Search Minerals Phase 1 Drill and Channel Program posts results at FOX MEADOW CREE Mineralized Zone, Labrador

Search Minerals Inc. [TSXV: SMY; OTC Pink: SHCMF] reported assay results for Phase 1 (2022) drill holes and channels from its FOX MEADOW Critical Rare Earth Element (CREE) property in SE Labrador. Assays from all 14 exploration drill holes and five channels show significant CREE values throughout the mineralized zone; mineralization was observed in all drill holes and surface channels. Under new leadership, Search is addressing and correcting previous delays in the release of results included today’s update on FOX MEADOW.

Highlights: FOX MEADOW drill holes and channels confirm continuity of grades and widths of the mineralized zone; Exploration drilling confirms the presence of substantial CREE mineralization to at least 140m depth and channeling has expanded the surface exposure of the mineralized zone 100 metres southeast.

Mineralized zone is at least 750 metres in strike length and up to 140 metres wide on the surface; it is open along strike in both directions and below 140 metres depth.

Phase 1 drill and channel assay highlights (all true widths): FM-22-10 (drill hole): 288 ppm Dy, 1277 ppm Nd, 309 ppm Pr, 45.3 ppm Tb over 8.43m; FM-22-12 (drill hole): 212 ppm Dy, 973 ppm Nd, 236 ppm Pr, 33.0 ppm Tb over 38.63m; FM-22-13 (drill hole): 206 ppm Dy, 1058 ppm Nd, 261 ppm Pr, 33.1 ppm Tb over 48.44m; FMC-22-04 (channel): 229 ppm Dy, 1153 ppm Nd, 283 ppm Pr, 36.8 ppm Tb over 17.12m.

The Phase 1 drilling program samples about 300m of the 750m surface mineralized zone;. This program illustrates the need for a much larger drill program and expanded channel programs.

“The 2022 drill and channel results affirm the scale, consistency, and potential of critical rare earth element mineralization on the FOX MEADOW property. FOX MEADOW contains substantial concentrations of the key critical rare earth elements: neodymium, praseodymium, dysprosium, and terbium. To fully realize the district’s potential, the addition of a third resource, along with the resources at DEEP FOX and FOXTROT, would reinforce the long-term opportunity present in southern Labrador for a resilient, Made-in-Canada rare earth supply chain,” said Joseph Lanzon, CEO.

The exploration drill program consisted of 14 drill holes totaling 2,006 metres and ranging from 95-205 metres deep; up to 140 metres below surface. All holes were collared on surface channels and most were drilled parallel to channels at a 45┬░ angle to intersect northwesterly, steeply dipping, mineralized units. Drill hole assay results are similar to those from the previous channel programs. The Phase 1 drill program sampled at depth about 300 metres of the 750 metres currently channeled surface extent of the mineralization.

Five new channels, totaling 216.31 metres, were cut in the 2022 program. Three new channels (FMC-22-01, FMC-22-02, FMC-22-03) are southwest extensions of previous channels. Two other channels (FMC-22-04 & FMC-22-05) were step-out channels to extend coverage a total of 100m southeast of the then known mineralized zone. Assay results from these five channels are consistent with previous results. These results extent the mineralized zone a further 100 metrres to the southeast.

In addition to assay sampling, all channels and drill holes have been geologically, structurally and geotechnically logged. All sample intervals have also been measured for density, magnetic susceptibility and radioactivity. Splits of all channels and drill core are stored at the St. Lewis core storage facility.

Results of the 2022 channel and drill program indicate the following: the mineralized zone occurs to at least 140m vertical depth and is at least 750m in surface strike length, the mineralization is open at depth and along strike, further step-out surface channeling/sampling is needed along strike to the SE, a larger drill program (>4000m) is need to sample the currently exposed surface mineralization, additional infill channeling is needed to increase data for a resource estimate, and drilling coverage is needed to at least 200m vertical depth to prepare a resource estimate for open pit resources.

The REE-Zr-Hf mineralization at FOX MEADOW is hosted by metamorphosed peralkaline volcanic rocks, mostly commendites and pantellerites, and related subvolcanic pegmatitic zones. Interbedded unmineralized mafic to ultramafic volcanic rocks, cross-cutting subvolcanic equivalents and cross-cutting granitic pegmatites are found within the mineralized zone. The mineralized rocks are characterized by high concentrations of Zr and Hf and contain significant concentrations of both important light REE (e.g., Nd, Pr) and heavy REE (e.g., Dy, Tb).

The FOX MEADOW REE Project is 11 km west of Port Hope Simpson, on the Labrador Sea, and occurs about 1 km from a gravel-covered, three-season forest access road leading to the paved Trans Labrador Highway. Port Hope Simpson is about 40 km northwest of the FOXTROT deposit and 50 km northwest of the DEEP FOX deposit on paved and all-season gravel roads.

Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of South-east Labrador.

The company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within three local communities. Search has completed a preliminary economic assessment report with resource estimates for FOXTROT and DEEP FOX. Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX.