VANCOUVER, Nov. 19, 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 Alterra has extracted a bulk sample of the Foxtrot Project ("Foxtrot") resource for the purpose of running a pilot plant and for additional testing of the Company's recently announced proprietary metallurgical process. (see Search Minerals Announces Metallurgical Breakthrough for Rare Earth Recovery, July 23, 2014)
- 40 tonne bulk sample material from the High Grade Core of the Foxtrot deposit obtained;
- Bulk sample to be used for larger scale Pilot Plant testing of the Foxtrot metallurgical process; and;
- Results of the scaling-up testing will be available in the near future.
The bulk sample consists of approximately 40 tonnes of minus 12 mm crushed mineralization from the central part of the High Grade Core at Foxtrot. This will represent the highest-grade zone of the deposit; the zone to be mined in the underground scenario and most of the material mined in the open pit scenario discussed in the most recent PEA for the Foxtrot Project (see: June 13, 2013: Technical Report on the Foxtrot Project - updated Preliminary Economic Assessment (NI 43-101 Report) on SEDAR).
The bulk sample site, within the Foxtrot deposit, has been detailed mapped and documented to provide additional geological knowledge of the mineralization sampled by the bulk sample. Each one-tonne portion of the bulk sample has been sampled and will be assayed similar to that of the Foxtrot drill core.
Mr. Clucas commented, "The bulk sample is another step in our continuing program of development for the Foxtrot Project and the Foxtrot-like prospects in the Port Hope Simpson REE district. This program will continue our target to bring Foxtrot, our flagship project into production with the lowest capital costs and lowest operating costs in the rare earth sector."
Mineralized material from the bulk sample will be used to continue testing of the new metallurgical process previously announced. Large scale tests are currently in progress at SGS Minerals and the results will be announced when available.
About The Foxtrot Project
The Foxtrot Project occurs in the Port Hope Simpson Rare Earth Element District, southeastern Labrador, 8 km from the deep-water port of St. Lewis and with road access to the Trans-Labrador highway. The Foxtrot Project resource includes the High Grade Core that consists of: 1) 3.4 million tonnes of indicated material grading 1,711 ppm Nd (1996 ppm Nd2O3), 228 ppm Dy (262 ppm Dy2O3), 1,238 ppm Y (1572 ppm Y2O3) and 1.04% TREE (1.26% TREO), and, 2) 0.66 million tonnes of inferred material grading 1,658 ppm Nd (1934 ppm Nd2O3), 219 ppm Dy (251 ppm Dy2O3), 1,199 ppm Y (1523 ppm Y2O3) and 1.02% TREE (1.22% TREO).(see: June 13, 2013: Technical Report on the Foxtrot Project - updated Preliminary Economic Assessment (NI 43-101 Report on SEDAR) This resource occurs in peralkaline felsic volcanic rocks that form a 62 km-long belt from near St. Lewis to near Port Hope Simpson. Search has identified more than 20 prospects (Foxtrot-like prospects) in this belt with characteristics similar to the Foxtrot Project including similar grades, geology and mineralogy.
About Search Minerals
Search Minerals Inc. (TSXV: SMY) is a TSX Venture Exchange listed company focused on creating value through finding and developing mineral assets with growing demand and constrained or restricted supply, and with increasing use in innovative technologies..
Search is the discoverer of the Port Hope Simpson REE District, a highly prospective light and heavy REE belt located in southeast Labrador, where the Company controls a dominant land position in a belt 70 km long and up to 8 km wide. In addition, Search holds a number of additional mineral prospects in Newfoundland and Labrador in its portfolio, including claims in the Strange Lake Complex (where Quest Rare Minerals has a Joint Venture with Search); and at the Red Wine Complex (where Great Western Minerals Group has a Joint Venture with Search).
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.
Dr. Randy Miller, Ph.D., P.Geo, is the Company's Vice President, Exploration, and is the Qualified Person (as defined by National Instrument 43-101) who has supervised the preparation of and approved the technical information reported herein.
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]