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Search Minerals Announces Preliminary Assays From 2018 Phase 1 DEEP FOX Drill Program; Phase 2 Drill Program in Progress
VANCOUVER, British Columbia, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY), is pleased to announce preliminary
About this update from Search Minerals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY), is pleased to announce preliminary Phase 1 Drill Program assay results and visual results of the Phase 2 Drill Program on its DEEP FOX Critical Rare Earth Element (CREE) property in S.E Labrador. Assays from 8 Phase 1 drill holes and visual results from 6 Phase 2 drill holes show significant CREE throughout the mineralized zone; mineralization is observed in all drill holes. HIGHLIGHTS OF DEEP FOX PHASE 1 AND PHASE 2 DRILL PROGRAMS DEEP FOX confirmed to have higher grade mineralization and higher true widths than FOXTROT; Mineralization observed down to 200m levels below surface in all Phase 2 drill holes; Mineralized zone is 350m in strike length, from 11m to 32m wide (true widths added for multiple mineralized intervals) and open below 200m depth; Phase 1 assay highlights (all true widths): FD-18-01 (50m level): 306 ppm Dy, 2264 ppm Nd, 608 ppm Pr, 2542 ppm La over 8.4m; FD-18-02 (100m level): 267 ppm Dy, 2067 ppm Nd, 576 ppm Pr, 2522 ppm La over 12.6m; FD-18-04: (100m level): 274 ppm Dy, 1961 ppm Nd, 531 ppm Pr, 2128 ppm La over 18.8m; Phase 2 drilling to be completed by early November. Greg Andrews, President/CEO states; ”We are very excited with these preliminary assay results from the Phase 1 drill program. For the drill results received to 100m depth, compared to FOXTROT, the grades are over 15% higher and the true widths range from 11m to 32m, compared to 10-14m at FOXTROT. Phase 2 drilling was started in early October, and we expect to complete the 2500m drilling by early November. Search plans to engage our consultants to prepare a resource calculation for DEEP FOX, which could lead to an updated Preliminary Economic Assessment for the treatment of 2 resources (FOXTROT and DEEP FOX). We hope improved economics with the higher grades and widths for DEEP FOX and the opportunity to develop 2 resources within the District over an extended mine life would be supported by an updated PEA.” The Phase 1 DEEP FOX Drill Program consists of a total of 15 holes (3 in 2017 and 12 in 2018) to sample CREE mineralization at the 50m (10 holes) and 100m (5 holes) levels below the surface. Assays are now available for 8 of these holes giving data from both levels (5 at the 50m level an...