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Thursday, 11/24/2022 9:58:51 AM

Thursday, November 24, 2022 9:58:51 AM

Post# of 391
Search Minerals Reports 14000m Deep Fox Phase 4 Drill Program is Completed
https://finance.yahoo.com/news/search-minerals-reports-14000m-deep-090000851.html
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.”



Form your own opinions & conclusions:
IMHO:
"Search Minerals recent drilling program has closed all the gaps on their initial combined Mine Prospects DEEP FOX & FOX MEADOW. Incorporating final Ni-43-101 results into final pounds in the ground calculations sets SEARCH Minerals up nicely to boost NPV & economics moving forward. Production in 2026/2027 works for me! SEARCH should be announcing progress on ongoing Demonstration Plant soon!
***Nice to add to a position here. Note: this is a highly speculative stock & (Given outstanding shares a reverse split may be needed, or partnership BUY-IN (USARE) would work very nicely heeding into final F.S."
I would expect once final numbers & economics are calculated into a Final F.S. (For Open Pit Mine/s) the Capex may be reduced further to the $400-500 Million range as both Canadian, & Search Minerals will be able to separate concentrates! I am looking forward to seeing what USARE does moving forward as well. They will need to augment REE production to implement their plans moving forward, & are currently building separation & magnet capacities!!!!
Holding into 2023 like I stated...

Chico