Search Minerals Announces Detailed Study of HREE Mineralization at HighREE Island Prospect, Labrador
VANCOUVER, BRITISH COLUMBIA—(June 13, 2011) - Search Minerals Inc. (TSX VENTURE:SMY) (“Search” or “the Company”) is pleased to announce that it will conduct a detailed geological study to locate the source of HREE (Heavy Rare Earth Element) mineralization at the HighREE Island Prospect (100% owned) in the Port Hope Simpson REE District, SE Labrador. To date, a 2030m NQ drilling program has been completed on the HighREE Island HREE-Zr-Y-Nb Prospect. Assay results have been received and interpreted.
- detailed geological study is in progress;
- HighREE Island Prospect is part of a 13 km belt of HREE-Zr-Y-Nb prospects;
- $139,000 budget approved to determine source of mineralization.
The first phase drill program at the HighREE Island Prospect consisted of 13 holes, drilled in late 2010 (see news release, Oct. 5, 2010), that were spotted to trace outcropping HREE-Zr-Y-Nb veins to depths up to 170m. Mineralization consists of fergusonite, allanite and zircon hosted in pegmatites, quartz-magnetite and aplitic veins. Weighted averages from the best interval (DDH HI-10-04: 16.37 – 16.67m) give values of 334 ppm Dy, 2,510 ppm Y, 22,380 ppm Zr, 3850 ppm Nb and 0.74 % TREE (Total Rare Earth Elements; not including Y) or 1.00% TREE + Y over 0.3m (true width). Analytical techniques and sample preparation procedures are outlined in Search’s July 27, 2010 news release.
|HIGHREE ISLAND DRILL HIGHLIGHTS|
|HREE + Y||3999.8||3358.6||1753.1||1201.3||3098.0||2451.4|
|TREE + Y||9959.8||9157.6||4940.6||10685.3||5809.0||5437.2|
|%HREE + Y||40.2||36.7||35.3||11.2||53.3||45.1|
|Note:||All amounts parts per million (ppm). 10,000 ppm = 1% = 10kg/tonne|
|REE||Rare Earth Elements: La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu (Lanthanide Series)|
|TREE||Total Rare Earth Elements: Add La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu|
|LREE||Light Rare Earth Elements: Add La, Ce, Pr, Nd, Sm|
|HREE||Heavy Rare Earth Elements: Add Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu|
|Y||Y not included in HREE due to relatively low value compared to most Lanthanide Series HREE|
|%HREE + Y||% (HREE+Y) / (TREE+Y)|
|%HREE||% (HREE / TREE)|
One metallurgical sample has been collected of high-grade material from a quartz-magnetite-fergusonite-allanite vein and delivered to SGS Lakefield for metallurgical studies. Search expects to report results of this preliminary metallurgical study shortly.
Exploration Program Update
A $139,000 second year (until Sept. 1, 2011) exploration budget has been approved by the Board of Directors for the HighREE Island Prospect. The field/research program at the HighREE Island Prospect will include the following: a detailed ground magnetic survey, detailed channel sampling and logging, data compilation and analysis, detailed prospecting and trenching, and a detailed outcrop geology map. The aim of this extensive program, headed by Dr. Randy Miller, is to determine the source of the high-grade mineralization observed in outcrop and outline exploration drill targets. The Company expects to complete this field/research program by the end of 2011.
Jim Clucas, President and CEO of Search notes “Our previous results have shown HighREE Island to be very prospective for high-grade mineralization. This new geological study will allow us to more precisely identify targets for future drilling.”
Search Minerals REE Prospects:
The Port Hope Simpson REE District is 135 km long and 4 – 12 km wide, consists of 3704 claims in 66 licenses and occupies 926 square kilometres. Search has a total of 8 REE prospects in the District, including: Rock Rolling Hill, Rattling Bog Hill, Piperstock Hill, Southern Shore, Toots Cove, Pesky Hill, HighREE Island and Foxtrot. The Foxtrot Prospect occurs in the Fox Harbour mineralized belt. Piperstock Hill, Southern Shore, Toots Cove and Pesky Hill occur in a 13 km mineralized zone known as the HighREE Hills. Both the Fox Harbour and HighREE Hills/ HighREE Island mineralized zones are considered very prospective for REEs.
Dr. Randy Miller, Ph.D., P.Geo, the Company’s Vice President Exploration is the Qualified Person responsible for the technical content of this news release. The Company will endeavour to meet high standards of integrity, transparency and consistency in reporting technical content, including geological and assay (e.g., REE) data.
About Search Minerals Inc.
Search Minerals Inc. (TSX VENTURE:SMY) is a TSX Venture Exchange listed company, headquartered in Vancouver, B.C. Search is the discoverer of the Port Hope Simpson REE District, a highly prospective light and heavy REE belt located in southeast Labrador where the company controls a dominant land position in a belt 135km long and up to 12km wide. In addition, Search has a number of other mineral prospects in its portfolio located in Newfoundland and Labrador, including a number of claims in the Strange Lake Complex (REE), where Quest Rare Minerals has an earn-in agreement with the Company; and at the Red Wine Complex (REE), where Great Western Minerals Group has an earn-in agreement with the Company.
Furthermore, Search Minerals is the owner of patents relating to the Starved Acid Leaching Technology (“SALT”), a process with the potential to aid in the recovery of certain metals.
Search Minerals is lead by a management team and board with a proven track record in the mining industry. The Company has a team with deep geological and metallurgical expertise lead by Dr. Randy Miller and Dr. David Dreisinger. The Company is well-funded and has an aggressive exploration program planned for the reminder of 2011.
All material information on the Company may be found on its website at www.searchminerals.ca and on SEDAR at sedar.com.
This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in Search’s public documents filed on SEDAR at www.sedar.com. Although Search believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, Search disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility of the adequacy or accuracy of this release.