A share of Search Minerals Inc (OTCQB: SHCMF) traded up 23.90 percent to $0.1270 in the latest session. In the session, the price of SHCMF rose and fell by $0.1255 to $0.1433. 26.53K shares traded hands during the session. After preparing bulk sample material for testing, SHCMF stock rocketed.
How will SHCMF utilize that material?
The Board and management of Search Minerals are committed to finding and developing Critical Rare Earth Elements (CREE), Zirconium (Zr) and Hafnium (Hf) deposits within the new South East Labrador CREE District in Port Hope Simpson and St. Lewis. The SHCMF has a belt of land that is 63 kilometers long and 2 kilometers wide, and it straddles tidewater and is located within three local communities. SHCMF has prepared a preliminary economic assessment of FOXTROT, and has estimated the resources for DEEP FOX. SHCMF is also working on three exploration prospects along the belt: FOX MEADOW, SILVER FOX and AWESOME FOX.
As of yesterday, approximately 80 tonnes of bulk samples were prepared at Search Minerals’ facilities in St. Lewis, NL. These samples will be delivered to SGS Canada (Lakefield), ON, for analysis. Bulk samples of the Rare Earth Elements from a district of SHCMF’s in south-east Labrador will consist of 40 tonnes each from the Deep Fox resource and Foxtrot resource. The bulk sample will be used to scale up the results of SHCMF’s bench scale testing.
- This process will produce a Rare Earth Element concentrate for a subsequent direct extraction test using Low Intensity Magnetic Separation (“LIMS”) and Wet High Intensity Magnetic Separation (“WHIMS”).
- SHCMF deposits in SE Labrador offer an ideal application for magnetic separation for the processing of rare earths.
- It is expected that this 80 ton bulk sample will demonstrate the ability to treat large samples of mineralization from Foxtrot and Deep Fox through a continuous crushing, grinding, and magnetic separation process (LIMS and WHIMS).
- Further, SHCMF will also reach the potential recoveries and concentrate quality identified by the small scale tests.
- Phase one of a four-phase sequentially planned program is the testing of a magnetic pilot plant.
- A four-phase program is being developed in conjunction with SHCMF’s testing partners and potential governments to fund grants.
What are the benefits to SHCMF?
The SHCMF is eager to begin its ‘Sprint to Production’ by completing its own production line from mining to magnetizing metals. By including magnetic separation as part of its Direct Extraction processing facility, its unit footprint is expected to be smaller with lower capital and operating costs. As an added benefit, the flowsheet indicates that iron concentrate and zircon concentrate could potentially generate revenue.