Search Minerals Inc. (TSXV:SMY) announced that its Board of Directors approved a preliminary $ 250,000 – 1200m drill program on Search’s 100% Pesky Hill Prospect in the Port Hope Simpson REE District, southeast Labrador.
As quoted in the press release:
OBJECTIVE OF THE DRILL PROGRAM
- Identify a high grade, Dysprosium resource that can be put into production much quicker and at a substantially lower capital cost than the Company’s Foxtrot Project resource;
- Demonstrate to all stakeholders the potential of the Port Hope Simpson REE District for multiple REE deposits
Search Minerals President and CEO Jim Clucas said:
We are excited about drilling this high grade REE prospect, as it may prove the Company’s belief that it controls a rare earth district with several deposits. The Pesky Hill project is eleven km from the successful Foxtrot Project resource and is hosted in a different geological setting. We are currently procuring a sample for metallurgical testing from Pesky Hill. We are very conscious of the current economic situation facing many juniors, yet we feel that with this relatively modest drill program, Search may enhance shareholder value with the development of Pesky Hill.