Search Minerals Announces Drill Program Is Underway on the DEEP FOX Property
Search Minerals Announces Drill Program Is Underway on the DEEP FOX
Property
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VANCOUVER, British Columbia, July 13, 2018 -- 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 into production
($152 M), a short payback period and is scalable due to Search’s proprietary processing technology. The preliminary
economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the preliminary economic assessment will be realized. The preliminary economic
assessment includes the results of an economic analysis of mineral resources. Mineral resources are not mineral reserves
and do not have demonstrated economic viability.
All material information on the Company may be found on its website at www.searchminerals.ca and on SEDAR at
www.sedar.com.
About neo-CREOs (Adamas Intelligence – November 2017)
We consider neodymium, praseodymium, and dysprosium to be neo-CREOs and they are vital to NdFeB magnets used
widely in renewable power generation, electric mobility, and energy-efficient technologies. We consider terbium to be a neo-
CREO because upon experiencing shortages of dysprosium, consumers in the magnet industry will rapidly consume available
terbium supplies in its place for applications involving renewable power generation, electric mobility and energy efficient
technologies. Lanthanum is considered a neo-CREO because it is widely used in catalytic converters and rechargeable
batteries, and will be increasingly used as a thermal stabilizer by producers of poly-vinyl chloride (PVC) to minimize lead
consumption and improve the energy efficiency of PVC and other processing equipment.
Qualified Person:
Dr. Randy Miller, Ph.D., P.Geo, is the Company's Vice President, Exploration, and Qualified Person (as defined by National
Instrument 43-101) who has supervised the preparation of and approved the technical information reported herein. The
company will endeavour to meet high standards of integrity, transparency, and consistency in reporting technical content,
including geological and assay (e.g., REE) data.
For further information, please contact:
Greg Andrews
President and CEO
Tel: 604-998-3432
E-mail: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information.
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking
statements”) within the meaning of applicable Canadian and United States securities legislation including the United States
Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein,
without limitation, statements relating the future operating or financial performance of the Company, are forward-looking
statements.
Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”,
“intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”,
“may”, “could”, or “should” occur or be achieved. Forward-looking statements in this news release relate to, among other
things, technical results from the Company’s drilling program and closing of the Offering. Actual future results may differ
materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made and are based upon a number of assumptions and estimates that, while
considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results,
performance or achievements to be materially different from the results, performance or achievements that are or may be
expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or
related to many of these factors. Such factors include, without limitation, the risk that the Company is not able to find suitable
investors for the Offering or does not receive the approval of TSX Venture Exchange. Readers should not place undue reliance
on the forward-looking statements and information contained in this news release concerning these times. Except as required
by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions,
projections, or other factors, should they change.