Search Minerals Announces 2021 Rare Earth Element Exploration Program in Labrador - Seite 2

DEEP FOX

A Phase III drill program is proposed to start in May 2021 for the DEEP FOX DEPOSIT. This program will consist of up to 7000m of drilling in 30-35 holes, to:

	a)	extend the current resource (see Search Minerals News Release, Oct. 1, 2019) to the 200m level with a 50m x 50m grid;
	b)	drill on a 25 x 25m grid to the 50m level;
	c)	drill two cross-sections (25m spacing) to the 200m level; and
	d)	explore to the 250m level.

This drill program will provide data to estimate a resource for an open pit to the 200m level. The 25m grid and cross-section drill holes will help to evaluate what density of drilling is required to estimate a measured and indicated resource for a Bankable Feasibility study. The Company will prepare an updated resource estimate following the completion of this program.

The Geotechnical drill program will consist of 5-10 holes, about 1000-2000m, as required to determine the geotechnical parameters of the proposed open pit to mine the deposit. This program will commence after Phase III is complete, probably in the summer of 2021.

The Phase IV drill program will be an estimated 25-30 holes totaling about 5100m. This program will be based on the conclusions derived from the previous three drill programs. The aim is to obtain enough data to be able to classify most of the DEEP FOX resource as an indicated or measured resource – this resource is required for a Bankable Feasibility study. This program will commence in the fall after a resource estimate has been made using Phase III drill data.

The DEEP FOX DEPOSIT occurs about 2 km northeast of St. Lewis and 12 km east of the FOXTROT DEPOSIT.

FOX MEADOW

The proposed channel sample program will consist of 5 new channels and 5 channel extensions totaling about 700m and aims to:

	a)	expand the strike length of the mineralized zone to the SE (now 790m),
	b)	explore the width of the mineralized zone (currently over 175m wide),
	c)	provide infill information throughout the 790m known strike length (see Search News Release October 28, 2020), and,
	d)	allow further integration of aeromagnetic data and the surface extent of the mineralization.

All channels occur in overburden-covered treed areas that will require trenching to expose bedrock. This program will make the FOX MEADOW mineralized zone “drill ready”.