Search Minerals (SMY.V) on Friday said that it has been awarded a grant of $91,000 from the Province of Newfoundland and Labrador through the Mineral Incentive Program - Junior Exploration Assistance (JEA) Program.
"The JEA Program, a key initiative by the Department of Energy and Mines, aims to grow the mineral inventory of the province by supporting projects that advance discoveries toward National Instrument (NI) 43-101 compliant mineral resources," said the company.
The company stated that the $91,000 award supported the company's 2025 exploration program at its Critical Rare Earth Element (CREE) district strategically located in southeastern Labrador.
In a statement the company noted that, the funding supported "recent operational successes", including the completion of the Fox Run 2025 channel sampling program, which continues to define the high-grade potential of the 63-kilometre-long mineral belt.
"We are very appreciative of the continued support from the Province of Newfoundland and Labrador," said interim chief executive Jason Macintosh. "These funds are vital for our grassroots and advanced exploration efforts in the Port Hope Simpson - St. Lewis CREE District in southeastern Labrador, allowing us to maintain momentum as we advance our high-priority targets like Deep Fox and Foxtrot toward future production."
The company's shares were last seen up $0.105 to $0.39 on the TSX Venture Exchange.
Price: $0.39, Change: $+0.11, Percent Change: +36.84%