Subscribe
Be the first with the news that moves the market- Search Minerals Inc (TSXV:SMY) have reported its assay results from Silver Fox, the company’s fourth mineralised zone at its Labrador project
- The mineralisation zone has returned significantly higher results of Hafnium, which is used to construct nuclear control rods
- The company recorded 26,389 parts per million of zirconium and 110 parts per million dysprosium at Silver Fox
- Search Minerals controls three other zones within the 65 km block in Labrador
- Search Minerals (SMY) is holding steady at C$0.035 per share, with a market cap of $8 million
Search Minerals Inc (TSXV:SMY) have reported its assay results from Silver Fox, the company’s fourth mineralised zone at its Labrador project.
Silver Fox returned assay results that indicate mineralization up to 8.8 metres wide and 650 kilometres long.
Results included 26,389 parts per million of zirconium and 110 parts per million dysprosium.
Search Minerals control a 65 km long and 2 km wide belt of mineralised leases in South East Labrador, and Silver Fox is one the prospective mineralised zones in that belt.
The company’s flagship belt, Foxtrot, has already completed its preliminary economic assessment, with an estimated development cost around C$150 million.
The company’s other rare earth deposit is Deep Fox, a prospective deposit within deep water and Fox Meadow, a mineralised zone a few kilometres from the other deposits.
The Silver Fox deposit has a much higher Hafnium trace that any of the other deposits the company owns.
Hafnium is a rare earth resource used to construct nuclear control rods, amongst other things.
The St Lewis Critical Rare Earth Element District (CREE for short) at Port Hope Simpson has been the company’s area of operation for several years now, as they attempt to get production started at the Foxtrot site.
Greg Andrews, President and CEO of Search Minerals, is encouraged by these latest results.
“Silver Fox is uniquely positioned with significant grades of Zirconium and Hafnium, but somewhat lower values of the rare earth elements.
“We will evaluate methods to recover a zirconium/hafnium product from the Silver Fox prospect and to our current flowsheet processing of the Foxtrot and Deep Fox material,” he said.
Search Minerals (SMY) is holding steady, with shares trading for $0.035 at 10:30 am EST.
