Nov 2, 2010
VANCOUVER, BRITISH COLUMBIA--(Nov. 2, 2010) - Search Minerals Inc. (TSX VENTURE:SMY) ("Search" or the "Company") and its wholly-owned subsidiary, Alterra Resources Inc., have discovered four new heavy REE (HREE) showings in the HighREE Hills, in the Port Hope Simpson REE district in SE Labrador. Grab samples from these showings reveal high concentrations of HREE, Nb, Zr and Y.
Highlights: (See Table 1 for details)
- Geologist-prospector crews discover Piperstock Hill, Southern Shore, Toots Cove and Pesky Hill HREE showings along a 13 km trend in the HighREE Hills;
- HREE/Total REE ranges from 13.4% to 73.87%, and HREE+Y/Total REE+Y ranges from 30.28% to 87.71% in grab samples;
- Nb values range from 2,027 to 17,197 ppm and Y values range from 5,663 to 13,270 ppm; and
- Total REE range from 6706.3 ppm to 54,816.1 ppm.
Geologist-prospector crews have discovered four new HREE-Nb-Y-Zr showings in the HighREE Hills on the southern shore of St. Lewis Inlet. These showings, Piperstock Hill, Southern Shore, Toots Cove and Pesky Hill, are found along a 13km trend. The mineralization occurs in magnetite-quartz-amphibole veins and associated magnetite-amphibole pegmatites similar to those found on HighREE Island, which, further to Search's news release of October 16, 2010, is now the focus of Search's 2000m NQ drilling program. Exploration continues in this portion of the Port Hope Simpson REE District and will include prospecting, additional sample collection, channel sampling and geological mapping.
Analytical results for rare metals indicate that Nb ranges from 2,027 to 17,197 ppm, Zr ranges from 314 to 40,460 ppm and Y ranges from 5,663 to 13,270 ppm. Summary statistics for the rare earth elements give Total REE values (no Y) of 6,706.3 to 54,816.1 ppm, HREE/Total REE (% heavy REE) of 13.40% to 73.87% and HREE+Y/Total REE+Y (% heavy REE+Y) of 30.28% to 87.71%.
Jim Clucas, President and CEO of Search, notes, "These results are very encouraging. The presence of high grade REE mineralization on both HighREE Island and over a 13 km trend on the mainland has greatly expanded our drill targets."
The HighREE Hills are located on the southern shore of St. Lewis Inlet 25km southeast of Port Hope Simpson. All showings are within 3km of tidewater and within 5km of Highway 510, an all season gravel highway.
Table 1 outlines assay data for 6 grab samples from the four showings in the HighREE Hills. Analytical techniques and sample preparation procedures are outlined in Search's July 27, 2010 news release.
The PHS REE District contains seven HREE-enriched showings: HighREE Island Prospect, the HighREE Hills Showings (Piperstock Hill, Southern Shore, Toots Cove and Pesky Hill), Rattling Bog Showing and Rock Rolling Hill Showing. It also contains the 22 km long Fox Harbour zone, which is highly prospective for Zr-Nb-Y-LREE in peralkaline volcanics. The exploration program is continuing on these and other highly prospective areas in the PHS REE District.
*Prices as of 19/10/2010 and are quoted in US$/kg on an FOB China basis. http://www.metal-pages.com/metalprices/rareearths/
Dr. Randy Miller, Ph.D, P.Geo, Vice President Exploration, is the Qualified Person responsible for the technical content of this press release.
About Search Minerals Inc.
Search Minerals Inc (TSX VENTURE:SMY) has a strong and dedicated management team with outstanding capabilities in separate but related mining activities, any of which has the potential to generate significant shareholder value. Search's mineral exploration team is led by Vice President Exploration Dr. Randy Miller. Dr. Miller is responsible for directing the current exploration programs on Search's large land position in Labrador. Search also has a technology arm headed up by Dr. David Dreisinger, Chair of Hydrometallurgy at the University of British Columbia in Vancouver, Canada, and a consultant to several major international mining companies. Search's business strategy is to fund new ideas or concepts in the mineral exploration or metallurgical fields that have low initial costs and high potential.
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 times 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.
Search Minerals Inc.
President and CEO