IWA NOTE: Newfoundland and Labrador – Massive and Rare Exploration Opportunity
Search Minerals Inc. has provided the following update related to its planned 2022 activities. Greg Andrews, President/CEO comments: "Our team will be working very hard to advance these 2022 activities. Activities needed to continue our "Sprint to Production" as Search seeks to build a secure, sustainable rare earth supply chain in Newfoundland and Labrador to supply Canada and our trading partners. Our goal is to be in production by the year 2025." Newfoundland has one of the most extensive mining histories in Canada, with small-scale mining dating back to the 1770s, which expanded into a major industry by the 1860’s. The province offers world-class geology, significant infrastructure, and exceptional access to a skilled workforce. Mining is a major contributor to the economy of the province, especially in rural areas. The province reports that fifteen different mineral commodities have been produced or mined in the province. Five metal mines currently produce iron ore, nickel, copper, cobalt, and gold. This includes two world-class, large-scale mining operations located in northern and western Labrador, respectively: Vale’s Voisey’s Bay Ni-Cu-Co mine and Rio Tinto’s Carol Lake Iron mine. Mining and mineral exploration companies directly provide high-paying jobs to more than 7000 men and women throughout the province. In 2020, the Fraser Institute’s Global rankings for mining investment placed Newfoundland & Labrador in 8th position. Factors such as mineral potential, transparent permitting, solid infrastructure, and a skilled workforce contribute to its attractiveness. The true mineral potential of the province is reflected by the fact that mineral exploration expenditures for 2021 rang in at over $82.6 million – an increase of 24 per cent from 2020. The Province’s Mineral Incentive Program also continues to provide $1.7 million in financial assistance to support and encourage mineral exploration. The program includes junior exploration assistance and prospector assistance. IWA is a shareholder of Search Minerals
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