Search Minerals Inc. (SHCMF)

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https://finance.yahoo.com/news/search-minerals-reports-14000m-deep-090000851.html

Search Minerals Inc
Thu, November 3, 2022 at 4:00 AM·5 min read
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Search Minerals Inc
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Figure 1 Deep Fox - 2022 Drilling Activities
Figure 1 Deep Fox - 2022 Drilling Activities
Figure 1 Deep Fox - 2022 Drilling Activities

VANCOUVER, British Columbia, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Search” or the “Company”) is pleased to announce that the planned 14,000m drilling of the DEEP FOX Phase 4 drill program have been completed. DEEP FOX, our second resource, is located within the Port Hope Simpson – St. Lewis Critical Rare Earth Elements (CREE) District in SE Labrador, Canada. (April 11, 2022 - Search Minerals Announces Increased DEEP FOX and FOXTROT Mineral Resource Estimates.) The drill program consisted of a total of 76 drill holes totalling 14,013 m of which 63 drill holes were for additional resource delineation and exploration and 13 drill holes were for the geotechnical and hydrogeological program. Our geology team will have all holes logged and sampled, with all samples sent for assay, in the next several weeks.
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DEEP FOX DRILL PROGRAM

The drilling commenced on June 3, 2022 and was completed on October 27, 2022.
Figure 1 Deep Fox - 2022 Drilling Activities
Figure 1 Deep Fox - 2022 Drilling Activities


Resource Delineation and Exploration:

Drilled 63 holes for a total of 10,651 m of oriented core;

All core will be lithologically, structurally, and geotechnically logged;

All mineralized and selected non-mineralized intervals are being sampled for assay and tested for specific gravity and magnetic susceptibility;

Drilled several holes beyond the outer limits of the current mine pit design particularly towards the east;

Visual mineralization observed in every drill hole.

Geotechnical Program:

Drilled 13 holes for a total of 3,362 m of oriented core;

A total of 11 of the 13 holes intersected mineralization and will become part of a new 2023 resource estimate;

Selected holes had vibrating-wire installations (3), were surveyed with Optical Borehole Imaging (3), were surveyed with Acoustic Borehole Imaging (7) and had Packer Testing performed (6);

All core has been geotechnically logged;

Mineralized intervals in this core has been lithologically logged and sampled for assay similar to the Exploration program listed above;

Selected samples have been collected and sent out for further geotechnical testing at a geotechnical laboratory.

Next Steps of our Exploration Program:

We anticipate having all assay results and data interpretation complete to initiate the updated resource estimation by mid-2023.

We will continue our channel sampling programs at DEEP FOX and FOX MEADOW.

Dr. Randy Miller, Vice-President, Exploration, comments, “We have observed mineralization in all delineation and exploration drill holes and await assay results to determine the grades. Infill drilling has decreased the spacings between drill holes in the proposed open pit to improve our confidence in grades and tonnages for a upcoming 2023 mineral resource estimate. Based on visual results from this new drill data we expect the open pit to be larger and the resource to potentially increase in size.”

Greg Andrews, President/CEO, states, “We continue with our “Sprint to Production”, and this drill program should enable Search to provide an updated mineral resource estimate in 2023. Search Minerals is well positioned to build a secure, sustainable rare earth supply chain in Newfoundland and Labrador to supply Canada and our trading partners. Our goal is to be in production by the year 2026.”

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