VANCOUVER, Aug. 30, 2016 /CNW/ - Search Minerals Inc.
("Search" or the "Company") (TSXV: SMY), and its wholly-owned
subsidiary, Alterra Resources Inc. ("Alterra"), are very pleased to
report on the 2016 exploration program on licenses held within the
Port Hope Simpson CREE (Critical Rare Earth Element) District in
SE Labrador. Preliminary
field results are available from the Fox Meadow REE prospect.
HIGHLIGHTS OF FOX MEADOW FIELD PROGRAM
- Fox Meadow was one of the 20 or more Foxtrot-like targets which
Search has identified in previous exploration programs
- REE mineralization over 30m wide in channels and over 500m
along strike in outcrop;
- Fox Meadow is associated with a magnetic anomaly 1km long and
approximately 250m wide; and
- Fox Meadow may be the third large Foxtrot-like REE deposit in
the Port Hope Simpson belt.
Greg Andrews, President and CEO
comments: "Dr. Randy Miller and his
team continue to build on our asset base despite a constrained
exploration budget this season. The Fox Meadow prospect is very
significant as it has the potential to validate our belief that all
these prospects could define a prolific, strategically significant
REE District in this easily accessible region of southeastern
Labrador. The preliminary
economic assessment of the Foxtrot Project, our first major
discovery in this region, points to a excellent project that can be
developed as a stand-alone project at relatively low cost.
The addition of Deepwater Fox and Fox Meadow, has the potential to
add to our source feed and could present new open pit development
options. Our patented metallurgical technology and scalable
processing facility design can accommodate multiple sources of
material and future expansion without sunk costs. Each
additional project and prospect extends the life of the District
and provides more options with respect to how soon the company
would have to consider major capital investment in higher cost
underground mining. We look forward to reporting the channel assays
from the Fox Meadow prospect."
This seasons program consisted of prospecting, geological
mapping and channelling; a total of 44 channels totalling 127.15m
were cut and 359 assay samples were collected. Samples have been
delivered to ActLabs for assay and results are pending. The
majority of the work was carried out on the Fox Meadow REE
prospect.
Fox Meadow REE Prospect: The previously discovered Fox Meadow
prospect (see Search Minerals news release Oct. 30, 2013) occurs in the Fox Harbour volcanic belt about 11 km west of
Port Hope Simpson. It coincides
with a magnetic anomaly approximately 1 km long and 250m wide.
Additional channelling, prospecting and geological mapping
indicates that the mineralization is at least 30m wide, as observed
in the channels (open in one direction), but potentially up to 100m
wide; much of this area is tree- and glacial till-covered. Outcrop
mapping and prospecting indicates that the mineralization is at
least 500m long. The observed dimensions are similar to the Foxtrot
Deposit (10-14m wide and 400m long) and Deepwater Fox Prospect (up
to 34m wide and 500m long – See Search Minerals news release
January 27, 2015). Preliminary assay
data indicate that REE values at Fox Meadow are also similar to
those at Foxtrot. This prospect could be a third Foxtrot-like
mineralized zone in the Port Hope Simpson CREE District. Contingent
on favourable results from the channel sampling program, a
follow-up trenching and channelling program will further evaluate
the Fox Meadow prospect.
Qualified Person(s):
Dr. Randy
Miller, Ph.D., P.Geo, is the Company's Vice President,
Exploration, and Qualified Person (as defined by National
Instrument 43-101) who has supervised the preparation of and
approved the technical information reported herein. The company
will endeavour to meet high standards of integrity, transparency,
and consistency in reporting technical content, including
geological and assay (e.g., REE) data.
About Search:
Search Minerals Inc. (TSXV: SMY) is a
TSX Venture Exchange listed company focused on creating value
through finding and developing "critical rare earth element (CREE)"
mineral assets in Labrador – CREEs
(Nd, Pr, Eu, Tb, Dy, Y) have growing demand, constrained or
restricted supply and are commonly used in innovative
technologies.
Search is the discoverer of the Port Hope Simpson CREE District,
a highly prospective CREE belt located in southeast Labrador, where the Company controls a belt 70
km long and up to 8 km wide. Search owns 100% of the advanced CREE
resource called the Foxtrot Project (FOXTROT), and a recently
announced Foxtrot-like prospect called "Deepwater Fox". In
addition, the Company has identified more than 20 other
Foxtrot-like prospects in the District. The primary focus of Search
is to continue to advance the Foxtrot resource, while evaluating
other Foxtrot-like prospects. Several of the Foxtrot-like prospects
require exploration drilling programs and may provide additional
resources to a central processing facility that would be situated
within the District.
In addition, Search holds a number of other 100% owned CREE
mineral prospects in Labrador in
its portfolio: the Red Wine Complex and in the Henley Harbour
area.
Search Minerals is led by a Management Team and Board of
Directors with proven track records in the mining industry. The
Company also has experienced geological and metallurgical teams led
by Dr. Randy Miller and Dr.
David Dreisinger respectively.
All material information on the Company may be found on its
website at searchminerals.ca and on SEDAR at sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility of the adequacy or
accuracy of this release.
Cautionary Statement:
This news release contains forward-looking statements that are
not historical facts. Forward-looking statements involve risks,
uncertainties and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward- looking statements.
Factors that could cause actual results to differ materially from
these forward- looking statements include those risks set out in
Search's public documents filed on SEDAR at www.sedar.com. Although
Search believes that the assumptions and factors used in preparing
the forward-looking statements are reasonable, undue reliance
should not be placed on these statements, which only apply as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all.
Except where required by law, Search disclaims any intention or
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
SOURCE Search Minerals Inc.