Announcement Date: 2022-06-07
Announcement Type: PEA
Announcement Code: NI43-101
Company name: Search Minerals Inc.
Project name: Foxtrot
Location: Canada
Commodities: Rare Earth
Highlight: PEA results incl. post-tax NPV (8%) of C$1.31B & IRR of 41.5%
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Vancouver, B.C. June 7, 2022 – Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Search” or the “Company”), is pleased to announce the results of its Preliminary Economic Assessment (“PEA”) for the development of its Deep Fox and Foxtrot Rare Earth Element (REE) deposits located in Labrador, Canada and the establishment of a Direct Extraction Hydrometallurgical processing facility on the Island of Newfoundland. The PEA was prepared by SLR Consulting (Canada) Inc. The technical report relating to the PEA will be filed on SEDAR within 45 days of this news release. Mining will be carried out using open pit and underground methods at a rate of 2,000 tpd starting at Deep Fox and followed by Foxtrot. Deep Fox will be mined over an 11 year period (7 years open pit and 4 years underground) and Foxtrot will be mined over a 16 year period (7 years open pit and 9 years underground) for a total mine life of 26 years (Foxtrot open pit and Deep Fox underground will both be mined in year 11). A total of 18.137 million tonnes (Mt) of mineral will be mined at average grades of 1,416 ppm Nd, 379 ppm Pr, 188 ppm Dy, and 32 ppm Tb.
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