Overview

At Search Minerals, we create shareholder value by finding and developing rare earth element (REE) assets in Labrador, Canada. In particular, we’re focused on extracting the valuable REEs that are facing a supply shortage, sometimes termed “critical” REEs or CREEs. These include Neodymium (Nd), Dysprosium (Dy), Praseodymium (Pr), and Terbium (Tb).

Labrador is a mining-friendly region of Canada with a temperate climate, located at roughly the same latitude as major cities such as London, Amsterdam, and Berlin. Within Labrador, Search Minerals controls a 63 km-long area known as the Critical Rare Earth Element (CREE) District. Situated near three local communities, the District is accessible by highway, tidewater, and airstrip throughout the year. This makes for easier exploration logistics and will allow for cost-effective mining operations as we develop the District in the future.

CREE District: History and Discoveries

In 2009, Search Minerals began exploring for REEs near the communities of St. Lewis and Port Hope Simpson. Early in the exploration cycle it became apparent that the Fox Harbour volcanic belt contained significant quantities of REE and had potential to become a multi-generational mining district. One deposit, now called Foxtrot, was discovered in 2010 through a systematic follow-up on 22 original showings within the belt. Search Minerals now controls a 63-km stretch of this Belt for future mining operations.

Seasonal exploration programs continue to add to the story and contribute to growing shareholder value. Based on mapping, geophysics, and channel sampling results, Search announced two additional discoveries called Deep Fox and Fox Meadow. Extensive assays at Deep Fox, conducted throughout 2019, 2020, and 2021, showed that it is 15% higher in valuable REEs than the original channels at Foxtrot. Deep Fox has emerged as Search’s leading resource, while ongoing work at the Fox Meadow discovery has confirmed the district-scale opportunity.

In April 2022, an updated resource estimate was complete, showing promising results for Deep Fox and Foxtrot:

Combined Mineral Resource Estimates for Deep Fox and Foxtrot

Classification Tonnage (000s t) Pr ppm Nd ppm Dy ppm Tb ppm
Open Pit
Indicated 8,433 381 1,422 187 32
Inferred 1,441 329 1,231 179 30
Underground
Indicated 6,611 368 1,376 182 31
Inferred 4,862 380 1,427 191 33
Total indicated 15,094 375 1,402 185 32
Total inferred 6,303 369 1,382 188 32

To prepare for our sprint to production, Search has conducted extensive geological analysis of our sites throughout the CREE district. This is because effectively extracting REEs requires us to not only know where to find them, but what other materials appear alongside them so that we can separate them effectively. This research has directly informed our patented direct extraction metallurgy process to reduce costs and environmental impacts.

You can learn more about the geologic setting of the PHS district in a 2015 summary paper by Search’s VP of Exploration, Dr. Randy Miller.

Here are the key project sites within the CREE District:

Deep Fox Resource
Foxtrot Resource
Fox Meadow Prospect
Silver Fox Prospect