Search Minerals Inc. (TSX-V: SMY) (OTC Pink: SHCMD) is pleased to announce assay results for Phase 1 (2022) drill holes and channels from its FOX MEADOW Critical Rare Earth Element property in SE Labrador. Assays from all 14 exploration drill holes and 5 channels show significant CREE values throughout the mineralized zone; mineralization is observed in all drill holes and surface channels. Under new leadership, Search is actively addressing and correcting previous delays in the release of results included today’s update on FOX MEADOW.

HIGHLIGHTS OF FOX MEADOW EXPLORATION PROGRAM:

• FOX MEADOW drill holes and channels confirm continuity of grades and widths of the mineralized zone; Exploration drilling confirms the presence of substantial CREE mineralization to at least 140m depth and channeling has expanded the surface exposure of the mineralized zone 100m to the southeast;

• Mineralized zone is at least 750m in strike length and up to 140m wide on the surface; it is open along strike in both directions and below 140m depth;
• Phase 1 drill and channel assay highlights (all true widths – Table 1):
  • FM-22-10 (drill hole): 288 ppm Dy, 1277 ppm Nd, 309 ppm Pr, 45.3 ppm Tb over 8.43m;
  • FM-22-12 (drill hole): 212 ppm Dy, 973 ppm Nd, 236 ppm Pr, 33.0 ppm Tb over 38.63m;
  • FM-22-13 (drill hole): 206 ppm Dy, 1058 ppm Nd, 261 ppm Pr, 33.1 ppm Tb over 48.44m;
  • FMC-22-04 (channel): 229 ppm Dy, 1153 ppm Nd, 283 ppm Pr, 36.8 ppm Tb over 17.12m.
• The Phase 1 drilling program samples about 300m of the 750m surface mineralized zone;
• This program illustrates the need for a much larger drill program and expanded channel programs.

“The 2022 drill and channel results affirm the scale, consistency, and potential of critical rare earth element mineralization on the FOX MEADOW property. FOX MEADOW contains substantial concentrations of the key critical rare earth elements: neodymium, praseodymium, dysprosium, and terbium. To fully realize the district’s potential, the addition of a third resource, along with the resources at DEEP FOX and FOXTROT, would reinforce the long-term opportunity present in southern Labrador for a resilient, Made-in-Canada rare earth supply chain.”

Joseph Lanzon, CEO, Search Minerals Inc.

The exploration drill program consisted of 14 drill holes totaling 2,006m (Figure 1) and ranging from 95-205m deep; up to 140m below surface. All holes were collared on surface channels and most were drilled parallel to channels at a 45° angle to intersect northwesterly, steeply dipping, mineralized units. Drill hole assay results (highlights in Table 1) are similar to those from the previous channel programs (see Search Minerals news releases: March 14, 2019; April 6, 2020; Oct. 28, 2020; May 5, 2022). The Phase 1 drill program sampled at depth about 300m of the 750m currently channeled surface extent of the mineralization (Figure 1).

Five new channels, totaling 216.31m, were cut in the 2022 program. Three new channels (FMC-22-01, FMC-22-02, FMC-22-03) are southwest extensions of previous channels. Two other channels (FMC-22-04 & FMC-22-05) were step-out channels to extend coverage a total of 100m southeast of the then known mineralized zone. Assay results (highlights in Table 1) from these five channels are consistent with previous results (see Search Minerals news releases: March 14, 2019: April 6, 2020; Oct. 28, 2020; May 5, 2022); these results extent the mineralized zone a further 100m to the southeast.

In addition to assay sampling, all channels and drill holes have been geologically, structurally and geotechnically logged. All sample intervals have also been measured for density, magnetic susceptibility and radioactivity. Splits of all channels and drill core are stored at the St. Lewis core storage facility.

The results of the 2022 channel and drill program indicate the following: 1) the mineralized zone occurs to at least 140m vertical depth and is at least 750m in surface strike length, 2) the mineralization is open at depth and along strike, 3) further step-out surface channeling/sampling is needed along strike to the SE, 4) a larger drill program (>4000m) is need to sample the currently exposed surface mineralization, 5) additional infill channeling is needed to increase data for a resource estimate, and, 6) drilling coverage is needed to at least 200m vertical depth to prepare a resource estimate for open pit resources.

The REE-Zr-Hf mineralization at FOX MEADOW is hosted by metamorphosed peralkaline volcanic rocks, mostly commendites and pantellerites, and related subvolcanic pegmatitic zones. Interbedded unmineralized mafic to ultramafic volcanic rocks, cross-cutting subvolcanic equivalents and cross-cutting granitic pegmatites are found within the mineralized zone. The mineralized rocks are characterized by high concentrations of Zr and Hf (Table 1) and contain significant concentrations of both important light REE (e.g., Nd, Pr) and heavy REE (e.g., Dy, Tb).

The FOX MEADOW REE Project is 11 km west of Port Hope Simpson, on the Labrador Sea, and occurs about 1 km from a gravel-covered, three-season forest access road leading to the paved Trans Labrador Highway. Port Hope Simpson is about 40 km northwest of the FOXTROT deposit and 50 km northwest of the DEEP FOX deposit on paved and all-season gravelled roads.

TABLE 1 SUMMARY OF 2022 FOX MEADOW PHASE 1 DRILL & CHANNEL PROGRAM RESULTS

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FIGURE 1 – FOX MEADOW CHANNEL AND DRILL HOLE LOCATIONS, LABRADOR

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Quality Assurance / Quality Control (QA/QC):

Drill core is logged, split, tagged, photographed, half-of-core sampled and bagged by Company personnel. The remaining half-of-core is stored in the Company’s core storage facility in St. Lewis. The samples are shipped to Activation Laboratories Ltd. (ActLabs) sample prep facility in Ancaster, Ontario, where they are crushed to 80% -10 mesh and riffled to produce a representative sample. This sample is then pulverized to 95% -200 mesh with the pulverizing mills being cleaned between each sample with cleaning sand. A representative sample is treated by a lithium metaborate/tetraborate fusion and then analyzed by ICP and ICP/MS techniques. Mass balance is required as an additional quality control technique and elemental totals of the oxides should be between 98% and 101%. For QA/QC purposes Search requires duplicates and coarse duplicates every 25 samples, two Search reproducibility standards every 50 samples and 4 blind, Search inserted, standards every drill hole. ActLabs analyzes duplicates and splits approximately every 15 samples and also analyses 22 measured standards for QA/QC. To further enhance our QA/QC procedures Search has a program of checking analytical results with other labs to confirm the ActLabs results. ActLabs is an ISO/IEC 17025 accredited laboratory.

Qualified Person:

Dr. Randy Miller, Ph.D., P.Geo, is the Company’s Vice President, Exploration, and Qualified Person (as defined by National Instrument 43-101) who has supervised the preparation of and approved the technical information reported herein. The company will endeavour to meet high standards of integrity, transparency, and consistency in reporting technical content, including geological and assay (e.g., REE) data.

About Search Minerals Inc. 

Led by a proven management team and board of directors, Search is focused on finding and developing Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson – St. Lewis CREE District of South-east Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report with resource estimates for FOXTROT and DEEP FOX. Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX.

All material information on the Company may be found on its website at www.searchminerals.ca and on SEDAR at www.sedarplus.ca.