VANCOUVER, British Columbia, July 22, 2022 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Search” or the “Company”) is pleased to announce that the Preliminary Economic Assessment (“PEA”) NI 43-101 Technical Report on the Deep Fox and Foxtrot Project (the "Technical Report") has been filed on SEDAR. The Technical Report, which is dated July 18, 2022, has an effective date of May 31, 2022 and is entitled "Technical Report on the Deep Fox and Foxtrot Project, Newfoundland and Labrador, Canada Report for NI 43-101".
The results of the Technical Report were previously disclosed in summary form in the Company's news release dated June 7th, 2022, “Search Minerals Announces Positive Preliminary Economic Assessment For The Deep Fox And Foxtrot Rare Earth Element Project With $2.23 Billion NPV(8).”
Greg Andrews, President and CEO, states: “The release of this PEA is a milestone for Search Minerals, as it is the foundation for the next steps in our Sprint to Production. The information presented is based on our evolving understanding of the deposit, processing technology, project scope and schedule. The REE markets and demand forecast for the critical minerals, which are the primary product of the Deep Fox and Foxtrot project, remains favorable for our goal to build a secure and sustainable rare earth supply chain in Newfoundland and Labrador for Canada and our allied trading partners. We continue to advance our exploration, resource delineation and pre-feasibility work and are moving towards project development in a responsible and systematic manner.”
The Technical Report is available at www.sedar.com and our corporate website at www.searchminerals.ca
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