Search Minerals Announces Results of Successful Phase 4 Drill & Channel Programs at DEEP FOX CREE Deposit

Rhea-AI Summary

Search Minerals (SHCMD) has announced significant results from its Phase 4 drill and channel programs at the DEEP FOX Critical Rare Earth Element deposit in Labrador. The program included 63 exploration drill holes, 13 geotechnical drill holes, and 3 channels, confirming substantial CREE mineralization throughout all levels. The mineralized zone extends 600m in strike length, ranges from 11m to 38m in width, and remains open below 200m depth. Notable assay results include drill hole findings with high concentrations of Dysprosium, Neodymium, Praseodymium, and Terbium. The program more than doubles previous drilling efforts and will support an upcoming Feasibility study. Located near St. Lewis port in SE Labrador, the DEEP FOX property is accessible via all-weather roads and ocean transport.

Positive

• Significant CREE mineralization confirmed throughout all levels from surface to 200m depth
• Extensive mineralized zone of 600m strike length with widths of 11-38m, open below 200m
• Program doubles previous drilling efforts, strengthening database for Feasibility study
• High-grade assay results showing consistent mineralization grades and thicknesses
• Strategic location with good infrastructure access via roads and port

Negative

• Delayed release of results due to former Board of Directors' lack of execution
• Resource remains open at depth, requiring additional exploration to fully define boundaries

St. Lewis, Newfoundland and Labrador--(Newsfile Corp. - June 19, 2025) - Search Minerals Inc. (TSXV: SMY) (OTC Pink: SHCMD) ("Search" or the "Company"), is pleased to announce receipt of assay results for Phase 4 (2022) drill holes and channels from its DEEP FOX Critical Rare Earth Element ("CREE") property in SE Labrador. Assays from all 63 exploration drill holes, 13 geotechnical drill holes and 3 channels show significant CREE values throughout the mineralized zone; mineralization is observed in all levels (surface channels, 25m, 50m, 100m, 150m, 200m). These results were not released earlier due to a lack of execution and oversight by the former Board of Directors. That chapter is closed. Under new leadership, Search is committed to accountability, transparency, and driving this project forward without delay.

HIGHLIGHTS OF DEEP FOX EXPLORATION PROGRAM:

• DEEP FOX infill drill holes and channels confirm continuity of grades and widths of the mineralized zone;
• Exploration drilling and channeling have expanded the mineralized zone to the east on the surface and to the east and west at depth;
• Mineralized zone is at least 600m in strike length and from 11m to 38m wide and open below 200m depth;
• Phase 4 assay highlights (all true widths):
  • FDC-22-02 (channel): 297 ppm Dy, 2047 ppm Nd, 545 ppm Pr, 50.0 ppm Tb over 10.29m;
  • FD-22-19 (drill hole): 256 ppm Dy, 1848 ppm Nd, 496 ppm Pr, 43.5 ppm Tb over 29.92m;
  • FD-22-18 (drill hole): 238 ppm Dy, 1905 ppm Nd, 507 ppm Pr, 40.9 ppm Tb over 20.13m;
  • FD-22-17 (drill hole): 282 ppm Dy, 2050 ppm Nd, 558 ppm Pr, 47.8 ppm Tb over 11.83m;
  • FD-22-29 (drill hole): 290 ppm Dy, 2196 ppm Nd, 586 ppm Pr, 50.3 ppm Tb over 8.81m;
• This program more than doubles the previous drill programs (Phases 1 to 3: 61 holes totaling 11,927m); a new resource estimate using this new database will support a Feasibility study.

"These assay results validate what we've long believed—Deep Fox stands as a premier source of critical rare earth elements. With mineralization extending from surface to 200 metres and widths reaching up to 38 metres, Search remains steadfast in its commitment to developing a generational asset grounded in ESG principles and strengthened by the direct partnership of the NunatuKavut Community Council (NCC). These findings pave the way for an updated resource estimate, reinforcing the long-term feasibility of the project. Search is dedicated to unlocking the full potential of Canada's most advanced CREE district, and we deeply appreciate our investor community's unwavering support in shaping this vision."

Joseph Lanzon, CEO, Search Minerals Inc.

The exploration drill program consisted of 63 drill holes totaling 10,652m. Most holes were collared to infill drill the previous 25m grid; some holes were helicopter-supported drill holes on the slopes of Deep Fox Hill. Additional holes were spotted to expand the mineralized zone and resource to the east and west at depth. Infill drilling results will improve the previous resource (see Search Minerals News Release –  April 11, 2022) to move indicated resource to measured and inferred resource to indicated to support a NI-43-101 Feasibility study. The assay results indicate that the mineralization grades and thicknesses are consistent with the previous three drill programs (see Search Minerals News Releases – March 5, 2018; Oct. 29, 2018; Dec. 5, 2018; Feb. 28, 2019; Nov. 15, 2021). The mineralization/resource is open at depth, below the 200m level, down the NE plunge.

The geotechnical drill program consisted of 13 drill holes totaling 3,362.6m. This program was designed to obtain geotechnical samples and data to support the engineering and design of a safe and efficient open pit for the Feasibility study. Eleven of the 13 drill holes intersected mineralization – assays from these holes will be incorporated into the new resource estimate.

Three new channels, totaling 102.71m, were cut in the 2022 program. Two channels (FDC-22-01 & FDC-22-02) were infill between previous channels, chosen to improve the near surface level resource; assay results from these channels are consistent with previous results (see Search Minerals news releases Jan. 27, 2015; Oct. 15, 2015; Nov. 27, 2017). The third channel was spotted to extend the mineralization/resource to the east; assays from this channel indicate that the mineralized zone is at least 600m long from east to west.

In addition to assay sampling, all channels and drill holes have been geologically, structurally and geotechnically logged. All sample intervals have also been measured for density, magnetic susceptibility and radioactivity.

The DEEP FOX (formerly Deepwater Fox) property (see Search Minerals news releases Jan. 27^th, 2015 and Oct. 15^th 2015) occurs about 2 km NE of the port of St. Lewis on the SE Labrador coast and is 12 km east of the FOXTROT Deposit. It can be accessed by all-weather gravel and paved roads from Goose Bay and by ocean through the port of St. Lewis (Fox Harbour).

TABLE 1 SUMMARY OF 2022 DEEP FOX PHASE 4 DRILL & CHANNEL PROGRAM RESULTS

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2445/256131_table1.jpg

Quality Assurance / Quality Control (QA/QC):

Drill core is logged, split, tagged, photographed, half-of-core sampled and bagged by Company personnel. The remaining half-of-core is stored in the Company's core storage facility in St. Lewis. The samples are shipped to Activation Laboratories Ltd. (ActLabs) sample prep facility in Ancaster, Ontario, where they are crushed to 80% -10 mesh and riffled to produce a representative sample. This sample is then pulverized to 95% -200 mesh with the pulverizing mills being cleaned between each sample with cleaning sand. A representative sample is treated by a lithium metaborate/tetraborate fusion and then analyzed by ICP and ICP/MS techniques. Mass balance is required as an additional quality control technique and elemental totals of the oxides should be between 98% and 101%. For QA/QC purposes Search requires duplicates and coarse duplicates every 25 samples, two Search reproducibility standards every 50 samples and 4 blind, Search inserted, standards every drill hole. ActLabs analyzes duplicates and splits approximately every 15 samples and also analyses 22 measured standards for QA/QC. To further enhance our QA/QC procedures Search has a program of checking analytical results with other labs to confirm the ActLabs results. ActLabs is an ISO/IEC 17025 accredited laboratory.

Qualified Person:

Dr. Randy Miller, Ph.D., P.Geo, is the Company's Vice President, Exploration, and Qualified Person (as defined by National Instrument 43-101) who has supervised the preparation of and approved the technical information reported herein. 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 Critical Rare Earths Elements (CREE), Zirconium (Zr) and Hafnium (Hf) resources within the emerging Port Hope Simpson - St. Lewis CREE District of South-east Labrador. The Company controls a belt 63 km long and 2 km wide and is road accessible, on tidewater, and located within 3 local communities. Search has completed a preliminary economic assessment report with resource estimates for FOXTROT and DEEP FOX. Search is also working on three exploration prospects along the belt which include: FOX MEADOW, SILVER FOX and AWESOME FOX.

All material information on the Company may be found on its website at www.searchminerals.ca and on SEDAR at www.sedarplus.ca.

For further information, please contact:

Joseph Lanzon
CEO and Director
Tel: 613-796-5957
E-mail: info@searchminerals.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding "Forward-Looking" Information.

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's proposed exploration programs described herein, and other forward-looking information. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the inability to obtain the necessary resources to complete the exploration programs and poor exploration results. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's financial condition and development plans do not change as a result of unforeseen events, and that the Company will receive all required regulatory approvals. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. The Company does not assume any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/256131

FAQ

What are the key findings from Search Minerals' Phase 4 drill program at DEEP FOX?

The program confirmed continuous CREE mineralization with a 600m strike length, 11-38m width, and significant grades including high concentrations of Dysprosium, Neodymium, Praseodymium, and Terbium throughout all levels to 200m depth.

Where is the DEEP FOX CREE deposit located and how accessible is it?

DEEP FOX is located 2km NE of St. Lewis port in SE Labrador, accessible via all-weather gravel and paved roads from Goose Bay and by ocean through the port of St. Lewis.

What is the significance of SHCMD's Phase 4 drilling program for the company's future?

The program more than doubles previous drilling efforts and will support a new resource estimate for a Feasibility study, advancing the project toward potential development as a premier CREE source.

How many drill holes were completed in Search Minerals' Phase 4 program?

The program included 63 exploration drill holes totaling 10,652m, 13 geotechnical drill holes totaling 3,362.6m, and 3 channels totaling 102.71m.

Why were the Phase 4 results delayed in being released by Search Minerals?

The results were delayed due to lack of execution and oversight by the former Board of Directors, but the new leadership is now committed to accountability and transparency.