Business
Search Minerals Provides Corporate Update
VANCOUVER, British Columbia, Nov. 12, 2021 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Search” or the “Company”) is pleased to provide
About this update from Search Minerals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 12, 2021 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Search” or the “Company”) is pleased to provide a corporate and exploration program update for the Company’s recently completed field exploration program for 2021. 2021 FIELD EXPLORATION PROGRAM COMPLETED Deep Fox Over 6000 assays from the recently completed 7000m drill program have been received and are being processed. The Deep Fox drill data will be used to prepare a new resource estimate which will be incorporated into the upcoming preliminary economic assessment report expected in Q1 2022 Fox Meadow 500m of channel sampling work has been completed and samples are being logged and prepared for shipment to the assay laboratory Fox Meadow is now drill ready for 2022 and we are preparing a preliminary drill program Silver Fox Silver Fox is drill ready for 2022 and we are preparing a preliminary drill program Red Wine District Dr. Randy Miller and his team spent 10 days in the Red Wine District with helicopter support for some preliminary exploration work and channel sampling of our recently staked licenses and the newly optioned Mann#1 and Two Tom properties. PROCESSING AND METALLURGY 80 tonnes of bulk sample material are being delivered to our testing partner SGS Canada (Lakefield), ON. The bulk sample from our Critical Rare Earth Element District in SE Labrador will consist of 40 tonnes each from our Deep Fox resource and from our Foxtrot resource. The bulk sample will be used to scale up our successful bench scale results using Low Intensity Magnetic Separation (“LIMS”) along with Wet High Intensity Magnetic Separation process (“WHIMS”) to produce a Rare Earth Element concentrate for further testing of the Direct Extraction Process. (see Search Minerals news release dated April 12, 2021 and September 29, 2021). PRELIMINARY ECONOMIC ASSESSMENT REPORT (“PEA 2022”) The PEA 2022 will benefit from the following improvements, and is expected to be completed by Q1 2022. Increased Material from Deep Fox Resource PEA 2022 will incorporate the results of the 7000 m drilling program completed at Deep Fox in 2021. The combination of the Deep Fox and Foxtrot resources will potentially allow for an increase in the production rate compared to the 2016 PEA (PEA 2016) on Foxtrot alone. Assays from Deep Fox hav...