Apr 14, 2010
VANCOUVER, BRITISH COLUMBIA--(April 14, 2010) - Search Minerals Inc. (TSX VENTURE:SMY) ("Search" or the "Company") announces the interpretation of the results of the recently completed fixed airborne radiometric and magnetometer survey (the "Survey) over the Port Hope Simpson property in SE Labrador, which the Company announced was completed on December 23, 2009. The Survey has outlined at least 80 rare earth element ("REE") targets. Search has also recently staked additional claims in the district creating a belt approximately 120 km long and 4 to 10 km wide (the "PHS District").
Very preliminary prospecting and sampling of a few of the REE targets in the PHS District indicate that this district is highly prospective for Zr, Y, Nb and U as well as REEs. Geochemical results from grab samples (note that grab samples are selective by nature and do not represent average grades on the property) indicate there are at least three types of REE mineralization in the district:
- TYPE 1: high grade, low tonnage, heavy rare earth element ("HREE")-enriched, Nb-Y-U pegmatite-hosted deposits;
- TYPE 2: medium to high grade, potentially large tonnage, Strange Lake-type pegmatitic granite- / pegmatite-hosted REE-Zr-Y-Nb-U mineralization; and,
- TYPE 3: light rare earth element ("LREE")-enriched-Zr-Nb-Y mineralization.
Highlights from the geochemical data include:
- 1,089 ppm Dy, 968 ppm Er, 1,045 ppm Yb, 6,282 ppm Y & 11,087 ppm Nb in sample 63044 (Type 1);
- 2,191 ppm Dy, 1,875 ppm Er, 1,686 ppm Yb, 13,097 ppm Y & 15,974 ppm Nb in sample 95927 (Type 2); and
- the following table of REE totals:
The Port Hope Simpson REE district forms a belt that stretches north-westerly from Fox Harbour (St. Lewis) on the Labrador coast, inland for 120 km and ranging in width from 4 to 10 km. Search, through its wholly owned subsidiary, Alterra Resources Inc., now controls 58 licenses in this area, which consists of 11 licenses, which were acquired pursuant to an agreement with B and A Minerals Limited and 47 additional map staked licenses for a total of 3,456 claims, which covers 864 square kilometers. All portions of this belt are within 10 km of a local transportation network that includes all-season highways, seasonal logging roads, three ports and three airstrips.
Jim Clucas, President of Search, recently remarked, "We were very excited about the initial REE discovery on the B and A claims. As a result of significant additional staking, our land package has grown to the point where we believe we have identified and control the largest new district for REE potential in North America. The superb logistics will enable us to advance our exploration programs quickly and more cost effectively than competitors located in more remote locations."
Search plans to spend approximately $1,000,000 on follow-up mapping, sampling and prospecting of the higher priority targets this spring/summer, leading to drill targets by late summer. Preliminary metallurgical testing of representative samples of the three types of mineralization is also planned. The exploration program will be directed by newly appointed Vice President of Exploration, Dr. Randy Miller, Ph.D, P.Geo.
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. and its wholly owned subsidiary, Alterra Resources Inc. are Canadian resource companies focused on the acquisition and exploration of a variety of rare earth element, base metals, gold, uranium and potash projects. The land holdings of the companies are exclusively in the Province of Newfoundland and Labrador.
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