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Search Minerals Releases Updated PEA of Foxtrot REE Project, Southeast Labrador

Published: February 18, 2016 |

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Search Minerals Inc. has released the results of an updated preliminary economic assessment on its Foxtrot Rare Earth Element Project located in Southeast Labrador.

This PEA evaluates an open pit-underground scenario with lower capital costs, a lower mining rate and higher grade processing facility feed. It reconfirms the Foxtrot Project has robust economics and the potential to become a profitable producer of rare earth elements (REE), particularly Dy, Nd, Pr and Tb. The PEA’s objective was to incorporate the mineral processing engineering study prepared by SNC-Lavalin for the company in June 2015.

“Search continues to advance the Foxtrot project with this updated PEA. The mineral processing engineering study from SNC-Lavalin along with the updated Foxtrot mineral resource was the basis of the PEA to ensure Search’s proprietary metallurgy process would lead to significant cost savings in capital and operating costs. Search has been able to reduce the initial capital costs as a smaller, yet profitable, scale operation. The Foxtrot project supports low initial capital costs, a good IRR, a short payback period, and is scalable. A feature of the Foxtrot deposit geology allows Search to commence mining in mineralized material for early cash flow. The processing facility for this PEA would be located at the proposed Foxtrot mine site, however, further development in the district may determine that an alternative location may be more beneficial. Advancement in separation technology continues which could provide the same or lower separation pricing as current proven solvent extraction pricing. The PEA outlines our current business model as Search continues to seek potential strategic and off take partners,” said Greg Andrews, president and CEO of Search Minerals.

The study reports the estimated construction and operating costs for a REE mineralization treatment facility in SE Labrador which applies Search’s proprietary process for treatment of REE mineralization from the company’s Foxtrot Deposit. The proprietary process is a direct leach on crushed material, thereby, eliminating grinding, flotation, gravity and magnetic separation, and as a result produces waste which is a dry stackable inert residue, thereby eliminating the need for wet tailing ponds.

To read more details in the company’s press release, CLICK HERE


About Search Minerals
Search is a TSX Venture Exchange listed company focused on creating value through finding and developing “critical rare earth element (CREE)” mineral assets in Labrador. CREEs (Nd, Eu, Tb, Dy, Y) have growing demand, constrained or restricted supply and are commonly used in innovative technologies. Search is the discoverer of the Port Hope Simpson CREE District, a highly prospective CREE belt located in southeast Labrador, where the company controls a belt 70 km long and up to 8 km wide. Search owns 100 percent of the advanced CREE resource called the Foxtrot Project, and a recently announced Foxtrot-like prospect called “Deepwater Fox”. In addition, the company has identified more than 20 other Foxtrot-like prospects in the district. The primary focus of Search is to continue to advance the Foxtrot resource, while evaluating other Foxtrot-like prospects. Several of the Foxtrot-like prospects require exploration drilling programs and may provide additional resources to a central processing facility that would be situated within the district. In addition, Search holds a number of other CREE mineral prospects in Labrador in its portfolio, including claims in the Red Wine Complex and in the Henley Harbour area.

To stop by Search Minerals’ website, CLICK HERE


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