Search Minerals Exploration Update for 2022 Sprint to Production
Search Minerals Exploration Update for 2022 Sprint to Production
VANCOUVER, British Columbia, Feb. 11, 2022 -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Search” or the
“Company”), is pleased to announce a corporate update regarding our upcoming 2022 exploration program. Our treasury is
currently over $ 7.0M, which includes our recent $ 6.3M financing. This treasury will be used to accomplish the goals outlined
below.
2022 EXPLORATION PROGRAM
The Company is well positioned to execute on its “Sprint to Production”. We are currently preparing our work programs for
Deep Fox, Fox Meadow, Fox Valley, and other prospects within our Critical Rare Earth Element District in SE Labrador. We
will also carry out some exploration on our Red Wine Rare Earth Element District in central Labrador. We are expanding our
work force and planning for early mobilization to our field office in St. Lewis.
Deep Fox Project
We completed a very successful 7,000m drill program in 2021 and are preparing a 2022 work program which will consist of up
to 14,000m of drilling. We are looking to potentially expand the current pit design, gather geotechnical information and carry
out infill drilling to better define the resource. We will utilize 2 drilling rigs for the drill program, which will commence around
May 15, 2022.
Fox Meadow Prospect
We completed a successful channel sample program in 2021, and the Fox Meadow prospect is drill ready. We have planned
approximately 6,000m of drilling to further assess the underground potential of this prospect and an additional 500m of
channels to expand the surface extent; REE mineralization is open along strike and at depth. Once the Deep Fox drill program
has been completed, the drills will mobilize to begin the Fox Meadow program.
Other Prospects
We will continue channel programs on the Silver Fox, Awesome Fox and Fox Valley prospects.
Greg Andrews commented: “We are very excited about completing our current financing. We have over $ 7M in treasury, which
is allowing us to initiate our ambitious plans in 2022. The recent macro developments in the rare earth market, including
significant price increases for the permanent magnet REE’s, along with a forecasted supply deficit, has allowed Search to
capture funding opportunities looking for advanced projects in North America. Our Deep Fox project is one of those projects,
but the other attraction, is our District Scale opportunity that also includes the Foxtrot resource, and the drill ready Fox
Meadow mineralized zone. Search is completing a Preliminary Economic Assessment ("PEA") on the Deep Fox project to be
completed late March 2022, which will be followed immediately by commencement of a Definitive Feasibility Study for
completion in 2023.”
About Search Minerals Inc.
Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths
Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE
District of South East Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater,
and located within 3 local communities. Search has completed a preliminary economic assessment report for FOXTROT, and
a resource estimate for DEEP FOX. Search is also working on three exploration prospects along the belt which include: FOX
MEADOW, SILVER FOX and AWESOME FOX.
Search has continued to optimize our patented Direct Extraction Process technology with the support from the Department of
Industry, Energy ad Technology, 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. We also recognize the continued support by the Government of
Newfoundland and Labrador for its Junior Exploration Program.
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” Statements:
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the
applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news
release. "Forward-looking information" in this news release includes information about the Company’s exploration plans and
the preparation of the PEA and Definitive Feasibility Study, and the timing thereof, and other forward-looking information.
Factors that could cause actual results to differ materially from those described in such forward-looking information include,
but are not limited to, results of exploration work, the ability to secure any required funding, receipt of all required regulatory
approval and the ability to secure the necessary resources to complete the planned exploration work..
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the
Company based on information currently available to the Company. In connection with the forward-looking information
contained in this news release, the Company has made assumptions about the Company's financial condition and
development plans do not change as a result of unforeseen events, and that the Company will receive all required regulatory
approvals.
Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-
looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such
information due to the inherent uncertainty therein. The Company does not assume any obligation to update the forward-
looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking
statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is
contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.