Search Minerals Expands the Silver Fox High Grade Zirconium- Hafnium (REE) Mineralized Zone, Se Labrador
SEARCH MINERALS INC.
# 108, 901 West Third Street, North Vancouver, B.C. V7P 3P9 T (604) 998-3432 . F (604) 608-5717
www.searchminerals.ca . E [email protected]
NEWS RELEASE
FOR IMMEDIATE RELEASE: OCTOBER 22, 2020
SEARCH MINERALS EXPANDS THE SILVER FOX HIGH GRADE ZIRCONIUM-
HAFNIUM (REE) MINERALIZED ZONE, SE LABRADOR
Vancouver, B.C. October 22, 2020 – Search Minerals Inc. (TSXV: SMY) (“Search” or the “Company”)
is pleased to report 2020 channel assay results from SILVER FOX, a fourth major mineralized zone in the
Port Hope Simpson – St. Lewis Critical Rare Earth Element (CREE) District. Trenching/channelling (seven
new channels in 2020), and mapping/prospecting indicate that the surface expression of this mineralized
zone is up to 8.8m wide and 1120m long. This surface expression is significantly longer, but thinner, than
the surface expressions of the nearby and related FOXTROT and DEEP FOX Resources. The
mineralization is similarly hosted by peralkaline volcani c rocks and contains lower grades of the REE
magnet materials (Nd, Pr, Tb and Dy) but significantly higher grades of Zr and Hf.
HIGHLIGHTS - SILVER FOX MINERALIZED ZONE
• SILVER FOX (all true widths) exhibits high grade Zr (Hf, Nd, Pr, Dy, Tb) mineralization
ranging from 3.00 to 8.83m wide over two zones: East Zone 550m long and West Zone 180m
long;
• Channel assay highlights (all true widths):
o FSC-20-01: 23,229 ppm Zr, 99.3 ppm Dy, 1222 ppm Nd, 570 ppm Hf, over 6.51m;
o FSC-20-02: 24,308 ppm Zr, 87.4 ppm Dy, 1212 ppm Nd, 582 ppm Hf over 7.64m;
o FSC-20-04: 22,949 ppm Zr, 106 ppm Dy, 1337 ppm Nd, 596 ppm Hf over 6.38m;
• SILVER FOX contains Zr (Hf) values much higher than any other CREE resource (FOXTROT
and DEEP FOX) or mineralized zone (FOX MEADOW and AWESOME FOX) in SE
Labrador.
Greg Andrews, President/CEO states; “These results are very encouraging and support the vision of
multiple de posits in our C ritical Rare Earth Element district. The company is exploring the
potential/possibility of producing and marketing a zircon concentrate, in addition to a mixed REE
concentrate, from the mineralized peralkaline rocks in the Port Hope Simpson – St. Lewis CREE District.
Currently, we are doing some metallurgical test work on the SILVER FOX material, and those results will
be published when available.”
The 20 20 channelling program at SILVER FOX (seven channels totalling 83.44m and 120 samples )
consisted of two new infill channels through the mineralized zone, an extension to a previously cut channel,
and the addition of two channels to the eastly and two channels to the westly ends of the mineralized zone.
Four of the new channels occur in areas with significant overburden; a mini-excavator was used to expose
bedrock in these channels.
Table 1 outlines assay highlights from the 20 20 channelling program at SILVER FOX. All channels
assayed to date outline a mineralized zone with a surface expression of at least 1120m strike length and up
to 8.83m wide. (Figure 1).
SEARCH MINERALS INC.
# 108, 901 West Third Street, North Vancouver, B.C. V7P 3P9 T (604) 998-3432 . F (604) 608-5717
www.searchminerals.ca . E [email protected]
Figure 1 - SILVER FOX – CHANNELS ASSAYED
A westerly mineralized zone is up to 8.83m wide and at least 550m strike length; this zone is open to the
west. The easterly zone is 4.60 -6.49m wide and 180m long. Prospecting to the east has traced the
mineralized horizon 2.0 km to the FOXTROT DEPOSIT, where high Zr (Hf) mineralization occurs just
south of the deposit. Prospecting to the west indicates similar volcanic stratigraphy but poor outcrop
exposure revealed no high Zr (Hf) mineralization.
SEARCH MINERALS INC.
# 108, 901 West Third Street, North Vancouver, B.C. V7P 3P9 T (604) 998-3432 . F (604) 608-5717
www.searchminerals.ca . E [email protected]
TABLE 1 - WEIGHTED A VERAGE OF SOME ZR-CREE MINERALIZED INTERV ALS AT
SILVER FOX PROJECT
FSC20-01 FSC20-01 FSC20-02 FSC20-02 FSC20-03 FSC20-04
From (m) 0.89 0.89 1.52 2.69 0.50 9.19
To (m) 7.40 5.05 9.16 8.32 3.50 15.57
Length (m) 6.51 4.16 7.64 5.63 3.00 6.38
Y (ppm) 503 594 428 433 540 514
Zr (ppm) 23,229 27,364 24,308 26,815 25,522 22,949
Nb (ppm) 259 319 219 214 211 224
Hf (ppm) 570 673 582 642 603 596
La (ppm) 1,709 1,866 1,670 1,841 1,962 1,874
Ce (ppm) 3,006 3,340 3,042 3,360 3,432 3,279
Pr (ppm) 336 372 331 363 386 371
Nd (ppm) 1,222 1,353 1,212 1,330 1,399 1,337
Sm (ppm) 204 230 195 212 233 221
Eu (ppm) 6.2 6.8 5.6 6.0 6.9 6.8
Gd (ppm) 151 173 139 149 167 168
Tb (ppm) 19.1 22.4 17.0 17.8 20.0 20.6
Dy (ppm) 99 119 87 90 102 106
Ho (ppm) 17.6 21.4 15.1 15.3 17.6 18.4
Er (ppm) 50 61 42 43 49 51
Tm (ppm) 6.7 8.2 5.7 5.8 6.5 6.9
Yb (ppm) 43.6 53.2 37 38.0 41 44
Lu (ppm) 6.6 8.0 5.9 6.0 6.3 6.7
LREE 6,477 7,161 6,450 7,106 7,412 7,082
HREE 400 472 355 370 417 427
HREE + Y 903 1,066 783 804 957 941
TREE 6,877 7,633 6,805 7,477 7,828 7,509
TREE + Y 7,380 8,227 7,233 7,910 8,369 8,023
% TREE 0.69% 0.76% 0.68% 0.75% 0.78% 0.75%
% TREE + Y 0.74% 0.82% 0.72% 0.79% 0.84% 0.80%
% HREE 5.82% 6.18% 5.22% 4.95% 5.32% 5.69%
% HREE +
Y 12.2% 13.0% 10.8% 10.2% 11.4% 11.7%
SEARCH MINERALS INC.
# 108, 901 West Third Street, North Vancouver, B.C. V7P 3P9 T (604) 998-3432 . F (604) 608-5717
www.searchminerals.ca . E [email protected]
Mag REE 1,677 1,866 1,647 1,801 1,907 1,834
Note: All amounts parts per million (ppm). 10,000 ppm = 1% = 10 kg/tonne
Lengths are true lengths
REE
Rare Earth Elements: La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu (Lanthanide
Series).
TREE Total Rare Earth Elements: Add La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu.
LREE Light Rare Earth Elements: Add La, Ce, Pr, Nd, Sm.
HREE Heavy Rare Earth Elements: Add Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu.
Y
Y not included in HREE due to relatively low value compared to most Lanthanide series
HREE.
%HREE+Y %(HREE+Y)/( TREE+Y)
%HREE %( HREE/ TREE)
Mag REE Sum of Pr, Nd, Tb and Dy (used in REE magnets)
SILVER FOX contains very high values of zirconium and hafnium (Table 1), being amongst the highest
found in the Port Hope Simpson – St. Lewis Critical CREE District (see Search Minerals new releases:
May 26, 2011, April 27, 2012, October 30, 2013, October 15, 2015, April 8, 2020). The recent results from
FOX MEADOW (see Search Minerals new release: April 6, 2020) reflect the range of Zr values, 9,733 –
17,807 ppm Zr, observed throughout most of the CREE district, with the exception of SILVER FOX
(22,949 – 29,058 ppm Zr; Table 1 and previous new releases). Preliminary mineral identifications indicate
that most of the Zr occurs in the mineral zircon in these rocks.
The SILVER FOX mineralized zone is much thinner than both the DEEP FOX and FOXTROT
mineralized resources, which are up to 40m thick; however, it is much longer (at least 1120m long) than
these zones (about 350-450m long). The surface expression of the FOX MEADOW mineralized zone is
greater than that of DEEP FOX and FOXTROT combined.
Exploration plans for 2021 at SILVER FOX include additional channels to test the limits of the mineralized
zone to the west and several infill channels to make the project drill ready.
The SILVER FOX prospect occurs about 12 km west of St. Lewis and about 2 km west of FOXTROT;
access is from an all-season gravelled highway.
Quality Assurance / Quality Control (QA/QC):
Channel samples, 10cm deep and 8cm wide, are cut by gas-powered diamond saw from cleaned outcrops
to provide samples for assay and logging/reference. Each channel is cut into two vertical sections, similar
to drill core, with a 6 cm thick section (weathering removed) being sent out for assay to Activation
Laboratories Ltd. A 2 cm thick section is stored in channel boxes for reference and to provide due
diligence/verification samples. The channels are cut perpendicular to strike, pieced together, logged and
photographed to produce geological and geochemical sections. These channel samples, or horizontal drill
holes, produce the same data as vertical diamond drill holes, except the data is from horizontal geological
sections and the collected sample is 6 to 8 times bigger than NQ drill core. Additional 8 cm wide cuts from
a channel interval make excellent preliminary metallurgical samples (1m of channel yields about 30kg of
SEARCH MINERALS INC.
# 108, 901 West Third Street, North Vancouver, B.C. V7P 3P9 T (604) 998-3432 . F (604) 608-5717
www.searchminerals.ca . E [email protected]
sample).
Lithogeochemistry samples, all from bedrock, are collected by Company personnel, bagged and described.
Reference samples are also collected for each grab, lithogeochemistry and channel sample. The samples
are shipped to Activation Laboratories Ltd. (ActLabs) sample prep facility in Ancaster, Ontario, where they
are crushed to 80% -10 mesh and riffled to produce a representative sample. This sample is then pulverized
to 95% -200 mesh with the pulverizing mills being cl eaned between each sample with cleaning sand. A
representative sample is treated by a lithium metaborate/tetraborate fusion and then analyzed by ICP and
ICP/MS techniques. Mass balance is required as an additional quality control technique and elemental totals
of the oxides should be between 98% and 101%. For QA/QC purposes Search requires pulp and coarse
reject duplicates every 20 samples and two Search reproducibility standards every 40 samples. ActLabs
analyzes duplicates and splits approximately every 15 samples and also analyses 29 measured standards for
QA/QC. To further enhance our QA/QC procedures Search has a program of checking analytical results
with other labs to confirm the ActLabs results. ActLabs is a ISO/IEC 17025 accredited laboratory.
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.
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 Critical Rare Earth Element (“CREE”) District of South East Labrador. The
Company controls a belt 63 km long and 2 km wide inc luding its 100% interest in the FOXTROT and
DEEP FOX Projects, which are road accessible and at tidewater. Exploration efforts have advanced FOX
MEADOW, AWESOME FOX and SILVER FOX as new CREE prospects very similar to and in close
proximity to FOXTROT and DEEP FOX.
Search has continued to optimize our patented Direct Extraction Process technology with the generous
support from the Department of Tourism, Culture, Industry and Innovation, Government of Newfoundland
and Labrador, and from the Atlantic Canada Opportunity Agency. We have completed two pilot plant
operations and produced highly purified mixed rare earth carbonate concentrate and mixed REO
concentrate for separation and refining.
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
SEARCH MINERALS INC.
# 108, 901 West Third Street, North Vancouver, B.C. V7P 3P9 T (604) 998-3432 . F (604) 608-5717
www.searchminerals.ca . E [email protected]
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Statements:
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, the interpretation of technical
results from the Company’ s channelling program and future exploration plans. 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. 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.