Search Minerals Inc. provided an update on its 2022 exploration programs in Labrador, Canada. Deep Fox: The 2022 Deep Fox Exploration Program commenced in early June, following the mobilization of two diamond drilling rigs to St. Lewis, Labrador.

The drill program has two main objectives: (i) further define and delineate the Deep Fox mineral resource, to update the mineral resource estimate suitable for a feasibility study, and (ii) collect the necessary geotechnical and hydrogeological data to facilitate an optimized mine planning and design process. The first month of drilling was helicopter-supported, providing access to areas previously inaccessible due to the steep and rocky nature of the terrain. It has completed the Geotechnical and Hydrogeological drill program which utilized one of the drill rigs.

The remainder of the drill program is being completed using the two track-mounted drills. The 2022 Deep Fox program is approximately 60% complete, with a total of 46 drill holes advanced to date. The remainder of the Deep Fox drilling program will focus on ensuring that the area within the currently proposed open pit has been adequately drilled, and that the mineral resource is aligned with the next phase of technical reporting.

The company is anticipating finishing the drill program by early November. A summary of the 2 separate drilling initiatives are outlined below: Mineral Resource Delineation Drilling: 46 resource delineation drill holes completed to date (5,229 m); All resource delineation drill holes have intersected mineralization; 3,437 lithogeochemical samples sent for assay - results pending; and The drill program is anticipated to be complete by early-November. Geotechnical and Hydrogeological Drilling: The geotechnical drilling program has been completed; 13 geotechnical drill holes completed (3,362m); Two Vibrating Wire Piezometers (VWP) have been installed; Packer tests were conducted in 6 of the geotechnical drill holes; Samples have been collected for laboratory geophysical testing – results pending; 11 of 13 drill holes intersected mineralization and will contribute to the mineral resource; and Assay samples have been collected from the mineralized zones.

Fox Meadow: Its exploration team will be carrying out a 200 m channel sampling program designed to extend the mineralized zone to the SE. The company will review the possibility of a smaller drill program pending available personnel and funding. Fox Valley: Exploration efforts in the Fox Valley area have consisted of the building of an access trail to the mineralized area, with the intention of conducting a preliminary assessment of surface mineralization.

This trail is complete, exploration in this area will consist of test pitting and channel cutting, and is anticipated to be complete by the end of November. Red Wine Complex: The exploration team is planning a two-week helicopter-supported exploration program in the Red Wine area of central Labrador. Exploration will consist of prospecting, mapping, channel cutting, and detailed drone imagery on the Two Tom Lake, Mann #1, Narnia Hill and Merlot prospects.

This preliminary program will prepare these REE mineralized zones for a more extensive exploration programs in 2023-2024.