VANCOUVER, British Columbia, July 05, 2017 (GLOBE NEWSWIRE) -- Search Minerals Inc. (TSXV:SMY) (“Search” or the “Company”) is pleased to announce the final results from its pilot plant operation at SGS Laboratories in Lakefield, Ontario. The initial pilot plant results were published on March 6, 2017, (see Search Minerals News Release – dated March 6, 2017 – Search Minerals produces high purity mixed rare earth oxide product from the pilot plant operation). The final product (Rare Earth Oxide) composition is presented below. Most importantly, the total TREO content was 99.0% by calculation and the key impurities uranium and thorium were less than 0.5 g/t and 5.5 g/t respectively.
FINAL PRODUCT (Rare Earth Oxide) COMPOSITION | ||||||
La | % | 12.9 | Ag | g/t | <200 | |
Ce | % | 29.9 | Al | g/t | <53 | |
Pr | % | 3.84 | As | g/t | <200 | |
Nd | % | 15.5 | Ba | g/t | <2 | |
Sm | % | 2.25 | Be | g/t | <2 | |
Eu | % | 0.15 | Bi | g/t | 30 | |
Gd | % | 2.56 | Ca | g/t | 1144 | |
Tb | % | 0.34 | Cd | g/t | <3 | |
Dy | % | 1.84 | Co | g/t | <5 | |
Ho | % | 0.35 | Cr | g/t | <68 | |
Er | % | 0.89 | Cu | g/t | <100 | |
Tm | % | 0.11 | Fe | g/t | <70 | |
Yb | % | 0.55 | K | g/t | <42 | |
Lu | % | 0.07 | Li | g/t | <400 | |
Y | % | 9.26 | Mg | g/t | 377 | |
Sc | g/t | <70 | Mn | g/t | <77 | |
U | g/t | <0.5 | Mo | g/t | <40 | |
Th | g/t | 5.5 | Na | g/t | <200 | |
C(t) | % | 0.01 | Ni | g/t | 50 | |
S | % | 0.19 | P | g/t | <44 | |
F | % | 0.042 | Pb | g/t | <400 | |
Zr | % | <0.01 | Sb | g/t | <30 | |
Nb | % | <0.01 | Se | g/t | <30 | |
Ta | % | <0.01 | Sn | g/t | <40 | |
Si | % | 0.12 | Sr | g/t | <20 | |
LOI | % | 0.17 | Ti | g/t | <60 | |
TREE | % | 80.5 | Tl | g/t | <40 | |
TREO (Direct)* | % | 96.8 | V | g/t | <56 | |
TREO (100-Imp) | % | 99.0 | Zn | g/t | <40 | |
*TREO = La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3 | ||||||
Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3 and Y2O3 |
Greg Andrews, President and Chief Executive Officer of Search, states, “The completion of the pilot plant has provided the independent analyses of final product composition and the concentrate samples we need to more formally engage with separation refineries and other separation technology companies. The success of the pilot plant has also allowed Search to engage with other companies within the rare earth supply chain, particularly those in the permanent magnet market. As we continue to pursue potential strategic investors and offtake partners to advance development of the FOXTROT Deposit, Search remains committed to developing the Port Hope Simpson Critical Rare Earth District, with a drill program planned for the Deep Fox prospect.”
Andrews added: “Search is extremely grateful for the support from Atlantic Canada Opportunities Agency and Research & Development Corporation of Newfoundland and Labrador for their contributions toward the pilot plant funding.”
Qualified Person:
Dr. David Dreisinger, Ph.D., P.Eng., is the Company's Vice President, Metallurgy and Qualified Person for the purposes of NI 43-101. Dr. Dreisinger has reviewed and approved the technical disclosure contained in this news release as applicable. 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 resources within the emerging Port Hope Simpson Critical Rare Earth Element (CREE) District of SE Labrador. The Company controls a belt 70 km long and 8 km wide including its 100% interest in the FOXTROT Project which is road accessible and at tidewater. Exploration efforts have advanced “Deep Fox” and “Fox Meadow” as significant new CREE prospects very similar and in close proximity to the original FOXTROT discovery. While the Company has identified more than 20 other prospects and continues with its efforts to prove up the District, its primary objective remains development of FOXTROT through identifying a separation partner and continuing to pursue favorable financing and offtake agreements. The 14-year mine life contemplated in the Preliminary Economic Assessment of FOXTROT completed in April 2016. The FOXTROT Project has a low capital cost to bring the initial project into production ($152 M - $CDN), a short payback period and is scalable due to Search’s proprietary processing technology.
Cautionary Note: The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have a demonstrated economic viability.
All material information on the Company may be found on its website at www.searchminerals.ca.