Business
Search Minerals Announces "Critical REE" Discovery in the Port Hope Simpson REE District
VANCOUVER , Jan. 27, 2015 /CNW/ - Search Minerals Inc. (" Search " or the " Company ") (T...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\nVANCOUVER, Jan. 27, 2015 /CNW/ - Search Minerals Inc. (\"Search\" or the \"Company\") (TSXV: SMY) and its wholly-owned subsidiary, Alterra Resources Inc. (\"Alterra\"), are pleased to announce channel sample assay results from the Deepwater Fox REE (Rare Earth Element) Prospect located in the Port Hope Simpson (PHS) REE District in SE Labrador. Both assay results and the channel length exceed those of the nearby Foxtrot Deposit.\n\nHIGHLIGHTS:\n\n\nDeepwater Fox Prospect (34m channel) is wider than the surface expression of the Foxtrot Deposit (10-14m) and may be as large as 500m long and 34m wide; \nLocated on infrastructure – near (2 km) the deep-water, ice-free, port of St. Lewis and the Labrador road network; 12 km from the Foxtrot Deposit; \nDeepwater Fox represents the second major discovery in Search's wholly owned Port Hope Simpson REE District; \nAssays include 5.96m containing the following Critical REE: 1433 ppm Y (1820 ppm Y2O3), 2156 ppm Nd (2515 ppm Nd2O3), 48 ppm Tb (56 ppm Tb4O7) and 286 ppm Dy (328 ppm Dy2O3).\nJim Clucas, Interim President and CEO states, \"These initial channel results from Deepwater Fox are very encouraging. They support and strengthen our business strategy for Search Minerals which is to develop the Foxtrot Project first and self-fund the development of the 100% owned REE District. We will continue to evaluate the Deepwater Fox discovery while advancing the other 20 plus prospects in our district with the potential of creating many shallow, low operating and capital cost open pits to feed a scalable processing plant using Search's breakthrough metallurgy processing technology.\"\n\nThe accompanying table outlines assay results for REE and some other elements from the discovery channel. A total of 33.7m of channel was cut and assayed (see Search Minerals July 27, 2010 news release), of which 30.42m is classified as mineralized felsic volcanic rocks and 3.28m is classified as un-mineralized felsic and mafic volcanic rocks. Assays from the four mineralized intervals of the channel are listed in the table along with assays from the indicated resource and \"High Grade Core\" indicated resource at Foxtrot (\"A copy of the Foxtrot technical report entitled \"Technical Report on the Foxtrot Project in Labrador, Newfoundland and Labrador, Canada\", dated May 9, 2013, is available on t...