VANCOUVER, Sept. 24, 2014 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: SMY) and its wholly-owned subsidiary, Alterra Resources Inc. ("Alterra"), are pleased to announce that exploration personnel have begun a six week exploration program in the Port Hope Simpson REE district. This program will focus on advancing several Foxtrot-like Nd-Dy-Y-Tb prospects in the district and on locating/documenting a site for a planned bulk sample of the Foxtrot Project ("Foxtrot") deposit.
Field personnel will be operating out of Port Hope Simpson, on the southeast coast of Labrador, to carry out exploration programs on seven licenses located between St. Lewis, Mary's Harbour and Port Hope Simpson and in the Henley Harbour area. Programs will consist of prospecting, geological mapping and channel sampling. Mapping work will focus on developing the Foxtrot-like deposit model in the district, while prospecting and channel sampling will look for and sample little known and new Foxtrot-like mineralization.
A bulk sample site within the Foxtrot deposit will be outlined and documented in preparation for production of material to feed a planned demonstration plant. This plant will use and test the new metallurgical process previously announced (see Search's News Release July 23, 2014) for the Foxtrot mineralization.
Mr. Clucas commented, "We are pleased to be continuing our program of development of the Foxtrot Project and the Foxtrot-like prospects in the Port Hope Simpson REE district. This program will continue our aim to bring Foxtrot, our flagship project with a positive and robust PEA and a relatively low capex, into development".
About Search Minerals
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 critical REE belt located in southeast Labrador, where the company controls a dominant land position in an area 70 km long and up to 8 km wide. The company's flagship property, the Foxtrot Project, a Nd-Dy-Y-Tb deposit, occurs within this belt along with 22 currently identified Foxtrot-like prospects/targets.
The area has excellent infrastructure, which could potentially aid in the development and ultimate fast-track to production of a REE mine. In 2012, the company published its first NI 43-101 resource estimate on its Foxtrot Project, and, in March 2013, the Company released a revised Preliminary Economic Assessment (PEA) on the Foxtrot Project.
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 a Joint Venture with the Company; and at the Red Wine Complex, where Great Western Minerals Group has a Joint Venture with the Company.
Search Minerals is lead 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.
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 Regarding Forward-Looking Information:
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation 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 Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; and those additional 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 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 disclaim 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:
James (Jim) Clucas
Interim President & Chief Executive Officer
T: 604-998-3432 | M: 604-671-5450
E: [email protected]