Search Minerals posts results of successful Phase 4 drill and channel programs at DEEP FOX CREE Deposit, Labrador

Search Minerals Inc. [TSXV: SMY; OTC Pink: SHCMF] reported receipt of assay results for Phase 4 (2022) drill holes and channels from its DEEP FOX Critical Rare Earth Element (CREE) property in SE Labrador. Assays from all 63 exploration drill holes, 13 geotechnical drill holes and three channels show significant CREE values throughout the mineralized zone; mineralization is observed in all levels (surface channels, 25m, 50m, 100m, 150m, 200m).

These results were not released earlier due to a lack of execution and oversight by the former Board of Directors. That chapter is closed. Under new leadership, Search is committed to accountability, transparency, and driving this project forward without delay.

Highlights of DEEP FOX exploration: DEEP FOX infill drill holes and channels confirm continuity of grades and widths of the mineralized zone.

Exploration drilling and channeling have expanded the mineralized zone to the east on the surface and to the east and west at depth.

Mineralized zone is at least 600m in strike length and from 11m to 38m wide and open below 200m depth.

Phase 4 assay highlights (all true widths): FDC-22-02 (channel): 297 ppm Dy, 2047 ppm Nd, 545 ppm Pr, 50.0 ppm Tb over 10.29m. FD-22-19 (drill hole): 256 ppm Dy, 1848 ppm Nd, 496 ppm Pr, 43.5 ppm Tb over 29.92m; FD-22-18 (drill hole): 238 ppm Dy, 1905 ppm Nd, 507 ppm Pr, 40.9 ppm Tb over 20.13m; FD-22-17 (drill hole): 282 ppm Dy, 2050 ppm Nd, 558 ppm Pr, 47.8 ppm Tb over 11.83m; and FD-22-29 (drill hole): 290 ppm Dy, 2196 ppm Nd, 586 ppm Pr, 50.3 ppm Tb over 8.81m.

This program more than doubles the previous drill programs (Phases 1 to 3: 61 holes totaling 11,927m); a new resource estimate using this new database will support a Feasibility study.

“These assay results validate what we’ve long believed—Deep Fox stands as a premier source of critical rare earth elements. With mineralization extending from surface to 200 metres and widths reaching up to 38 metres, Search remains steadfast in its commitment to developing a generational asset grounded in ESG principles and strengthened by the direct partnership of the NunatuKavut Community Council (NCC).

“These findings pave the way for an updated resource estimate, reinforcing the long-term feasibility of the project. Search is dedicated to unlocking the full potential of Canada’s most advanced CREE district, and we deeply appreciate our investor community’s unwavering support in shaping this vision,” said Joseph Lanzon, CEO.

The exploration drill program consisted of 63 drill holes totaling 10,652 metres. Most holes were collared to infill drill the previous 25m grid; some holes were helicopter-supported drill holes on the slopes of Deep Fox Hill. Additional holes were spotted to expand the mineralized zone and resource to the east and west at depth. Infill drilling results will improve the previous resource to move indicated resource to measured and inferred resource to indicated to support a NI-43-101 feasibility study. The assay results indicate that the mineralization grades and thicknesses are consistent with the previous three drill programs. The mineralization/resource is open at depth, below the 200-metre level, down the NE plunge.

The geotechnical drill program consisted of 13 drill holes totaling 3,362.6 metres. This program was designed to obtain geotechnical samples and data to support the engineering and design of a safe and efficient open pit for the Feasibility study. Eleven of the 13 drill holes intersected mineralization – assays from these holes will be incorporated into the new resource estimate.

Three new channels, totaling 102.71 metres, were cut in the 2022 program. Two channels (FDC-22-01 & FDC-22-02) were infill between previous channels, chosen to improve the near surface level resource; assay results from these channels are consistent with previous results). The third channel was spotted to extend the mineralization/resource to the east; assays from this channel indicate that the mineralized zone is at least 600m long from east to west.

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.

The DEEP FOX (formerly Deepwater Fox) property occurs about 2 km NE of the port of St. Lewis on the SE Labrador coast and is 12 km east of the FOXTROT Deposit. It can be accessed by all-weather gravel and paved roads from Goose Bay and by ocean through the port of St. Lewis (Fox Harbour).

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.