Search Minerals drills 38.32 metres of 240 ppm dysprosium at Deep Fox, Labrador

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Search Minerals Inc. [SMY-TSXV; SHCMF-OTC] reported assays for Phase 3 drill holes on its Deep Fox critical rare earth elements (CREE) property, southeast 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 200-metre level below surface in all drill holes.

Mineralized zone is at least 500 metres in strike length and from 11 to 38 metres wide and open below 200 metres.

Phase 3 assay highlights (all true widths) included FD-21-16 (25m level) that returned 292 ppm Dysprosium, 2,094 ppm Neodymium, 544 ppm Praseodymium, and 49.9 ppm Terbium over 9.62 metrrs. Drill hole FD-21-15 (50m level) returned 315 ppm Dy, 2,191 ppm Nd, 578 ppm Pr, and 52.3 ppm Tb over 8.23 metres. Hole FD-21-02 (100m level) returned 210 ppm Dy, 1,648 ppm Nd, 444 ppm Pr, and 36.2 ppm Tb over 29.46 metres.

Hole FD-21-30 (150m level) returned 240 ppm Dy, 1,644 ppm Nd, 434 ppm Pr, and 39.2 ppm Tb over 38.32 metres. Hole FD-21-31 (200m level) returned 284 ppm Dy, 1,912 ppm Nd, 499 ppm Pr, and 40.0 ppm Tb over 16.54 metres.

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 and CEO stated: “We are very excited about the results from our 7,000-metre 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 infill drilling to determine a suitable measured resource to support a Feasibility Study (FS); exploration drilling on both the eastern and western edges of the deposit; exploration drilling on the 250 m level; and, 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-metre grid to the 50-metre level below surface, including 14 holes on the 25-metre 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-metre to the 200-metre level (along the plunge of the deposit). Four new holes on the 200-metre level intersected mineralization ranging from 20-45 meres apparent width (approximately 16-36 metres true width). The 200-metre 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.

The Deep Fox (formerly Deepwater Fox) property 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 St. Lewis.

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