Search Minerals Inc.(TSXV:SMY) announced that it has started a $250,000 Phase I drill program at the Pesky Hill prospect. The Company has outlined three main objectives of the new program.
As quoted in the press release:
- 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.
- Test the earlier prospecting and surface sampling, which yielded Dysprosium values of 621 – 2,741 ppm (Dy203 from 713 – 3,157 ppm), (News Release, March 1, 2012).
- Demonstrate to all stakeholders the potential of the Port Hope Simpson REE District for multiple REE deposits.
Search President and CEO, Jim Clucas, commented:
This drill program is designed to outline HREE mineralization that will complement the REE deposit outlined at the Foxtrot Project. The Company has discovered 11 REE prospects in the Port Hope Simpson REE District and hopes to develop multiple REE mines in the District.