VANCOUVER, Sept. 5, 2012 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY) is pleased to announced that the Board of Directors has approved a preliminary $ 250,000 - 1200m drill program on Search's 100% Pesky Hill Prospect, which is in the Port Hope Simpson REE District and is part of Search's substantial land package in SE Labrador. Over the past year, a prospective area of 600m x 1000m on Pesky Hill was the focus of a mapping, prospecting and channelling program. Interpretation of the results of this program has led to the creation of an exploration/geology model that outlines at least four high grade HREE drill targets in the area.
OBJECTIVE OF THE DRILL PROGRAM
- Identify a high grade, Dysprosium resource that can be put into production much quicker and at a substantially lower capital cost than the Company's Foxtrot Project resource;
- Demonstrate to all stakeholders the potential of the Port Hope Simpson REE District for multiple REE deposits
PESKY HILL DRILL PROGRAM
Search Minerals is implementing the same discipline and methodology which was instrumental in the success at the Foxtrot Project to date. Recent mapping, prospecting and compilation of channel and other data from the HighREE Hills area, including Pesky Hill, and HighREE Island have resulted in the Company's interpretation of an exploration/geology model for high grade HREE mineralization. The model predicts that the Pesky Hill area exposes the top of a high grade HREE mineralized zone in an area of approximately 600m by 1000m and to unknown depths. A preliminary 1200m exploration drill program is proposed to drill-test the model at up to four targets. If successful, the drill program could be expanded to 2500m. The highlights from the Channel Samples of Pesky Hill are as follows: (March 1, 2012 - News release)
- Dy values from 621 - 2,751 ppm (Dy203 from 713 - 3,157 ppm);
- HREE/Total REE ranges up to 53.5% (HREE+Y/Total REE+Y ranges up to 74%);
- Nb values range from 3,667 to 21,693 and Y values range from 2,963 to 12,522 ppm;
- Also, 621 ppm Dy, 1534 ppm Nd, 91 ppm Tb, 2963 ppm Y over 14.69m;
Jim Clucas, President and CEO of Search Minerals, states "we are excited about drilling this high grade REE prospect, as it may prove the Company's belief that it controls a rare earth district with several deposits. The Pesky Hill project is eleven km from the successful Foxtrot Project resource and is hosted in a different geological setting. We are currently procuring a sample for metallurgical testing from Pesky Hill. We are very conscious of the current economic situation facing many juniors, yet we feel that with this relatively modest drill program, Search may enhance shareholder value with the development of Pesky Hill"
Dr. Randy Miller, Ph.D., P.Geo, is the Company's Vice President Exploration and Qualified Person for the purposes of NI 43-101. Dr. Miller has reviewed and approved the technical disclosure contained in this news release as applicable. 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.
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.)
Search Minerals Inc. (TSXV: SMY) is a TSX Venture Exchange listed company, headquartered in Vancouver, B.C. Search is the discoverer of the Port Hope Simpson REE District, a highly prospective light and heavy REE belt located in southeast Labrador. The company controls a dominant land position in a belt 135km long and up to 12km wide. In addition, Search has a number of other mineral prospects in its portfolio located in Newfoundland and Labrador, including a number of claims in the Strange Lake Complex, where Quest Rare Minerals has an earn-in agreement with the Company; and at the Red Wine Complex, where Great Western Minerals Group has a Joint Venture with the Company.
Furthermore, Search Minerals is the owner of the Starved Acid Leaching Technology (patents pending) ("SALT"), a process with the potential to economically recover nickel and cobalt from known deposits currently considered sub economic.
Search Minerals is led by a management team and Board of Directors with a proven track record in the mining industry. The Company has experienced geological and metallurgical teams led by Dr. Randy Miller and Dr. David Dreisinger respectively.
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.
President & Chief Executive Officer