CHICO; Here we be! POSITIVE Results of the drill program!
Search Minerals Announces Results of Successful Phase 3 Drill Program at Deep Fox
VANCOUVER, British Columbia, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY | OTCQB: SHCMF), is pleased to announce receipt of assay results for Phase 3 drill holes on its DEEP FOX Critical Rare Earth Element (“CREE”) property in SE Labrador. Assays from all 38 drill holes show significant CREE throughout the mineralized zone and mineralization has been observed in all levels (25m, 50m, 100m, 150m, 200m).
HIGHLIGHTS OF DEEP FOX PHASE 3 DRILL PROGRAM:
DEEP FOX confirmed to have higher grade mineralization and higher widths than FOXTROT; Mineralization observed down to 200m level below surface in all drill holes; Mineralized zone is at least 500m in strike length and from 11m to 38m wide and open below 200m;
A new Resource Estimate and a Preliminary Economic Assessment (“PEA”)are the next steps in the development of the DEEP FOX PROJECT.
Greg Andrews, President/CEO states; “We are very excited about the results from our 7000m drill program at Deep Fox. These results will be incorporated into a new resource estimate for Deep Fox, which will further be used to update our Preliminary Economic Assessment report. We expect the updated PEA will be completed by Q1 2022. The company is planning a Phase 4 drill program in 2022 to provide: 1) infill drilling to determine a suitable measured resource to support a Feasibility Study (“FS”); 2) exploration drilling on both the eastern and western edges of the deposit; 3) exploration drilling on the 250 m level; and, 4) HQ geotechnical drill holes suitable for a BFS. In addition, we are planning additional exploration programs for our drill ready projects of FOX MEADOW and SILVER FOX, along with exploratory work in our recently acquired Red Wine District in Northern Labrador.”
The drill program produced a 25 m grid to the 50m level below surface, including 14 holes on the 25m level, of the deposit to provide details of the mineralization for the new resource estimate. Additional holes were drilled (50m grid) on the eastern and western edges of the deposit from the 25 m to 200 m level (along the plunge of the deposit). Four new holes on the 200m level intersected mineralization ranging from 20-45 m apparent width (approximately 16-36m true width). The 200m level drill holes indicate that the mineralization has maintained thickness throughout the deposit to this level - the deposit is open at depth down the NE plunge.
Additional holes were drilled within the grid at other levels to fill in gaps and help to produce a detailed volcanic stratigraphy within the deposit. This information will be invaluable for the resource estimate and will be used to provide details for the PEA pit design process. The pit design proposed for the 2019 resource estimate (see “November 12, 2019 - Technical Report on The Deep Fox Project, Newfoundland and Labrador, Canada) will have to be expanded to encompass mineralization intersected in the 8 holes that were drilled to the east of the original pit outline.
Assays from this program, combined with those from the previous drill and channel programs, have outlined a deposit that consists of a high-grade core zone that is flanked to the NW by a medium-grade zone. The high-grade core zone occurs on the surface and extends to the 200 m level as seen in holes FD-21-31 and FD-21-33 (see Table 1). The medium-grade zone has grades shown in FD-21-02 (see Table 1, FD-21-02; 137.31-174.13m)
The DEEP FOX (formerly Deepwater Fox) property (see Search Minerals news releases Jan. 27th, 2015 and Oct. 15th 2015) occurs about 2 km NE from the port of St. Lewis on the SE Labrador coast and within 12 km of the FOXTROT Deposit. It can be accessed by all-weather gravel and paved roads and by water through the port of St. Lewis.
