Business
Search Minerals' property and exploration update for critical REE (Dy, Nd, Y, Tb) properties in Labrador
VANCOUVER, Feb. 22, 2013 /CNW/ - Search Minerals Inc. ("Search" or the "Company") (TSXV: S...
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Feb. 22, 2013 /CNW/ - Search Minerals Inc. (\"Search\" or the \"Company\") (TSXV: SMY) and its wholly-owned subsidiary, Alterra Resources Inc. (\"Alterra\"), are\n pleased to provide a property and exploration update for their REE\n properties in Labrador, including an update on: 1) the expected release\n date of a new Preliminary Economic Assessment for the Foxtrot REE\n Deposit, 2) the Company's 2013 field season exploration program; and 3)\n the  status of the Company's option and joint venture agreements.\n\n\nHighlights:\n\n\nNew Preliminary Economic Assessment due in Q1-2013 to evaluate open pit\n - underground scenario for the Foxtrot REE Deposit. Focus will be on the FT-3 high grade mineralized zone;\n\nAll obligations of the B&A Minerals Option Agreement have been fulfilled\n to transfer 100% ownership of the claims covered by the B&A property to\n Search; \n\nSecond year obligations (4 year agreement) for the Quinlan Option\n Agreement have been fulfilled; and\n\nQuest Rare Minerals has fulfilled the requirements of its earn-in\n agreement with Alterra to form a 50%/50% Joint Venture on Alterra's\n Strange Lake Property.\n\n\nPRELIMINARY ECONOMIC ASSESSMENT UPDATE\nA new Preliminary Economic Assessment (PEA) for the Foxtrot REE Deposit\n is currently being prepared by Roscoe Postle Associates (RPA), which\n will be delivered in Q1-2013. The updated mineral resource estimate to\n 450m depth will be incorporated into the new PEA. This PEA will\n evaluate an open pit-underground scenario with lower capital costs, a\n lower mining rate and higher grade mill (FT-3 zone) feed.\n\n\n2013 FIELD SEASON EXPLORATION PROGRAM\nSearch is planning an exploration program for the 2013 field season to\n map and sample Foxtrot-like mineralization throughout the Fox Harbour\n volcanic belt (e.g., Fox Pond and Foxy Lady prospects) and to identify\n targets for a small exploration drilling program. The aim of this\n program is to discover additional Foxtrot-like deposits in close\n proximity to the Foxtrot REE Deposit. Search will also work with its\n Joint Venture partners to evaluate and consider options for these\n properties.  Planned exploration programs for the upcoming 2013 field\n season include the following:\n\n\nFoxtrot REE Deposit - an in-fill drill program (Phase IV) to provide\n data fo...