Search Minerals Inc. (SHCMF)

[chico237]

Search Minerals Reports the DEEP FOX Drill Program is Over 50% Completed
https://www.globenewswire.com/news-release/2021/07/15/2263278/0/en/Search-Minerals-Reports-the-DEEP-FOX-Drill-Program-is-Over-50-Completed.html
July 15, 2021 05:00 ET | Source: Search Minerals Inc
VANCOUVER, British Columbia, July 15, 2021 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Search” or the “Company”) is pleased to provide an update on its 7000m drilling program at DEEP FOX, located in our Port Hope Simpson – St. Lewis Critical Rare Earth Elements (CREE) District in SE Labrador, which begun in June 2021.

DEEP FOX DRILL PROGRAM UPDATE

The drill program commenced June 2, 2021, with our expectation of 7000m of drilling and completion of between 40-45 drill holes.

Drilling program objectives:
extend the current resource (see Search Minerals News Release, Oct. 1, 2019) to the 200m level with a 50m x 50m grid;
drill on a 25 x 25m grid to the 50m level;
drill two cross-sections (25m spacing) to the 200m level; and
explore to the 250m level.
Drilling program progress:
completed 3900 m of drilling and 28 drill holes;
shipped 1260 samples for assay.
Remaining timeline:
complete the 7000m program near September 1, 2021
HQ geotechnical drill program will consist of 8-10 holes, 1800-2000m, and commence after the completion of DEEP FOX drill program (early September)
complete assay results should be received within 6 weeks of completion of the program.
Dr. Randy Miller, Vice-President, Exploration comments, “All drill holes completed to date have intersected mineralization that is visually similar to that analyzed from previous drill programs. The addition of geologist Andrea MacFarlane and another support staff to our team has greatly improved our ability to log, test and sample core for assay. We will report our assay and drilling results once all the assays have been received and interpretations have been completed.”

The drill program is designed to provide data to estimate a resource for an open pit to the 200m level. The 25m grid and cross-section drill holes will help to evaluate what density of drilling is required to estimate a measured and indicated resource for a Bankable Feasibility study. The Company will prepare an updated resource estimate following the completion of this drilling program.

The Geotechnical drill program will be used to determine the geotechnical parameters of the proposed open pit to mine the deposit.

Greg Andrews, President/CEO states, “Our immediate goal is to advance our Critical Rare Earth Element District to production. This will require (a) advancing our DEEP FOX project to a measured and indicated resource, (b) provide engineering and economic studies such as Preliminary Economic Assessments and Feasibility Studies and (c) develop and submit an Environmental Assessment report to initiate the environmental and permitting process for DEEP FOX.”

The DEEP FOX DEPOSIT occurs about 2 km northeast of St. Lewis and 12 km east of the FOXTROT DEPOSIT.



Looking for results in November 2021 then moving onto F.S.! The COMBINED ASSETS should offer a very ROBUST F.S. with the LOW CAPEX of an open pit mine!! USA RARE EARTHS is watching.....
ALL IMHO
Chico