Search Minerals talks Fox Run channel sampling results

Executive Summary

• Search Minerals Inc. announced the results of its 2025 critical rare earth element (CREE) channel sampling program at the Fox Run, Foxy Lady, Krazy Fox, and Silver Fox prospects in southeastern Labrador.
• Channel samples from the Fox Run prospect returned CREE values comparable to the Foxtrot open-pit indicated mineral resource, with widths ranging from 6.18 meters to 18.18 meters, supporting the potential for additional mineralized zones near existing deposits.
• The company plans to advance the Fox Run and Foxy Lady prospects toward drill-ready status through additional excavator-supported channel sampling and trenching to evaluate continuity and extend mineralized trends.

Key Details

• Fox Run Prospect Highlights:
  • Three channel samples returned CREE values comparable to the Foxtrot open-pit indicated mineral resource.
  • FRC-25-01: 18.18 m width containing 164 ppm Dy, 1,200 ppm Nd, 321 ppm Pr, and 28.0 ppm Tb.
  • FRC-25-03: 7.08 m width containing 200 ppm Dy, 1,476 ppm Nd, 402 ppm Pr, and 33.7 ppm Tb.
  • FLC-25-05: 4.24 m width containing 194 ppm Dy, 1,307 ppm Nd, 344 ppm Pr, and 33.4 ppm Tb.
  • The prospect remains open along strike; additional excavator-supported channel sampling is planned to delineate the zone and advance it to drill-ready status.
• Foxy Lady Prospect Highlights:
  • Channel sampling confirmed two mineralized bands approximately 4 meters wide, with assay results comparable to the Foxtrot open-pit indicated mineral resource.
  • Eight channel samples totaling 61 meters were completed, confirming two east-west-trending mineralized units approximately 40 meters apart, extending for about 370 meters along strike.
  • Additional excavator-supported trenching is planned to extend existing channels and expose bedrock in covered areas.
• Krazy Fox and Silver Fox Prospects:
  • Located up to two kilometers west of the Foxtrot deposit along the same regional trend.
  • Mineralization is characterized as Zr-Hf-LREE-enriched (zirconium/hafnium/light rare earth element) with lower HREE (heavy rare earth element) values compared to the Foxtrot deposits.
  • Krazy Fox: 85.25 meters of channel sampling completed via excavator trenching to extend 2024 hand-dug channels.
  • Silver Fox: Extends for more than 1.6 km along strike, interpreted to link with Krazy Fox. Nine channel samples and extensions totaling 83.8 meters were completed.
• Strategic Context:
  • Fox Run and Foxy Lady are located along the same mineralized belt between the Foxtrot and Deep Fox deposits.
  • Discovery of additional deposits within 10 km of Foxtrot and Deep Fox could extend the life of the mining operation in the St. Lewis area.
• QA/QC:
  • Samples analyzed by Activation Laboratories Ltd. (ActLabs), an ISO/IEC 17025-accredited laboratory.
  • Channel samples cut 10 cm deep and 8 cm wide, with 6 cm sent for assay and 2 cm stored for reference.

Notable Quotes

• "Search Minerals is evaluating these very prospective mineralized zones to explore for additional resources for a Foxtrot-Deep Fox CREE mining operation. The discovery of additional deposits within 10 km of the Foxtrot and Deep Fox resources would provide material to extend the life of the mining operation in the St. Lewis area." — Jason Macintosh, Interim Chief Executive Officer