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Search Minerals Announces Drill Program Is Underway on the DEEP FOX Property
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About this update from Search Minerals Inc.
[{"type":"text","content":" Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws. VANCOUVER, British Columbia, July 13, 2018 (GLOBE NEWSWIRE) -- Search Minerals Inc. (“Search” or the “Company”) (TSXV:SMY), is pleased to announce that the Company has commenced drilling a 1500m drill program on its DEEP FOX Critical Rare Earth Element (CREE) prospect in SE Labrador. Drilling started on July 6 and a total of 3 drill holes (483m) have been completed to date. Visible CREE mineralization has been observed in all drill holes and the geology appears to follow the Foxtrot exploration model. This program is designed to intersect surface mineralization at the 50m and 100m levels beneath the surface mineralization (see Search Minerals news release Nov. 3, 2017). Greg Andrews, President/CEO states; “We are very encouraged by the progress of the current drill program on the DEEP FOX property. Dr. Randy Miller and his team are splitting, logging and sampling the drill core. We expect to begin sending the core samples for assays next week, with an expectation of 4 – 6 weeks for results. Another 4-5 drill holes are planned to complete the 1500m of drilling.” About Search Minerals Inc. Led by a proven management team and board of directors, Search is focused on finding and developing resources within the emerging Port Hope Simpson Critical Rare Earth Element (“CREE”) District of South East Labrador (the “District”). The Company controls a belt 70 km long and 8 km wide including its 100% interest in the FOXTROT Project which is road accessible and at tidewater. Exploration efforts have advanced “Deep Fox” and “Fox Meadow” as significant new CREE prospects very similar and in close proximity to the original FOXTROT discovery. While the Company has identified more than 20 other prospects in the District, its primary objective remains development of FOXTROT with the clearly demonstrated success of the proprietary processing technology at the pilot plant level and delineation of prospects that will ensure competitive-low cost production beyond the 14-year mine life contemplated in the preliminary economic assessment of FOXTROT completed in April 2016. The FOXTROT Project has a low capital cost to bring the initial project in...