Highlights
- Exploration Permit Received for Kulyk Lake
- Extension of 2022 MMI survey underway
- Prospecting of Rare Earth and Uranium Targets underway
Vancouver, British Columbia--(Newsfile Corp. - September 14, 2023) - Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) ("Searchlight)" or the "Company") is pleased to announce that the 2023 field exploration has been begun on the Company's Kulyk Lake Rare Earth / Uranium project, located approximately 165 km north of La Ronge, Saskatchewan, and 65 km south of the Key Lake Uranium Mill.
The 2023 planned exploration includes the completion of the MMI (Mobile Metal Ion) survey begun in 2022, and detailed prospecting of two areas of interest found during the 2022 field surveys (Map 1).
"Searchlight's field program is focused on kilometers-long Thorium and Uranium anomalies which were detected in an airborne survey in 2021. Our work has discovered new showings of Rare Earths associated with the Thorium anomalies, and new Uranium showings as well," stated Stephen Wallace, Searchlight's CEO.
Prospecting area A was selected based on results from the 2022 prospecting program which located multiple REE and uranium targets, including chip sample assays between 0.79% and 0.95% TREO (Table 1). This area of interest lies on a topographic ridge which is at least 400 metres long.
Prospecting area B was selected based on assays of MMI sample SRC191663 which was collected in 2022. A total of 244 MMI samples were collected during the 2022 survey with multiple REE and Uranium anomalies. The strongest anomaly was observed in Sample SRC191663, with MMI assay of 136,000 ppb Uranium, which was 1,247 times higher than the average of all other samples. Similarly, Rare Earth values were over 100 times higher than the average of all other samples (Table 2). A large outcrop is located near to this sample and will be part of the prospecting program.
Map1. Location of 2023 MMI and prospecting program at Kulyk Lake
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Table 1. 2023 Prospecting Area A:
Rare Earth Assays from 2022 Prospecting Survey
| Sample | 191806 | 191807 | 232901 | 232903 |
|
|
ppm | ppm | ppm | ppm |
| Ce2O3 | 4,404.1 | 3,713.0 | 4,087.8 | 4,497.8 |
| La2O3 | 2,193.1 | 1,946.8 | 1,935.1 | 2,287.0 |
| Dy2O3 | 40.7 | 66.8 | 53.7 | 39.6 |
| Er2O3 | 13.3 | 13.7 | 10.9 | 12.3 |
| EuO3 | 10.9 | 11.2 | 12.2 | 11.2 |
| Gd2O3 | 110.8 | 106.0 | 111.8 | 118.7 |
| Ho2O3 | 5.7 | 8.0 | 6.9 | 5.0 |
| Nd2O3 | 1,755.2 | 1,429.8 | 1,569.2 | 1,743.6 |
| Pr2O3 | 561.7 | 380.3 | 479.8 | 524.3 |
| Sm2O3 | 189.0 | 199.5 | 209.9 | 206.4 |
| Tb2O3 | 8.4 | 3.5 | 3.5 | 7.5 |
| Yb2O3 | 4.5 | 10.5 | 8.5 | 4.6 |
|
|
|
|
|
|
| TREO ppm | 9,297.4 | 7,889.2 | 8,489.3 | 9,457.9 |
|
|
|
|
|
|
| TREO % | 0.93 | 0.79 | 0.85 | 0.95 |
Table 2. 2023 Prospecting Area B:
MMI Assays from 2022 Survey
|
|
Element | Average assay of
243 MMI samples (not including SRC191663) |
Assays for
Sample SRC191663 |
Factor by which assays
from Sample SRC191663 exceeds average of other samples |
|
|
|
ppb | ppb |
|
| 1 | U | 109.0 | 136,000 | 1,247 |
| 2 | Er | 17.0 | 2,460 | 144 |
| 3 | Gd | 40.1 | 5,640 | 141 |
| 4 | Dy | 34.2 | 4,720 | 138 |
| 5 | Tb | 6.2 | 859 | 138 |
| 6 | Y | 161.1 | 21,900 | 136 |
| 7 | Yb | 13.6 | 1,840 | 135 |
| 8 | Sm | 48.2 | 5,950 | 124 |
| 9 | Pr | 67.3 | 7,850 | 117 |
| 10 | Nd | 248.1 | 27,600 | 111 |
| 11 | Eu | 8.3 | 892 | 107 |
| 12 | Ce | 511.7 | 51,100 | 100 |
| 13 | La | 255.0 | 19,500 | 76 |
| 14 | Th | 130.0 | 2,070 | 16 |
| 15 | Sc | 80.5 | 1,260 | 16 |
Qualified Person
Stephen Wallace, P.Geo., is Searchlight's Qualified Person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.
About Searchlight Resources - Where the Critical Elements Supply Chain Begins
Searchlight Resources Inc. (TSXV: SCLT) (OTCQB: SCLTF) is a Canadian mineral exploration and development company focused on Saskatchewan, Canada, which has been ranked as the top location for mining investment in Canada by the Fraser Institute. Exploration focus is on battery minerals and gold throughout the province, concentrating on projects with nearby infrastructure.
On behalf of the Board of Directors,
"Stephen Wallace"
Stephen Wallace, President, CEO and Director
SEARCHLIGHT RESOURCES INC.
For further information, visit the Company's website at www.searchlightresources.com or contact:
Searchlight Resources Inc.
Alf Stewart, VP Corporate Development
(604) 331-9326
info@searchlightresources.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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