Latest News Release -
V.SCLT

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.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/9828/180563_ddd17bc1a41b6aa0_002.jpg

Map1. Location of 2023 MMI and prospecting program at Kulyk Lake

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9828/180563_ddd17bc1a41b6aa0_002full.jpg

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.

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/180563

Tags:
Investment Disclosure


The content provided on this website and in MineStockers episodes is for informational purposes only and should not be considered as an offer, solicitation, recommendation, or determination by MineStockers Inc. for the sale of any financial product or service or the suitability of an investment strategy for any investor.

Investors are advised to consult a financial professional to determine the appropriateness of an investment strategy based on their objectives, financial situation, investment horizon, and individual needs. This information is not intended to serve as financial, tax, legal, accounting, or other professional advice, as such advice should always be tailored to individual circumstances.

The products discussed herein are not insured by any government agency and carry risks, including the potential loss of the principal amount invested. Any information provided is based on both internal and external sources and should not be construed as an endorsement or conclusion regarding a company's financial prospects, resources, or management. Opinions expressed may change and should not be relied upon. It is crucial to seek personalized investment advice for your unique situation.

Natural resources investments are generally volatile, with higher headline risk than other sectors. They tend to be more sensitive to economic data, political and regulatory events, and underlying commodity prices. The prices of natural resources investments are influenced by factors such as the costs of underlying commodities like oil, gas, metals, and coal. These investments may trade on various exchanges and experience price fluctuations due to short-term demand, supply, and investment flows.

Natural resource investments often respond more sensitively to global events and economic data, including natural disasters, political turmoil, pandemics, or the release of employment data.

Investing in foreign markets may carry greater risks than domestic markets, including political, currency, economic, and market risks. It is essential to evaluate if trading in low-priced and international securities is appropriate for your circumstances and financial resources. Past performance does not guarantee future results.

MineStockers Inc., its affiliates, family, friends, employees, associates, and others may hold positions in the securities it covers. Some of the companies covered may be paying clients of the production.

No investment process is risk-free, and profitability is not guaranteed; investors may lose their entire investment. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Diversification does not ensure a profit or protect against loss. Investing in foreign securities involves risks not associated with domestic investments, such as currency fluctuations, political and economic instability, and differing accounting standards, potentially leading to greater share price volatility. The prices of small- and mid-cap company stocks generally experience higher volatility than large-company stocks and may involve higher risks. Smaller companies may lack the management expertise, financial resources, product diversification, and competitive strengths needed to withstand adverse economic conditions.

Studio



Toronto Ontario Canada

Phone


+1 (905) 967-2519