Search Minerals Commences 2020 Exploration Program in SE Labrador
VANCOUVER, British Columbia, June 09, 2020 (GLOBE NEWSWIRE) — Search Minerals Inc. (TSXV: SMY) (“Search” or the “Company”) is pleased to report that its 2020 exploration program for Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) in the Port Hope Simpson – St. Lewis CREE District has begun.EXPECTATIONS FOR THE 2020 EXPLORATION PROGRAM Program time line – Completed by August 2020FOX MEADOW program aims to expand the previously successful channel sampling programs to make this mineralized zone ready for a Phase 1 exploration drilling program;AWESOME FOX program consists of a trenching/channeling program to sample mineralization over a UAV magnetic anomaly;SILVER FOX program will sample high-grade zirconium-hafnium mineralization on surface. SILVER FOX located just west of the FOXTROT DEPOSIT; Program time line – Completed by Fall 2020
DEEP FOX Phase 3 drill program to commence in fall 2020 pending financing and permittingGreg Andrews, President/CEO states; “We are very excited to be able to resume our exploration work. We have worked with local and Newfoundland government partners to prepare our COVID-19 protocols to ensure the safety of our employees and the communities where Search Minerals works. We appreciate the support and look forward to a safe and successful exploration program.”FOX MEADOW
The 2020 trenching and channeling program at FOX MEADOW will extend and complete five sections through the mineralized zone that were begun in previous exploration years (2012, 2013, 2016, 2018, 2019; see Search News Release, April 6, 2020) and construct one or two new channel sections in the mineralized zone. All channel work will require excavation of trenches in treed areas, with significant overburden cover, to expose bedrock. Two completed sections outline a mineralized zone that is between 118m and 124m wide; previously completed sections indicate that the mineralized zone is greater than 500m long. Successful completion of the 2020 trenching/channeling should provide enough information on the surface extent of the mineralized zone to develop a Phase 1 drill program to explore for mineralization at depth.
The FOX MEADOW prospect occurs about 11 km west of Port Hope Simpson and 1 km from a gravel- covered, three-season forest access road. Port Hope Simpson is about 40 km northwest of FOXTROT and 50 km from DEEP FOX on paved and all-season graveled roads.
Channel programs at AWESOME FOX (2013, 2014); discovered mineralization in outcrops that are about 600 m apart. The area between these sampled outcrops is treed and overburden-covered. A UAV (Unmanned Aerial Vehicle) magnetometer survey in 2019 (see Search Minerals News Release, Sept. 18, 2019) outlined a magnetic anomaly that joins the two areas of mineralized outcrops (magnetic response due to magnetite-bearing mineralized units). The aim of the 2020 trenching/channeling program is to explore for CREE mineralization over this magnetic anomaly; trenches will be excavated to expose bedrock for channel sampling.
The AWESOME FOX prospect occurs about 10 km southeast of Port Hope Simpson and within 0.5 km of a paved highway. Port Hope Simpson is about 40 km northwest of FOXTROT and 50 km from DEEP FOX on paved and all-season graveled roads.
The SILVER FOX mineralized zone contains some of the highest Zr and Hf mineralization observed in the District (see Search Minerals News Release, April 8, 2020). The 2020 exploration program will include additional channels to infill between current channels and to test the limits of the mineralized zone to the east and west; all additional channels will require trenching to expose bedrock for channel sampling.
The mapping/prospecting portion of this program will include mapping between the FOXTROT DEPOSIT, which is about 2 km east of SILVER FOX, and SILVER FOX to determine if these two mineralized zones are related to each other and to determine if the SILVER FOX mineralization occurs in this unmapped and poorly explored zone.
The 2020 trenching/channeling program is designed to determine the surface extent of the mineralized zone to provide information to develop an exploratory drill program to explore for the high grade Zr-Hf-REE mineralization at depth.
The SILVER FOX prospect occurs about 12 km east of St. Lewis and within 1 km of a graveled all-season highway.
A Phase 3 drill program is proposed to start in Fall 2020 for the DEEP FOX DEPOSIT. This program will consist of up to 3000m of drilling, in 7-10 holes, to extend the current resource (see Search Minerals News Release, Oct. 1, 2019) to the 200m level of the mineralized zone.
The DEEP FOX DEPOSIT occurs about 2 km northeast of St. Lewis and 12 km east of the FOXTROT DEPOSIT.
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.
For further information, please contact:Greg Andrews
President and CEO
E-mail: [email protected]About Search Minerals Inc.Led by a proven management team and board of directors, Search is focused on finding and developing resources within the emerging Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) in the Port Hope Simpson – St. Lewis CREE District of South East Labrador. The Company controls a belt 63 km long and 2 km wide including its 100% interest in the FOXTROT and DEEP FOX Projects, which are road accessible and at tidewater. Exploration efforts have advanced FOX MEADOW and SILVER FOX as new CREE prospects very similar to and in close proximity to FOXTROT and DEEP FOX.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 for the adequacy or accuracy of this release.Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.Cautionary Statement Regarding “Forward-Looking” Statements:This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this news release relate to, among other things, technical results from the Company’s drilling program and closing of the Offering. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the risk that the Company is not able to find suitable investors for the Offering or does not receive the approval of TSX Venture Exchange. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.