.23 Billion NPV

Net Present Value NPV ( 8 ) of $2.23 B (pre-tax) and NPV ( 8 ) of $1.31 B (after-tax) Internal Rate of Return (IRR) 55.3% (pre-tax) and 41.5% (after-tax) Capital Payback Period 1.5 Years (pre-tax) and 1.8 Years (after-tax) Initial Capital Costs - $ 422M Approx. Annual production- 1437t - Magnet Rare Earths Oxides (Nd+Pr:1291t Dy:125t Tb:21t)

VANCOUVER, British Columbia, June 07, 2022 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) ("Search" or the "Company"), is pleased to announce the results of its Preliminary Economic Assessment ("PEA") for the development of its Deep Fox and Foxtrot Rare Earth Element (REE) deposits located in Labrador, Canada and the establishment of a Direct Extraction Hydrometallurgical processing facility on the Island of Newfoundland. The PEA was prepared by SLR Consulting (Canada) Inc. The technical report relating to the PEA will be filed on SEDAR within 45 days of this news release.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Search Minerals Commencing Deep Fox 14000m Drill Program and Provides Corporate Update

Search Minerals Commencing Deep Fox 14000m Drill Program and Provides Corporate Update

Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (" Search " or the " Company "), is pleased to provide the following update related to our planned 2022 activities.

Greg Andrews, President/CEO comments: "Our team will be working very hard to advance these 2022 activities. Activities needed to continue our "Sprint to Production" as Search seeks to build a secure, sustainable rare earth supply chain in Newfoundland and Labrador to supply Canada and our trading partners. Our goal is to be in production by the year 2025."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Aclara to Attend Rare Earths and Sustainability Mining Conferences

Aclara to Attend Rare Earths and Sustainability Mining Conferences

Aclara Resources Inc. ("Aclara" or the "Company") (TSX:ARA) is pleased to announce that the Company will be participating in strategic Rare Earths and Sustainability Mining conferences on September and October

Asian Metals - 13th Rare Earth Summit

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Helium Evolution Announces Appointment of Chief Financial Officer

Helium Evolution Announces Appointment of Chief Financial Officer

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, is pleased to announce the appointment of Ms. Kristi Kunec to the role of Chief Financial Officer, effective September 12, 2022.

Ms. Kunec brings over 15 years of financial experience to HEVI, with a proven track record that includes leading the corporate finance, organizational planning and financial reporting functions for growing resource companies. Over the last 13 months, she has served as part-time Controller for Kanata Clean Power & Climate Technologies Corp., and prior thereto was Chief Financial Officer and Corporate Secretary for Pine Cliff Energy Ltd. (TSX:PNE). Ms. Kunec directly contributed to the growth of the company from approximately 100 boe/d to 24,000 boe/d, which included closing four equity offerings that raised more than $170 million, and the completion of two corporate and seven asset acquisitions. Prior to Pine Cliff, Ms. Kunec was Controller for North American Oil Trust, Corporate Controller for Orion Oil & Gas Corporation, and Manager of Financial Reporting for TransGlobe Energy Corporation. After earning a Bachelor of Commerce degree from the University of Saskatchewan, she began her career at PriceWaterhouseCoopers LLP in 2003, earning her CPA, CA designation in May of 2006.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Aclara Awarded as Sustainability Initiative of the Year

Aclara Awarded as Sustainability Initiative of the Year

Aclara Resources Inc. ("Aclara" or the "Company") (TSX:ARA) is pleased to announce that the Business Intelligence Group has designated Aclara as one of the receivers of this year's Sustainability Initiative of the Year award, in the 2022 Sustainability Awards program. The Sustainability Awards honor those organizations who have made sustainability an integral part of their business practice or overall mission

"We are proud to reward and recognize Aclara Resources for their sustainability efforts," said Maria Jimenez, Chief Nominations Officer, Business Intelligence Group. "It was clear to our judges that their vision and strategy will continue to deliver results toward a cleaner, more sustainable world. Congratulations!"

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Helium Evolution Announces Filing of Second Quarter 2022 Financial Results and Provides Corporate Update

Helium Evolution Announces Filing of Second Quarter 2022 Financial Results and Provides Corporate Update

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, today announced the filing of our unaudited financial results for the three-and six-month periods ended June 30, 2022, along with a corporate update that includes a change in management and posting of an updated corporate presentation on HEVI's website.

For complete details of the consolidated financial statements and the associated management's discussion and analysis (" MD&A "), please refer to the Company's filing on SEDAR ( www.sedar.com ).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
E-Tech Resources Inc. Appoints Professor Frances Wall as a Director

E-Tech Resources Inc. Appoints Professor Frances Wall as a Director

E-Tech Resources Inc. (TSXV: REE) ("E-Tech" or "Company") is pleased to announce that it has appointed Professor Frances Wall as a director effective immediately. Professor Wall replaces Mr. Ed Loye on the board of directors. Mr. Loye will remain as a technical consultant to the Company.

Frances Wall is Professor of Applied Mineralogy at Camborne School of Mines, University of Exeter, has a BSc in geochemistry from Queen Mary University of London and a PhD in rare earth-rich carbonatites from the University of London. Frances has over 30 years experience researching the geology and process mineralogy of global rare earth deposits and practically linking exploration stage studies to responsible sourcing outcomes. Frances has also led large consortium research projects such as HiTech AlkCarb and SoS RARE and is currently Principal Investigator for the UK Research and Innovation Interdisciplinary Circular Economy Centre for Technology Metals (Met4Tech). Frances is Chair of the British Geological Survey Science Advisory Committee, a member of the UK Critical Minerals Expert Committee, was named in the WIM UK '100 Global Inspirational Women in Mining' 2016 edition and awarded the William Smith Medal of the Geological Society of London for applied geoscience in 2019.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Helium Evolution Provides Update on First Two Exploration Wells Drilled at McCord

Helium Evolution Provides Update on First Two Exploration Wells Drilled at McCord

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on finding, developing and commercializing assets in southern Saskatchewan, today provides an update on the first two exploration wells drilled at the Company's 100% owned and operated McCord property, HEI-1 (HEI 06-12-006-05W3M) and HEI-2 (HEI 06-2-006-06W3M).

Following casing and evaluation of both wells, initial results did not return sufficient quantities of helium to warrant production testing. As such, field operations on both wells have been halted in order to conduct further analysis on the results and the Company's planned operations program. HEVI has released the contracted rig and is currently reviewing all information gathered during the drilling operations to reassess its exploration model before undertaking additional drilling.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×