Search Minerals Inc. (SHCMF)

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BRIEF-Search Minerals Commencing Deep Fox 14000M Drill Program And Provides Corporate Update

https://www.globenewswire.com/news-release/2022/05/31/2453735/0/en/Search-Minerals-Commencing-Deep-Fox-14000m-Drill-Program-and-Provides-Corporate-Update.html
* SEARCH MINERALS COMMENCING DEEP FOX 14000M DRILL PROGRAM AND PROVIDES CORPORATE UPDATE Source text for Eikon: Further company coverage:

VANCOUVER, British Columbia, May 31, 2022 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Search” or the “Company”), is pleased to provide the following update related to our planned 2022 activities.

Search has also mobilized the exploration team on site consisting of 11 geologists and 12 support staff to carry out the 2022 field program. This team led by Dr. Randy Miller, will oversee the execution of the program that will include drilling, channelling, field mapping and magnetometer surveying.

Search has completed the purchase of additional property in the community of St. Lewis. This property will be the location of a 12-person camp that will be used to support the 2022 exploration program. Permission to operate this facility has been received from the St Lewis Town Council and will be ready for occupancy on or about June 7th.

Additional environmental baseline data collection programs, including water sampling, have been designed for this season. These programs will support the initiation of the approvals process for the proposed mine and concentrator.

The Company has also started construction of an additional 40’ x 40’ sample storage facility to enable the secure storage of drilling and exploration samples. This storage facility is located next to Fox Harbour House, the Company’s field house, office and core facility in St. Lewis. This new infrastructure is part of the overall development planning and will accommodate the rapid growth of Search’s exploration and development activities.

Search has initiated its community engagement program and will be holding community information sessions in Port Hope Simpson, St. Lewis and Mary’s Harbour, in early June. Search continues to work with stakeholders and the NunatuKavut Community Council department of Environment and Natural Resources to seek opportunities to collaborate on environmental baseline data collection and regional studies.

Preliminary Economic Assessment Report

The Preliminary Economic Assessment Report (“PEA”), which combines both Deep Fox and Foxtrot resource estimates, announced on April 11, 2022 is in the final stage of technical review. A news release highlighting key findings is expected on or around June 07, 2022. As previously outlined, the key variables addressed in this PEA include:

Increase production rate from both Deep Fox and Foxtrot
Higher grades of our key permanent magnet elements (Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy)) in Deep Fox deposit
Primary Processing using grinding and magnetic separation to produce rare earth concentrate for our proprietary Direct Extraction Process (“DX”)
Increased recoveries from our DX processing applied to Foxtrot mineralization
Significant increase in REE prices.

Phase 1 - 70t of bulk sample using grinding/magnetic separation.

We are nearing completion of the testing of our 70t bulk sample from Deep Fox and Foxtrot at SGS Canada, through our new grinding and magnetic flowsheet (see February 16, 2022 - Search Minerals magnetic separation of bulk samples commences at SGS Canada). Phase 2 will process approximately 20t of the prepared concentrate through the proprietary direct extraction flowsheet. The Company will be submitting a Letter of Intent as outlined in a Call for Proposal from the Federal Government for demonstration plants from advanced critical minerals projects in Canada.

Fox Meadow 6000m drill program in Fall 2022.

The Company anticipates commencing a 6000m drill program on our highly prospective Fox Meadow Project. Mapping, prospecting, trenching, channeling, and geophysical surveys confirm the current known extent of two mineralized zones at FOX MEADOW: the NW zone is up to 175m wide, and the SE zone is up to 154m wide. Combined, known mineralization is at least 790m long, and is open to the NW and SE. The drill program will test for mineralization at depth below the current known strike length. This drill program will commence after the Deep Fox program and will require additional funding.

AGM Results

All matters were approved at the Company’s Annual General shareholders meeting (the “Meeting”) held on May 25, 2022. At the Meeting the Company’s shareholders re-elected all of the Company’s current board of directors, Greg Andrews, David Dreisinger, Leo Power, Jocelyn Bennett and George Molyviatis as well as approved the re-appointment of the Company’s current auditor, Mao & Ying LLP. The Company’s shareholders also approved the adoption of a new 10% rolling stock option plan in accordance with the requirements of the TSX Venture Exchange.

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I will be out of town for the next week so will not be updating this thread!

GLTA