Mining minerals

Search Minerals Files NI 43-101 Technical Report for the Deep Fox and Foxtrot Project in South East Labrador

VANCOUVER, British Columbia, July 22, 2022 (GLOBE NEWSWIRE) — Search Minerals Inc. (TSXV: SMY | OTCQB: SHCMF) (“Look for“or the”Company”) is pleased to announce that the Preliminary Economic Assessment (“PEAS”) The NI 43-101 Technical Report on the Deep Fox and Foxtrot Project (the “Technical Report”) has been filed on SEDAR. The technical report, which is dated July 18, 2022, has an effective date of May 31, 2022 and is titled “Technical Report on the Deep Fox and Foxtrot Project, Newfoundland and Labrador, Canada Report for NI 43-101”.

The results of the technical report were previously disclosed in summary form in the company’s press release dated June 7, 2022, “Search Minerals Announces Positive Preliminary Economic Assessment For The Deep Fox And Foxtrot Rare Earth Element Project With $2.23 Billion NPV(8).”

Greg Andrews, President and CEO, said, “The release of this PEA is an important milestone for Search Minerals, as it forms the basis for the next steps in our Sprint to Production. The information presented is based on our evolving understanding of the deposit, processing technology, scope and project schedule. REE markets and demand forecasts for critical minerals, which are the main product of the Deep Fox and Foxtrot project, remain supportive of our goal to build a secure and sustainable rare earths supply chain in Newfoundland. and Labrador for Canada and our allied trading partners. We continue to advance our exploration, resource delineation and pre-feasibility work and move toward developing projects in a responsible and safe manner.systematic way.

The technical report is available on www.sedar.com and on our corporate website at www.searchminerals.ca

About Search Minerals Inc.

Led by a proven management team and Board of Directors, Search is focused on finding and developing Critical Rare Earth Element (CREE), Zirconium (Zr) and Hafnium (Hf) resources in the Emerging District. from Port Hope Simpson – St. Lewis CREE from the southeast. Labrador. The Company controls a belt 63 km long and 2 km wide and is accessible by road, over the tide, and located in 3 local communities. Search has completed a preliminary economic assessment report for FOXTROTand a resource estimate for DEEP FOX. Search is also working on three exploration prospects along the belt, including: FOX MEADOW, SILVER FOX and AWESOME FOX.

Search continued to optimize its proprietary direct extraction process technology with support from the Government of Newfoundland and Labrador’s Department of Industry, Energy and Technology and the economy of Atlantic Canada. We have completed two pilot plant operations and produced highly purified mixed rare earth carbonate concentrate and mixed rare earth concentrate for separation and refining. We also acknowledge the Government of Newfoundland and Labrador’s continued support of its junior exploration program.

Search Minerals has been selected to participate in the Government of Canada’s Accelerated Growth Service (“AGS”), which supports high-growth businesses. AGS, as a “one-stop-shop” model, provides Search with coordinated access to Government of Canada resources as Search continues to rapidly transition to production and help establish a North-Eastern supply chain. American and European stable and secure in rare earth elements.

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