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.
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.
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.
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.
For further information: Greg Andrews, President/CEO, T: 604-998-3432; F: 604-608-5717, E: firstname.lastname@example.org