Top

• High-resolution magnetic survey completed over the expanded 57.0-square-kilometre property

• Survey data will be integrated with historical exploration results to identify and prioritize gold exploration targets along the Kississing River Shear Zone.

Vancouver, British Columbia--(Newsfile Corp. - October 28, 2026) - Searchlight Resources Inc. (TSXV: SCLT) (OTC Pink: SCLTF) ("Searchlight" or the "Company") is pleased to announce the completion of its high-resolution airborne magnetic survey over the Mari Lake Gold Project located approximately 30 kilometres north of Creighton, Saskatchewan and Flin Flon, Manitoba.

The airborne survey covered the Company's 57.0-square-kilometre claim package, located approximately 40 kilometres north of Searchlight's Bootleg Lake Gold Project. The Company holds a 100% interest in the claims, acquired through staking, with no royalties. The expanded property provides approximately seven kilometres of exposure along the Kississing River Shear Zone, increasing the Company's opportunity to investigate the known gold-bearing structures and help identify additional exploration targets.

Preliminary interpretation of the total magnetic intensity and first vertical derivative data (Maps 1 and 2) highlights magnetic features in the vicinity of known historical gold occurrences along the Kississing River Shear Zone. The data also provides a basis for evaluating potential structural extensions along strike and the influence of cross-cutting structures.

A detailed review of the first vertical derivative data identifies a magnetic low in the vicinity of historical drilling and trenching near the Kississing River Shear Zone (Map 3). The interpretation also suggests a potential parallel structural zone that warrants further evaluation.

"Completion of the airborne magnetic survey is an important milestone for the Mari Lake Gold Project. Our expanded land position provides approximately seven kilometres of exposure along the Kississing River Shear Zone, giving us an opportunity to evaluate the structure and its associated gold occurrences across a broader area. The next step is to integrate the geophysical data with historical exploration results and geological information to identify and prioritize targets for follow-up exploration," said Stephen Wallace, President and CEO of Searchlight Resources Inc.

Map 1: Total Magnetic Intensity - Mari Lake Gold Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/321355_916490c36490ea45_002full.jpg

Map 2: First Vertical Derivative - Mari Lake Gold Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/321355_916490c36490ea45_003full.jpg

Map 3: Mari Lake mineralized area on First Vertical Derivative data.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/321355_916490c36490ea45_004full.jpg

Mari Lake: An Underexplored Gold Opportunity

Searchlight expanded the Mari Lake Gold Project in August 2026, increasing its land position to 57.0 square kilometres in Saskatchewan. The expanded property provides approximately seven kilometres of exposure along the Kississing River Shear Zone, increasing the Company's opportunity to investigate the known gold-bearing structures and explore for additional exploration targets.

Historical exploration conducted between 1945 and 1986 included 22 drill holes, 39 trenches and several pits (Map 3). Historical reports describe a gold-mineralized structure extending for more than 700 metres, with multiple reports of visible gold.

Reported historical results include:

Drilling: 0.85 ounces per ton of gold over 2.8 feet and 0.52 ounces per ton over 2.5 feet.
Trenching: 1.28 ounces per ton of gold over 10 feet and 0.50 ounces per ton over 6 feet.
Surface sampling: Historical pit and grab samples reported gold values of up to 2.98 ounces per ton.

Disclaimer: Management cautions that the presented drill, trench and grab sample results are historical in nature, and Searchlight has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the previous exploration work to verify the results. Searchlight considers these sample results relevant, as the Company uses historical reports and sample results to evaluate and plan future exploration programs. All drill intercepts are drill-indicated lengths. Insufficient technical information exists to demonstrate the true widths of these intersections. The technical information is derived from public documents available through the Saskatchewan Government Ministry of Energy and Resources.

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 Inc.

Searchlight Resources Inc. (TSXV: SCLT) (OTC Pink: SCLTF) is a Canadian mineral exploration and development company focused on Gold in Saskatchewan, Canada, which has been ranked as one of the top 10 locations in the world for mining investment by the Fraser Institute.

Searchlight is pursuing a business plan to develop a consolidated gold mining operation centered on its Rio Gold Mine, a historic brownfield site, with upside potential from its recently drill-permitted Robinson Creek property, the new zones discovered at the Henning Maloney Mine, and now the Mari Lake high-grade property.

On behalf of the Board of Directors,
"Stephen Wallace"
Stephen Wallace, President, CEO and Director
SEARCHLIGHT RESOURCES INC.

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.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321355