April 27, 2012 (Source: CNW) — Search Minerals Inc. (“Search” or the “Company”) (TSXV: SMY) and its wholly-owned subsidiary, Alterra Resources Inc., announce the completion and positive results from Phase III drilling at the Foxtrot Project (100% owned) in the Port Hope Simpson REE District, SE Labrador. Assay results from all diamond drill holes have been received and interpreted and are currently being integrated into an updated resource estimate.
- Every drill hole intersected REE-Zr-Y-Nb mineralization, ranging in true thickness from 5-25m;
- Phase III mineralization ranges up to 1.00% TREE (1.12% TREE+Y), 7.9% HREE (17.4% HREE+Y) including 209 ppm Dy (241 ppm Dy2O3) over 16.5 (true thickness);
- Mineralization extends from surface to 450m depth at which level it is still open to depth;
- Current resource estimate of 9,260,000 tonnes is expected to increase significantly and an updated resource estimate has been commissioned to Roscoe Postle and Associates; and
- Foxtrot Project is located 9 km from ice-free deep-water port and 0.5km from all season gravel road.
Jim Clucas, President and CEO of Search Minerals notes “We are delighted to report the extension of REE-Zr-Y-Nb mineralization, the characteristics of which remain constant from 200m depth to 450m depth. This will significantly expand our resource at the Foxtrot Project. The 9,260,000 tonnes resource estimate was based on a cut-off of 130ppm Dysprosium, and the deeper drilling supports the expectation that Dysprosium will be the highest value contributor to the economics of the project.”
This resource estimate is based on a cut-off grade of 130 ppm Dy; see Search news release Feb. 12, 2012 for additional details on the following resource estimate to 200m depth.